Millicent Acquires UK Government Funding, Strengthens Network Technology

Millicent Acquires UK Government Funding, Strengthens Network Technology

    • Millicent has acquired the UK’s most competitive and prestigious R&D grant.
    • The first stablecoin and CBDC project funded by the UK government.
    • Millicent uses next-generation hybrid distributed ledger technology.

UK distributed ledger company Millicent has acquired the UK’s most competitive and prestigious R&D grant. In detail, this will enable the company to receive government funding in the form of a UK Research and Innovation (UKRI) Innovate UK SMART Award. The funding will be used to further develop the company’s digital finance network.

According to reports received by CoinQuora, Millicent is the first stablecoin and Central Bank Digital Currency (CBDC) project funded by the UK government. Meanwhile, it also signals UK interest in the issuance and mainstream acceptance of privately issued stablecoins and public-private hybrid CBDCs.

The company is led by CEO Stella Dyer, a Harvard Business School alumnus and Wall Street veteran. According to the CEO, Millicent is using next-generation hybrid distributed ledger technology – combining the speeds of the Directed Acyclic Graph (DAG) with the structure of the blockchain – to transform the obsolete global financial system into an open, borderless and interconnected digital network , backed by a suite of regulatory-compliant stablecoins.

Innovate UK assessors explained,

Millicent is a revolutionary project that could change the way we collect and spend; [its] The impact could be very significant for the UK, financially, socially and technically, as it can pave the way for a UK system backed by the Bank of England.

In terms of technology, Millicent’s decentralized financial network integrates with existing open banking frameworks around the world, creating – for the first time in history – a universal financial system, with currencies that can easily cross borders as well only between on-chain and on-chain off-chain. ecosystems.

Additionally, the network has an ultra-scalable and highly interoperable ecosystem that processes tens of thousands of transactions per second, with sub-second finality, as well as transfer data, assets and smart contract calls. with major public and enterprise blockchain networks.

CEO, Stella Dyer said,

Under the current system, it is generally the poorest people who pay the most for financial services. Millicent is designed to level the playing field for all, creating an “Internet of Value” open and accessible to all.

On the other hand, Millicent did not only receive the UKRI grant because of its technology. The social impact of the Millicent network also resonated powerfully with the awarding body. Creating an open, instantaneous, globally connected, and low-cost infrastructure is paramount to financial inclusion.

Additionally, the company can help the world’s 1.7 billion unbanked, everyday people from all walks of life, and small and medium-sized businesses, while its open-source framework unlocks the next-generation infrastructure of Millicent has a large pool of developers. , ready to build the financial and primitive services of tomorrow.

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