Fireblocks Hits $30B In Digital Asset Transfers; Expands into APAC With 2 New Offices

Leading crypto security startup, Fireblocks has announced it is opening new offices in Asia in Singapore as well as Hong Kong.

On April 30, Fireblocks revealed that its platform has so far transferred digital assets worth $30 billion and at the moment conducts transactions worth more than $7 billion every month.

The firm revealed that it is opening new branches in Asia-Pacific region both in Singapore and Hong Kong to serve the increasing demand in the area. The firm also revealed that the new offices will help in serving the local customers in their own locality. The firm also aims at attracting new institutional clients into the Secure Transfer Environment space.

The firm has witnessed an increased demand for its products and services within the Asia-pacific region. Three Arrows Capital, Amber Group and Blitz Group have already implemented the firm’s Multi-Party Computation technology.

The head of product strategy at the firm Stephen Richardson who also heads one of the regional office expounded on the interest in the Asia-pacific region to Bitcoin Exchange Guide:

“Given the engagement of regulators here in Asia around blockchain-related technologies and financial institutions, it will be critical for institutions and exchanges to operate with the highest level of speed, security, and compliance.”

The New York based firm offers digital asset security systems using proprietary software as well as hardware technologies in order to protect private keys, deposit addresses as well as API credentials for institutional clients.

The platform enables secure transaction of cryptos among exchanges, counterparties as well as wallets.

After a thorough analysis of the firm’s protocols as well as technologies, Fireblocks was granted a special insurance policy that covers assets which are in transit as well as storage. According to Fireblocks, the policy safeguards any loss of digital assets emanating from extortion, cyber breaches, among others.

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Author: Joseph Kibe

WeChat Owner Tencent Opens Applications for Its Blockchain Accelerator, 30 Spots Avail

Tencent, the Chinese operator of WeChat, announced on April 29 that they are launching a blockchain accelerator called the Tencent Industrial Accelerator.

The Tencent Industrial Accelerator is open to new and mature blockchain startups and will be made available in 30 places globally, with applications being accepted until the end of the first week of June 2020. For the projects to qualify, they will need to have conducted and at least one financing round finalized.

What Will the Main Focal Point Be?

The Tencent Industrial Accelerator will focus on recruitment in the areas of:

  • industrial blockchain solutions and data sharing,
  • digital asset transactions
  • supply chain financing blockchain applications.

Some other recruitment areas include education, energy, government affairs, manufacturing, logistics, public welfare and agriculture.

Accepted applicants will be offered for a year, 4 consultation meetings, a wide array of business and industry networking possibilities, plus access to the blockchain service platform from Tencent.

Furthermore, they will get the chance to go on an overseas visit related to the blockchain industry in their area of interest. Tencent announced that the development areas of interest accepted are:

  • Computing and trusted identity solutions
  • Smart contract security
  • Consensus algorithms
  • Multi-party governance mechanisms.

The chosen projects will be revealed in 2 months and will go through a second judging round. When it comes to how much a person needs to spend to participate in the accelerator, this is 100,000 RMB, which is a little bit over $14,000.

Tencent’s Blockchain Development’s National Scope

As revealed by recent reports, WeBank, the digital bank of Tencent, announced that it has plans to integrate the Digital Asset Modeling Language smart contract for the FISCO BCOS consortium blockchain, which is the chain that’s going to undergird the national Blockchain-Based Service Network (BSN) of China.

BSN became earlier this month available for commercial applications, after being 6 months rolled out in tests. Tencent Cloud, WeBank, Shenzhen Securities Communication and Huawei are FISCO BCOS blockchain platforms founding members.

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Author: Oana Ularu

KFC Rolls Out Blockchain Pilot to Improve Digital Ad Transparency in Advertising Supply Chain

Kentucky Fried Chicken (KFC), the popular fast-food chain, has turned to blockchain to manage its digital advertising supply chain.

KFC launched its blockchain pilot program in the Middle East in a bid to improve its digital advertising and media purchases. The company hopes that this decentralization will bring much-needed transparency to the digital advertising market, reported a local media publication.

KFC is hoping that the blockchain initiative will not only bring more transparency to data processing but also increase its brand visibility and penetration, which is currently dominated by local fast food joints. The use of blockchain would also offer publishers, advertisers and consumers a higher level of privacy and security.

Experimentation with Blockchain and cryptocurrencies has been on the rise recently with several beverage and food companies. While Blockchain is slowly becoming a choice for supply chain management by various firms, cryptocurrency as a form of payment is also gaining traction.

Starbucks is a prominent brand that’s been testing crypto payments in certain parts of the world, recently it also started testing for China’s national digital currency along with McDonald’s and other universal fast food joints.

Even KFC has experimented with cryptocurrency payments back in 2018 when its Canada based food joints started offering ‘Bitcoin Bucket.’ in an updated menu. And as the name suggests users can buy this bucket by paying in Bitcoin.

In early 2016, the fast-food franchise, Burger King was another company that started accepting Bitcoin payments from their customers. A Burger King in the Netherland’s was the first to begin the initiative, Germany then made paying with an app and website available for payments with BTC as well.

KFC Aims to Revamp its Digital Advertising With Blockchain

KFC is hoping to cut down cases of fraud in its digital advertising domain by using a shared blockchain-based database with its partners which would allow media partners to keep track of all ads delivery and placement with authorized parties.

This shared common database would be updated in real-time which would allow the firm the resolve any cases of fraud associated with advertising. KFC’s Yum! Brands Ozge Zoralioglu, chief marketing officer stating:

“KFC can now benefit from enhanced visibility of real-time data and the most updated insights – all with full confidence that information is authenticated, tamper-proof and hence credible.”

Blockchain offers a non-mutable form of data recording without the need for human intervention and that is what makes it such a lucrative form of data management tool.

The other factor which makes Blockchain such a favourite is its versatility and scope for improvements, and this is one of the prominent reasons that many mainstream tech firms like IBM and Accenture are investing heavily in the technology, while other consumer-based service providers are integrating the technology in their business model.

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Author: James W

SmartPy, Cryptonomic Devs Bring Chainlink Pricing Oracles to Tezos Blockchain

Blockchain based oracle, Chainlink partners with independent Tezos developers to bring decentralized data solutions to the decentralized staking platform.

In an official announcement, a pair of Tezos developers will be working with Chainlink to bring decentralized oracle solutions to the staking platform. Smart Chain Arena and Cryptonomic are part of the wider Tezos development community aiming to increase Tezos blockchain adoption. The partnership will allow SCA and Cryptonomic to receive live aggregated data feeds from multiple sources enabling the development of better platforms.

“Oracles are like a big onion … [T]he more you dig into them the more layers of problems you discover.” – Chainlink CEO on partnership with Tezos. “The depth of the problem initially isn’t obvious.”

Smart Chain Arena launched the SmartPy language which will provide the bridge –through smart contracts –to deploy Chainlink’s decentralized oracles. Cryptonomic stack will support deployment, indexing and querying.

Several blockchain platforms have turned to Chainlink to offer reliable data as the various external data sources are a barrier to development. Speaking on the integration of Chainlink’s oracles, Cryptonomic co-founder Vishakh said,

“We recommend Tezos developers use Chainlink when building smart contracts as Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more.”

The partnership project will be fully funded by the Tezos Foundation through a grant in order to allow the quick completion of the project. The Foundation has been an important pillar in Tezos development offering universities and crypto developers several grants to improve the Tezos ecosystem.

Sergey believes Tezos will use the decentralized oracles in decentralized finance and insurance as its DeFi space grows. He further said,

“And having a good oracle mechanism is basically now a prerequisite for having a well-functioning DeFi application. And I think people are starting to realize that building oracle mechanisms is akin to building a blockchain.”

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Author: Lujan Odera

Stansberry Innovations Report: Bitcoin and Blockchain Investment Research

Stansberry Innovations Report by Stansberry Research is a financial newsletter by Porter Stansberry himself that is priced at only $49 per year, when originally the cost was $200.

In short, one of the leading pioneers in the financial investment research newsletter industry, the Stansberry Innovations Report features two new special reports; Bitcoin and Blockchain Quick-Start Guide and Block-Wave Investor’s Guide.

A new online marketing campaign for the newsletter mentions a “once in a generation wealth shift” set to occur in America in the near future.

stansberry innovations report research

“2 Nobel Prize economists predicted this once-in-a-generation wealth shift…will you be left behind?”, begins the new marketing campaign.

stansberry-research-digerati-bankruptcy-america-wealth-shift

The video and text presentation describes how a “new trend” is creating millionaires across the country, although some people will be left behind. By buying bitcoin, you can avoid being left behind.

That new marketing campaign is offering Stansberry Innovations Report at $49 for your first year, down from the usual $200 per year.

What is this “new trend”? What is Stansberry Innovations Report? Is Stansberry Innovations Report the right choice for you? Let’s take a closer look today at everything you need to know about Stansberry Innovations Report and its new online marketing campaign.

porter-stansberry-bitcoin-blockchain-video

What is the “New Trend” Creating Millionaires Across America?

Stansberry Innovations Report begins its new presentation with a discussion on socialism and slavery reparations:

“Pardon me for saying something “politically incorrect,” but I don’t think anyone alive today was ever a slave or a slaveholder. And, if you think we owe the descendants of slaves lots of money, imagine the bill Native Americans will soon present!”

How are slavery reparations connected to socialism? It’s not totally clear, although the presentation claims some left-wing politicians in America are advocating for slavery reparations.

Slavery reparations and socialism, according to the official website, will extinguish “the light” inside all Americans:

“In regular places all over America, the “lights” are going out… No, I don’t mean the street lights or any other kind of electrical gizmo. I’m talking about a vastly more important kind of light… the kind that comes from within. I’m talking about how, all over the country, Americans are losing hope in our most basic social agreement… This kind of light is developed from living with a purpose, learning how hard work leads to success…”

As you can tell, the new Stansberry Innovations Report sales page is marketed to a specific demographic: older, conservative people – but the message is universal and the steps are to directly buy bitcoin and read their Block-Wave Investor’s Guide. Stansberry Innovations Report is one of the first big pushes in recent times about bitcoin and blockchain investing as the 2020 decade starts off strong for the number one cryptocurrency in the world.

While the presentation is lengthy, and does criticize the digital economy, claiming that thousands of people are losing jobs at brick and mortar stars while “Uber, Google, or trucking companies are able to reap billions of extra profit” by “sucking every penny out of America’s heartland and pouring it into still more expensive housing in places like Seattle and San Francisco”, – there is quick a top-down viewpoint being constructed by Porter.

For those that do not watch the whole ‘Will You Be Left Behind?’ video, after an hour-long presentation, you finally get to the focal point of Stansberry Innovations Report’s new special investment report: in essence, Stansberry Innovations Report wants you to buy bitcoin.

“In the near future, Bitcoin will not be worth the $7,000 to $10,000 range it’s trading in today… it will be worth at least 10 times that amount.”

As proof, the presentation cites Moore’s Law, the historical value of gold, and other factors. The presentation also describes the usefulness of blockchain technology, including why “big corporations are terrified” of bitcoin and blockchain.

stansberry-bitcoin-secret

The presentation also recommends subscribing to the Stansberry Innovations Report to learn more investment tips.

Watch the Stansberry Innovations Report Presentation Here

What is the Stansberry Innovations Report?

The Stansberry Innovations Report is an email newsletter that offers alternative financial advice, crypto investment news, and more. The newsletter is named after Porter Stansberry, the founder of Stansberry Research.

Stansberry Innovations Report is led by editor John Engel and a team of technology experts. The newsletter identifies pioneering and disruptive technologies, then tells you how to invest in those technologies.

Priced at $200 and now only $49 per year, you receive one issue per month (on the third Friday of every month). The newsletter is catered to beginner investors, and it’s recommended that you start with around $1,000 in your portfolio, aiming to hold the funds for 3 to 5 years.

Who is John Engel?

John Engel is the editor of the Stansberry Innovations Report.

Prior to becoming editor, Engel worked as Stansberry Research’s in-house biotechnology analyst. He also contributed regularly to Stansberry Venture Technology and Stansberry’s Investment Advisory.

Engel has a Master of Science from Johns Hopkins University. He also has hands-on experience in the biotechnology industry and “personally developed several early stage drug therapeutic candidates”, according to the official Stansberry Research website. Engel spent several years as bench scientist in a drug discovery lab at one of America’s largest pharmaceutical companies.

Today, Engel uses his experience in pharmaceuticals and biotech to identify innovative technology companies, including opportunities “with moderate risk but outsized upside potential”.

Stansberry Innovations Report Bonus eBooks

If you sign up for the Stansberry Innovations Report today, you’ll receive several bonus eBooks and other products, mostly related to bitcoin and cryptocurrencies.

Bonus #1: Stansberry Research Bitcoin and Blockchain Quick Start Guide: This guide explains the basics of bitcoin, including how digital currencies work, how bitcoin works, and “how the wealthy and regular folks are buying bitcoin” today.

stansberry-research-bitcoin-report

Bonus #2: The Block-Wave Investor’s Guide: This eBook teaches you everything you need to know about investing in blockchain innovations, including the #1 publicly traded company that owns a big group of blockchain companies, a company that keeps a significant portion of its cash in bitcoin, and other small and large companies dominating the blockchain space.

stansberry-research-blockchain-guide

Bonus #3: Our Next 1,000% Winner: This eBook from altcoin expert Eric Wade describes a new asset that “could trade at levels 30-times higher than today’s current price”. Eric’s model portfolio has purportedly seen gains of 501% to 530% over the last 12 months. Stansberry Research cautions that this investment advice is “risky” and “speculative”, although it could also generate huge returns in the next year.

stansberry-research-blockchain-stock-winner

10 Other Special Reports: By subscribing today, you’ll gain access to ten bonus reports, including The Tax-Free Way to Make 500% Gains in American Today, The 3 Assets You (Legally) Do Not Have to Report to the Government, and The Great Disruptor – How to Make 10-Times Your Money on the Medical Breakthrough of Our Lifetime.

Stansberry Innovations Report Pricing

Stansberry Innovations Report is priced at $200 per year.

As part of the recent online promotion, however, the newsletter is priced at $49 for your first year. You pay $49 today. Then, one year from now, your credit card will be automatically charged $200.

You can cancel your subscription at any time by phone at 1-888-261-2693, or online here: https://stansberryresearch.com/stansberry-research-charge

At checkout, you can also select a free 90 day trial of Commodity Supercycles, an investment newsletter focused on precious metals like gold and silver.

About Stansberry Research

Stansberry Research is a financial analysis firm that provides actionable investment advice from across multiple industries. As of May 2020, the company has 500,000 subscribers worldwide, 70,000 lifetime subscribers, and 175+ years of combined analyst experience.

Stansberry Research was founded by Porter Stansberry in 1999. The company offers several paid email newsletter subscriptions. Newsletters focus on alternative investments, precious metals, technology stocks, and other fields.

You can contact Stansberry Research via the following:

Final Word

Stansberry Innovations Report is an email newsletter from Baltimore-based Stansberry Research. The newsletter provides actionable investment recommendations from editor John Engel and his team of analysts.

Stansberry Research has launched a new marketing campaign for Stansberry Innovations Report discussing “a terrifying new trend” and “once-in-a-generation wealth shift”. In a video and landing page, Stansberry Innovations Report claims that socialism and slavery reparations will “create thousands of new millionaires”, and that many people will be left behind. By buying bitcoin today, you can enjoy 10x gains and avoid being left behind and be apart of the Digerati, the new class of digital millionaires and billionaires, or the “group of people who have been getting rich while most Americans are left far behind”.

Stansberry Research’s Stansberry Innovations Report focuses on the digerati, which Porter says is a huge network of Americans who have been developing new technology for decades, getting even richer as a result – and now have built their own currency (bitcoin). The story is unique, entertaining, and if entertain opposite ends of the spectrum when it comes to bitcoin and blockchain finance, it is worth watching the Stansberry Innovations Report.

As part of that marketing campaign, the Stansberry Innovations Report is available for $49 for your first year, down 75% from the usual $200. To learn more or to subscribe to the Stansberry Innovations Report today, visit StansberryResearch.com

Watch the Stansberry Innovations Report Presentation Here

disclosure: *links contained in this research report review may result in a referral reward, which helps manage the site’s activity and livelihood and has causes no change in the cost.

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Author: Andrew Tuts

BTC Leaves Stocks in the Dust as The Fed Dismisses Debt: “We Won’t Be Running Out of Money”

In the past two months, the Federal Reserve has taken aggressive and unprecedented steps to mitigate the lasting damage to the US economy from the coronavirus pandemic.

Now, the central bank left its benchmark interest rate unchanged in the 0% to 0.25% range, as it said, “We’re going to not be in any hurry to withdraw these measures or to lift off. We’re going to wait until we’re quite confident that the economy is well on the road to recovery,” said Fed Chairman Jerome Powell.

The Powell-led central bank is also committing to do whatever is necessary to get the economy back where it was before the pandemic.

Powell repeated it during the Q&A session as he said, “We think our policy stance is right where it should be, for now,” and yet, “it may well be the case that the economy will need more support, from all of us, if the recovery is to be a robust one.”

As the Fed will continue “as needed,” the open-ended program of purchasing Treasuries and mortgage-backed securities will go on as well.

fed total assets

The FOMC statement on Wednesday also pointed out the following:

“The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.”

As such, the lending facilities the Fed has implemented across money markets and small businesses, the central bank along with Congress “are deploying these lending powers to an unprecedented extent,” he said.

In an unprecedented use of the Fed’s emergency powers, the Board of governors also announced nine extraordinary lending programs to make funds available to banks, companies, cities, and states.

In reaction to this, stocks rose, Dow jumped 2.6% and S&P 500 3.1% before falling today ahead of unemployment claims.

Over the past month, stocks went up 30% while Bitcoin is recording over 40% returns. Since yesterday, bitcoin is enjoying a rally which has the leading cryptocurrency surging past $9,000.

“YTD, it is outperforming equities by a sizable margin. So proving itself both as a solid risk-on asset (look at today) and as a hedge vs calamity. – we are also positive on the supply/demand impact from the upcoming halving,” said Tom Lee of Fundstart on Bitcoin’s dynamic performance this week.

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Author: AnTy

Silvergate Crypto Bank Client Base Grew 37% in Last Year; SEN Transfer Volume Is Up 324%

  • Silvergate Bank published its quarterly earnings report on Wednesday, revealing that it’s added 46 new cryptocurrency clients in the first quarter and, because of these clients, it also recorded a surge in its deposits and income fees.
  • Silvergate registered deposit levels from its digital clients primarily because of the uncertainty in the crypto market that followed the black Thursday crash.

Silvergate is among the few US-based banks that cater to crypto-traders among other crypto-related service providers. This situation provides them with a great source of revenue for the bank amid the growing interest of the public in the crypto space.

The bank went public on the New York Stock Exchange in November last year with $2.3 billion in total assets. The addition of 46 new crypto clients has taken the total number to 850. Out of these 850 crypto clients, 541 are institutional while remaining 249 are from different crypto backgrounds.

The bank seems to quite popular among the institutional given their high percentage among crypto clients, even the recent acquisition of 46 new clients, 32 of them were institutional investors. The bank also revealed that they have around 200 clients waiting to be approved as well.

Crypto Investors Biggest Depositors in the Bank

The quarterly report also revealed that deposits from the crypto clients make a significant portion of the total deposit. The first quarter saw an increase of 35% in deposit from these crypto clients taking the total amount of deposit to $1.7 billion out of the total $2 billion.

The figures are self-explanatory on the significance of crypto clients in the bank. While the deposit from these clients increases significantly, the other deposits took a massive dive of 45% in the first quarter.

Alan Lane, CEO of the bank revealed that the average balance of deposits was up by $100 million while it rose to $400 million for the period end deposits, mainly because institutional clients were putting more cash back into their accounts.

The bank also increased the cost of deposits from 0.84% in the last quarter of 2019 to 0.87% in the first quarter of 2020. The rise in deposit fee is significant if we compare it to the 0.08% charge in the first quarter of 2019.

The inflow of crypto clients and subsequent rise in deposit fees have made the bank an additional $300,000 from crypto clients alone. The bank’s net income rose by 22% to reach $4.4 million.

The Bank Doubles Number of Verified Transaction on its Silvergate Exchange Network (SEN)

The first quarter of 2020 saw bank’s Silvergate Exchange Network (SEN) handle a total of 31,405 transactions, more than double that of its last quarter of 14,400 and almost tripled from the number of transactions handled by SEN a year ago.

The trading volume also rose to $17.4 billion from last quarter’s $9.6 billion. The bank has since approved $12.5 million in bitcoin collateralized loan until now.

One of the key reasons behind its success with crypto clients is the ease of service, where it allows the customers to instantly move US Dollars between different exchanges and is also available during nights and weekends just like the crypto markets.

Looking at the success it has garnered from crypto clients, the bank is looking to launch several new features and products on SEN in the near future.

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Author: Silvia A

Gold’s Demand as a Safe Haven Rises in the West But Falls in the East Due to COVID-19: WGC

Trading near a seven-year high, gold is heading for its biggest monthly gain since 2016 as central banks ramp up the stimulus to keep up the economy after being damaged by the coronavirus pandemic.

Gold rallied in 2020 as investors sought safe haven amidst the unprecedented monetary stimulus sparked concern about currency debasement. The bullion is up over 13% YTD compared to Bitcoin’s 25% gains.

Stimulus-Boost-Gold
Source: Bloomberg

In 2020, the precious metal’s allure as a store of value boosted as evident from the fact that gold ETFs saw their highest quarterly inflows in four years amidst the global uncertainty and financial market volatility, as per the latest report of the World Gold Council.

Total gold investment demand that includes bars, coins, and gold-backed exchange-traded funds (ETFs) all soared, increasing 80% YoY in the first quarter to a high of 3,185t fueled by the COVID-19 pandemic.

The global gold demand in value terms reached $55 billion, the highest since Q2 2013 and climbed to new record highs in Indian rupees and Turkish lira, among other fiat currencies, and to an eight-year high in US dollars.

Diversion between East and West

While the demand for gold rose in the west to the levels last seen after Donald Trump’s election and Brexit vote, the bar, jewelry, and coin consumption in India and China dropped to multi-year lows amidst the coronavirus-led lockdowns at higher prices.

“It was an interesting diversion between East and West,” said Louise Street, a market intelligence manager at the council.

In China, the first quarter saw gold consumption declining 48.2% y/y to 148.63t along with the country’s gold production which was down 10.9% y/y. Secretary-General Zhang Yongtao who also noted the increased prices said,

“Since the outbreak, the country has adopted strict prevention and control measures (and) consumer demand has faced an impact.”

Though difficult to forecast demand due to the virus, gold’s safe haven appeal is “very much prominent,” Street said while gold ETFs in Europe and North America dominated purchases, funds in China and India also saw large increases in buying last quarter.

“Gold demand will continue to feel the effects of Covid-19 for the rest of 2020,” Street said.

“In particular, the divergence between investment in gold-backed ETFs and consumers via jewelry will likely continue until there is greater economic and market certainty.”

Central bank hoarding gold too

Meanwhile, central banks continued to amass gold, which grew by 145t in Q1 amidst heightened volatility and uncertainty, but down 8% from 1Q19. WGC is expecting the global gold reserves to slow sharply.

The most significant purchases were made by the consistent recent buyers, with Turkey by far the biggest buyer during quarter one, accounting for 50% of the Q1 global total. Other central banks viz. UAE, India, Kazakhstan, and Uzbekistan increased their official gold reserves by at least a tonne.

The largest gold buyer since the end of 2005, Russian central bank meanwhile, announced with no explanation that it would suspend its gold buying from April 1st, but it hasn’t been completely ruled out. Recently, it drew down reserves to protect its currency in the face of lower oil prices and economic impact of the coronavirus outbreak, pushing their gold’s share of total reserves at 21%.

Total gold supply also fell 4% in Q1 due to coronavirus lockdowns that hit mine production and gold recycling.

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Author: AnTy

OKEx Mining Pool Becomes Proof-of-Stake (PoS) Validator For Ethereum 2.0 Topaz Testnet

  • OKEx becomes the latest exchange to join Ethereum 2.0 testnet validators’ pool.
  • The Topaz testnet phase 0 is set to be released in 2020 in readiness for the mainnet launch.

One of Ethereum’s largest mining pools – OKEx Pool – announced they are joining the Ethereum 2.0 Topaz testnet as a validator.

The exchange-based mining pool becomes one of the first pools to launch a Topaz testnet showing its support for ETH moving from a proof of work (PoW) to a proof of stake (PoS) system.

The move is set to mutually benefit existing pools and ETH 2.0 developments, with users expected to be the biggest gainers. The exchange is expected to boost the traffic on the testnet and create a convenient and direct way for a large number of ETH 2.0 Topaz users and dev teams.

“For mining pools, betting on the ETH network will allow them to grow together and share future dividends”. – OKEx Pool benefits on launching support for the ETH 2.0 Topaz testnet.

Alysa Xu, Chief Strategy Officer at OKEx, showed appreciation as OKEx becomes one of the first ETH mining pools to offer support for the Topaz ETH 2.0 testnet network. The exchange pool will work with ETH 2.0 developers to help tap into the potentials the Proof-of-Stake (PoS) system offers. In the release, Xu said:

“We appreciate what ETH dedicated to the industry and have great confidence in the potentials of ETH 2.0. We are willing to contribute to the ETH ecosystem.”

The exchange pool has partnered with Prysmatic Labs, to boost development on the Topaz testnet, which is a new iteration of Prysmatic Labs’ testing environment.

“We have already established the collaboration with Prysmatic Lab and more specific cooperation will be carried out by us to promote the development of ETH in the near future.”

As ETH rallies past new resistance levels, the anticipation for the launch of ETH 2.0 grows stronger as potential stakers rush to buy the token.

The Topaz testnet replaces the Sapphire testnet hence changing the number of tokens needed to successfully become a node in staking from 3.2 ETH to 32 ETH. Currently, Ethereum trades at $213 after a 5% boost in the past 24 hours.

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Author: Lujan Odera

TPBank Leverages RippleNet to Boost Vietnamese International Remittances

  • With the large number of immigrant laborers from Vietnam working in Japan, TPBank partnered with RippleNet to offer a fast yet cheaper alternative to facilitate the cross border remittances.
  • They have since collaborated with SBI Remit to offer an efficient Blockchain solution that has reported billions of Yens in transactions between the two countries.

Japan has recently seen an influx in the number of foreign workers living there as the country grapples with a chronic labor shortage. Lax immigration rules, all thanks to the recent deregulation of strict immigration law in 2019, have made it easier for foreign job seekers to easily move and get jobs in Japan.

The Tien Phong Commercial Joint Stock Bank (TPBank) based in Vietnam spotted an opportunity it could seize. Their strategic partnership with Ripple in 2019 enabled them to facilitate a Blockchain solution for international remittances between Japan and their local clients.

Global Partners in RippleNet

The unique partnership with RippleNet has granted TPBank access as RippleNet currently boasts of over 300 financial partners in their fold globally.

Notably, shortly after joining RippleNet, TPBank and SBI Remit collaborated to unveil the first money transfer platform specifically tailored to suit the needs of immigrant workers from Vietnam working in Japan in 2019. They zeroed in on those who especially made regular remittances to their kin in Vietnam.

Their clients would no longer have to wait for hours as experienced with institutional legacy systems before their transactions had fully gone through. Instead, they would enjoy unrivalled convenience taking only a few minutes for the cross border transactions to mature.

TPBank CEO, Nguyen Hung has admitted that joining RippleNet has helped them streamline their cross border transaction making them much faster while still upholding transparency.

TPBank has reported processing billions of Japanese Yen in monthly transactions between the two countries all thanks to RippleNet’s Blockchain Solutions. Their remittance services are real-time, faster and yet cheaper.

They have now expressed their intention to extend the support to Small and Medium-Sized Enterprises (SMEs), who according to CEO Mr. Hung needs to leverage Blockchain to reduce their overall operational overheads which could instead go into Business Development.

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Author: Lujan Odera