Former Bank of England Fintech Head Becomes New Director of CBDC at Fireblocks

Fireblocks is digital currency security and CBDC consultation organization. The blockchain organization has welcomed the former fintech head of Bank of England as their new CBDC director and in charge of the market infrastructure department. The news was made official by Varun Paul, who is now joining the executive ranks of Fireblocks.

The blockchain organization also introduced its new employee during a recent news conference. As per the statement issued by Fireblocks, Paul will join the Corporate Strategy Department. The press conference also made a note of the extensive experience he has working as head of the department at the Bank of England. He will be working on improving the market infrastructure and regulatory compliance with the Central Banks.

Varun Paul will Lead Fireblocks’ CBDC Project

Speaking to the journalists at the Fireblocks press conference, Paul shared that he worked in various capacities at BoE, and he served 13 years before making a career change. He is also dubbed as the driving force behind developing the fintech department at BoE from scratch. His main objectives are to ensure the compliance and successful integration of CBDCs with Central Banking organizations.

He has also set his sight on opening the doors of opportunities for Fireblocks in the DeFi sector. Talking to the journalists on his new role, he commented that Fireblocks is working on state-of-the-art blockchain technology for digital assets and cryptocurrency development. Paul claimed that the world should be ready for the next big innovation to hit the markets yet.

There are already a considerable amount of governments and Central Banks that are conducting research or test runs for a local CBDC. It is worth mentioning that a CBDC is the digitized form of a legal tender in any nation like a digital USD or a digital Yuan etc. Fireblocks plans to lend its services to pay the way for making CBDCs a global phenomenon.

Furthermore, the crypto organization is also allowing sovereign nations to tokenize trade commodities. In other words, it promotes the idea of centralized digital currencies in the world. Speaking to the media, the head of Corporate Strategy at Fireblocks, Adam Levine, claimed that Paul would bring his experience and expertise to assist Central Banks in furthering their digital currency agenda throughout the world.

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