Millicent Stablecoin Platform Receives UK Government Funding: Details

Hybrid distributed ledger platform Millicent shares the details of its latest grant: it is the first blockchain ecosystem to receive UKRI Innovate UK SMART Award.

Prestigious award for new-gen CBDC and stablecoin visionaries

According to the official announcement shared by the team of U.K.-based DLT firm Millicent, it has been awarded government funding in the form of the most competitive R&D grant in the United Kingdom.

Introducing Millicent!
Get a first look into our tech and our mission to overhaul the global financial system, to create a more equitable future.#dag #blockchain #fintech #cosmos #financialinclusion #defihttps://t.co/lSpOfOvgB1

— Millicent (@MillicentDLT) January 29, 2022

This grant comes with the status of winner of the U.K. Research and Innovation (UKRI) Innovate UK SMART Award. As such, the U.K. government highly appreciates the progress accomplished by Millicent in terms of stablecoin and central bank digital currencies (CBDCs) development.

Representatives of Innovate U.K. advisory board is fascinated by the opportunities unlocked by Millicent’s upcoming products and ideas:

Millicent is a game-changing project that could change the way we bank and spend; [its] impact could be very significant to the UK, financially, socially and technically, as it can lead the way for a UK system backed by the Bank of England.

With fresh funding, Millicent will be able to fuel the next phases of its platform development and bring it closer to mainnet release for individuals and businesses.

Millicent attempts to offset the gap between Web3 and TradFi

Millicent is a pioneering hybrid platform co-funded by the British government to challenge the supremacy of India and China in the CBDC race.

Millicent CEO Stella Dyer, Harvard Business School alumna and Wall Street heavyweight, stresses the crucial importance of what Millicent is developing for both crypto holders and unbanked citizens across the globe:

In today’s system, it’s usually the people with the least money who pay the most for financial services. Millicent is designed to level the playing field for everyone, creating an ‘Internet of Value’ that is open and accessible to all.

As of Q1, 2022, 80% of the world’s central banks, including the British Central Bank, are actively researching the possibilities and limitations of CBDC issuance.