#Citi Innovation Labs, the innovation arm of Citi Group, has reached an agreement with the Inter-American Development Bank ( #IDB) for a proof-of-concept project to send cross-border payments over #blockchain.
According to the statement made yesterday, a payment was sent from IDB's headquarters in Washington to a buyer in the Dominican Republic. The #LACChain blockchain network was used for this transaction, a public initiative for Latin America and the #Caribbean, backed by the IDB.
Dollars, tokens, digital wallet and Dominican Peso
Funds were first sent to a Citi account in dollars. Later, it was tokenized and transferred using a digital wallet. Finally, it was converted into a dominic peso at a rate determined by Citi.
Working on the #EOSIO blockchain, LACChain signed an agreement with Block.one in February to expand the blockchain technology to Latin American countries. Block.one made a name for itself with a $ 4 billion investment in #EOS's infrastructure system in 2018.