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Bank of Lithuania seeks proposals for blockchain platform development

The Bank of Lithuania is inviting software developers from Lithuania and across the world to submit their proposals for the development of LBChain, a service-based blockchain platform.

Bank of Lithuania board member Marius Jurgilas said: "Software developers have already shown considerable interest in LBChain.

"Created by a financial market regulator, it is one of the first platforms of its kind, offering a unique chance for businesses to trial and implement their state-of-the-art fintech innovations to bring benefits to both consumers and the financial system."

The Bank of Lithuania has already launched its pre-commercial procurement and issued a call for tenders to develop the LBChain platform-service. The project is expected to enter its implementation stage in the summer, accelerating the development of FinTech businesses and reinforcing their eagerness to set up in Lithuania.

The LBChain platform would help Lithuanian and international companies gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

Development of a FinTech-conducive regulatory and supervisory ecosystem as well as innovation fostering in the financial sector is one of the Bank of Lithuania’s strategic directions.