Germany’s Largest Bank Joins JPMorgan’s Blockchain Network
Germany’s largest bank, Deutsche Bank, has joined JPMorgan’s blockchain-based network, the Interbank Information Network (IIN).
Launched as a pilot in 2017, the JPMorgan-led blockchain initiative now has a network of 320 banks that have entered the platform to swap global payments data using the Ethereum network.
Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other large banks to join IIN. According to the report, Deutsche Bank is the world’s biggest clearer of euro-denominated payments.
IIN will enable Deutsche Bank to offer better client services, according to the bank’s global head of cash management Ole Matthiessen. Matthiessen, who occupied the position in March 2019, explained that the bank expects IIN to reduce the cost of processing difficult payments.
The IIN network is based on the JPMorgan-developed Quorum platform and intends to tackle the major challenges of sharing information between banks and speed up transactions to recipients. Quorum is based on the Ethereum blockchain, which was recently reported by co-founder Vitalik Buterin to be almost full as it is the most popular public blockchain network for decentralized apps.
According to Georgakopoulos, JPMorgan aims to reach 400 agreements with banks by the end of 2019 and is also expecting to announce other large banks in the near future. (Positive)
OKEx Will Delist 5 Privacy-Cryptos Over FATF Demands
The South Korean arm of cryptocurrency exchange OKEx is removing support for five major altcoins due to new international regulations.
OKEx’s Korea unit will halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on October 10.
The reason, says the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force (FATF).
Transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design. (Neutral)
Croatia Launches First Physical Cryptocurrency POS Cash Register
Croatia is about witness its first crypto gateway product, which is fully regulated and compliant with local rules, the Adeo POS Cash Register. It is the very first Croatian crypto box checkout on the entire market. The new payment solution has been developed by Milan Horvat, a financial expert who also manages one of Croatia oldest brokerage platforms. The launch of the Adeo POS is handled by Fima Plus, which is managed by Fima Pay and occurs almost simultaneously with the new PSD2 Directive that should allow the Balcanic country to develop internal fintech services.
Adeo POS has been developed with Zagreb-based company Neoinfo which, according to Mr. Horvat, was the first firm to understand the potential of the new crypto product.
After collaborating on the implementation of Fima Pay, the companies decided to extend their partnership in a fully operational crypto checkout product. According to Igor Vuukmirović, director of Neoinfo, the Adeo POS systems are already being used by more than 1700 users. However, not every user has already used the service, as crypto payments must be dealt separately inside the same platform. The partnership has managed to add on the Adeo POS payments with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. In other words, merchants who receive a crypto payment via the Adeo POS will receive kunas, Croatian national currency, directly in their account.
Fima Pay is also planning to expand such services to any other firm that recognizes the importance of digital assets and process transformation. (Positive)
CBOE Withdraws VanEck, SolidX Bitcoin ETF Proposal From SEC Review
The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its proposal before the U.S Securities and Exchange Commission (SEC) VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF).
On Sept. 17, the SEC published a notice that the CBOE had withdrawn its application for the VanEck/SolidX Bitcoin ETF on Sept.13. Although no reason was given, the decision to withdraw the proposal came just weeks after the firm began offering a limited Bitcoin ETF for institutions.
The SEC had already delayed a decision on the matter, but was facing a final deadline of Oct. 18 to determine whether to approve or reject the Bitcoin ETF. Despite the withdrawal, VanEck’s director of digital asset strategies Gabor Gurbacs stated in a tweet:
“We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.” (Neutral)
Binance to Add Fiat-to-Crypto OTC Trading in a Month
Crypto exchange Binance is planning to add over-the-counter (OTC) trading to its platform in a month to provide users with fiat currency gateways.
Binance’s co-founder and chief marketing officer He Yi said at a media session on Tuesday during the Shanghai Blockchain Week that the exchange will specifically support fiat on-ramp via OTC for Chinese yuan.
He added that the new service will be part of Binance’s plan in the coming months to dedicate more time and resources to compete in the Chinese market. Further, the exchange is also rolling out a payment service to allow users from 170 countries to buy crypto assets using fiat currencies at Binance.com.
Fiat-to-crypto OTC trading has been a critical part in terms of fiat on-ramp for crypto traders based in China as local authorities prevent the direct connection of exchanges to banks and fiat deposits as part of the ban on initial coin offerings in September 2017.
Other long-running Chinese exchanges like Huobi and OKCoin have since then moved overseas and offered crypto-to-crypto trading while recruiting OTC market makers onto their platforms to help users buy and sell cryptos using Chinese yuan. (Neutral)
Turkey Announces Plans for National Blockchain Infrastructure
The Turkish government has announced plans to establish a national blockchain infrastructure to utilize distributed ledger technology (DLT) in public administration.
The Ministry of Industry and Technology set out its vision during its Strategy 2023 presentation on Sept. 18 in Ankara.
Strategy 2023 emphasizes blockchain and DLT as priorities for the coming year. The document refers to a Startup Genome survey that marks blockchain as one of the fastest-growing tech trends, with a 101.5% increase in early stage startup funding globally.
The Strategy 2023 document says a new open-source platform for blockchain will be established in Turkey. This initiative will analyze different use cases such as land registration, academic certificates and customs to determine potential public sector applications.
The Ministry of Industry and Technology is also planning to work with Turkish regulators to create a regulatory sandbox for blockchain applications.
Strategy 2023 is the first ministry-level document in Turkey to include the word “Bitcoin” (BTC) as a reference. Turkey released an economic roadmap in July that describes a central bank-issued digital currency, but did not mention Bitcoin or any other cryptocurrency. Strategy 2023 also provides this definition of blockchain technology:
“Blockchain, which became popular with virtual currencies like Bitcoin, delivers a distributed communication infrastructure to provide trust between parties on transactions without the need for a central authority. This feature enables many different use cases that address transparency and reliability issues, from smart contracts to supply chains. Because it removes any intermediaries, blockchain technology builds new business models that will shape the future.” (Positive)
Coinbase has Announced the Support for Telegram and 16 Additional Digital Assets
On Sept. 19, cryptocurrency exchange Coinbase announced that it is considering the addition of a range of new assets; namely, Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and Telegram.
Coinbase added that it intends to explore assets that have not yet launched and which Coinbase may choose to support in the future.
Moreover, Coinbase emphasized that new tokens may not come online everywhere at the same time, given differing legal requirements. The blog post explained:
“We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.” (Positive)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima