Vietnam's OCB joins RippleNet as 'strategic partner'

Vietnam's Orient Commercial Joint Stock Bank is in the news after it joined RippleNet as a strategic partner on 16 October. Phong Nguyen, Head of Fintech at OCB, described the strategic partnership The post Vietnam's OCB joins RippleNet as 'strategic partner' appeared first on AMBCrypto.

Leading Vietnamese Bank Joins RippleNet to Boost Cross-Border Remittances

Orient Commercial Joint Stock Bank (OCB), a large Vietnamese bank with assets worth $4.6 billion, has joined RippleNet as a strategic partner after a 10-month wait.

Five Russian Commercial Banks Eager to Pilot Digital Ruble in 2021

Russia’s “cryptoruble” – its central bank digital currency (CBDC) initiative – is seemingly picking up momentum after years spent in limbo. Earlier this month, the Russian Central Bank announced that it would consider debuting a digital token, after a year ago stating that there was no need to issue a digital version of the RUB.

Better regulation needed to stop crypto tax evaders from running wild

US regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders. Antivirus software pioneer John McAfee, the founder of McAfee Associates — the company that released the first commercial antivirus software, McAfee VirusScan, in the late 1980s, contributing to the birth of multibillion-dollar industry — was indicted on five counts of tax evasion and five counts of willful failure to file a tax return, which could result in a maximum sentence of 30 years if convicted.

Bitcoin Can't be Correlated to Traditional Assets - Virgin Galactic Chairman

Chamath Palihapitiya. Source: a video screenshot, Youtybe/Bitcoin/CNBC If you follow the bitcoin (BTC) price movement, it will seem connected to traditional assets - but it can't be, as it's the opposite of today's financial infrastructure, according to Chamath Palihapitiya, CEO of venture capital firm Social Capital, Chairman of commercial spaceline Virgin Galactic, and a former Facebook

South Korea to Distribute CBDC Next Year as Part of Pilot Tests

The Bank of Korea will run a nearly two-year-long pilot across retail and commercial sectors for its upcoming digital currency.

First Mover: Bitcoiners May Not Care if Dollar Keeps Its Reserve Status

What if the dollar keeps its reserve status? PLUS: FCA ban, McAfee arrest, commercial real-estate wipeout.

Port of Rotterdam testing blockchain and AI for renewables trading

The Port of Rotterdam's Innovation Dock has been testing a high frequency decentralized energy market for renewables since August 2020. The Port of Rotterdam's blockchain subsidiary, Blocklab, has been trialing a decentralized electricity trading system to help lower costs and optimize the use of renewables on its microgrid. The system, called Distro, has been jointly developed by Blocklab and S&P Global Platts, and has been operational as a trial for two months. Distro uses blockchain technology, smart contracts, and artificial intelligence to support the decentralized and high frequency trading of renewable energy by commercial consumers looking to optimize and manage their energy use. It

SKE48 Splash: Japan’s First J-pop NFTs Sell Out ‘Instantly’

The first batch of non-fungible token (NFT) digital trading cards for the chart-topping Japanese pop group SKE48 has sold out “instantly,” reported the company that issued them. The group is one of Japanese pop (J-pop)’s biggest commercial successes and has sold millions of records since it was founded in 2008 by music mogul Yasushi Akimoto. Its all-female membership

Staffer Embezzled USD 159,000 of Bank Funds to Make Crypto Purchase

An employee at one of South Korea’s biggest commercial banks stole and embezzled thousands of USD worth of bank funds to make their own crypto investments, a new report has found. Per Choseh Keumyong Shinmun, the country’s top financial regulator, the Financial Supervisory Service, has this week compiled and submitted a new report on financial accidents and

Huawei Cloud’s blockchain service just got its first major update in two years

They’re entering the enterprise blockchain arena as part of a push towards empowering commercial applications. Huawei announced an update for it’s blockchain-based cloud service, known as Blockchain Service 2.0, or BCS 2.0, during a recent industry summit.

Bans and brands: What centralization does to businesses

As it stands, the current commercial and political landscape presents a perfect storm to herald the rise of decentralized alternatives. The failures of centralization in protecting individual and business data have been highlighted repeatedly over the past few years.

Crypto Exchange Coincheck Speaks About NFT Marketplace and IEO Plans

Japanese crypto exchange Coincheck has reaffirmed its initial exchange offering (IEO) and non-fungible token (NFT) marketplace plans and unveiled its first commercial blockchain-powered online shareholders’ meeting offering.

Tokenized real estate marketplace launches with $237M in assets

The platform will allow investment in commercial real estate from as little as $5,000, and liquidity in the form of token-backed loans during the 12-month lockup period. Despite receiving hype as a potential killer-app for blockchain, tokenized real estate has in many ways failed to live up to its early promise. However, fintech startup Reinno has just launched an investment platform for tokenized United States commercial real estate, covering $237 million worth of property at launch. Accredited investors globally can now participate in several different offerings, including both individual assets and diversified property portfolios. All of the properties are income-producing, and including medical facilities, residential blocks and industrial buildings. The new platform will allow investors to enter the commercial real estate market with a minimum investment of $5,000, with no fees for creating or maintaining an account, or buying tokens. At present all potential investors must be accredited or qualified individuals that comply with the US Securities and Exchange Commission regulations. However, this could change in future, as it ultimately comes down to the choice of the tokenization client, as Reinno CEO Viktor Viktorov explains: “Most [clients] prefer having [...] offerings that do not allow selling securities to unaccredited investors but provide other benefits, such as no limit on the amount to be raised.” But other categories of SEC regulation do allow investment by non-accredited investors, and these can also be accommodated within the platform. Due to regulations, any real estate investment tokens cannot be traded on secondary markets for up to 12 months after the offering is closed.

Insight into China’s CBDC after Digital Yuan Wallet Briefly Went Live

Experts have been looking into a soft-launched digital yuan wallet that went live briefly late last month – and said they have uncovered important technical details, and possible usage scenarios. The state-owned China Construction Bank (CCB), one of the biggest commercial banks in the world per market capitalization, has been working with the central People’s Bank of

Why Are Chinese Banks so Keen to Lodge Blockchain Patents?

Chinese banks are becoming increasingly keen on registering blockchain-related patents – and experts said they believe that financial institutions are developing core technology that will see them build new business models in the years ahead. Per media outlet Mars Finance, state-owned commercial banking giants like the Industrial and Commercial Bank of China and the Bank of

Latin America sends a ton of crypto to Asia, and vice versa

Latin American companies are looking towards crypto as an escape from the banking system. New York-based blockchain analytics firm Chainalysis has published new research highlighting there have been up to 200,000 crypto transactions in the past year, worth more than $1 billion between Latin America and Asia. The study Latin America Mitigates Economic Turbulence with Cryptocurrency, analyzed crypto trends in Latin America between July 2019, and June 2020, and shows that banking access issues and the need for remittances are driving unique patterns of cryptocurrency usage, especially in crossborder commercial-related transactions. While North America and Western Europe are the biggest source of fiat remittances to Latin America, East Asia transactions lead the way in the volume of crypto transactions.

Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says Report

Commercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-related companies, according to a new report by the country’s Financial Intelligence Unit (FIU).

China: Bank to Launch Blockchain-Powered Int’l Trade Platform + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Blockchain News Chinese financial institution Wuxi Rural Commercial Bank has launched the Jiangsu Province’s first blockchain-powered cross-border financial services platform, per news agency JRJ.

Natural Gas-Powered Trucking Could Get a Boost From Blockchain Tech

Uniper has implemented a blockchain platform built by Wipro to streamline its liquefied natural gas trade process. German energy firm Uniper Global Commodities SE has implemented a blockchain-based platform for its small-scale liquefied natural gas customers (ssLNG).  Using the platform, Uniper expects to make its trade process more efficient and also streamline LNG distribution for its LNG-for-trucks subsidiary, Liqvis GmbH. Rising concerns regarding air pollution have moved major companies towards utilizing eco-friendly fuel such as LNG in the transport industry, especially in commercial trucks.

China expands DCEP testing to high-volume commercial transactions

With what seems like only weeks left before DCEP’s launch, China ramps up stress testing on the platform to make sure it can handle the demands of real-life usage.

Expobank Sets Precedent in Russia by Issuing the First Crypto-Backed Loan

Russian commercial bank Expobank has set the ball rolling in this nation by issuing a loan secured by crypto tokens, Waves crypto was used as collateral.

Waves Powers Russia’s First Reported Crypto-Backed Bank Loan

Russian banks are not waiting for full regulatory clarity to issue crypto loans. Expobank, a commercial bank in Russia, has reportedly issued the country’s first ever loan backed by cryptocurrency. According to an Aug.

Chinese State-owned Banks Issue Flurry of Blockchain Patents

Two of China’s biggest state-owned banks have registered a number of blockchain patents as both continue to expand the central People’s Bank of China (PBoC)’s fast-expanding, much-vaunted digital yuan pilot. Per media outlet NBD, the banks in question are the Industrial and Commercial Bank of China (ICBC) and the Bank of China, two of the four biggest

$217 Million Pour Into Grayscale’s Crypto Funds Following Bitcoin TV Ad Campaign

Grayscale Investments announced that it has raked in record investments of $217 million the week its TV commercial campaign launched.

$217M Invested In Crypto As Grayscale Marks Its Best Week Following Nationwide Commercial Launch

Grayscale Investments marked its best fundraising week, with over $200 million investments after launching a nationwide commercial educating the masses about digital assets. The post $217M Invested In Crypto As Grayscale Marks Its Best Week Following Nationwide Commercial Launch appeared first on CryptoPotato.

Two More Major South Korean Banks Keen on Crypto Custody

Another two major commercial South Korean banks have expressed an interest in launching crypto custody services – but industry experts said they may be making their moves too late, and are lagging behind the American banks. As previously reported, two other commercial banks – Nonghyup and Kookmin – have already thrown their hats into the crypto custody ring.

New Blockchain Platform Aims to Help Countries Issue CBDCs More Easily

Blockchain company Apollo Fintech touts its new system as tonic for national digital currency headaches. Blockchain firm Apollo Fintech has announced the completion of its National Payment Platform, or NPP on August 12.  This new blockchain platform is a cashless system that supposedly enables a central bank to issue central bank digital currency for national adoption. The NPP system reportedly allows a government agency and central bank to onboard commercial banks and agents after CBDC is issued.  It will include features such as SMS, QR codes, cards and offline codes on a mobile application that allows individuals and merchants to transact in a hypothetical CBDC. CEO of Apollo Fintech Stephen McCullah said, "[NPP] allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale." NPP is said to remove barriers to accessibility and usability by allowing physical access from any agent locally.

New Grayscale Ad: The History of Money in 30s & 'Digital Currencies'

A snapshot of the new commercial. Today, US-based major crypto asset management firm Grayscale launched its new national ad campaign in the US that aims to bring new crypto users by telling them the history of money in 30 seconds. "The commercial is not your average financial services ad — it is a wakeup call that people everywhere should seize what we feel is a once in a generation

Kookmin Bank, South Korea’s Largest Bank Will Offer Cryptocurrency Custody

Kookmin Bank, the largest commercial bank in South Korea, will start offering Bitcoin custody services through a new partnership with exchange Cumberland Korea and blockchain venture fund Hashed.

South Korean Highways Will Have Blockchain-Powered Toll Payments

One of the biggest commercial banks in South Korea has partnered with the Korea Expressway Corporation for a blockchain-based toll system. KEB Hana Bank, one of the biggest commercial banks in South Korea, reached an agreement with the state-backed highway operator, the Korea Expressway Corporation, to bring blockchain-based toll payments system across the nation’s highways. According to D Daily, the project is expected to launch before the end of the year.

South Korea’s Largest Bank Unveils Bitcoin Custody Services

KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed on a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to offer bitcoin custody services.

Chinese State Grid Launches Blockchain-Based Blackout Insurance Policy

Zhejiang province issued its first blackout insurance policy backed by a blockchain platform. A branch of China’s state-backed grid released its first blockchain-powered blackout insurance policy issued to the chairman of a local company that needed to compensate for a power outage loss suffered recently. According to Shupeidian, Zhejiang Ningbo Power Supply Company, in partnership with Yingda Taihe Property Insurance Co., Ltd., released the policy to a sprinkler manufacturing company in Ningbo, Zhejiang province. Both companies believe that the process of issuing insurance via a blockchain network provides a commercial solution to compensate for the loss caused by an electric outage in a faster and expedited way. Sharing data between parties involved through blockchain The system relies on the distributed storage of blockchain data.

Another Major S Korean Bank Now Set to Join Bitcoin Custody Race

Kookmin Bank (KB), one of South Korea’s biggest commercial banks, could be set to move into crypto sector business after the KB Group, the company that operates the bank, signed a “digital assets” cooperation deal with three major domestic blockchain firms. And it looks as though KB could be heading into the crypto custody business.

Blockchain-based Pay’s the Way for South Korean Highways

Blockchain-powered payments are coming to South Korea’s highways – with the nation’s motorway operator sealing a deal that will see it use blockchain technology to power toll payments across the country before the end of the year. Per D Daily, KEB Hana Bank, one of the nation’s biggest commercial banks, has signed on blockchain-based services and cooperation with the

China’s Major State-Run Commercial Banks Test CBDC Digital Wallet

China’s major state-run banks are testing out its central bank digital currency (CBDC) digital wallet application.

China’s State-Run Banks Reportedly Testing Wallet for Digital Yuan

State-owned commercial banks in China are reportedly testing a wallet for the country's forthcoming digital yuan. A group of state-run commercial banks in China are reportedly conducting a large-scale internal testing of a digital wallet designed for China’s national digital currency, the digital yuan. According to an Aug.

Chinese Commercial Banks Test A CBDC-Linked Digital Wallet

Multiple Chinese commercial banks have begun testing a digital wallet app linked to the country's expected CBDC.

China’s Central Bank Partners with Three Commercial Banks to Develop Blockchain-Based Trading Platform

China’s central bank, the People’s Bank of China (PBoC) has signed an agreement with China Minsheng Bank, China CITIC Bank, and the Bank of China for cooperating on a blockchain-based trading platform.

State-Run Bank in Switzerland to Launch Crypto Services

Swiss cantonal bank Basler Kantonalbank becomes the first bank in Switzerland to announce its crypto plans. Basler Kantonalbank, or BKB, a government-owned commercial bank in Switzerland, is planning to launch cryptocurrency services through its banking subsidiary. According to an Aug.

Smart Contract Language DAML Is Now Available on R3's Corda

R3’s widely-used open source blockchain platform Corda now supports the DAML smart contract language. DAML, a major smart contact language designed for building business-level blockchain applications, has been integrated with R3’s blockchain. Developed by United States’ blockchain startup Digital Asset, DAML, or Digital Asset Modeling Language, is now available on R3 commercial blockchain platform, Corda Enterprise. A cross-platform alternative to Corda’s native programming language In order to bring the cross-platform language to the Corda platform, Digital Asset partnered with international tech firm IntellectEU, the firm announced on July 27. Focused on emerging technologies like blockchain, IntellectEU provided commercial integration, enabling a new smart contract language on Corda.

Second Lawsuit Filed Against Plaid

Another class action lawsuit against Plaid has been filed citing the company violated user data privacy. A new class action lawsuit complaint against fintech startup Plaid has been filed with more plaintiffs alleging the company violated the data privacy of users.  The new complaint filed on behalf of four new plaintiffs alleged that Plaid—which was bought by Visa for $5.3 billion this year—collected information on over 200 million distinct financial accounts who use services such as Venmo, Coinbase, Square’s Cash App and Stripe. The complaint states Plaid obtained “direct and full access to consumers’ personal financial banking information for Plaid’s own commercial purposes wholly unrelated to the consumers’ use of the apps.” It adds:  “Plaid exploits its ill-gotten information in a variety of ways, including marketing the data to its app customers, analyzing the data to derive insights into consumer behavior, and, most recently, selling its collection of data to Visa as part of a multi-billion dollar acquisition.

Singapore’s National Payments System Can Guide Global Crypto Adoption

Blockchain payments project Ubin can lay the financial blueprint for countries looking to explore crypto tech in a fully regulated manner. With cross-border interoperable blockchain systems gaining traction across the globe, it comes as no surprise that an increasing number of government agencies are looking to explore the full potential of this technology to make international transactions hassle-free in addition to ensuring the process is streamlined and transparent for users. In this regard, the Monetary Authority of Singapore, or MAS, announced on July 13 that its much-talked-about blockchain payments project, Project Ubin, was finally ready for mainstream commercial deployment. The project’s roots can be traced all the way back to 2017, a time when the Singaporean government was seeking to develop a digitized Singapore dollar.

Blockchain Bites: It’s Never Been Harder to Mine Bitcoin

Bitcoin's mining difficulty is at a record high, Singapore's CBDC may find commercial use and Chinese companies are going in on Filecoin.

Singapore’s Central Bank Eyes Commercial Role for Its Blockchain Payments Tech

Project Ubin has completed its last development phase and is now being considered as the basis for commercial digital currency ventures.

Singapore & JPMorgan to Rollout Blockchain-powered Payments Platform

Singapore’s central bank says its prototype blockchain-powered cross-border payments network is now ready for commercial rollout. As previously reported, the Monetary Authority of Singapore (MAS) began “industry testing" for its new solution with JPMorgan and the state-operated Singaporean holding company and investor Temasek late last year. And it seems the

Singapore's Blockchain Payments Platform Ready for Commercial Launch

The Monetary Authority of Singapore is ready to deploy its multi-currency blockchain payments project for commercial use. Singapore authorities announced today that their blockchain payments project, Project Ubin, is complete and ready for commercial launch.  The Monetary Authority of Singapore, or MAS, first undertook Project Ubin in 2017 with plans to first develop a digitized Singapore dollar (SGD).

Renters Threaten US Real Estate Market, 20 Million Americans Face Eviction

The aftermath of the coronavirus-provoked business shutdowns in the United States caused a number of market observers to focus on the US real estate and rental markets.