Pundi X has signed a Memorandum of Understanding (MoU) with Borghese Ventures to explore the implementation of blockchain technology across Cyprus public and private sectors and also onboard Cypriot retailers, on its global cryptocurrency payment network, NewsLogical has learnt.
The MoU was signed in the presence of the President of the Parliament of the Republic of Cyprus, H.E. Mr. Demetris Syllouris, in Shenzhen China, on November 9th between Pundi X and Borghese Ventures is to bring about adoption of the technology in the country.
The two firms are to work hand in hand. As part of the deal, a committee has been created, to focus on the exploration and evaluation of the potential of launching blockchain-related projects capable of assisting public and private firms and businesses across Cyprus.
An entity in Cyprus would be launched to explore the feasibility of implementing blockchain technology solutions and a blockchain-based payment network across Cyprus, courtesy of Pundi X technology, a press statement indicates.
Although, Cyprus has signed the European Blockchain Partnership, the country is ready to make sure the technology is widely implemented across businesses in compliance with EU regulations, H.E. Mr. Demetris Syllouris said during the signing process.
The Cyprus government is happy to witness the partnership between Pundi X and Borghese Ventures, and is hoping to see the MoU help in improving transparency, accountability and efficiency across various sectors.
From now on, the two partners are going to be looking for gaps and backslides in businesses across the country that can be solved using blockchain technology.
Pundi X and its collaborators will explore different sectors including certification, charity, registry, edtech, fintech, law, healthcare, among others.
According to Joseph Borghese, Founder and CEO of Borghese Ventures, businesses in the country would be more secure and transparent when run on the blockchain.
Through the partnership, Borghese Ventures will start surveying the market to look for the problems that blockchain can solve in the country.
The venture will also look for how blockchain can solve expedite, secure and make back-end processes of the government more transparent.
The two partners will implement blockchain-powered payment solutions across Cyprus, giving retailers the advantage to accept cryptocurrency asset payments.
Through the collaborations, Pundi X will be on-boarding more Cypriots retailers on its global cryptocurrency payment network as soon as possible.