Jibrel Network, a decentralised protocol for storing and transacting traditional financial assets on the ethereum blockchain, announced on Sunday it is partnering with SEED Group to pilot and develop jCash in the UAE.
JCash is Jibrel’s first release of tokenized financial assets, combining blockchain technology with existing financial regulations.
The partnership will use a network of licensed financial institutions to bring liquidity to the blockchain, in the form of jCash.
It comes as central banks and private banks in the region look at ways to incorporate blockchain technology into their operations. Experts say the technology would aid banks in tracing transactions more efficiently, and will help record transfers better.
In a statement, Jibrel said that products such as jCash will empower governments and businesses around the world with the technology to build innovative financial networks.
Similarly, SEED, which is a group of companies owned and chaired by the private office of Shaikh Saeed Bin Ahmad Al Maktoum, said that it sees “potential for mass adoption [of jCash] in the region.”
As part of the pilot, jAED will launch first (jCash in Dirhams), and will be followed by jUSD (jCash in US Dollars) and jKRW (South Korean wons). Jibrel said the road map includes adding British pounds, Swiss francs, Chinese yuans, Japanese yen, Russian roubles, and euros.
JCash is now available to be piloted by licensed entities, regulators, and governments who can use jCash for transactions backed by blockchain.