PRESS RELEASE
Released September 5, 2023
MUMBAI, INDIA / ACCESSWIRE / September 5, 2023 / London-based Millicent Labs, a pioneering fintech dedicated to financial inclusion, is pleased to announce its 2023 G20 TechSprint victory for its LOFTHub solution – a decentralized currency exchange that improves liquidity and facilitates cross-border payments associated risks is intended to reduce foreign exchange in currencies of emerging and developing countries (EMDE).
This year’s G20 TechSprint, a world-renowned competition bringing together the world’s leading financial services and fintech companies, was launched in May under India’s G20 presidency by the Bank for International Settlements (BIS) and the Reserve Bank of India (RBI ) was launched with the aim of promoting innovative solutions that improve cross-border payments.
From an overwhelming number of applications, 21 handpicked teams from around the world competed to develop innovative technological solutions to improve cross-border payments, culminating in a grand final event on September 4th in Mumbai. Here Shri Shakkanta Das, Governor of the Reserve Bank of India, presented Millicent Labs with her award, which was selected by judges from institutions such as the World Bank, the International Monetary Fund (IMF), the Hong Kong Monetary Authority (HKMA), the Bank of Thailand and the Cambridge Center for Alternative Finance (CCAF).
Millicent Labs’ award-winning contribution, the Liquidity Optimizing Forex Transaction Hub (LOFTHub), is a testament to the company’s commitment to harnessing the power of distributed ledger technology to create a more equitable and inclusive global financial system.
LOFTHub is a hybrid decentralized exchange that combines the benefits of Automated Market Maker liquidity pools with the reliability of traditional order books. LOFTHub protects against price volatility and slippage, while its multi-pool routing feature paves the way for seamless and cost-effective currency exchanges across established trading pairs or corridors – greatly increasing the accessibility of payment processing in a variety of EMDE currencies.
Cecilia Skingsley, Head of the BIS Innovation Hub, said:
“Identifying and developing novel solutions to common problems was the focus of the G20 TechSprint. The 2023 edition once again unveiled innovative solutions that help solve cross-border payments challenges, a G20 priority. The BIS Innovation Hub is proud to partner with RBI in this year’s G20 TechSprint to contribute to global efforts to improve cross-border payments with a focus on emerging and developing countries. It allows us to push boundaries and explore new territory with the common goal of making a positive impact on societies. I would like to congratulate the winners and also all finalists for their participation and their efforts to present new and innovative ways to meet the proposed challenges.”
Kene Ezeji-Okoye, co-founder and co-CEO of Millicent Labs said:
“This victory and endorsement by the international financial community is a monumental step towards our vision of a more connected and inclusive global financial landscape. LOFTHub is not just a product; it is designed to serve as a public good that fills the gaps.” The current system offers unprecedented benefits for all participants, regardless of size or experience.”
LOFTHub is designed to integrate the world’s disparate domestic systems into a seamless global value transfer network. Utilizing a hub-and-spoke model, it connects independent sovereign currency issuance chains through its integrated FX exchange.
To achieve this unprecedented interoperability, LOFTHub uses Cosmos InterBlockchain Communication (IBC), the leading cross-chain asset and data transfer protocol designed to transform today’s isolated “digital islands” into an “Internet of Blockchains”.
Millicent Labs’ journey, from receiving UK Government grants to participating in the BIS and the Bank of England’s Rosalind project, reflects their unwavering commitment to innovation and the alignment of all stakeholders – from public bodies to the Businesses, companies and organizations. to private financial institutions; for SMEs and private individuals.
Led by Harvard Business School graduate and Wall Street veteran Stella Dyer and serial entrepreneur Kene Ezeji-Okoye, the company is dedicated to creating a connected world where value moves as easily as data moves on the internet and the Financial empowerment tools are within everyone’s reach.
About Millicent Labs:
Based in London, Millicent Labs is an award-winning innovator in distributed ledger technology, tokenization and digital finance, backed by some of the world’s best-known companies. Recognized as one of the UK’s top startups, the company is committed to breaking down silos and transforming the global financial system into an open and connected digital network that benefits stakeholders on all sides by combining the safeguards of today’s financial system with the exponential benefits of a… highly interoperable distribution combined ledgers.
For more information, visit: https://www.millicent.io/
Press contact: Manon Pendan, Millicent Labs [email protected]
SOURCE: Millicent Labs
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.