CENTRE development is progressing rapidly and the whitepaper has received a major iteration to reflect this work. Among other additions and updates, the whitepaper includes more information about the fiat tokens designed to transact on the CENTRE network.
Price-stable tokenized versions of dollars, euros, yen, and other fiat currencies are needed for the settlement that CENTRE proposes, and such price-stable fiat tokens also represent a major need in the existing crypto exchange ecosystem. Accordingly, CENTRE has made great progress toward a framework for enabling licensed financial institutions to mint and redeem such fiat tokens.
Download the revised whitepaper here: https://www.centre.io/pdfs/centre-whitepaper.pdf
CENTRE has closed $20 million in initial funding through a SAFT sale to bootstrap the creation of a non-profit foundation to oversee development of the CENTRE open protocol, services, network, and partnerships. A SAFT, or Simple Agreement for Future Tokens, is an instrument employed to allow partners and participants to establish early stakes in the network ahead of a future public sale of tokens that will enable use of the network.
As a result of this funding, the CENTRE Foundation now has the capital to recruit talent, invest further in research and development, build partnerships, and become a non-profit entity independent of Circle.
CENTRE represents a new open source suite of protocols and network scheme to connect people through global finance. Built upon intellectual property created at Circle which services millions of customers in production today, CENTRE aims to connect the world’s disparate and competing digital wallets: a common set of protocols and a network scheme that will allow money to flow between wallets the same way information moves between web browsers and servers, email between mail services, text messages between SMS providers — providing network effects to all.
The CENTRE protocols include support for transmitting fiat money over blockchain implementations, a service provider mechanism to support trust and identity decisions, rules for payment settlement and reversals, and the secure exchange of KYC/AML-related information to meet compliance obligations.
We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet. CENTRE was born out of a desire to realize this vision, and this initial fundraising marks an important early milestone in its progression. You can register your interest in CENTRE, and reach out about CENTRE employment, by email to firstname.lastname@example.org.
Sean & Jeremy