Investment platform, Bitpanda with its blockchain-interoperability project Pantos, has confirmed a partnership with Raiffeisen Bank International to implement their technology on RBI Coin, an e-money solution.
Pantos is a major European blockchain interoperability project developed by the Bitpanda team together with the Technical University of Vienna. The firm’s aim is to enable token projects to be independent of a specific blockchain.
Having RBI as an industry partner joining the Pantos project is a large step in the maturing of the Pantos protocol, which shows that the past two and a half years of development have been successful.
Paul Klanschek, Co-Founder and CEO of Bitpanda, said: “We see a lot of competing protocols, not only from the cryptocurrency space but also from tech-companies, banks and governments.
“The question of how to unite all those protocols still remains unanswered. The Pantos project aims to offer a unifying solution for the fragmented blockchain and cryptocurrency space. After a purely research and Proof-of-Concept-focussed mode we are now extremely excited to enter a partnership with RBI to bring our technology to their RBI Coin.”
It comes as there are a myriad of financial applications built on blockchains which are fundamentally different in architecture from both business and technical perspectives.
Such developments bring a challenge of having no natural link between these different applications which poses the risk of multiple siloed solutions running in parallel.
RBI ́s cooperation with Pantos seeks to represent an attempt to address and solve the interoperability issues between different blockchain applications.
Christian Wolf, Head of Strategic Partnerships & Ecosystems, added: “The Pantos technology plays an integral role in making the tokenisation of assets a reality within our banking group by bringing in the interoperability aspect thus allowing for even more extensive and flexible use cases for banking customers.”