The interest rate cut from the US Federal Reserve (Fed) has led to a surge in demand for crypto lending services. Blockchain-powered lending platform Figure Technologies saw a threefold increase in loan applications. Fed’s Stimulus Encourage Consumers to Borrow More Last Tuesday, the Fed cut the interest rates by 0.50% to a target range of 1.00% to 1.25%. For many crypto lending applications, that was a great stimulation. Figure Technologies, which itself leverages blockchain to […]
JPMorgan released a report last Friday, detailing the global enthusiasm for blockchain technology in the financial sector. In the 74-page report, JPMorgan described several projects that have developed the ‘real world’ financial application and as a result describes 2019 as the year of “the rise of digital money”. In the report, the US investment banking heavyweight elucidates many of the most promising use-cases which it sees as having the potential for wide-spread adoption in theRead More
Facebook has wrapped up almost 16 years of history. Founded in 2004 chiefly as a social network company, Facebook initially launched to connect Harvard University students together. The company’s first steps happened at a notorious historical moment, with the first iteration starting off in a Harvard dorm room. Mission: Connecting the World The company’s initial mission sounded innocent enough, based on the idea of connecting people through a single platform. Mark Zuckerberg, the company’s founder,Read More The post appeared first on Bitcoinist.com.
Bitcoin is the most mentioned term related to innovative value transfer systems, data from social media on the topic of payment and fintech, reveals. BTC received 957 mentions in December, as the coin wrapped up a stunning decade of price appreciation. Bitcoin Leads Social Media Activity After Encouraging Performance in 2019 Analysis of social media activity by GlobalData revealed Ethereum was also an often-mentioned term, with 158 mentions in December. The coin is not asRead More The post appeared first on Bitcoinist.com.
Credit and payments giant Visa Inc. has reportedly paid over $5 billion for a fintech firm that provides services to connect payments apps to bank accounts. It could be good news for the fintech and crypto industry for the coming years. Visa Pays $5.3 Billion For Plaid The credit card giant aims to tap into consumers’ growing use of fintech apps and internet payments with its latest acquisition. Visa has reportedly paid $5.3 billion forRead More The post appeared first on Bitcoinist.com.
In another example of the growing appeal of virtual banking in Hong Kong, six licensed virtual banks in the city have joined the Hong Kong Institute of Bankers (HKIB). Virtual Banks Join HKIB In a press statement issued by HKIB on Thursday (January 2, 2020), Hong Kong’s banking training and certification institute announced the addition of six new members to its ranks. The six newly included members are among the city’s freshly minted virtual banks.Read More The post appeared first on Bitcoinist.com.
It seems that not a day goes by without another central bank jumping on the crypto train. Yesterday it was South Korea, today it is Sweden as plans to roll out the crypto krona gather pace. e-Krona Pilot Partnership Sweden’s central bank is poised to sign a deal with multinational professional services company Accenture to begin pilot testing its CBDC, the e-krona. According to reports the partnership is for an initial year-long run to the
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Africa’s first stablecoin, the Africa Stable-Coin(ABCD) is backed by Nigeria’s national currency, the Naira. Also, the fiat-backed crypto is built on Binance’s native blockchain, the Binance Chain. The crypto momentum in Africa doesn’t seem to die down. Budding startups are leveraging blockchain and decentralized ledger technology to create novel applications that will change the future of finance on the continent. Africa Stable-Coin is the brainchild of Ghana-based cross-border money transfer startup Bit Sika. According to
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This year has seen the beginnings of a global race to launch central bank crypto-assets (CBDCs). No country has managed it yet but China is emerging as the clear favorite. This has spurred the forward-thinking banks of the world into action, and Lithuania is the latest to join the cryptocurrency party. Lithuania on The Crypto Train The Bank of Lithuania is the latest to publish its research on a central bank digital currency as the
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In an effort to further establish itself as an emerging fintech and crypto hub Lithuania will be issuing the world’s first collectible crypto coins. The commemorative issue coin is dedicated to the 1918 Act of Independence and will feature its 20 signatories. Crypto-Friendly Lithuania The Bank of Lithuania is expected to issue these world-first digital collectors coins in spring 2020. The nation’s February 1918 declaration of independence and its 20 signatories will be commemorated according
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People’s Bank of China is entering another stage of its tests for a crypto payment system. The central bank announced it had completed the preliminary tests and has turned to create a testing ground with the aid of major Chinese companies and banks. PBOC Performs Pilot Tests for its Crypto People’s Bank of China has tested its crypto-asset payment system since 2014 but has abstained from an official launch. Now, a news report suggests the
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Ripple is a financial settlement protocol to facilitate near-instant monetary transfers between two parties. It is a product of the San-Francisco based fintech company Ripple Labs. Chris Larsen and Stellar founder Jed McCaleb created Ripple to connect banks, payment providers, cryptocurrency exchanges for real-time, cost-effective, global money transfers. What is XRP The protocol’s native crypto asset XRP powers all transaction activity on the Ripple Network or RippleNet. A shared public database/ledger called the XRP ledger
Mastercard proudly announced its new ‘FinTech Express’ platform at the Singapore FinTech Festival. In an interview with Bloomberg, Mastercard Asia Pacific Co-President, Ari Sarker discussed the platform, and also gave some insight into Mastercard’s withdrawal from the Libra Association. Doesn’t Quite Live Up To The Billing Sarker’s portrayal of the initiative was of expanding Mastercard’s reach for FinTech partnership. Painting Mastercard as an enabler for all players, whether traditional banking or FinTech. The platform would
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The Revolut fintech app is on an expansion drive, adding 3,500 people to its staff in a bid to outcompete VISA. The challenger bank is also a crypto-friendly app allowing exchanges to a wider audience. Revolut Expands to US, Brazil, Japan in 2020 Revolut expands to both developed and developing markets, recently upping its social media campaign efforts to add new customers. “We are around 1500 people now and by summer next year we plan
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By 2024, various branches of the market for blockchain solutions will generate revenues of up to $16 billion, shows the latest preview research by Global Market Insights. Fintech Will Lead Market Growth Financial organizations will be the driver of growth for the blockchain sector, predicts the research. Blockchain use cases are multiple within that space, and include the already growing market for international remittances. Blockchain can also help with identity, customer tracking, documentation, record-keeping and
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Facebook is reportedly in talks with US Commodities and Futures Trading Commission regarding the future of its GlobalCoin ‘cryptocurrency.’ Facebook In Talks With The CFTC The world’s largest social media website, Facebook, has reportedly entered into a conversation with the US Commodities and Futures Trading Commission (CFTC). According to the reports, the Chairman of the CFTC, Christopher Giancarlo, said that the conversation is at a very early stage. He pointed out that the goal for
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Amazon this week filed a US patent for a Proof-of-Work system which uses cryptography to generate Merkle trees. The Bitcoin and Ethereum networks use such ‘hash trees’ to verify the content of large data structures. Proof-of-Work as a Tool Against DoS Attacks A Merkle tree is a fundamental component of a blockchain, whereby each non-leaf node is a hash of its respective child nodes. In Amazon’s patent, the generation of a Merkle tree could fulfill a
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Indian tech multinational, Wipro, has developed a blockchain-based solution for banks in Thailand to settle dues. This comes as Indian government and banking authorities look to enact a blanket ban on all non-state-issued cryptocurrencies back home. Thai Banking System Embraces Blockchain Technology The settlement solution is a part of the first phase of Project Inthanon, which launched in August 2018. The initiative, led by Bank of Thailand, aims to ultimately implement a national Central Bank Digital Currency (CBDC). Phase
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The London Stock Exchange Group (LSEG) has reportedly led a $20 million investment round in a fintech startup called Nivaura, which is behind the issuance of the first automated cryptocurrency-denominated bond. London Stock Exchange Invests in Tokenization Startup The LSEG has led an investment round worth $20 million in the startup Nivaura, Reuters reports. The stock exchange has paid an undisclosed amount to acquire a minority stake in the startup. Other investors in the round include
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