Lygon launches ‘first industry standardised digital bank guarantee’ alongside blockchain first
First-to-market blockchain-based platform Lygon has announced it has “minted its first industry standardised digital bank guarantee, representing a significant breakthrough for blockchain-based companies globally”, with Lygon a joint venture between ANZ, Westpac, Commonwealth Bank, Scentre Group and IBM.
The company says it is “a first-to-market blockchain-based platform that was created from a joint venture involving ANZ, Westpac, Commonwealth Bank, Scentre Group and IBM to bring a 200-year-old paper-based bank guarantee process into the digital era.”
Lygon’s CEO, Justin Amos, said Lygon’s successful digitisation of the bank guarantee was an important milestone for Australian fintechs, and the company’s core technology can apply to other types of financial instruments, as well as providing opportunities in other markets and jurisdictions globally.
Amos added: “Lygon is incredibly proud to have minted its first industry standardised digital bank guarantee.
“This is the first time blockchain has been used for a commercial banking product in Australia.
“This is great news for Australia and helps reinforce the country’s growing reputation as an incubator for trailblazing fintech companies.
“The digitisation of the bank guarantee is just the start for Lygon. Our core technology can be applied to other types of payment guarantees and financial instruments, such as performance bonds, offering a wide range of opportunities to pursue as we expand Lygon’s reach and service offering.”
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