NEW YORK, NY / ACCESSWIRE / August 25, 2020 / Cypherium is now listed on Société Générale Startup-Flow and was invited to submit a proof-of-concept bringing innovative, disruptive technology to CDBCs.
Cypherium, the enterprise-focused blockchain platform that has developed a solution to facilitate interoperability between Central Bank Digital Currencies (CBDCs) has today announced they have been listed as a preferred startup on Société Générale's Startup-Flow; Société Générale is one of France's largest banks and has been structuring, managing and monitoring an innovation ecosystem since 2016 through various programs including Startup-Flow.
The listing coincides with Cypherium's drive toward facilitating global CBDC interoperability - providing Cypherium greater reach within Société Générale's ecosystem of over 30 innovation leaders. As a member of the Startup-Flow platform, Cypherium can now forge strategic partnerships with other ambitious tech-driven innovators to challenge and disrupt the current banking environment.
Sky Guo, CEO at Cypherium, said: "Société Générale is a leader among European banks in its willingness to experiment with CBDC models and we're looking forward to a fruitful phase of world class banking innovation. We're honored to be listed on Société Générale's Startup-Flow and to be innovating alongside equally disruptive startups specializing in areas such as open banking, payment/e-commerce, credit/real estate, Insurtech, cybersecurity/Regtech, capital markets, blockchain/crypto assets, wealth management and more."
Cypherium's listing on Société Générale's Startup-Flow comes just months after the central bank performed the first financial transaction settled with a CBDC. In May, Société Générale issued €40 million of covered bonds ("obligations de financement de l'habitat" or "OFH")) as security tokens directly registered on a public blockchain. These OFH tokens were fully subscribed by Société Générale which simultaneously paid the issuer in a digital form of euros issued by Banque de France through a blockchain platform.
In June, Société Générale was also selected to participate in the Banque de France's CBDC tests to create a CBDC-centric solution for interbank settlement. The trials will end up being a major contributing factor toward an eventual digital Euro.
Cypherium, is an enterprise-focused blockchain platform with established partnerships with all the tech giants - Google, Microsoft, Amazon and IBM and has developed the world's first cross-chain interoperability solution to enable CBDCs to be able to communicate with their international counterparts as well as their domestic industries and wholesalers. Cypherium offers that opportunity for interoperability through a number of DC/EP-inspired innovations.
Cypherium is capable of processing upwards of 10,000 transactions per second and delivering significant business benefits, including cheaper, more lightweight deployment, enhanced security, improved traceability, increased efficiency and speed of transactions, as well as reduced costs. With Cypherium, banking institutions will have access to a distributed ledger technology that can scale, while also delivering the numerous privacy and security benefits of enterprise-grade blockchain technology. The DCIF allows banks to leverage this infrastructure while at the same time connecting to other public and private wholesale monetary institutions, including other central banks, international private banks, and public cryptocurrencies.
Earlier this month Cypherium announced the signing of a memorandum of understanding (MOU) with Suzhou City Municipal Government - the pilot city of the DC/EP. The MOU will allow Cypherium to build products within the DC/EP ecosystem, making Cypherium one of the first independent firms to do so.
Cypherium was founded in 2017 by Sky Guo to address the shortcomings of predominant blockchain technologies hampering widespread enterprise adoption. Identifying that scalability and decentralization were crucial, Sky and his team developed a dual chain structure that employs a hybrid design featuring a joint Proof-of-Work (PoW) and HotStuff (also adopted by Facebook's Libra) consensus mechanism capable of processing upwards of 10,000 transactions-per-second while remaining truly decentralized. With Cypherium, enterprises have access to a distributed ledger technology that can scale, while also delivering the numerous privacy and security benefits of blockchain technology.
For more information, visit www.cypherium.io
About Société Générale:
Société Générale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world's societies and economies, Société Générale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.
Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Société Générale has over 138,000 members of staff in 62 countries and supports on a daily basis 29 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:
French Retail Banking which encompasses the Société Générale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;
International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialized businesses that are leaders in their markets;
Global Banking and Investor Solutions, which offers recognized expertise, key international locations and integrated
Solutions. Société Générale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.
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