On January 19, 2023, Red Date Technology unveiled the Universal Digital Payment Network (UDPN) at the World Economic Forum (WEF), 2023, meeting in Davos, Switzerland. It is believed that UDPN is a distributed ledger technology (DLT) platform, that would fulfil the same purpose in contrast to SWIFT network for banks, but for stablecoins and CBDCs.
A Universal Digital Payments Network (UDPN) for stablecoins and Central Bank Digital Currencies (CBDCs) was launched at the World Economic Forum (WEF) in Davos. The network aims to provide interoperability between these digital currencies.
“UDPN has been in development for the last two years with contributions from GFT, Red Date Technology, TOKO, and DLA Piper. A sandbox was launched in July of 2022, where multiple banks were actively testing stablecoin transfer and FX transactions.
The network was launched at Davos with a panel discussing the rapidly evolving digital currency, interoperability, and infrastructure. The panel included representatives from Deutsche Bank, HSBC, Standard Chartered, The Bank of East Asia, and Akbank.
In June 2021, the company closed a “landmark” ‘A Series” funding round.
The round was led by Prosperity7 Ventures (the diversified growth fund of Aramco Ventures), and Hong Kong-based blockchain investment firm Kenetic. Other participants include Bank Pictet (Switzerland), investing on behalf of its clients, and Bangkok Bank.
I added the hyperlinks to the quote, if you can’t access the Bloomberg article on Banque Pictet, try here. Banque Pictet is described as the most “secretive” bank in the world for the richest people. Hmm.
Meanwhile, the freshly created Twitter account for the (possibly) future financial giant has just around 80 followers (had 78 a few hours ago). They follow no one (the one they follow is Twitter itself.)
So, we are witnessing either history in the making or a giant scam, although on a second thought, a lot of world history so far has been a giant scam. So there, those two are not mutually exclusive at all, especially if we comply. Which we should not. But in order to not comply, we need each other and to use our hearts. I don’t know any other way.