It’s been more than a year since the Bank of Spain invited tenders for a wholesale central bank digital currency (wholesale CBDC) trial. On Wednesday it announced the award of two projects. Adhara, the technology partner of Fnality, won the contract to deliver a wholesale CBDC infrastructure. And a consortium involving Cecabank and Abanca will trial wholesale CBDC for securities settlement.
Additionally, Adhara will deliver a ‘digital interbank orchestration platform’, which we interpret as a tokenized deposit solution. Adhara has already developed such an offering. The company’s CEO Julio Faura is Spanish and spent 11 years at Santander. Hence, Adhara has a Spanish subsidiary.
The Adhara project involves the issuance of two or more separate wholesale CBDCs for cross border purposes and the provision of wallets to participants. The projects specify English as a second language to enable sharing of the results.
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