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The innovation center of the Bank of Italy announced its support for a DeFi project developed by Cetif Advisory to enable traditional financial institutions to integrate more into the decentralized finance (DeFi) ecosystem. The project was also developed in collaboration with Polygon Labs and Fireblocks.
Support from the Bank of Italy for DeFi Project
With the significant growth of the decentralized finance (DeFi) ecosystem since 2017, there has been a substantial increase in the number of decentralized finance projects developed in this field, and DeFi protocols have reached a broader user base. The growth of the DeFi ecosystem has also attracted the interest of traditional financial institutions. In recent years, many corporate companies have made significant moves in this area.
Meanwhile, as the interest in the DeFi ecosystem continues to grow, the Bank of Italy has made a new move in this context. The innovation center of the Bank of Italy announced its support for a DeFi project in collaboration with Polygon Labs and Fireblocks.
Milano Hub, the innovation center of the Italian central bank for developing innovative ideas in the financial field, will support a DeFi project developed by Cetif Advisory to enable traditional financial institutions to integrate more into the DeFi ecosystem. The project was also developed in collaboration with Polygon Labs and Fireblocks.
Statement from the CEO of Cetif Advisory
In a press release, it was stated that Milano Hub, the innovation center of the Bank of Italy, will support the project for the development of the corporate DeFi ecosystem. It was also mentioned that the project will include Italy’s largest banking group, Intesa Sanpaolo, which manages over 1 trillion dollars (975 million euros) in total assets, as well as Italian banks, asset managers, and financial institutions.
The CEO of Cetif Advisory, Imanuel Baharier, also made a statement regarding the matter. The CEO stated, “We believe that creating the necessary conditions for DeFi to become a secure and transparent operating environment for regulated organizations is crucial.”
