Bitt and IDEMIA Announced as Finalists in Global CBDC Competition
Bitt and IDEMIA have been selected by the Bank for International Settlements (BIS) and Bank Indonesia as a joint finalist in the international CBDC competition, G20 TechSprint 2022.
This third annual G20 TechSprint welcomes the best from the world of fintech, science, business and marketing to submit their innovations to propel the industry of wholesale and retail CBDCs.
The world’s central banks and regulators have identified financial inclusion; connectivity and interoperability; and issuance, distribution and transference as the most critical challenges and opportunities for CBDCs.
Bitt and IDEMIA’s proposed solution combine the world’s leading CBDC system, Bitt’s Digital Currency Management System (DCMS), with IDEMIA’s state-of-the-art offline payment instrument. It highlights their combined commitment to enabling the digitization of economies by providing inclusive, easy, convenient, and affordable digital payment technologies, while supporting existing financial infrastructure and regulatory frameworks. The offering can bring retail CBDC to everyone, including the unbanked and those without connectivity.
Brian Popelka, CEO of Bitt, said, “Bitt is proud to be recognized for the innovation and integrity of our Digital Currency Management System and even more excited to highlight its interoperability through our partnership with IDEMIA in this global competition.”
Jerome Ajdenbaum, VP Digital Currencies and Fintech at IDEMIA commented, “We have designed this solution with the public interest in mind and we believe it will help central banks, commercial banks and fintechs deploy their digital currencies on a large scale. With 86% of central banks working on projects, we believe that CBDCs represent the future of money, and the joint IDEMIA and Bitt expertise on that sector can help it grow throughout the world.”
Bitt and IDEMIA, along with the other finalists, will make their final submissions by August 31st. The judging panel will announce the winners on October 14th.
As the leader in identity technologies, IDEMIA is on a mission to unlock the world and make it safer. Backed by cutting-edge R&D, IDEMIA provides unique technologies, underpinned by long-standing expertise in biometrics, cryptography, data analytics, systems and smart devices. IDEMIA offers its public and private customers payment, connectivity, access control, travel, identity and public security solutions. Every day, around the world, IDEMIA secures billions of interactions in the physical and digital worlds. With nearly 15,000 employees, IDEMIA is trusted by over 600 governmental organizations and more than 2,300 enterprises spread over 180 countries, with an impactful, ethical and socially responsible approach.
For more information, visit www.idemia.com
Bitt generates revenues through servicing multiple stakeholders throughout the currency ecosystem, and through the expansion and maturity of the currency network. Bitt is a financial technology company that provides digital currency solutions to central banks, financial institutions and ecosystem participants worldwide. Bitt’s Digital Currency Management System (DCMS) provides the secure infrastructure for financial institutions to integrate fiat digital currencies into their financial service offerings. Bitt is a portfolio company of Medici Ventures, L.P., a blockchain-focused fund. The general partner of that fund is an entity affiliated with Pelion Venture Partners. Overstock.com, Inc. (NASDAQ:OSTK) is a limited partner of Medici Ventures, L.P. For more information on Bitt, please visit https://www.bitt.com/about/overview.
Overstock.com, Inc. (Common Stock (NASDAQ:OSTK) / Series A-1 Preferred Stock (tZERO ATS:OSTKO) / Series B Preferred Stock (OTCQX:OSTBP)) is an online retailer and technology company based in Salt Lake City, Utah. The online shopping features millions of products that tens of millions of customers visit each month. In 2014, Overstock became the first major retailer to accept cryptocurrency as a form of payment and continues to do so. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, and Club O are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Pelion Venture Partners is an early-stage venture capital firm. Pelion invests in Seed and Series A software companies across the United States. Notable investments include: Cloudflare (NYSE: NET), Riverbed, Divvy (acquired by Bill.com), and Weave (NYSE: WEAV).