Tag: banking

The Commonwealth Bank of Australia (CBA) was awarded the rights to issue and operate financial bonds solely powered by blockchain technology, as reported by mortgagebusiness on July 13, 2018. World’s First Blockchain Bond Termed the world’s first bond “created, allocated and managed using blockchain technology,” the CBA holds the distinction of being selected by the World Bank to pilot the…

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On August 8, 2018, JPMorgan’s Jamie Dimon stated that more banks are considering building businesses to work with the digital currency ecosystem, seeing the emerging space of cryptocurrencies as a blind spot for major financial institutions. A new Generation of Banking Dimon has dithered on his opinion about cryptocurrencies, once calling bitcoin a “fraud” and then walking those statements back….

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Swiss bank Maerki Baumann has become the latest bank in Switzerland to adopt cryptocurrency assets, according to a report published on International Investment on August 6, 2018. Cautious towards Cryptocurrency Based out of Zurich, the bank will currently only accept crypto assets obtained in the form of payments for banking services provided or via mining. The report also mentions that…

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On July 31, 2018, Everex and Myanmar’s Shwe Bank announced a partnership to provide a blockchain-based solution to migrants. The deal will pave the way for the introduction of a blockchain-based remittance service that will allow migrants from Myanmar and Thailand to access cheaper remittance services. Remittance Market Overhaul This partnership is poised to introduce a cheaper remittance service to…

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On July 31, 2018, the Agricultural Bank of China (ABC) revealed it had successfully completed a $300,000 loan using a private blockchain. Loan Issuance Via Blockchain As reported by Chinese outlet Financial News, ABC’s Guizhou bank branch was the facilitator of this development. The bank issued the loan against a piece of agricultural land as collateral. ABC is China’s fourth-largest…

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A new blockchain-based platform is on the horizon, and it is the result of a cooperation between foreign exchange settlement provider CLS, enterprise software giant IBM, and nine financial institutions, including big names such as Citigroup and Barclays, the companies said in a statement on July 30, 2018. LedgerConnect: Blockchain Platform for Banks This revolutionary platform is LedgerConnect, and it…

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In traditional markets, policymakers began aggressively ousting anticompetitive economic behavior following the rise of John D. Rockefeller and Standard Oil at the turn of the 20th century. Some of these displays have been made highly public, while others have slipped under the radar. Others, however, have toppled entire economies. Nonetheless, nailing down the aspects that keep free markets free is…

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While many see nothing good in bitcoin and other cryptocurrencies, many others believe distributed ledger technology (DLT) will revolutionize the world. Pang Huadong, the former vice president of the North American investment banking division at JPMorgan, is one of those people. Huadong, on July 22, 2018, said that blockchain technology might save the world from plunging into another financial crisis,…

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The world’s first completely decentralized blockchain banking operation made up of only smart contracts has launched on the Ethereum network. The open-source banking platform called Marble was unveiled in a blog post on July 17, 2018. The announcement revealed that Marble would use smart contracts to provide funding to low-risk and provably fair protocols in need of a lender. Marble’s…

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The Thailand government is swiftly taking steps to adopt and implement cryptocurrencies and blockchain technology within its administration. Local reports on July 16, 2018 confirmed that a prominent securities body in Thailand is developing a digital token to facilitate settlement clearing of corporate bonds. Bond Coin to Streamline Current Processes According to The Bangkok Post, the Thai Bond Market Association…

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