ECB Launches Pontes Platform for Euro-Based Blockchain Transactions

The European Central Bank (ECB) has launched its Pontes platform, enabling banks and investors to settle blockchain transactions in euros backed by the ECB. The platform connects the bank's payment system with blockchain-based financial markets.

The first users of Pontes, including Deutsche Bank, Santander, and Clearstream, have completed their connection to the platform. They will be able to use the service from its start of operation.

The ECB intends to invest a small portion of its own funds, amounting to €23 billion, in blockchain-based securities. The central bank will focus on highly rated euro-denominated debt instruments issued by public institutions.