Chinese Oil Giant Sinochem’s Unit Plans Blockchain Platform
Sinochem Energy Technology, a subsidiary of Chinese state-owned oil and gas giant Sinochem Group, is planning to launch a blockchain platform with Shell and Macquarie.
Reportedly, Shell and Macquarie signed a deal in July to explore developing a blockchain platform for crude oil.
At the moment, the blockchain platform, dubbed Gateway, is valued by Sinochem Energy at 100 million yuan (~$13.99 million) and the firm initially planned to bring in investors by the end of September, or the latest October.
Gateway platform aims to reduce trade and settlement inefficiencies, improve transparency and reduce the risk of fraud. Sinochem is also said to be in discussions with PetroChina Co and COSCO Shipping Energy Transportation Co Ltd, an affiliate of COSCO Shipping, for investing in its blockchain platform. (Positive)
Binance Launches Dollar-Backed Crypto Stablecoin With NYDFS Blessing
Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S.
Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the new offering, which Binance is launching in partnership with the Paxos Trust Company.
The Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio, according to a press release. The offering joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin.
At launch, verified Paxos customers will be able to directly purchase BUSD tokens through the company’s wallet using either U.S. dollars or PAX, its own stablecoin. Binance users will likewise be able to trade BUSD for bitcoin, binance coin or XRP.
The exchange previously announced its intention to issue stablecoins worldwide as part of its Venus project. Binance has already issued stablecoins pegged to bitcoin (BTCB) and the British pound (BGBP).
In a statement, Binance CEO Changpeng Zhao (“CZ”) said:
“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.” (Positive)
Paxos Launches PAX Gold
Stablecoin operator Paxos launched PAX Gold (PAXG), a gold-backed Ethereum (ETH) token.
Paxos announced the launch of the product claiming that it is “the first crypto-asset redeemable for physical gold.” Furthermore, the New York State Department of Financial Services (NYDFS) put forward their approval of the issuance in an official statement, defining it “first gold-backed virtual currency in New York state.”
Per the report, each PAXG token will be backed by one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London. Users owning the tokens in question reportedly own the gold it represents but the tokens can be moved like any other ERC-20 tokens — which is substantially simpler than shipping gold.
Paxos charges fees on on-chain transactions involving the token, as well as PAXG creation and destruction. Paxos CEO and Co-Founder Charles Cascarilla commented on the development by praising the advantages of tokenization:
“In a digital and global financial system, owning physical gold is a cumbersome, outdated investment; it’s not easy to trade, divide, move or leverage against other investments.” (Positive)
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