Billon to digitise Euro in DLT together with Raiffeisen Bank International

The awarded idea was presented during the final qualification round on October 17, 2019 in Vienna and aims to develop a distributed ledger technology (DLT) based digital cash platform enabling transactions with tokenised euro stored on blockchain.

In the Elevator Lab program, Billon will demonstrate its proven technology, showcasing the capability to mint, transfer, and redeem regulated currency on a distributed ledger. The Polish-British fintech will work with RBI to use the platform for interbank or intercompany transfers of funds and settlement with digitised euro.

Later, the scope of work can be expanded with mass payouts of funds from corporates to individuals, merchant accounts for ecommerce and e-money accounts for individual customers. In March 2020 Billon will present the complete solution to the bank.

The Elevator Lab program seeks partnerships with the best fintech startups operating in central and eastern Europe and offering, among others, fintech and AI solutions. In 2019, over 280 companies registered for the third edition of the program. In addition to Billon, five companies finally qualified to the acceleration phase: Uhura Solutions from Montenegro (using AI to verify and draft contracts), imVision from Israel (an API security platform), Minna from Sweden (subscription management for online banking systems), Quantoz from the Netherlands (blockchain payments for IoT devices), and Nayax from Israel (cashless payments).