- Fireblocks has welcomed Varun Paul as their newest team member, as its first director of CBDC and market infrastructure.
- Paul has earlier served at the UK’s central bank for approximately 14 years and spent the previous 15 months as the head of Fintech.
- Fireblocks aims to emerge as a strong player to facilitate entities as central banks contemplate CBDC globally.
Fireblocks Taking Moves Towards CBDC
A provider of crypto custody technology, Fireblocks has recently welcomed Varun Paul to its team as its first director of Central Bank Digital Currency (CBDC) and market infrastructure.
Paul is the former head of Fintech at the Bank of England and is now going to lead Fireblocks’ efforts to create an infrastructure for the integration of CBDCs. The new member at Fireblocks has earlier served at the UK’s central bank for roughly 14 years and spent the previous 15 months as the head of Fintech.
The firm made this announcement earlier in the week; Paul would also engage with market infrastructure bodies to explore the benefits of supporting virtual assets and participating in decentralized finance (DeFi).
Fireblocks has a strategy for facilitating feeding the appetite for DeFi among mainstream financial institutions.
Because central banks worldwide are expressing their willingness to explore the concept of the Central Bank Digital Currency (CBDC) and its development, Fireblocks intends to be at the forefront to enable infrastructure and all the technical know-how.
According to Adam Levine, the head of corporate strategy at Fireblocks, from CBDC developments to the tokenization of traditional financial assets, bridging virtual assets and blockchain technologies to conventional institutions at scale would require strong working relationships with the central bank community.
Central Bank Digital Currency (CBDC) is a virtual version of a fiat currency for utilization as cash. And a lot of countries have been contemplating the development of their own CBDC lately. For instance, the US is still thinking about them, while some others have either already established their CBDC or are in the process of doing so.
Source: https://www.thecoinrepublic.com/2022/06/02/former-bank-of-england-fintech-head-joins-fireblocks-to-lead-cbdc-steps/