Project Cedar: Improving Cross-Border Payments With Distributed Ledger Technology

Project Cedar is the inaugural project of the New York Innovation Center (NYIC). It is a multiphase technical research effort evaluating the potential applications of financial technology solutions to improve the efficiency of wholesale cross-border payments.

PROJECT CEDAR PHASE II X UBIN+ (CEDAR X UBIN+)

NYIC and the Monetary Authority of Singapore partnered on Cedar x Ubin+. This joint research experiment examined a cross-border multi-currency use case in which vehicle currencies are used as a bridge to exchange currency pairs which are not widely traded. It explored the ability of distributed ledger technology (DLT) to establish connectivity across heterogeneous simulated currency ledgers, reduce settlement risk, and decrease settlement time.

https://thedinarian.locals.com/post/4957881/project-cedar-improving-cross-border-payments-with-distributed-ledger-technology