ECB's Pontes System Connects European Banks with Blockchain Technology

European Central Bank (ECB) President Christine Lagarde announced on September 21 that the central bank officially launched Pontes, a system allowing banks across the European Union to settle transactions using a digital euro and blockchain technology.

Pontes is a platform for European banks to trade tokenized assets among themselves, issued by the central bank and settled through blockchain-style technology. It doesn't replace how banks operate but gives them a faster way to move value between each other.

Axology has built a private network using open-source XRP Ledger code, allowing it to tokenize securities and bonds that can be settled against real central bank euros through Pontes.