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New Zealand bank ABS funds local blockchain startup to expedite global trade platform. New Zealand’s Auckland Saving Bank (ASB) has invested in local blockchain startup TradeWindow. The funding, reported Aug. 13, should expedite the launch of the company’s Distributed Ledger Technology (DLT) trade platform. Applying blockchain to the global supply chainTradeWindow CEO, AJ Smith, believes that this link-up represents one of the first times a New Zealand bank has directly invested in a technology company. The company offers a host of solutions aimed at the global trade and supply chain industry. With 12,000 registered exporters in New Zealand alone, Smith says he is excited about the “major market opportunity this offers. Nigel Annett, Executive General Manager of Corporate Banking at ASB was equally effusive. "TradeWindow has the potential to truly transform the way our customers experience the international trade process. They will be able to operate more efficiently with trust and s..
Gibraltar-based crypto derivatives exchange Quedex was granted a DLT license from the Gibraltar Financial Services Commission. Gibraltar-based crypto derivatives exchange Quedex has secured a license from the Gibraltar Financial Services Commission (GFSC). Quedex claims to be the world’s first regulated crypto futures and options exchangeQuedex was granted a Distributed Ledger Technology (DLT) Providers licence for providing services of trading crypto derivatives such as Bitcoin (BTC) futures, as well as crypto custodial services, the firm said in a blog post on July 31. Following the license acquisition, Quedex reportedly became the world’s first regulated crypto futures and options exchange, the firm stressed in the announcement. In order to secure the DLT license, Quedex worked with Gibraltar authorities for 15 months to ensure the company meets all the regulatory requirements and conditions, the blog post notes. Bitcoin-based derivatives trading is liveThe exchange targets a wide ..
Binance is in talks with local partners in South Korea for potential launch of a new subsidiary. Binance, the world’s largest crypto exchange by daily trading volume to date, is reportedly planning to set up a branch in South Korea. Malta-based crypto exchange Binance is working with local partners in South Korea to launch a new exchange in the country, Binance CEO Changpeng Zhao (CZ) revealed, according to a report by crypto media outlet Block In Press on July 16. CZ reportedly said that the company does not know the details of the establishment of the new office in South Korea. However, a global representative of Binance denied the news in the report, claiming that Binance team has not decided to date whether or not to establish a Korean subsidiary. Specifically, the unnamed representative clarified that Binance has been in talks with South Korea-based fintech firm BxB, but they have not made any specific decisions so far. Another Binance spokesperson said that the question of launc..
Chinese police surrounded the Tron’s office in Beijing, as people came to express outrage at a scam going under a Tron-like name. The Tron office in Beijing has been surrounded by police as a crowd gathered to protest against a Chinese ponzi scheme that went under a Tron-like name, Twitter personality Crypto Authority reports on July 8. Videos with crowds surrounded by police officers in the Tron’s office have spread over Twitter, with people apparently coming to express outrage at a local crypto scam that reportedly led to $30 million worth of losses and one suicide. As can be seen on the videos, people are apparently considering Tron to be the fraudulent entity, with the crowd reportedly yelling "Tron is a scam.” While Tron has not provided an official feedback on the matter to date, the firm’s CEO Justin Sun has recently warned investors against scam schemes using names of Tron and Tron-owned BitTorrent. “As a leading blockchain protocol, there are Ponzi schemes using TRON, BitTorr..
Zimbabwe’s oppressive monetary policy has driven local investors towards the “safe haven” of the decentralized currency, Bitcoin. This development led to an increase in the price of the digital currency to a 600% premium in Zimbabwe. Bitcoin is a decentralized cryptocurrency which isn’t managed by an administrator or bank. Every transaction in this digital currency is publicly registered on the blockchain. Recently, various media outlets reported a complete ban on foreign currency in Zimbabwe. This harsh monetary policy triggered an increase in the premium for Bitcoin. Currently, the cryptocurrency sells for up to $75,000 in the country. The premium even reached as high as 580% with BTC/USD hovering around $11,000 at press time. The Zimbabwean government banned all transactions in US dollar early last week. The Zimbabwean dollar which disappeared amidst outrageous hyperinflation in 2018 was reintroduced. The US dollar ban caught the citizens who are dissatisfied with the economic pol..
Busan, South Korea’s second biggest city, seeks to develop a local crypto in partnership with BNK Busan Bank. Busan, South Korea's second most-populous city after Seoul, is considering the launch of a local cryptocurrency, Korean tech news publication ETnews reports July 1. According to the report, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group. Specifically, Busan is reportedly developing a crypto project in the form of stablecoin, a cryptocurrency pegged 1:1 to the local currency in the BNK Busan bank account. By issuing a local digital currency, Busan expects to revive the local economy, as well as to secure the leading position in blockchain, the report notes. The news comes amid the upcoming establishment of South Korea’s blockchain regulation-free zone, for which Busan was selected as the preferred bidder along with its competitor Jeju P..
Securitize is partnering with the Japan Security Token Association to promote digital securities adoption in the country. Securitize — a compliance platform and protocol for token issuers backed by United States crypto exchange Coinbase — is partnering with the Japan Security Token Association (JSTA) to promote the creation of a security token ecosystem in Japan. The news was reported by Cointelegraph Japan on June 19. The JSTA is an advocacy organization focused on the digital securities industry. As Cointelegraph Japan reports, the new partners intend to closely collaborate with Japanese banks as well as local and international regulators in a bid to foster further development of the nascent industry. Their joint initiative will ostensibly aim to foster security token adoption in financial markets by promoting their practical use cases and clarifying regulatory and legal frameworks. As Cointelegraph Japan notes, securities token issuance falls under the purview of the country’s Fina..
Mauricio Minas, vice president of Bradesco bank, stated that Brazilian banks will adopt an unnamed blockchain platform on June 12. The vice president of Brazil's biggest bank, Bradesco, revealed that major local banks will introduce a unique blockchain platform on June 12, Cointelegraph Brazil reports on June 11. Bradesco VP Mauricio Minas has delivered a speech devoted to the role of blockchain in the global financial system, speaking at major Latin American banking and fintech event CIAB Febraban on June 11. The Bradesco VP unveiled the plans of local banking institutions to soon adopt an unnamed blockchain-powered solution, adding that a number of Brazilian banks have been developing applications using distributed ledger technology (DLT). Speaking at the event, Minas expressed confidence in blockchain technology despite its nascent character, urging that the technology is able to “break traditional barriers,” as well as to change user behavior and the financial system. The new..
Peer-to-peer bitcoin trading platform LocalBitcoins removes in-person cash deals — what does that mean for the future of cash trades? On June 1, Finnish peer-to-peer (p2p) bitcoin (BTC) trading platform LocalBitcoins quietly removed in-person cash trading from its service. Three days later, the company publicly confirmed the ban on Twitter. As per the accompanying statement, LocalBitcoins had to renounce local cash trading to “adapt to the current regulatory environment.” The removal of the option has angered users, who seemingly began looking for decentralized platforms with more room for anonymity. However, as the Wild West-like unregulated days of crypto might be coming to an end, the more p2p services might have to apply Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts in order to stay compliant with the watchdogs. Brief introduction to LocalBitcoins and p2p tradingFounded in June 2012, LocalBitcoins is one of the crypto industry’s longest-standing veterans. It is ..
Following reports of the silent removal of local cash trades on June 1, LocalBitcoins has confirmed the move. Global peer-to-peer (P2P) crypto exchange LocalBitcoins has officially confirmed the removal of trading in local fiat currencies, the firm announced in a tweet on June 4. As previously reported, the Finland-based exchange silently removed cash trading on June 1, which immediately caused some outrage in crypto community. In the official statement, LocalBitcoins noted that its liabilities are determined by the Act on Detecting and Preventing Money Laundering and Terrorist Financing, which requires the exchange to follow certain sanctions. LocalBitcoins wrote: “In order to adapt to the current regulatory environment, we had to reconsider our policy on local cash trades as well as on geographical areas where our service is available, among other platform features. As a consequence, advertisements in the cash category (i.e. local cash trades) were disabled in our platform on Saturd..