The Swiss crypto bank will help France's central bank test the use of digital currencies for interbank settlements.
Zug-based Seba won the nod from Banque de France for an experiment on central bank digital currency, or CBDC, it said in an emailed statement on Tuesday. The pilot project is to examine how CBDCs can be distributed and used for cross-border payments in relation to interbank settlements.
Seba, founded two years ago and approved for a banking license last autumn, is in good company: traditional banks HSBC and Société Générale, as well as consulting firm Accenture, were also included in the project.
Banque de France was recently chosen alongside Deutsche Bundesbank and the European Central Bank for a new European innovation center in Europe. The project operates within Bank for International Settlements' innovation hub.
