In a strategic move aimed at advancing the interoperability of digital currencies, the Universal Digital Payments Network (UDPN) has announced its partnership with the Digital Pound Foundation (DPF) and subsequent membership in the foundation.
UDPN, established by Red Date Technology, the co-founder of China’s Blockchain-Based Service Network, operates as a wholesale Distributed Ledger Technology (DLT) messaging network. Its mission is to facilitate seamless connections for payments across diverse digital currencies and blockchain networks, encompassing regulated stablecoins, deposit tokens, and central bank digital currencies (CBDCs). The collaboration includes technology partners such as GFT and TOKO, a tokenization spinoff from DLA Piper.
The primary objective of this collaboration is to drive interoperability between various digital currencies, fostering a more connected and inclusive financial landscape.
Jannah Patchay, Executive Director of Digital Pound Foundation, expressed enthusiasm about the partnership, stating, “Adding UDPN to our partners programme provides an exciting opportunity for our members to engage with their work, including the potential to be involved in UDPN’s sandbox and proofs of concept, helping drive forward concrete use cases for CBDCs and stablecoins globally.”
The collaborative efforts between UDPN and DPF will extend to exploring regulatory developments across jurisdictions. UDPN is keen on involving Digital Pound Foundation members in the testing of its 12 pilot solutions. One notable example includes a stablecoin interoperability Proof of Concept conducted between Standard Chartered’s SC Ventures and Deutsche Bank in October of the previous year.
Steffen Schacher, UDPN Lead at GFT, highlighted the significance of partnering with influential networks like the Digital Pound Foundation. He emphasized that the collaboration would contribute to shaping the landscape of emerging technologies, not only in retail spaces but also for interbank and wholesale use cases involving digital currencies. Schacher stated, “Together, we’ll foster a deeper understanding and adoption of new and cutting-edge technologies to build the infrastructure for the future of finance.”
