IADB disbursed tokenized funds to a recipient in the Dominican Republic using the LACChain blockchain network.
Banking giant Citigroup has successfully completed a proof-of-concept for blockchain-based cross-border payments in collaboration with the Inter-American Development Bank, or IADB.According to a Thursday announcement, Citigroup’s Citi Innovation Labs and the IADB enabled several disbursements from the United States to a recipient in the Dominican Republic using the LACChain blockchain network — a proprietary effort by IADB’s regional program LACChain.As part of the project, the IADB deposited tokenized funds denominated in U.S. dollars in a Citi account and transferred the funds using digital wallets, IADB’s blockchain specialist and LACChain technical leader Marcos Allende explained. “After tokenized, these funds were converted to local currency — Dominican pesos — with the exchange rate established b
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