Neo Becomes First Blockchain Member of Microsoft’s .NET Foundation
Neo, a decentralized open source blockchain application platform, announced that it became the first-ever blockchain member of Microsoft’s .NET Foundation.
On September 24, the platform stated that during the .NET Conference 2019 Neo “joined the .NET Foundation, the Microsoft-created, globally leading open-source foundation,” adding:
“Based on their shared open-source heritage, NEO and the .NET Foundation will further empower millions of developers to build the foundation for next-gen Internet. This partnership comes after NEO’s release of Blockchain Toolkit for .NET and NEO Express in September.”
Per the announcement, Neo shared a preview of its Blockchain Toolkit during the conference, which included various apps such as Smart contract debugger, Neo Express, Visual DevTracker and others. (Positive)
Lloyds Bank Partners With Blockchain Platform to Streamline Trade Finance
Lloyds Bank is partnering with blockchain platform Komgo to streamline its commercial banking division.
On Sept. 25, United Kingdom financial news outlet FStech reported that Lloyds Bank, one of the “Big Four” clearing banks in the U.K., said that it would use Komgo’s platform “to enable quicker international commodity trade finance,” adding:
“Komgo’s DLT platform digitises and streamlines the commodity trade finance process, enabling businesses to quickly and automatically exchange data and associated documents across a wide range of solutions – from letters of credit and KYC management to receivables discounting – in a digital, secure and decentralised way.”
The Komgo platform relies on blockchain technology to optimize financing processes, fight fraud and increase trade efficiencies. The platform is backed by 15 bank and commodities investors, which include ING, ABM Amro, and oil giant Shell.
Gwynne Master, managing director for Lloyds Bank commercial banking, described the international trade process as cumbersome and time consuming, adding:
“The process of trading a single commodity can take over 100 days, involves many players, considerable paperwork, and risk. Trade is particularly onerous for our commodities clients, where faster turnaround times and a streamlined channel are key requirements.”
Master added that Lloyds Bank decided to work with Komgo to speed up the international trade process for its corporate customers, by “significantly streamlining and digitising the process.” (Positive)
Fold App Raises $2.5M to Bring Bitcoin Lightning Payments to Starbucks
The Fold app, a mobile shopping app that supports Bitcoin’s Lightning Network enabling users to withdraw funds to an external Bitcoin (BTC) wallet, has raised $2.5 million and added a fiat currency payment option.
Fold’s editor, Will Reeves, informed the public that the app’s users can now spend both fiat currency and Bitcoin at online and in-store retailers by synchronizing their credit card or Lightning wallet.
Fold has also enabled its users to stack sats when making purchases with fiat and Bitcoin at major retailers such as Amazon, Uber, Starbucks and Hotels.com, further rewarding users for shopping in Bitcoin.
Moreover, Fold revealed new partnerships with investors such as venture capital funds Craft Ventures, Goldcrest Capital, Slow Ventures, Fulgur Ventures and digital asset management firm Coinshares, which resulted in a $2.5 million contribution towards further development. (Positive)