Following this announcement, 21X will participate in the Eurosystem's exploratory work on using DLT for the settlement of wholesale payments and transactions in central bank digital currency (CBDC).
In addition, the company will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The selection signifies an important step forward for 21X and underscores the overall financial institution’s commitment to accelerate the development of the financial landscape and the overall future of financial markets. At the same time, 21X represents a participating firm that is also taking part in the European Union (EU) DLT Pilot Regime.
The selection of the company represents a strong validation of the optimised work, particularly as 21X develops toward the process of launching the DLT-based market infrastructure later this year, which is subject to licence approval by ESMA.
The Eurosystem's exploratory work was developed as a multi-phase initiative that focuses on assessing the potential of DLT for streamlining and optimising wholesale financial market payments. 21X is included in the second wave of participants, which will explore specific use cases across various scenarios, including foreign and domestic exchange payments, as well as a wide range of securities-related transactions. This is expected to build upon the successful initial phase which focused on the simulated delivery-versus-payment (DvP) settlement of government bonds by using DLT.
By participating in this initiative, 21X will be allowed to collaborate with several players across the European financial landscape, including private firms and central banks. At the same time, the collaboration will provide valuable insights and real-world testing opportunities for 21X’s own DLT TSS platform.
In addition, 21X participation will underscore the company’s strategy of fostering collaboration and optimisation within the financial technology landscape. The firm will also focus on gaining the needed experience for making key findings through testing, leading to refinements of its own platform, as well as contributing to the broader development within the Eurosystem.
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