Blockchain Firm Millicent Receives UK Government Funding
Co-funded by the UK Government’s innovation agency, Millicent is a hybrid blockchain platform led by Harvard Business School alum Stella Dyer, who said the company is on track to provide digital financial services to over 1.7 billion people across the globe.
"In today's system, it's usually the people with the least money who pay the most for financial services. Millicent is designed to level the playing field for everyone, creating an ‘Internet of Value' that is open and accessible to all," Stella Dyer said in an announcement release.
Combining the Best of TradFi and Blockchain
Millicent combines the benefits of distributed ledgers and smart contracts with legacy economic infrastructure to transform and to transform and revolutionize finance to over 1.7 billion unbanked people around the world, small and medium enterprises (SMEs), and other small companies.
The company combines Directed Acyclic Graph (DAG) speeds with blockchain’s structure to provide a fast, transparent, and open financial network to create a borderless and interconnected digital network, driven by regulation-compliant stablecoins.
“Millicent is a game-changing project that could change the way we bank and spend; [its] impact could be very significant to the UK, financially, socially, and technically, as it can lead the way for a UK system backed by the Bank of England,” said assessors from Innovate UK.
Additionally, Millicent is the first Central Bank Digital Currency (CBDC) project to be funded by the British government. As of Q1, 2022, 80% of the world's central banks, including the British Central Bank, are actively researching the possibilities of CBDC issuance.