After 2.5 years of research and development, the Pantos (PAN) project reaches a major milestone by entering into a partnership with Raiffeisen Bank International (RBI). RBI is a leading corporate and investment bank headquartered in Austria, and is active in 13 markets in Central and Eastern Europe. Around 46,000 employees service 16.7 million customers through 2,000 business outlets. As the first Proof of Concept, Pantos technology will be implemented on RBI Coin, an e-money solution developed by RBI. This is a major use case both for blockchain-interoperability and for the banking industry to become technology-agnostic in the field of fast-changing blockchain technologies.
As Europe’s leading investment platform, we’re not only aiming to offer easy access to all kinds of digital assets, but we also want to give something back to the industry. That’s why we conceived Pantos as a major European Blockchain interoperability project together with the Technical University of Vienna to enable token projects to be independent of a specific blockchain. Having RBI as an industry partner joining the Pantos project is a large step in the maturing of the Pantos protocol. After an extensive research and development period, which was accompanied by the publication of ten scientific papers outlining our progress, obstacles and challenges, we are now entering the next phase. The partnership will lead to the implementation of Pantos’ blockchain-interoperability technology on RBI Coin.
What is RBI Coin?
RBI Coin is a next-generation digital cash solution for interbank and intercompany payments to streamline cash and liquidity management and introduces new banking products to corporate and institutional customers. There are many financial applications built on blockchain which are fundamentally different in architecture from both business and technical perspective. Such developments bring a challenge of having no natural link between these different applications which poses the risk of multiple siloed solutions running in parallel. RBI’s cooperation with Pantos represents a determined attempt to address and solve the interoperability issues between different blockchain applications.
A milestone for the banking industry
This is a major use case for banks to become technology-agnostic in the field of fast-changing blockchain technologies. RBI will be part of the Pantos ecosystem using the technology which allows the establishment of interoperability between different blockchain ecosystems and use cases. Today, we see a lot of competing protocols, not only from the cryptocurrency space but also from tech companies, banks and governments. The question of how to unite all those protocols still remains unanswered. The Pantos project aims to offer a unifying solution for the fragmented blockchain and cryptocurrency space. After a purely research and Proof-of-Concept-focussed mode, we are now extremely excited to enter a partnership with RBI to bring our technology to their RBI Coin.
This is a major step for Bitpanda and the Pantos project. It shows that the past years for development have been successful as we start heading towards production.