A new report details the Danish Government’s efforts to assist Danish companies (like ZTLment) to build crypto infrastructure, and in this case, on the Algorand blockchain. Covered: Danish Gov Releases “Groundbreaking” Memo on Crypto Use ZTLment Releases The Protocol, Set to Go Live in 2022 “Game-Changer for Programmable Money” in the EU Danish Gov Releases […] The post Danish Company Works With Gov to Build Payment Solution on Algorand appeared first on CryptosRus.

Danish Company Works With Gov to Build Payment Solution on Algorand

A new report details the Danish Government’s efforts to assist Danish companies (like ZTLment) to build crypto infrastructure, and in this case, on the Algorand blockchain.

Covered:

  • Danish Gov Releases “Groundbreaking” Memo on Crypto Use
  • ZTLment Releases The Protocol, Set to Go Live in 2022
  • “Game-Changer for Programmable Money” in the EU

Danish Gov Releases “Groundbreaking” Memo on Business Use of Crypto 

According to a statement from Mads Stolberg-Larsen, CEO of ZTLment, a Danish FinTech firm, the Danish Financial Supervisory Authority (DFSA) has laid the groundwork for companies to use crypto and blockchain in the Northern European country.

From April to November of 2021 the Danish Government in the form of the aforementioned DFSA conducted a “regulatory sandbox program” in which Larsen and his company took part “to establish regulatory clarity” on their solution built on Algorand.

statement before dfsa sandbox concluded

Subsequent to the sandbox, the DFSA wrote “a groundbreaking 10-page memo”, which outlines how simplified the clearing and settlement mechanism is when you do peer-to-peer transactions on [the] blockchain.”

In the release by the Danish Authorities, they state that blockchain “proved its potential in test in the DFSA’s regulatory sandbox” and “using blockchain could potentially change the way financial services are offered, including how payments are settled.” 

dfsa organization as of oct. 2021

ZTLment Releases The Protocol, Set to Go Live in 2022 

ZTLment, the company that worked in tandem with the Danish Government on this project has announced that the success of the sandbox has resulted in their releasing a B2B payment solution on Algorand.

Tobias Thygesen, head of DFSA’s Fintech, Payment Services and Governance Division said: “ZTLment’s participation in FT Lab has given the DFSA a good insight into how blockchain can be used in practice to make payments.”

According to reporting on the government memo, this is “the first time that a supervisory authority in an EU Member State carries out this assessment based on a specific business model.”

Recommended: Algorand to Scale Ethereum with Groundbreaking Protocol; ETHDenver Announcement?

ZTLment: “Game-Changer for Programmable Money in the EU”

As the release notes, this makes the memo and its findings are “groundbreaking”, according to an expert in blockchain economics and DLT governance, professor Roman Beck from the IT University of Copenhagen.

“We now have an EU regulator saying it is possible to program fiat money on [the] blockchain. It is a game-changer”, Professor Beck states, who has “advised ZTLment since its incubation in late 2020.”

CEO Mads Larson said, “it is a great relief that we have now gained clarity.” ZTLment will be using “smart contract software on Algorand to programmatically transfer money between businesses.”

Notably, the solution will not be using “un-regulated” stablecoins or crypto but “e-money”. You can visit ZTLment’s website here to see just what they are up to with Algorand and the crypto space. The project is supported by Algorand’s VC arm Borderless Capital, among others.

According to their website roadmap, they are ready to go live with their “first B2B platforms” beginning this year. They have already handed in their application to the European Payments Institute in Q4 of 2021.

They seek to use Algorand for “businesses and B2B platforms [to] unlock cash flows, save costs and improve user experiences.” 

Stolberg-Larson has vast experience in the space before founding ZTLment in 2020, serving on Copenhagen Fintech’s Global Advisory Board and working as a senior strategy consultant for Deloitte’s Nordic division, specifically as a blockchain specialist.

This is a major step for developing crypto infrastructure in new and nascent markets such as Denmark and EU states in general, which have not embraced the tech much at all as of yet.

ZTLment’s tactic to go hand in hand with regulators should see the B2B solution launch without the traditional regulatory hitches. You can read more about ZTLment’s collab with Algorand, here.

Recommended: Algorand Is Working With PayPal – Here Are The Details

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