Fluency, the UK-based fintech created by Polish emigrants, plans to sell its cryptocurrency banking business and focus on working with central banks’ digital currency efforts, newspaper Puls Biznesu reported on February 15.
Fluency wants to engage with the so-called CBDC (central bank digital currency) market in which central banks work on issuing digital currencies using blockchain technology.
“We have finished work on the cryptocurrency bank … when there [appeared] an opportunity to cooperate with central banks in the field of digital currencies,” Fluency’s CEO and founder Inga Mullins told Puls Biznesu.
“These business lines have a conflict of interest: CBDC relies on centralized blockchain technology, while cryptobanks integrate a currency account with decentralized cryptocurrencies,” Mullins added.
Fluency hopes to work with the European Central Bank to create a digital version of the euro.
The company also has a proof-of-concept of centralized blockchain – which is what central banks are after in their pursuit of CBDC – and plans to patent it soon, Puls Biznesu wrote.
The company told the newspaper it was talking to potential buyers of the cryptobank, mostly from Poland and the UK.
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