The Bank for International Settlements (BIS) Innovation Hub reportedly released a crypto market intelligence platform and security for retail central bank digital currency (CBDC).

Specifically, the freshly introduced platform is reportedly included in the BIS’ plan of rolling out a new set of initiatives looking to streamline numerous aspects of traditional and crypto payments. 

BIS’s cryptocurrency market intelligence platform will be introduced in the scope of the Eurosystem Centre initiative, which has a target of offering vetted information regarding crypto initiatives. 

One of the primary factor that fueled the initiative’s commencement is the fall of a variety of stablecoins projects and decentralized finance (DeFi) lending platforms, nominally Terra and USDD.

“The project’s goal is to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability.”

The development reportedly serves as a distinctive solution compared to the employed standard of depending on self-reported data by unregulated companies, in terms of data on asset backing, trading volumes and market capitalization. 

The BIS additionally emphasized the ease with which quantum computers can break the cryptography used by traditional financial institutions to secure and settle payments. 

Consequently, a Eurosystem Centre initiative will be rolled out devoted to running trial phases for numerous cryptographic services, as well as conducting examinations regarding the overall performance of the traditional network.

Furthermore, BIS’s Sela project will deep-dive into technological offerings for enabling CBDC issuance using intermediaries, while making sure an enhanced level of security and reduced costs are achieved. 

The BIS Innovation Hub’s Hong Kong Centre will also form a partnership with the United Nations Framework Convention on Climate Change (UNFCCC) to build the prototype for the second phase of its green finance initiative, Genesis.