In mid 2018 CBoxx were invited back to work with fast growing blockchain startup Pillar Project again, this time to help to define their stablecoin strategy and then scope out the implementation for the delivery team.
The first stage was to help with the foundation of the Pillar Labs research & development division, working closely with the Pillar core team to build an extended network of academic and technical blockchain experts / scientists.
Following this groundwork, the next challenge was the definition and delivery of an extensive research and scoping project to build support for regulated Stablecoins (tokenised fiat currency) into the Pillar ecosystem. The research covered all of the market, business, technical, legal and regulatory aspects of this fast moving growth area in the cryptocurrency world.
The Stablecoin project required liaising and working with banks, city law firms, technical integrators, startups, regulatory experts and “big four” auditors to drill down into every detail of how to create a regulated, tokenized pound (GBP) for the Pillar wallet ecosystem.
Once implemented, Pillar wallet owners will be able to safely move fiat currency onto the low-cost, fast financial rails of the new global digital economy. Every Pillar pound will be backed by a corresponding Pound Sterling that can be redeemed at any time. All fiat currency will be held by trusted and regulated financial institutions and monitored by an external auditor.