L3COS launches first fiat-on-chain
L3COS, a blockchain based operating system, is to launch the world’s first ever fiat-on-chain with three initial currencies – GBP, EUR, and USD - all of which will be safeguarded with central banks.
In September 2022, L3COS will launch its closed loop, digital assets marketplace, enabled by fiat-on-chain (FoC) deposits and withdrawals. Every participant transacting on the L3COS platform will have a KYC/AML screened, unique and verified digital identity, allowing individuals, businesses, and governments to interact and trade in a safe and regulated way, on a global scale. This frictionless trade is facilitated using smart contracts and currencies of the end users’ choice.
The FoC technology also delivers real-time settlement of all transactions within the L3COS ecosystem (Real Time Gross Settlement).
Initially, the FoC will be used for payments by launch partners AgriDex (a global supply chain marketplace for agriculture and food) and ENT Global (a global entertainment and sports marketplace with digital rights management).