Cyprus: The Next Blockchain Island
As someone who was born and raised in the paradise that is the island of Cyprus, I felt compelled to write about the most recent technological advancement for the island, the rolling-out of crypto-payments and blockchain technology.
Last weekend, Singapore-based blockchain tech developer Pundi X and the Cyprus-based AI firm Borghese Ventures signed a Memorandum of Understanding to research blockchain business applications for private and public sectors in Cyprus. The signing was observed by H.E. Mr. Demetris Syllouris, the President of the Parliament of the Republic of Cyprus in Shenzhen, China:
“A Cypriot entity will be set up to explore the feasibility of implementing blockchain technology solutions and a blockchain-based payment network across Cyprus, powered by Pundi X technology.”
While sharing more details about the innovative partnership, Joseph Borghese, Founder and CEO of Borghese Ventures, stated:
“When processes in these industries are taken to the blockchain, businesses will have a more secure, more seamless and more straightforward experience. We’re excited to work with Pundi X, bridging blockchain technology between Singapore and Cyprus and implementing these solutions that will have immense benefits for consumers and citizens.”
Zac Cheah, Co-founder and CEO of Pundi X, added:
“By integrating blockchain technology into payments, both customers and retailers can expect a higher level of security and accountability with their transactions. We will be collaborating with Borghese Ventures to onboard more Cypriot retailers into our global payment network in the near future.”
The two companies will cooperate to evaluate key problem areas and holes within various business enterprises that can be positively impacted by blockchain, in sectors such as healthcare, law, fintech, education, shipping, land titles, charity etc.
With its broad experience in working alongside Cypriot organizations, Borghese Ventures will conduct market research to discover potential openings for blockchain-based arrangements. These assessments won't be limited to private organizations, as Borghese Ventures will no doubt also carry out in-depth research as to how blockchain can improve the many back-end procedures of the government.
Cyprus has even more to look forward to, since the two organizations will also explore the use of crypto-payment solutions across the island, enabling retailers to accept crypto payments, therefore lowering over-head costs associated with substantial credit processing fees.
Pundi X has successfully implemented blockchain-powered solutions worldwide, with merchants across 25 countries now equipped with the XPOS, the world’s first blockchain-powered POS device. The company will work with Borghese Ventures to explore the possibility of bringing this model to Cyprus.