Billon, which created the first enterprise distributed ledger technology (DLT) system, announced that it is one of six companies that have been selected to participate in the Elevator Lab Partnership Program. It was chosen from a group of over 280 applications.
The awarded idea is a DLT-based digital cash platform that allows transactions with tokenized euro stored on blockchain.
“We have selected Billon as an Elevator Lab participant because Raiffeisen Bank International is interested in applications of the distributed ledger technology. Over the next months, we will be testing Billon’s solution and evaluating the potential added value for our customers,” Maximilian Schausberger, head of fintech partnerships at Raiffeisen Bank International, said in a press release.
Founded last year, the company competes with TurnKey Jet, which was the first crypto company that received a no-action letter from the U.S. Securities and Exchange Commission (SEC) earlier this year.
“We intend to operate in full compliance with the SEC’s guidance in the TurnKey Jet, Inc. No Action Letter dated April 3, 2019, and any future refinements to that guidance in the future, so that U.S. federal securities laws will not apply to the offer, sale and any resale of Jet Tokens,” Jet Token’s filing with the SEC reads.
And Tradewind Markets, a blockchain-powered gold trading platform, has developed and launched a system for stablecoin issuers to track the origination of precious metals.
“If you are a miner who produces responsible metal, once the bank buys the metal, it loses its identity,” Tradewind Chief Executive Michael Albanese, told CoinDesk. “That bank sells it to a wholesaler network down to a corporation. That miner is challenged to be able to advertise its metal. For the first time ever, the miner that produces responsibly is going to be able to tag their metal to advertise it to downstream buyers.”