MoU with Cyprus

We are proud to announce a Memorandum of Understanding (“MoU”) with Electi, an expert led business and technology corporation based in Cyprus, as part of its international expansion programme. We will begin testing novel use cases for its protocol in the country with immediate effect.

The agreement and collaboration between Cyprus and The Proof of Trust demonstrates further commitment to embedding the IBM-backed protocol into businesses and governmental organisations alike. Cyprus has increasingly become a hotspot of activity in the blockchain and digital asset industry, having been one of seven countries to sign a declaration initiated by Malta in 2018 to promote the use of the technology within the EU. Since then, Cyprus has continued to develop its digital ecosystem, through the adoption of innovative solutions to enhance its economic growth.

The joint execution of activities between The Proof of Trust and Cyprus will include the delivery of programs and projects, as well as investment into startups and innovative companies, designed to foster innovation and enhance the country’s economy. The MoU will also enable The Proof of Trust to deploy its Nimbus product to assist the Cypriot government through its recovery programme, aiding in the prevention of tax fraud and abuse of Covid support schemes, as well as accelerating its transition to a smart government.

Sakhib Waseem, Chief Innovation Officer at The Proof of Trust said: “Our latest Memorandum of Understanding in Cyprus highlights the growing demand for innovative technologies that can support the global recovery toward a post-Covid world.

“We see a broad range of opportunities to deploy our protocol within the country, from enhancing the rule of law to improving governmental procedures to stimulate efficiency and transparency. We look forward to working within the region to develop new solutions that foster innovation across every facet of the Cypriot economy.”

Theodosis Mourouzis, Managing Partner of Electi said: “The Proof of Trust’s unique protocol has the power to drive true technological innovation across virtually every industry in Cyprus. Having been at the forefront of our country’s digital development since our foundation, we can see the vast opportunities that this collaboration represents.

“We’re very proud to have joined The Proof of Trust’s growing network of international partners and are excited by the prospect of leading the adoption of its technology in Cyprus.”

The Proof of Trust has undergone a period of intense expansion throughout 2021 as governments and businesses around the world seek to utilise cutting edge technologies to drive their Covid-19 recovery plans. Cyprus joins a growing network of country partners that includes Pakistan, Bermuda, Malta, Israel, Lithuania, and Georgia.