This Week in Crypto: BitPay Supports XRP German Bank Eyes 90000 Bitcoin Libra In Turmoil

This Week in Crypto: BitPay Supports XRP, German Bank Eyes $90,000 Bitcoin, Libra In Turmoil
                                  

This Week in Crypto: BitPay Supports XRP, German Bank Eyes $90,000 Bitcoin, Libra In Turmoil

This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.

This Week in Crypto:

  • Crypto Crisis: PayPal Leaves Libra Association: Libra, the crypto project founded by Facebook, has just suffered a heavy blow according to a number of sources. Speaking to the Wall Street Journal on Friday afternoon, a spokesperson for the fintech giant, PayPal, said that the company has decided to “forgo further participation” in the project. Despite this, they added that PayPal continues to support Libra’s mission to democratize finance, and will thus keep its options open with Facebook in the future. This announcement comes shortly after sources to the Financial Times said that PayPal representatives did not make an appearance at a Libra-focused event in Washington.
  • Mastercard, Visa, Stripe Also Skeptical of Libra: In similar news, sources told Bloomberg that Visa, Mastercard, and Stripe are currently hesitant to sign the Libra Association’s inaugural charter in fear of angering regulators, most of which have expressed heavy reservations about crypto, the people said. Bloomberg’s sources added that the four payment giants’ executives believe that Facebook “oversold the extent to which regulators were comfortable with the project” and are fearful about the social media giant’s historical handling of data privacy.
  • Apple CEO Not Excited About Crypto Trend: In an interview with French publication Les Echos, Apple’s chief executive, Tim Cook, quipped that crypto assets are not something that Apple is pursuing at the moment. Cook argued that currency is something that should “stay in the hands of states.” The technology executive went on to say that he isn’t comfortable with “the idea of a private group setting up a competing currency”, seemingly referencing Facebook’s Libra.  Cook’s assertion that Apple will not have its own crypto asset comes after an Apple executive told CNN earlier this year that the technology behemoth is “watching cryptocurrency”, as they believe it has “interesting long-term potential”.
  • BitPay to Add XRP Support: Announced in a press release published on Wednesday morning, Atlanta-based crypto payments giant BitPay has partnered with Ripple’s developer initiative, Xpring, to enable XRP payments through “BitPay’s merchant processing and cross-border payments platform safely, securely, and compliantly.” This payment method will be activated by the end of the year. Speaking on the matter of the recent move, BitPay’s Sean Rolland remarked that XRP payments are important as they are “fast, cost-effective and scalable”. Ethan Beard, the Senior Vice President of Xpring, also expressed his excitement, quipping that this partnership with XRP will be “key in advancing the proliferation and adoption of XRP as a medium of exchange to help solve real-world problems.”
  • ConsenSys Acquires Ethereum Infrastructure Provider Infura: Ethereum development studio ConsenSys has just fully acquired Infura, an infrastructure provider that is believed to handle a large portion of the code requests that are on the Ethereum blockchain.
  • Ethereum “DeFi” DApp Bags $2.4 Million in Funding From Top Crypto VCs: Announced in a blog published at the turn of the month, InstaDApp, an Ethereum DeFi portal that aggregates major protocols “using a smart wallet layer and bridge contracts”, has bagged some $2.4 million in funding from investors like Coinbase Ventures, Pantera Capital, Robot Ventures, and IDEO Colab, prominent Silicon Valley investor Naval Ravikant, former Coinbase executive Balaji Srinivasan, “amongst many others”. Coupled with the funding, InstaDApp brings on Edward Moncada, CEO of Blockfolio and “Ming Ng, who collaborates closely with prominent projects including Handshake, Kyber, and Blockfolio,” to its advisory board.
  • German Bank Expects Bitcoin Price Appreciation: According to a recent report from Munich-based financial institution Bayerische Landesbank, Bitcoin’s block reward reduction in 2020 will give the cryptocurrency a  fair valuation of $90,000 per coin, implying that “the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”
  • Ripple Makes Large Acquisition: Last week, fintech upstart Ripple revealed that it had acquired Algrim, a cryptocurrency trading firm based in the Nordic country. This move marks the company’s latest expansion into Europe. According to the announcement, this new team, which formerly focused on developing a crypto trading platform, will be focused on leveraging their skills to develop Ripple’s On-Demand Liquidity product, which uses the XRP token as a means to settle and process cross-border payments.
  •  

Article Produced By
Nick Chong

Nick has been enamored with cryptocurrencies since finding out about them in 2013. He now reports crypto- and blockchain-related news for a number of leading outlets.

https://news.livecoinwatch.com/week-crypto-bitpay-xrp-german-bank-90000-bitcoin-libra/

Thomas ClaimCo.in

This Week in Crypto: Bitcoin Narrative Strengthens Amid PayPal Debacle Ethereum Istanbul Nears Bakkt Swells

This Week in Crypto: Bitcoin Narrative Strengthens Amid PayPal Debacle, Ethereum Istanbul Nears, Bakkt Swells

                                

This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.

This Week in Crypto:

  • RBC May Launch Crypto Asset Exchange: Reported by The Logic, a Canadian innovation-centric news outlet, Royal Bank of Canada — the country’s largest bank with $660 billion in assets under management — is exploring the creation of a cryptocurrency trading platform for investments in an array of digital assets, purportedly including Bitcoin and Ethereum. Citing four Canadian and American patents that can be found by the public, the outlet reported that the institution is “exploring the creation of a cryptocurrency trading platform for investments as well as in-store and online purchases.” Serving over 16 million customers, RBC’s platform could be a boon for the crypto industry at large. What’s interesting is that this comes after
  • RBC announced last year that:
  • “Effective immediately, RBC will no longer be allowing the use of RBC credit cards for transactions involving cryptocurrency. We regret any inconvenience this may cause.”

  • Chinese Government-Run Xinhua Releases Bitcoin Article: Earlier this week, Xinhua, China’s purportedly most-read news outlet, released an entire article on Bitcoin. The article, whose title roughly translates to “Bitcoin: The First Successful Application of Blockchain Technology,” was seen by many on Twitter as a ground-breaking development. Sure, it did raise awareness of the cryptocurrency, but it wasn’t as bullish as many painted it on Twitter. The article, per some translations online, calls the cryptocurrency “highly concentrated/centralized” phenomena, something that is bad for the climate, and is something “most importantly” used for black market transactions. It also touched on the hyper-volatile nature of the crypto markets.
  • Bakkt to Launch Cash-Settled Futures: As Bakkt’s Bitcoin volumes have swelled to reach over $10 million per day, the company has revealed that it wants to launch cash-settled futures contracts. “We have the intention of offering a cash-settled contract as well,” said Bakkt executive Adam White at a New York conference.
  • Compound Raises $25 Million from Andreessen Horowitz, others: On Thursday, Fortune revealed that Compound — a decentralized platform that allows users to lend out and borrow Ethereum-based assets like ETH itself, USD Coin, Basic Attention Token, and 0x — has secured a $25 million worth of investments from Andreessen Horowitz’s a16z (round leader), Paradigm, Bain Capital Ventures, and Polychain Capital. Compound CEO Robert Leshner explained that his company’s goals will be to be integrated “with crypto exchanges, custodians, and wallets by the end of 2020.
  • Ethereum Istanbul Nears: Speaking of Ethereum, the blockchain’s Istanbul hard fork is slated to take place on December 4th, during the blockchain’s block 9069000. The Istanbul hard fork will introduce six key code changes to Ethereum. One change is EIP 1884, which will “increase the computational costs of recalling data about the ethereum blockchain for application developers,” according to a CoinDesk report.  The other changes are focused on changing gas/price limits for blockchain users.
  • PayPal Stops Pornhub-related Transactions in Move Bullish for Bitcoin: Pornhub recently announced that it will no longer be supported for payments by PayPal. This move will impact thousands of the performers that post videos on the site to garner income. Many have said that this is bullish for the cryptocurrency space, as things like Bitcoin are decentralized, digital, and censorship-resistant alternatives to PayPal.
  • Unknown Fund Looks to Distribute $75 Million in BTC to Privacy Firms: Announced in a press release published to an independent website on November 13th, a group of “ordinary” though anonymous people (seeming crypto whales) plan to invest and donate some $75 million worth of Bitcoin to companies and non-profits looking to aid privacy rights. The group’s name is “Unknown Fund.”
  • Abra Bolster Crypto App by Adding 60 New Digital Assets: Fintech startup Abra is bolstering its U.S. offerings in a move bolstering crypto adoption. According to CoinDesk, the app is adding 60 new cryptocurrencies — including things like Cosmos, MakerDAO’s DAI, and Bitcoin SV — and doubling users’ bank deposit limits. The new assets will eventually be activated for Abra customers outside of the U.S.

Article Produced By
Nick Chong

Nick has been enamored with cryptocurrencies since finding out about them in 2013. He now reports crypto- and blockchain-related news for a number of leading outlets.

https://news.livecoinwatch.com/week-crypto-bitcoin-narrative-paypal-ethereum-istanbul/

Thomas ClaimCo.in

Ethereum’s Harmony will not support upcoming Istanbul hardfork

Ethereum’s Harmony will not support upcoming Istanbul hardfork

                                 

With the Istanbul hardfork expected to roll out by 4 December,

developers of the Ethereum community have been releasing several upgrades in its ecosystem.The testnets before the execution of the Istanbul hardfork have been activated with Rinkeby testnet being the latest one. While the community is gearing up for the Kovan testnet scheduled for December, the team lead at Ethereum Péter Szilágyi affirmed that Rinkeby was a success.

His tweet read,

“The Rinkeby #Ethereum testnet is officially in Istanbul!!! :-)”

In more recent updates, Ethereum’s Tim Beiko took to Twitter to elaborate on the developments that took place in the Ethereum Core Devs Meeting #75. After the release of several versions of Nethermind, Besu, and Geth, Parity v2.5.10-stable and v.2.6.5-beta was the latest versions to be released. The release would add block numbers for the activation of the Istanbul hardfork on the mainnet along with other updates. Along with the latest versions of Parity, Aleth 1.7.0 was also released which focused on EIPs for the Istanbul hardfork. While the developers urged the community to update their nodes, Beiko revealed that only 16% of nodes were updated. Additionally, Beiko revealed that Harmony wouldn’t be supporting Istanbul.

His tweet read,

“We also have an update from EthereumJ/Harmony to announce that they will stop maintaining their Eth1 client to focus on Eth 2.0. They will not be supporting Istanbul.”

While meeting mainly focused on Istanbul as there were no major updates pertaining to the Berlin hard fork. Furthermore, Beiko revealed the status of Ice Age and

tweeted,

“One final update, on the Ice Age! @JHancock is still looking at predicting exactly when it will hit. He will share the numbers with core developers as soon as he has them!”

Article Produced By
Sahana Kiran

Sahana is a full-time journalist at AMBCrypto covering the US market. A graduate in Political Science and Economics, she writes mainly about regulations and its impact.

https://ambcrypto.com/ethereums-harmony-will-not-support-upcoming-istanbul-hardfork/

Thomas ClaimCo.in

Jed McCaleb has sold half the XRP he received left with 45 billion

Jed McCaleb has sold half the XRP he received; left with ~4.5 billion

                                

The culmination of 2017 bull-run gave rise to scores of crypto millionaires and a few billionaires.

Jed McCaleb, co-founder of Ripple was one of the very few who made the list. On his exit from Ripple in 2013, McCaleb held 9 billion XRP and had signed a contract with Ripple to ensure that no huge XRP dumps would take place. However, there have been allegations of McCaleb selling hoards of XRP, but an active XRP member put these allegations to rest. Twitter user @LeoHadjiloizou identified accounts used by Ripple to send XRP to McCaleb’s XRP selling wallet and charted out the sales of XRP over-time by the co-founder. Leonidas tweeted, According to their deal, Ripple has control over McCaleb’s XRP and it holds it in 3 distinct accounts and 1 account through which it sold XRP via Bitstamp.

Thus, the wallet addresses mentioned by Leonidas, are associated with Ripple and indicate a moving of XRP from their wallets to the address that sells McCaleb’s XRP.  The chart provided by the Twitter user called attention to the sale of XRP and compared it to the daily CoinMarketCap volume. Even though the chart reflected similarities between McCaleb’s XRP sales and XRP volume on CMC, the Twitter user pointed out that a “huge” percent of the total volume was fake. The sale of XRP took place according to the deal with Ripple and saw a no-sell period between January 2019 and June 2019, indicating that McCaleb’s XRP sale has not amounted to a large figure that could cause market instability.

Leonidas added:

“… a huge % of the total volume is fake. I wanted to check if the sales are being calculated based on a different metric, like the volume from crypto compare. The graph doesn’t seem to suggest that anything changed.”

After revising a few details from the contract in February 2016, the new deal asked McCaleb to donate 2 billion XRP and noted that even though he retained ownership of the 5.3 billion XRP, Ripple will control its release. According to the data, the co-founder has managed to sell half the XRP he received and was left with approximately 4.5+ billion more.
Namrata Shukla

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

https://ambcrypto.com/jed-mccaleb-sold-half-xrp-he-received-left-with-4-5-billion/

Thomas ClaimCo.in

Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

                                    Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Throughout the course of 2019, Iran’s government and the country’s energy officials have been creating new guidelines for bitcoin miners setting up data facilities in the oil-rich nation. On Wednesday, Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, described a new price model for mining operations and prices per kilowatt-hour (kWh) will fluctuate during certain months.

Iran’s Energy Ministry Plans to Pay Anyone Who Exposes Illegal Bitcoin Mining Operations

There’s been a lot of reports over the last year detailing how mining operations have migrated to Iran for cheap electricity. After the initial migration, the Iranian government and the country’s power supplier noticed a lot of energy was being used by crypto mining facilities. Following a government announcement about illegal miners, pictures were shared online that showed bitcoin miners housed inside a mosque. On November 13, Iran’s Energy Ministry spokesperson Mostafa Rajabi explained the country’s new guidelines for mining operations during an interview with IRIB News. Rajabi told the press that anyone who identifies illegal bitcoin operations to the government will be rewarded. Rajabi emphasized that people who expose these facilities will be paid 20% of the recovery damage stolen from the electrical grid.

Fluctuating Electrical Prices

Iran’s Energy Ministry will also prohibit mining digital assets after the peak hours of consumption surpass a threshold of 300 hours annually. During the interview, Rajabi also noted how much bitcoin miners would be charged using the average price for the export of electricity in Iran. During some points of the year, miners could be charged $0.08 per kWh (9,650 rials) and during the cold months of the year, miners would only be charged $0.04 per kWh. However, during the summer months when electricity is used the most in Iran, electrical prices could quadruple to $0.16 per kWh, Rajabi noted. Rajabi disclosed that the new mining rules were initiated when Iran’s summer electrical demand jumped by 7%.

Last June, Iranian law enforcement officials reportedly confiscated 1,000 bitcoin miners from two facilities. This was followed by a bill that was ratified two months later stating that cryptocurrency mining in Iran would be considered a legitimate business. During Rajabi’s interview, he told IRIB News that Iran will help operations that create their own power plants with government incentives. Mining operations that utilize renewable energy sources would be also rewarded, Rajabi stressed.

Article Produced By
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

https://news.bitcoin.com/iranian-grid-explains-electrical-costs-will-fluctuate-for-bitcoin-miners/

Thomas ClaimCo.in

The Bank of Google Wants Your Spending Data

The Bank of Google Wants Your Spending Data

                                   

The multinational technology giant Google has plans to get into the banking industry according to multiple reports that reveal the firm intends to work with Stanford Federal Credit Union and Citigroup. However, analysts assert that Google is not jumping into banking for revenue purposes and the move is simply an acquisition of more customer data.

Google Bank

One of the ‘Big Four’ technology companies, Google LLC, plans to launch checking accounts through a partnership with Citigroup, Stanford Federal Credit Union, and a number of other financial partners. The secret project has a code name called ‘Cache,’ according to sources stemming from the Wall Street Journal. However, people using the Google-backed checking accounts might not know the internet-related services company is behind the financial products. The checking accounts will still feature branding from the likes of financial incumbents such as Citibank and Google will only work behind the scenes. Google executive

Caesar Sengupta explained:

Our approach is going to be to partner deeply with banks and the financial system — It may be the slightly longer path, but it’s more sustainable.

The move by Google follows the recent partnership between Apple and Goldman Sachs that produced the Apple Card product. Many speculators believe Google is planning to enter the fray of banking in order to stay competitive with the other three heavyweights Facebook, Amazon, and Apple. In a note to clients this week, Wells Fargo’s analyst Brian Fitzgerald said that Google is more interested in obtaining data. “Google is likely entering into these partnerships to increase its insights into consumer purchase behavior and consumer finances more broadly,” Fitzgerald said. At the moment, a lot of the giant tech firms are laser-focused on financial technology and Facebook’s Calibra project is a testament to the trend. “Google is primarily focused on data to feed its core ad business, and less so on acting as a full-fledged bank,” CB Insights senior intelligence analyst Arieh Levi remarked.

Another Extension of Surveillance Capitalism

Since the news went viral the ‘Bank of Google’ discussion has a lot of people wondering if Google will be privy to everyone’s finance behavior. Combing personal data like spending habits is just another extension of surveillance capitalism in the opinion of many skeptics. But Google believes the strategy is good for the internet in general. “If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta stressed to the Wall Street Journal. “Of course they plan to leave the nitty-gritty details to the traditional finance folks. All Google is really interested in is your financial data and for that I’m sure they’ll be willing to slap a kickass GUI and possibly a bit of value add as far as fees and rates are concerned,” Mati Greenspan, senior market analyst at Etoro explained in a note to investors about Google announcing “intentions to get deeper into financial services.”

”Facebook, Google, Amazon, Apple, they all just want to be like Tencent who’s been dominating Chinese payments for nearly a decade. In fact, the earnings report from Tencent today seemed to contain just as much valuable insight into the Chinese consumer than it did the actual company,” Greenspan added. Many people believe massive tech firms like Apple and Google becoming financial behemoths is not out of the question, despite the kickback these companies receive from governments. However, the retail giant Walmart had its banking intentions stopped by financial institutions lobbying politicians. A few years later, Walmart is now exploring cryptocurrency concepts. To digital currency advocates, the Google checking account news is just one more sign of the surveillance state growing larger, which in turn could push people toward decentralized cryptocurrencies.

Article Produced By
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

https://news.bitcoin.com/the-bank-of-google-wants-your-spending-data/

Thomas ClaimCo.in

Cashaa Announces US Dollar Bank Accounts for Cryptocurrency Firms

Cashaa Announces U.S. Dollar Bank Accounts for Cryptocurrency Firms

                              

Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries. 

Cashaa offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often struggle to receive these services from traditional banks. It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts.

These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS, Cashaa’s native token (about $1,500 at press time). Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa’s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.  

Banking the Unbanked 

Cashaa’s new service is targeted at cryptocurrency businesses who encounter difficulty opening a corporate account in the U.S. As noted above, traditional banks have often shied away from the industry for reasons that range from regulatory uncertainty to the volatile nature of crypto assets. In some cases, cryptocurrency-based businesses have had their accounts closed. In a press release on the service, Cashaa noted that it formed a “pre-compliance team” in September 2019 following Barclays decision to stop serving Coinbase. Speaking on their rationale, Janina Lowisz, the co-founder and vice president of marketing, believes her company could help serve the “underserved businesses building new technologies.”

“Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models,” Lowisz said in the release. “The addition of U.S. Dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.” In April 2019, Cashaa began supporting cryptocurrency purchases with major debit and credit cards. In October 2019, the company enabled bitcoin purchasing options for customers in India using fiat currency.

Article Produced By
Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

https://bitcoinmagazine.com/articles/cashaa-announces-u-s-dollar-bank-accounts-for-cryptocurrency-firms

Thomas ClaimCo.in

A Wyoming loophole’ to Carry Out Crypto Transactions Without BitLicense in New York

A ‘Wyoming loophole’ to Carry Out Crypto Transactions Without BitLicense in New York

                               Wyoming

There may be a new way of by-passing the tough New York laws to carry out crypto-related transactions in the world’s capital without acquiring a BitLicense, a crypto license developed by the New York Department of Financial Services (NYDFS) in 2014.

Wyoming offers crypto companies a loophole

According to a report from members of the committee that drafted laws to govern the crypto banking sector in Wyoming, the state will have the power to charter Special Purpose Depository Institutions (SPDIs), a reserve bank that can act as a crypto custodian. Now, these SPDIs open a loophole that may well allow banks to open branches in NY and carry out their business without the need for a BitLicense.

Cool, right?

The loophole first came to light through a tweet sent out by Caitlin Long, member of the Wyoming blockchain taskforce, claiming a solution to the long-standing BitLicense problem. A number of companies have come out publicly rebuking the methods employed by the NYDFS before offering the license. With only 18 BitLicenses dished out since the launch half a decade ago, a multitude of crypto businesses has been locked out of the state during the period. Chris Land, general counsel of the Wyoming Division of Banking, spoke during the Coindesk Invest conference held in New York assuring companies a Wyoming SPDI can

start operations in the city.

“We are fairly confident that the Wyoming SPDI will be able to operate in New York without a BitLicense.”

How exactly do you bypass NYDFS BitLicense?

According to the thread of tweets by Caitlin, the SPDI license from Wyoming offers the banks a state charter which in turn allows operation in about 42 states across the U.S without need for additional licenses. According to Federal law, state-chartered banks of other states, similar to national banks, should have similar laws applying to them and exempted from them.

For instance, in our case, the NY law exempts national banking institutions from acquiring a BitLicense which means most certainly a state-chartered bank (such as Wyoming’s SPDIs) would be exempt from acquiring the license before setting up a business. However, for some states, NY included you will need to open a branch in the state before starting operations. With the cryptocurrency industry growing as more companies and SMEs integrate these innovative solutions to their business systems, and now an opportunity presenting itself, it is only a matter of time before firms take on the loophole. We’ll wait and see.

Article Produced By
Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist.

https://coingape.com/wyoming-loophole-crypto-transactions-without-bitlicense/

Thomas ClaimCo.in

Northern Trust Testing Fractionlized Bonds on Blockchain

  Northern Trust Testing Fractionlized Bonds on Blockchain        

                                

Custody bank Northern Trust is testing the trading of fractionalized bonds on a blockchain. 

Working with Singapore-based debt markets company BondEvalue, the bank is providing asset servicing for large, high-grade bonds that will be tokenized and divided for retail investors on Hyperledger Sawtooth. These bonds are normally too large for individual investors, but the quality of the bonds is attractive.

The move shows Northern Trust’s continued interest in the technology after it developed then sold its private equities blockchain, which shortens the time to market for new high-tech private equity funds. With $124.3 billion in assets, Northern Trust is the 24th largest bank in the U.S.

“We’re building capabilities we feel will be reusable across multiple asset classes and multiple jurisdictions,” Justin Chapman, global head of market advocacy and innovation research at Northern Trust, said of the new bond pilot. “Our focus on this initiative is to help bring the exchange to life and then we offer the highest grade asset servicing capability in that digital environment.”

Through the Monetary Authority of Singapore’s Sandbox Express, BondEvalue was given permission to launch a blockchain-based bond exchange in Singapore. Northern Trust will custody tokenized bonds and conduct transactions with the regulator’s oversight. If the pilot is successful, the bank plans to also participate in the development of BondEvalue’s business model. 

Article Produced By
Crypto News

https://www.coindesk.com/northern-trust-testing-fractionlized-bonds-on-blockchain

Thomas ClaimCo.in

Bitcoin Falls as Yuan Strengthens

Bitcoin Falls as Yuan Strengthens

 

                                 

Bitcoin has been falling slightly, dropping this week from $9,000 to $8,600 and down from last month’s $10,000.

Why it has turned somewhat downwards since the 24th of June when it reached $14,000 is not too clear, but it may be just profit taking after a very fast rise during spring and summer:As it stands, the chart is a bart, back to the circa $8,500 support level where it saw the biggest recent green candle upwards, and red candle downwards.

Where it goes next is anyone’s guess, but besides mere speculation, the rise and fall might also be due to Yuan’s fall and now slight rise: What we have here is bitcoin and CNY moving in tandem during spring and summer. CNY then falls further, with USD’s value against it up and up, but bitcoin doesn’t follow presumably because it had already risen and gone too far or who knows why. Now for this month CNY has strengthened a bit, with bitcoin so falling somewhat, but China’s economy is weakening and considerably.China’s growth has been falling, but more importantly, its inflation is rising significantly.

The big jump in October stands out, but even more stands out its rise from the beginning of the year at 1.5% to now 3.8%. That means real growth in China is at just 2.2%, far lower than the 5% plus they’re used to. Part of that is because arguably they’ve devalued too much, but also perhaps because the low hanging fruits have been caught already, so there might not be too much more room for productivity to increase the economy. There’s also the tariffs, with a trade deal apparently nearing an agreement , but China might be falling to the same trap as Japan before them and the west now, the trap of monetization.

Article Produced By
Crypto News

https://www.trustnodes.com/2019/11/14/bitcoin-falls-as-yuan-strengthens

Thomas ClaimCo.in

Just another WordPress site