Bank of Lithuania calls for proposals to develop a blockchain platform

Monday 19 March 2018 13:02 CET | News

The Bank of Lithuania has announced that it is soliciting software developers from Lithuania and around the world to submit their proposals for the development of LBChain, a blockchain platform introduced by the Bank of Lithuania.

Software developers have already shown interest in LBChain. Created by a financial market regulator, LBChain ofers a chance for businesses to trial and implement their state-of-the-art fintech innovations to bring benefits to both consumers and the financial system, said the Bank of Lithuania.

The Bank of Lithuania has already launched its pre-commercial procurement and issued a call for tenders to develop the LBChain platform-service. The project is expected to enter its implementation stage in the summer 2018, accelerating the development of fintech businesses.

The LBChain platform would help Lithuanian and international companies gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

Development of a fintech-conducive regulatory and supervisory ecosystem as well as innovation fostering in the financial sector is one of the Bank of Lithuania’s strategic directions.

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Keywords: Bank of Lithuania, blockchain platform, LBChain, fintech
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies