HSBC Becomes The First Bank To Complete Transaction On We.trade Blockchain Platform

HSBC, a multinational bank, has recently become the first bank to complete a blockchain transaction on the European We.trade platform. The project, which was started back in 2017, has only recently started its second round of pilot tests.

According to the reports, the bank made a transaction for its client Beeswift with Rabobank, a Dutch bank. We.trade is based in Dublin and it uses the Hyperledger Fabric technology as a basis for its technology.

With the aid of blockchain technology, the bank is able to make transactions in Europe while tracking them. The goal of the platform is to facilitate international trade between European companies using the blockchain. The platform is also set to offer trusted access to counterparties during online transactions and the equivalent of letters of credit.

This is far from the only blockchain platform in which HSBC is involved at the moment. For instance, the bank has already used Voltron, a blockchain project that is backed by R3’s Corda technology and was based in the United Kingdom.

By using Voltron, HSBC affirmed that the time of the transactions was reduced in at least 40%, a considerable improvement. Representants from the bank believe that the blockchain technology can be responsible for cutting several costs of the transactions and taking them to a whole new level.

We.trade is backed by several banking institutions which are present in the European continent. These companies are the Deutsche Bank, Société Générale, Banco Santander, Rabobank, CaixaBank, Nordes, Natixis and, obviously, HSBC. The other banks are set to use the platform as well in the coming months.

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Author: Hank Klinger

Largest Bank of Africa, Standard Bank, Becomes Newest Member of The Marco Polo Network

Standard Bank, known as the largest banking institution in the African continent, has recently decided to join forces with the Marco Polo Network, a blockchain-based financial company. Now, the bank will start to create financial solutions together with the blockchain company.

According to the press release, several other important institutions are also partners of Marco Polo such as the Dutch ING bank and the French BNP. Standard Bank was the first African bank ever to be a part of the group.

At the moment, the Marco Polo Network has companies from all over the world. Besides the companies cited to so far, there are the Danske Bank, Commerzbank, Bradesco, Anglo-Gulf Trade Bank, NatWest, Helaba, Alfa Bank, S-Servicepartner, RBI and Bayern LB. R3’s Corda blockchain is the underlying technology used by them.

The main goal of the network is the development of blockchain solutions that can be used in the banking sector. The group offers broker dealer solutions, multi-currency transactions and other financial services.

This does not mean that the Marco Polo Network has not suffered any with any issues. R3, especially, had several disagreements about how the group was using its technology. This caused a big delay in the project, according to sources. Some of the companies involved in the initiative are already doing transactions on the Marco Polo trading platform, however.

It looks like this partnership might affect the Standard Bank very positively and Africa may reap some of the benefits as well.

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Author: Gabriel Machado

Swiss Private Bank Affirms It Has 400 Clients Are Inquiring About Crypto Offerings

Maerki Baumann, a Swiss private bank, has recently affirmed that 400 new clients are currently interested in crypto and blockchain offerings. According to the bank, which is based in Zurich and has around $8.2 billion USD under its management, the blockchain is the way to “rejuvenate” the business.

The CEO of the company, Stephen Zwahlen, affirmed that the bank is used to looking for clients, so they were surprised when around 400 clients knocked on their doors wanting to invest in crypto.

Most of them were between 30 and 40 years and struggled to access the financial world. Now, they wanted a shot at it and believed that Bitcoin could be their investment.

According to Zwahlen, the bank is now looking to become the go-to private bank when it comes to crypto investments. Most banks do not support the technology but he believes that the nascent industry can bring a lot of benefits for the institution and its clients.

Now that the company has been properly approved to offer crypto services, it is looking to establish the right partnerships that could help it to offer the best products for its clients.

The CEO affirms that the third part of the plan will be to advise the clients and manage their resources in the blockchain market. According to him, big demand is expected, as crypto assets will be significantly more important in the future and are maybe even surpassing the more traditional ones.

However, the company will not be dealing directly with Bitcoin. Instead, it will outsource crypto trading, clearing, and settlement and only manage it via third-parties.

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Author: Gabriel Machado

Australia’s Largest Bank ‘CommBank’ To Use Blockchain-Based BioTokens To Help Environment

The Commonwealth Bank of Australia, known as the largest banking institution in the country, has been using the blockchain technology to tackle the issues of investing in sustainable development.

Today, the bank has announced that it is working on something that will be called “BioTokens”. These new crypto tokens, which are being developed in a partnership with BioDiversity Solutions Australia, a company focused on tech and sustainability, will be used as biodiversity credits.

Biodiversity credits were initially created by a government project back in 2017. The idea was to help companies that were engaged in sustainable development. When companies develop systems that help to protect the environment, they will receive rewards as BioTokens.

According to Rod Barnaby, from BioDiversity Solutions, the new tokens will be a part of a digital marketplace platform. This way, the tokens can be an alternative source of income for the companies, which will reward them for their efforts in being eco-friendly.

The head of experimentation at the Commonwealth Bank, Sophie Gilder, affirmed that the platform will work as a way to turn the project into something easily accessible and transparent. According to her, the BioTokens will be very complex assets, but they will provide a very streamlined experience for the users.

At the moment, the two institutions are seeking new partners for this project. With the help of these future partners, they hope to finally make the commercial launch of the platform and to create more use cases for it as well.

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Author: Gabriel Machado

Philippines Central Bank Approves Two New Cryptocurrency Exchanges; Atomtrans and Telcoin

The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.

Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.

With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.

Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.

Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.

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Author: Gabriel Machado

New ING Online Survey Reveals Austrians Are The Most Skeptical of Bitcoin and Crypto Assets

A new online pool made by the ING Bank has recently revealed that Austrians are the people who are most skeptical about cryptos, including Bitcoin. According to the new poll, which interviewed people from 15 countries, BTC positivity is actually going down recently, despite the prices going up.

According to the findings, only 13% of the people in the country have a positive view of Bitcoin. Since the survey was done last year, the numbers went down from 17%. The number of people believing in the future of cryptos also went down from 20% to 17% this year. Also, 5% of the population believes that salaries paid in Bitcoin are a good idea, a very small number.

What was the reason for this? Austrians actually know BTC and the crypto world very well and they have high awareness numbers. However, most of them are very conservative investors. Bitcoin is considered very risky, so most people are not properly motivated to invest in such a volatile asset.

The research was conducted with 13 European countries, Australia and the United States. Only Romania, Poland and Turkey actually have more positive numbers right now. Most countries have a more negative view of the crypto world, possibly as a result of last year’s bear market.

Turkey, which is facing U. S. sanctions, has the most positive view of cryptos. 62% of the people who answered the poll would crypto positive. Poland and Romania saw numbers in the 43 to 44% margin.

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Author: Bitcoin Exchange Guide News Team

New Zealand’s ABS Bank To Invest In Local TradeWindow Blockchain Platform

The ABS Bank, a banking institution from New Zealand that is owned by the Commonwealth Bank of Australia, has recently invested in a local company called TradeWindow. The company uses the blockchain technology and it is focused on creating solutions for supply chains.

TradeWindow’s CEO AJ Smith affirmed that this was one of the first times in which a bank has made a direct investment in this kind of company in the country. This, the CEO believes, will allow the company to get even more clients and offer better services.

A manager at ASB called Nigel Annett also commented on the situation, affirming that the blockchain company has potential and that it can transform how international trade happens. Annett said that TradeWindow will allow the bank to operate in a much more efficient way than it did before.

TradeWindows’s technology was created in order to enable companies to create a single trading window for transactions that can be accessed by everyone that is a part of it. This connects companies and decreases the risk of fraud exponentially.

Also, all major documentation that may be needed on the platform can be uploaded to this window and digitally exchanged. This can eliminate costs and save a lot of time, bring more efficiency to the clients of the company, especially if they constantly make international trades.

Recently, New Zealand is becoming more friendly to Bitcoin and the blockchain technology. Not only the country is set to change how crypto taxes work, but many companies are finally being able to finally get mainstream support.

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Author: Bitcoin Exchange Guide News Team

Commerzbank Creates Blockchain Payment Program For Machine-Based Self-Driving Trucks

Commerzbank Creates Blockchain Payment Program For Machine-Based Self-Driving Trucks

The German bank Commerzbank has recently developed a new blockchain-based technology that will be used in order to make automated payments between self-driving trucks. The system, which aims to take humans completely out of the equation, will be used to allow automated trucks to pay for their charging power without needing any human interaction.

According to the bank, this is a pilot project that was created together with Daimler Trucks to enhance the industry. Fully automated systems for payments would make these trucks even more independent and, therefore, efficient.

However, the bank did not detail very much of what will actually happen. For instance, there are no details on how the blockchain will be used and whether fiat currency or cryptos will be used. It does affirm that machines are becoming more autonomous, though, so the need to give them even more autonomy has been growing recently.

At the moment, current systems are not able to map the whole payment process, but the company is focusing on doing it soon.

Stephan Muller, a board member from the bank, affirmed that the recent digitization of the world and the use of the blockchain has inspired the bank into using the technology to offer more efficient payment systems and this is just the beginning.

According to Commerzbank, the pilot was very successful and the company hopes to be able to fully automate the payment process in the future using the current technology as a start.

In related news, Daimer has recently partnered with Riddle & Code, a blockchain company. The goal of the partnership is to provide an open car hardware wallet solution to its clients.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Swissquote Bank Sees Noticeable Reduction in Net Profits Due to Exit of Crypto Trading Business

Swissquote-Bank-Sees-Declining-Net-Profits-In-Crypto-Trading-Business

An online bank based in Switzerland called Swissquote Bank has recently reported that its net profits went down 14.3% this year. The main reason for the decline, according to the executives, is that the year saw a significant drop in crypto trading. Other factors were also cited, but this one was one of the most relevant ones for the losses.

When comparing June 2019 to June 2018, the company affirmed that it was able to have a net profit of $22.55 million in the current years while it profited $26.34 million in the previous one.

It was also reported that crypto trading went down 17.9% during this timeframe, which affected commission income and net fees as well.

When looking at the data, it is important to remember that the crypto market was having a bear market last year. Even with volumes decreasing significantly, the company was still able to perform better in 2018, which can be seen as a very worrisome statistic. This year, the crypto market is doing considerably fine when compared to 2018, although not as well as it did in 2017.

Swissquote started its crypto services back in 2017. It offers its clients the chance to deal with five different tokens: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTX) and Ripple’s XRP.

The company has also recently announced a custody service for cryptocurrencies this year, which will be a partnership with another Swiss company called Crypto Storage AG.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

London-based Standard Chartered Will Start Using The Blockchain For Supply Chain Finance

London-based-Standard-Chartered-Will-Start-Using-The-Blockchain-For-Supply-Chain-Finance

Standard Chartered, a bank based in the U. K., has just made its first transaction using a new blockchain-based supply chain application. According to the bank, they did it with Linklogis, a supply chain company based in China.

The two companies signed the partnership back in February 2019. At the time, they agreed on collaborating in order to expand the visibility of the bank’s supply chain. The Linklogis’ platform called WeQChain was used for the new transaction. This platform is based on the technology from Tencent, the Chinese tech giant.

According to the official press release, the main idea is to boost the transparency of the bank at the same time that the processes are being optimized. Another goal is to optimize the way that people can access credit on Digital Guangdong.

In case you don’t know, Digital Guangdong is a joint company made by four giant ones: China Telecom, China Unicom, China Mobile, and Tencent. Since its creation, the project has been responsible for creating over 700 digital applications.

Xie Wen, who works like the Chinese head of commercial banking for Standard Chartered’s local division, believes that the partnership will be very important in order to help the company to remain competitive in a scenario in which several participants are starting to upgrade their technology.

Standard Chartered is an important bank that is headquartered in the U. K. but has a strong presence in several continents such as Asia and Africa.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado