Five banks are collaborating with the Monetary Authority of Singapore to develop a licensed, public blockchain network.
Euroclear and HSBC join innovative initiative
Euroclear and HSBC recently joined a group of five banks working with the Monetary Authority of Singapore (MAS) on the Global Layer One (GL1) project. This initiative aims to create a public and licensed blockchain network capable of supporting a variety of applications, including trading, settlement and payments. The participation of Euroclear and HSBC is a significant step toward expanding the capabilities of the GL1 network.
An ambitious project for the future of finance
The GL1 project is not limited to developing a blockchain network, but has expanded its scope to include new activities. These include creating a business model for participants in the ecosystem and defining specifications for the life cycles of tokenized assets. This approach aims to ensure that the network can meet the needs of a rapidly evolving market.
The banks involved and the basic principles
In addition to Euroclear and HSBC, the GL1 initiative also includes major financial institutions such as BNY, Citi, J.P. Morgan, MUFG, and Societe Generale-FORGE. Together, these banks are working to implement six core principles for digital asset securities control: legal certainty, regulatory compliance, resilience and security, customer asset protection, connectivity and interoperability, and operational scalability. These principles are essential to ensuring a robust and reliable infrastructure for digital transactions.
Why is blockchain crucial to the future of finance?
Blockchain technology offers numerous advantages over traditional systems. Decentralization and transparency are just some of the features that can improve the efficiency and security of financial transactions. By adopting a public and licensed network such as the one proposed by WG1, banks can meet the challenges of the modern market and respond to customer needs more effectively.
Conclusions and future prospects
The GL1 initiative is an important step toward the adoption of blockchain technology in the financial sector. With the participation of Euroclear and HSBC, the project gains further credibility and potential. It will be interesting to watch how this initiative develops and what impacts it will have on the global cryptocurrency and digital asset market. Investors and industry participants should stay tuned for further updates on this innovative project.
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