The Bank of Lithuania is inviting proposals from software developers from Lithuania and around the world for the development of the bank’s blockchain platform, LBChain.

The central bank has issued a call for tenders to develop the LBChain platform-service. It has already launched its pre-commercial procurement.

“The aim of the Bank of Lithuania’s pre-commercial procurement is to develop the LBChain platform-service oriented towards attracting FinTech businesses and foreign direct investment, creating innovative blockchain-based solutions and supporting their application in the financial sector as well as improving the quality of regulatory requirements,” the bank said.

Announced earlier this year, the regulatory and technological sandbox platform-service – LBChain – would help domestic and foreign firms gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

“Software developers have already shown considerable interest in LBChain. Created by a financial market regulator, it is one of the first platforms of its kind, offering a unique chance for businesses to trial and implement their state-of-the-art fintech innovations to bring benefits to both consumers and the financial system,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.

The project is expected to enter its implementation stage in the summer, accelerating the development of FinTech businesses and reinforcing their eagerness to set up in Lithuania.