Turkish işbank and German Commerzbank has completed the first blockchain-based trade finance transaction between the two countries. On Jun. 5, Cointelegraph Turkey reported that İşbank is the first Turkish bank to join R3’s Corda platform earlier this year and now became the first bank in Turkey to use blockchain technology on trade finance transactions. In cooperation with Commerzbank, @isbankasi is the first bank in Turkey to use #blockchain technology on trade finance tran
FinTech arm of Germany’s WEG Bank, Ten31 has partnered with Singaporean technology incubator, Anquan Capital. On May 15, a press release announced that the partnership will involve exploring blockchain applications within the context of banking and financial services. TEN31 Newstime
We are very excited to announce today that Anqual Capital has become a partner and shareholder in TEN31 Bank.
Anquan are the drivers behind @zilliqa, Anqlave and Aqilliz.
TEN31 – Connecting yet
IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution to bring Bitcoin-based mobile DeFi. Lumino Payments Network enables off-chain payment capabilities for any current or future ERC20-compliant token deployed on the RSK and RIF blockchain networks. Today RIF shared some big news: Lumino Light Client is live!
This new scaling solution allows cheap, fast RIF Dollar stablecoin micropayments for online portable
On April 28, CipherTrace launched Armada, a product designed to eliminate risky cryptocurrency blind spots for banks and financial institutions. Armada focuses on off-chain data instead of on-chain data while working in alongside with banks’ existing monitoring tools: “To identify transactions with virtual asset service providers (VASPs), including those with weak KYC or operating as unregistered money service businesses (MSBs).” CipherTrace Unveils Compliance Tool for #Banks
Robert Kiyosaki, the author of the popular book “Rich Dad Poor Dad,” talked about the death of the U.S. dollar and how one should take the government’s free money and buy bitcoin. The best-selling author also explained the cost of free money. The author of Rich Dad Poor Dad has chimed in on the impact of the free money the U.S. government is giving to small business owners on the U.S. dollar. On April 4, Kiyosaki with over 1.3 million followers tweeted: DEATH OF DOLLAR. Peopl
DeFi or Decentralized finance are those financial services that are provided through decentralized platforms and not controlled or managed by any single entity, but through a public and an open IT protocol. DeFi platform proves to be a promising revolution in the blockchain space that can ultimately lead towards wider adoption. DeFi is to finances what cryptocurrencies are to money. It brings decentralization and digitalized trust to finances. The term Decentralized finance o
Zabo has announced it has raised $ 2.5 million in seed funding, allowing it to extend its portfolio of services to continue connecting its customers’ cryptocurrency wallets to banks, brokerage firms, FinTech apps, and tax software. As detailed in a March 5 blog post, the seed round was led by Moonshots Capital and included funding from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory, among others. The Zabo te
Cryptoeconomics is the amalgamation of cryptography and economics. Cryptography deals with data security, encryption and safe transfers across different systems and platforms. Cryptoeconomics, on the other hand, deals with protocols defining the distribution, production, and trade of various goods and services within a digital ecosystem. Cryptoeconomics attempts to solve the participant coordination problems in a digital ecosystem through cryptography and economic incentives.
Blockchain technology in banking and finance is transforming the dynamics of payment systems from tracking transaction history to the whole process of how money is being transferred. The question lies here can the traditional financial sector embrace the revolutionizing technology or be replaced by it? Blockchain technology is already disrupting the currency market while the banking sector is starting to get the heat of it. The technology behind blockchain features trustlessn
Cryptocurrency exchange OKEx makes a presence at the 50th World Economic Forum Annual Meeting in Davos to promote blockchain tech as a ride towards the global financial system. On Jan. 22 Lennix Lai, the Finacial Markets Director delivered two presentations at the Russia House 2020 and EmTech Investment Meeting 2020 on the challenge of extending financial services to the over two billion people worldwide who remain unbanked. Lai argued that a digital, decentralized financial
Blockchain spending in China in the areas of
investment and financing deals has dropped over 40% in 2019. According to a joint study by China’s government-run financial information and media firm Xinhua and financial data platform Rhino Data, the total amount spent in blockchain investment deals has accounted for 24.4 billion Chinese yuan ($3.6 billion). Over the year 2019, China had a total of 245 investment and financing deals which is roughly 60% less than in the preceding
AssetStream is a blockchain-enabled peer-to-peer microfinance platform providing access to over 264 million unbanked and other financially deprived people from all over the world. It is one of the most promising microfinance platforms targeting specifically the ASEAN market. What Is AssetStream? AssetStream platform provides a way for loan extension and fund transfers for small-scale entrepreneurs deprived of financial services from conventional monetary institutions. AssetSt
The Republic of Ghana is exploring issuing a central bank digital currency (CBDC), according to the governor of the country’s central bank. On Nov. 26, in a keynote address within the 23rd National Banking Conference, Ernest Addison revealed that the bank is working with key stakeholders to explore a pilot CBDC project. Addison is currently serving as the governor of the Bank of Ghana (BoG). Digitizing The Financial And Banking Sector of Ghana The CBDC project would be carri
Chinese tech company, Tencent has been granted a blockchain bank license from the Hong Kong Monetary Authority indicating that regulators in Hong Kong are now ready for more blockchain and cryptocurrency in its market. Blockchain-Enabled Banking Services Hong Kong’s Monetary Authority is the main agency oversees the stability of the banking and monetary system in the jurisdiction. Weige Cai, Tencent’s General Manager for blockchain stated: “Tencent Virtual Bank has obtained a
Radpay, the decentralized payment processing company secures $1.2 million in a seed round, with participation from investment firms such as Resiliency Ventures and BlackLaunch. On Nov. 18, Radpay published a press release stating it completed a $1.2 million series seed round that reflects a 20% oversubscription. The company saw financial support from a number of Silicon Valley investors such as: Phoenix-based investment firms Resiliency Ventures and BlackLaunch Investors from
State Administration of Foreign Exchange (SAFE), the Chinese regulator has expanded its blockchain cross-border financing pilot program. Cross Border Financing With Risk Management Applications On Nov. 11, GlobalTimes reported that the system covers 19 provinces and cities, up from nine. The deputy head of SAFE, Lu Lei says there are plans to use blockchain and AI technologies in cross border financing with specialized attention to risk management applications. Experts hope t
A Singaporean bank branch of the CIMB group has completed its first blockchain-based trade financing transaction. Using Blockchain in Finance Sector On Oct. 17. Yahoo Singapore reported that the transaction was done using blockchain and Internet of things (IoT) platform developed by the local trade financing firm iTrust Trading. CIMB intends to minimize the risks associated with commodity trade financing while facilitating credit extension for its customers. It will be done b
YES Bank a private sector bank in India is hopeful about its API banking platform and blockchain initiatives as part of its financial banking services. API Banking “We have been very active on blockchain…Blockchain will happen when all participants agree to be on it. It is the technology of the future,” said Asit Oberoi, Senior Group President and Global Head, Transaction Banking Group, and Chief Experience Officer, YES Bank. API Banking in YES Bank was launched in 2015 where
Major South Korean KB Kookmin Bank is planning to integrate blockchain technology into its internal processes. On Oct 7. local news outlet Korea JoongAng Daily reported the adoption of decentralised ledger technology by the bank. Blockchain in Financial Sector KB Kookmin stated that adopting blockchain could provide many benefits to the financial sector such as issuing of digital tokens, funding, custodial services, and trading. As for the bank itself, it intends to deploy de