Deutsche Bank And SC Ventures Completed First Digital Currency Transfer And Swap On UDPN
Deutsche Bank and SC Ventures completed the first digital currency transfer and swap based on UDPN, a new platform for connecting CBDCs and stablecoins. Unlike public blockchains, UDPN is a messaging network that allows the exchange of central bank digital currencies (CBDCs) and regulated stablecoins.
During the experiment, SC Ventures set up a development environment and leveraged UDPN SDKs and APIs to create decentralized identities and linked digital currency wallets. Upon completing the onboarding process, SC Ventures initiated multiple transfers and swaps of synthetic USDC and EURS to digital currency wallets of Deutsche Bank. These transactions were signed with SC Ventures’ private key, completed in real time and visible on the Etherscan blockchain explorer.
The purpose of the experiment was to demonstrate how UDPN solves the problem of interoperability between different digital currencies for cross-border payments. This was the first of 12 planned tests of UDPN, which will also involve other global banks, fintechs and payment providers.
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