Over the past two weeks Norway’s DNB and the Commercial Bank of Dubai (CBD) have joined the Commercial Bank Money Token (CBMT) sandbox, bringing the total number of participant banks to eight. The tokenized deposit initiative was founded by the German Banking Industry Committee, with Commerzbank, DZ Bank, Helaba and UniCredit among the founding four banks.
CBMT started as a German focused initiative with European ambitions. A month ago those ambitions became reality when BNP Paribas and ABN AMRO joined the sandbox. Now the project has moved beyond Europe. DNB’s arrival also adds a new test currency, with the Norwegian krone joining the euro, US dollar and Japanese yen. The inclusion of JPY may hint at a Japanese bank yet to come.
Ole Morten Sunde, SVP and Head of Emerging Business Products at DNB describes its plans for the sandbox. “We will test how tokenised deposits in Norwegian kroner can move between parties, be exchanged against other currencies, and settle securities,” he said.
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