Blockchain

Bank of Lithuania Teams Up With NEM Blockchain To Launch LBCoin For Coin Collectors

The Bank of Lithuania is all set to explore the opportunities and offerings of the crypto domain by the launch of its highly anticipated venture, the LBCoin Project, in collaboration with the NEM blockchain network. The product will take pride in being the world’s first digital collector coin released by the banking institution as an ode to celebrate the Act of Independence of 16 February 1918 and the contribution of the 20 original signatories who aided in the expansion and development of the Lithuanian region.

According to the official announcement, the Bank of Lithuania, through the LBCoin initiative, will be issuing 24,000 blockchain-powered digital tokens and 4,000 physical silver collector coins for the coin lovers. Each token issued on the LBCoin Platform will depict one of the 20 signatories and will be segregated into six different categories based on their profession. A total of 4,000 tokens shall be reserved for each of the six groups. On purchasing the digital coin, the purchasers will get six randomly selected digital tokens. A collector having a token from each of the 6 categories will be allowed to redeem a physical silver coin that will not be out for sale for the public.

These digital coins will be stored in a highly secured wallet system available for access at the LBCOIN e-shop. They can be used by the owners as a gift or can be exchanged with other collectors or transferred to a public NEM wallet, which can be redeemed as a physical silver coin at any time of convenience by the holder.

Through the digital collector coin, the bank is striving to uplift the Central Bank and international organizations’ trust, understanding, and usage of virtual currencies. It helps to do research and testing of blockchain-based services on the financial space. The team aims to enrich a better and in-depth knowledge of the numismatics arena and lay special emphasis on imbibing the habit of coin collection in the younger generation through gamification and play activities for them. The digital collector issuance is a strategic step in the field of innovation and fintech.

The NEM team is happy to work closely with the SI partners of bank of Lithuania, iTree Lithuania, and SuperHow to fuel digital currency adoption and tokenization rate via its NEM NIS1 chain ecosystem. NEM Symbol APIs offer easy collaboration with present enterprise systems catering to the needs of the developers. LBCoin Platform will transition to Symbol in the later phase of 2020 when its public version becomes accessible for the public.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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