Blockchain-based platform in Lithuania – LB Chain

LBChain is a blockchain-based sandbox, which combines regulatory and technological infrastructures and allows fintech companies to test their innovative business solutions in a controlled environment. The platform will enable Lithuanian and international start-ups as well as financial and fintech companies in Lithuania to gain new knowledge and unique experience, carry out blockchain-oriented research, test and adapt blockchain -based services and offer state-of-the-art innovations to their clients.

LBChain is the world’s first blockchain -based platform in Lithuania developed by a financial market regulator – Bank of Lithuania. Bank of Lithuania has launched a unique LBChain platform development project in order to support fintech companies in Lithuania aiming to change the market. The use of that platform shall reduce the time to market, lower regulatory and technology risk and effort required from a fintech to develop a proof of concept/MVP and test their innovative use cases based on distributed ledger technology (blockchain).

LBChain offers the possibility to test a wide range of innovative financial products and services. Fintech companies from European countries, like fintech companies in Lithuania, have already tested several products, including a KYC solution for AML compliance, cross-border payment solution, smart contract for factoring process management, payment token, mobile POS, payment card solution, crowdfunding platform and unlisted share-trading platform. Nevertheless that platform could be developed and stay one of the most technological start up in Europe in the sphere of blockchain.

Bank of Lithuania accept fintech applications until October 31, 2019. No restrictions of geography or fintech use cases, and no fees.

This article was about blockchain- based platform in Lithuania and Fintech companies in Lithuania. 

Read more about Banking in Lithuania and EMI in Lithuania on other articles.

If you are interested in participation in LBChain sandbox, what documents to submit with the application and for assistance, please contact our lawyers at info@gencs.eu