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UK-based blockchain company Millicent has received government funding in the form of a UK Research, and Innovation (UKRI) Innovate UK Smart Award. The project aims to assist in the nation\u2019s strives to launch a central bank digital currency.<\/p>\n
Based in London, England, Millicent is a blockchain-powered firm promising to rewrite \u201cthe code of global finance.\u201d In the press release seen by CryptoPotato<\/em>, the project described the grant as \u201cthe UK\u2019s most competitive and prestigious\u201d one, which should provide the company with resources to continue the development of its digital finance network.<\/p>\n Millicent uses hybrid distributed ledger technology. It combines Direct Acyclic Graph (DAG) speeds with blockchain\u2019s structure and aims to \u201ctransform the world\u2019s outdated financial system into an open, borderless, and interconnected digital network, underpinned by a suite of regulation-compliant stablecoins.\u201d<\/p>\n The company said it had become the first stablecoin- and CBDC-oriented project that has received funding directly from the UK government. The timing of this grant is particularly intriguing, as central banks across the world continue to dabble with how to launch digital versions of their native fiat currencies.<\/p>\n The Bank of England has yet to confirm<\/a> whether or not it will follow the trend, but funding a project that focuses on providing CBDC initiatives could be regarded as a step toward that direction.<\/p>\n Assessors from Innovate UK commented that Millicent could \u201cchange the way we bank and spend,\u201d as its impact \u201ccould be very significant for the UK \u2013 financially, socially, and technically.\u201d<\/p>\n Whether it\u2019s bitcoin or another project coming from the cryptocurrency space, the goal for many has been to provide banking services to the nearly two billion people globally that don\u2019t have such as of now.<\/p>\n Millicent promised to work in the same direction as well since its open-source framework should provide small to medium enterprises and individuals the necessary access.<\/p>\n \u201cIn today\u2019s system, it\u2019s usually the people with the least money who pay the most for financial services. Millicent is designed to level the playing field for everyone, creating an \u201cInternet of Value\u201d that is open and accessible to all.\u201d \u2013 said company CEO Stella Dyer.<\/p>\n<\/blockquote>\n PrimeXBT Special Offer: Use this link<\/a> to register & enter POTATO50 code to get 25% off trading fees.<\/b><\/p>\n<\/div>\n<\/div>\n <\/p><\/div>\nBank the Unbanked?<\/h2>\n
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