Singapore-based blockchain technology developer Pundi X and Cyprus-based artificial intelligence firm Borghese Ventures have signed a Memorandum of Understanding (MoU) to explore the implementation of blockchain technology for private and public sectors based in Cyprus. The signing on November 9th was witnessed by H.E. Mr. Demetris Syllouris, the President of the Parliament of the Republic of Cyprus in Shenzhen, China.
With the MoU, Pundi X and Borghese Ventures will jointly establish a committee to explore and evaluate the feasibility of possible blockchain-related projects that they will roll out to assist Cypriot businesses as well as the government. 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.
Powering Cyprus through Function X blockchain technology
Pundi X and Borghese Ventures will work together to identify issues and gaps within different business industries that can be addressed by blockchain technology. These sectors include healthcare, law, fintech, edtech, shipping, land registry, certifications, charity, and many more.
With its extensive experience in interfacing with Cypriot businesses, Borghese Ventures will survey the market to find opportunities for blockchain-based solutions. These evaluations will not only be for private businesses, as Borghese Ventures will also explore how blockchain can improve various back-end processes of the government.
On Pundi X’s part, the Cypriot businesses will leverage its network of contacts and relationships to provide access to research facilities and technologists to assist in the evaluation and execution of Function X blockchain technology. The company will also establish a dialogue between European and Asian stakeholders of the blockchain sector, which includes industry experts, tech developers, and its fellow startups.
On top of these efforts, Pundi X and Borghese Ventures will also explore opportunities to implement blockchain-powered payment solutions across Cyprus. With Pundi X’s suite of blockchain-powered products, Cypriot retailers will be able to accept crypto-asset payments.
Pundi X has already implemented blockchain-powered solutions elsewhere, with merchants across 25 countries now equipped with the XPOS, the world’s first blockchain-powered point-of-sale device. The company will work with Borghese Ventures to explore the feasibility of bringing this model to Cyprus.