R3 announced it’s been selected by the Bank of Italy and its Innovation Hub for Project Leonidas, which aims to explore and develop wholesale central bank digital currency (CBDC) capabilities within the Spunta Banca DLT solution, an infrastructure of Italy’s financial ecosystem.
Spunta Banca DLT is the only application based on Distributed Ledger Technology (DLT) in production on an entire national banking sector, with significant volumes; processing 94 nodes and over 600 million technical transactions in three years. Ledger Insights reported that 18 banks will be participating.
Over the next 6 months, the team will dedicate its efforts to the exploration, design, and development of a wholesale CBDC solution tailored specifically for the Spunta Network. Upon the completion of the six-month development phase, R3 is optimistic that team Project Leonidas’ efforts will create a solution that not only showcases the immense potential of digital currencies to integrate in existing DLT solutions to enhance efficiency and transparency, but also reinforces Italy’s dedication to technological advancement in the financial domain and position as a global innovation hub.