The Austrian exchange Bitpanda has announced an official collaboration with Raiffeisen Bank International to bring blockchain interoperability within the traditional banking sector.
This is a technology research project based on Pantos (PAN), and will use RBI Coin, a new electronic money solution for interbank and inter-company payments.
Bitpanda’s Pantos technology has been in research and development for two and a half years, and will be implemented on RBI Coin to achieve blockchain interoperability for the banking sector.
The Pantos project is developed together with the Technical University of Vienna, and aims to enable tokens to be independent from a specific blockchain. RBI will be the industrial partner of this project with Raiffeisen.
RBI Coin is a new generation digital cash solution for interbank and intercompany payments, which aims to simplify cash and liquidity management and to introduce new banking products for corporate and institutional customers.
RBI’s collaboration with Pantos is an attempt to address and solve interoperability problems between different blockchains, and in particular between financial applications that run on different blockchains, and that have different architectures both from a commercial and technical point of view.
These applications have no actual connection between them, allowing them to work in parallel, like individual silos.
Bitpanda and Raiffeisen Bank for blockchain interoperability
The aim of the collaboration is to make them interoperable, so as to allow the development of a cross-chain system.
In particular, the Bitpanda project in collaboration with Raiffeisen Bank aims to enable banks to become independent of the underlying blockchain technology, so that they can operate within an organic system.
The co-founder and CEO of Bitpanda, Paul Klanschek, 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”.
The Head of Strategic Partnerships & Ecosystem at Raiffeisen Bank, Christian Wolf, said:
“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”.