Blockchain for Banking News

Digital currency network UDPN partners Digital Pound Foundation

digital pound currency

The Universal Digital Payments Network (UDPN) is a wholesale DLT messaging network that aims to connect payments across various digital currencies and blockchain networks. These include regulated stablecoins, deposit tokens and central bank digital currencies (CBDCs). Today, it announced it partnered with the Digital Pound Foundation (DPF) and became a member.

UDPN was founded by Red Date Technology, the cofounder of the China’s Blockchain-Based Service Network. Other partners include GFT on the technology front and TOKO, a tokenization spinout from DLA Piper. The goal is to enable interoperability between digital currencies.

“Adding UDPN to our partners programme provides an exciting opportunity for our members to engage with their work, including the potential to be involved in UDPN’s sandbox and proofs of concept, helping drive forward concrete use cases for CBDCs and stablecoins globally,” said Jannah Patchay, Executive Director, Digital Pound Foundation.

Together UDPN and the DPF will explore regulatory developments across jurisdictions. As mentioned, UDPN is keen for Digital Pound Foundation members to participate in the 12 pilot solutions it is testing. One example was a stablecoin interoperability Proof of Concept between Standard Chartered’s SC Ventures and Deutsche Bank last October.

“Partnering with influential networks, such as the Digital Pound Foundation, will help shape the landscape of emerging technologies, not only in the retail space but also for interbank and wholesale use cases around digital currencies,” said Steffen Schacher, UDPN Lead at GFT. “Together, we’ll foster a deeper understanding and adoption of new and cutting-edge technologies to build the infrastructure for the future of finance.”