The Israeli cryptocurrency company Fireblocks has hired the head of the British Central Bank’s fintech center as the head of the central bank’s digital currencies.
A company providing cryptocurrency storage services for institutional investors, reported on hiring former Bank of England (BE) Head of Financial Technology Varun Paul as its first Director of Central Bank Digital Currency and Market Infrastructure.
The new employee of Fireblocks will head the department for creating infrastructure for the integration of the state digital currency. Paul has worked for almost 14 years at a UK central bank, serving for the last 15 months as head of financial technology.
In his new position, the ex-top manager of BE will interact with market infrastructure authorities to explore the benefits of supporting digital assets and participating in decentralized finance (DeFi). Fireblocks has a strategy in place to bring DeFi services to major financial institutions.
Adam Levine, head of corporate strategy at Fireblocks, said that central banks in almost all major countries are expressing their intention to explore the possibility of developing a digital version of fiat currency (CBDC). Therefore, Fireblocks strives to be at the forefront of technical know-how:
“From the development of CBDCs to the tokenization of traditional financial assets, the convergence of digital assets and blockchain technologies with traditional institutions, a strong working relationship with the central banking community will be required.”
Varun Paul sees Fireblocks as a leader in providing secure, scalable technology for digital asset and cryptocurrency businesses:
“Financial innovation in CBDC, DeFi and tokenization is rapidly evolving and my new role at Fireblocks provides the opportunity to work alongside some of the world’s most forward-thinking organizations as they prepare for one of the industry’s greatest transformations.”
Israeli blockchain company Fireblocks announced in February that it had completed its acquisition of the First Digital platform, which specializes in stablecoin payments.
Source: Bits
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