The German Banking Industry Committee has published the results of a proof of concept (PoC) for the Commercial Bank Money Token (CBMT) project. It ran the trials in association with the Federation of German Industries (BDI). While many tokenized deposit projects target financial or interbank applications, CBMT is focused on serving large corporates, especially industrial companies.
Five banks participated (DZ Bank, Deutsche Bank, Commerzbank, Unicredit and Helaba) in the PoC alongside five enterprises (Airplus, BASF, Evonik, Mercedes Benz and Siemens).
The CBMT concept allows clients from various banks to conduct transactions using digital currency, much like traditional bank payments. The tokens are created on multiple third-party distributed ledger technology (DLT) networks, such as a consortium blockchain, targeting corporate customers.
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