Avalanche Blockchain Taps into the $10 Billion Market With An Initial Litigation Offering Token

In collaboration with Republic Advisory services and U.S-based law firm Roche Cyrulnik Freedman LLP, Ava Labs has announced the debut of Initial Litigation offering (ILO) using the Avalanche blockchain. This initiative will tap into the $10 billion litigation financing asset class to open up the market to more retail investors. Notably, the token is the first of its kind to be hosted within a blockchain ecosystem.

The initial ILO to be hosted on Avalanche blockchain will be a litigation financing towards an ongoing matter where the plaintiff Apothio LLC is accusing Kern County, California of unlawfully destroying 500 acres of Hemp; an estimated $1 billion according to market value. Apothio LLC, which specializes in the industrial research, development, and commercialization of cannabidiol oil (CBD), is expected to raise its ILO in Q1 2021.

Decentralized Litigation Funding

Litigation funding, which is also dubbed ‘legal financing,’ is an avenue for plaintiffs to raise resources to sustain their court matters to the end. Before the ILO token launch on Avalanche, this process was generally centralized and mainly attracted institutional players such as LexShares, a leading litigation fund.

Well, the field has now been leveled by Avalanche’s ILO; each token will represent a legal claim to a portion of the potential financial recovery. However, the funders will have to bear the full risk of capital erasure if claims that they choose to back are unsuccessful. Ava Labs’ Kevin Sekniqi commented on the value proposition of decentralizing litigation funding,

“ILOs are a breakthrough for both individuals lacking the resources to seek remediation, and for retail investors who are often locked out of the most highly-performant asset classes.”

“They are fundamentally unique from any other investments, and the creation of the ILO marks the first time blockchain technology will be used to democratize financial products at a multi-billion-dollar scale.”

Read Original/a>
Author: Edwin Munyui

Yearn Finance to Join Forces with Akropolis; Fourth Merger In a Week

Yearn Finance continues its landmark week with yet another collaboration, as the project appears to be leveraging its name and capabilities to improve its reach.

This time, the decentralized finance (DeFi) protocol is partnering with Akropolis, a fellow DeFi project.

Mutual Benefit Going Forward

According to a press release published earlier today, lending and savings protocol, Akropolis confirmed that it had partnered with yield farming project Yearn Finance. The announcement explained that both projects would merge to leverage each other’s strengths, thus enabling each other to “do what they do best.”

Diving deeper, the announcement explained that Akropolis’ developers would use Yearn Finance’s infrastructure to enhance their operational strategies. They will benefit from the expanded Yearn Finance ecosystem, which now includes lending protocol Cream.

Yearn Finance also announced a partnership with Cream last Thursday. At the time, protocol founder Andre Cronje explained that both projects would collaborate to launch Cream v2, an upgrade to the latter’s protocol. They will also merge their development resources and strengthen the integrations between each other.

As for Yearn, the protocol will benefit from Akropolis’ institutional contacts and business development acumen. Akropolis has also committed to deprecate Spart and AkropolisOS, two of its products that aren’t related to yield farming. Both products will be moved to an open-source development mode, focusing on a front end that will allow professional traders to access the new ecosystem from both companies.

Better Insurance Cover

The merger also includes a commitment to help Akropolis recover funds lost in a recent security breach. Earlier this month, the protocol confirmed a hack that was executed across several smart contracts in its savings pools. Akropolis explained that the hackers had targeted areas which it already audited twice. Nevertheless, the Curve sUSD and Curve Y savings pools were affected.

Blockchain records on the Ethereum chain show hackers managed to steal over 2,030,000 DAI tokens by exploiting smart contract vulnerabilities. They moved the funds to a different address shortly after.

Akropolis confirmed that the majority of its assets locked were safe in an official statement. However, it has paused all stablecoin pools, adding that it looked into ways to reimburse affected users.

Looking to leverage Yearn Finance, the protocol explained that it would introduce an IOU token to track the stolen funds. Akropolis will also redirect profits into its token fund to reimburse all affected users, adding that it would streamline insurance protocol integrations to ensure that more users get coverage going forward.

Read Original/a>
Author: Jimmy Aki

Liquidity Coming to Serum: Veteran Market Maker & Liquidity Provider, Jump Trading, Joins the DEX

Amidst the market-wide deep correction on Thursday, the decentralized derivatives platform (DEX) Serum, a collaboration between FTX and Solana blockchain, announced a “huge addition” in the form of Jump Trading.

One of the world’s leading liquidity providers in the financial ecosystem, who is also a market maker for Robinhood and in the crypto world for BitMEX and Bitfinex, Jump Trading has entered into a partnership with and made an undisclosed investment into Serum.

“Liquidity is coming: enough to scale,” tweeted FTX co-founder and CEO, Sam Bankman-fried.

A major step towards the maturation of the DeFi space, Jump Trading, will be providing market making and liquidity services to assets on the Serum platform that was launched just last week.

This past weekend, Serum went live and currently has markets for BTC, ETH, SOL, SRM, FTT, SUSHI, SXP, MSRM, YFI, and LINK with trading pairs against USDT and USDC each.

Founded in 1999, Jump Trading is known for maintaining a low public profile and is active in futures, options, cryptos, and equity markets worldwide and is a member of the Principal Traders Group.

Jump Capital, the sister company, is an active investor in the crypto market and has backed firms like BitGo, Digital Assets Data, Curve, and Bitso, among others.

Read Original/a>
Author: AnTy

Bison Trails, Coinbase Custody Colab to Add Solana (SOL) Staking as Institutional Demand Grows

Bison Trails and Coinbase Custody are further scaling their collaboration by introducing staking on Solana (SOL) blockchain. According to a press release shared with Bitcoin Exchange Guide, this initiative will enable Coinbase clients to leverage enterprise-grade validators within the Bison Trails ecosystem.

The two entities have been working together and have recently introduced staking on Polkadot as well. This latest milestone, therefore, comes as a significant boost in the ongoing partnership between Coinbase Custody and Bison Trails. Interestingly, both firms are based in New York, with former being regulated by NYDFS while the latter operates as an Infrastructure-as-a-Service Company.

Following this development, Coinbase Custody will feature among the pioneer digital asset cold storage providers to offer to stake on Solana. Combined with the Bison Trails infrastructure, Coinbase Custody is set to give its users an option to stake Solana tokens while their digital assets are stored offline and safe. The press release reads,

“Customers of both Coinbase Custody and Bison Trails will be able to select their Bison Trails validator via the Coinbase interface. This will make it simple to participate in securing Solana and Polkadot in just a few clicks.”

While the press release does not specify a speculated reward range, it highlights that staking SOL tokens at the moment increases the time-frame of becoming active before inflation adjustments are triggered for users to start earning rewards.

Bison Trails CEO, Joe Lallouz, has touted this advancement, noting the underlying value proposition in user experience,

“It’s a seamless integration and a phenomenal user experience. We look forward to working with the Coinbase Custody team to continue to add support for more protocols in the near future.”

Read Original/a>
Author: Edwin Munyui

Elon Musk’s Tesla and CargoSmart Test Blockchain Tech To Speed Up Cargo Release Process

  • In collaboration with CargoSmart and China’s Shanghai Port Group, Tesla company is aiming at transforming the goods importation process in China using the new blockchain application.
  • The companies aim at making the whole clearing process both cost and time effective.

Formalities related to shipping transactions are quite chaotic. Document verification which is paramount on the other end over time has proved to be lengthy and messy. Many documents e.g the port documents and bill of lading need to go through multiple parties that consumes a lot of time. U.S. electric car manufacturer Tesla is working on a way that will make importation of goods into China easier. The pilot used blockchain to share all relevant shipping data and documentation among all concerned parties, including Tesla.

The China Shipping industry is evidently one of the sectors that has recently shown interest in blockchain-based innovations. Tesla along with Chinese ship operator COSCO are aiming at rolling out an app that will shorten the normal cargo release time. This will, in turn, allow global logistic companies to possess ownership of goods once they have been cleared.

Blockchain all but set to revolutionize the shipping industry

In a bid towards adopting a paperless, seamless and trusted process at the port of Shanghai, CargoSmart has partnered with electric car company Tesla, COSCO and the Shanghai International Port Group (SIPG) to lessen consignee and shipment agent authentication process. CargoSmart recently stated that the new application will accelerate the digitization of the shipping enterprise procedures and the further increment of the current international supply chains.

The blockchain-based application uses blockchain technology to exchange real-time shipment data between the terminal operator and the carrier. The shipping processes become faster since documentation is digitized which in turn reduces all the shipment verification steps .

Plans for future upgrades?

Since December 2019 when Tesla with the help of Cosco and the Shanghai International Port Group (SIPG) streamlined its processes, the application has been updated. As at now it can boast of more helpful features like “terminal release, display laden gate out and the appointment date.” This in turn ensures that those waiting for their shipments will have better visibility of their cargoes.

More tests are scheduled to be conducted at ports in Xiamen, Qingdao and Laem Chabang in Thailand. This is to widen the scope by involving more carriers and terminals on the platform. The company is planning to roll out a blockchain association for the members of the Global Shipping Business Network.

Read Original/a>
Author: Lujan Odera

DeFi Lender Nexo Is Now Offering Instant Credit Lines for Bitcoin Cash (BCH)

Nexo is one of the most successful crypto lenders on the market and has developed the BCH lending service in collaboration with Bitcoin.com. By making BCH-backed loans available on their platform, it enables BCH holders to take loans against their assets instead of having to sell when needing liquidity. This increases the utility of the asset and makes the BCH holding easier for the long term.

Nexo’s Interests Rates Added

The Nexo’s amazing interest rates starting at 5.9% APR plus the greatly tax-efficient service available in more than 40 fiat currencies and 200 jurisdictions have been added. This is what the Nexo’s managing partner, Antoni Trenchev, had to say about the Bitcoin.com partnership:

Providing exceptional crypto lending services worldwide is fundamental for Nexo, and an underlying part of realizing this goal is ensuring our platform supports a vast selection of cryptocurrencies. Bitcoin cash, being one of the most widely used crypto assets, significantly increases Nexo’s addressable market. Together with bitcoin cash, Nexo is thriving in its mission to grow the utility and adoption of cryptocurrencies, and bring quality banking services to all corners of the world.”

Bitcoin.com is a promoter of the BCH adoption when it comes to peer-to-peer electronic money, wanting the BCH ecosystem to develop. This is what Stefan Rust, its CEO, said about the partnership with Nexo:

“More and more companies are seeing the ever-rising activity on many fronts around BCH and wish to take part in the action. It is great to see Nexo joining the foray with such interesting and compelling new financial services.”

Read Original/a>
Author: Oana Ularu

South Korea’s KT Corporation Is Going After Blockchain Tech with China Mobile

  • The new collaboration will be focused on integrating blockchain technology and 5G roaming.
  • South Korea’s Kakao Corporation has boasted that its own blockchain – Klatyn – is far superior to Facebook’s Libra.

KT Corporation is the largest telecommunications provider in all of South Korea, and they’ve decided to team up with China Mobile. In their new project, the twosome will be focusing on 5G roaming and blockchain technology, according to reports by The Korea Herald on December 5th. The launch of 5G roaming capabilities for Chinese citizens is scheduled by KT for late December.

While the companies prepare for the 5G launch, they are also working to establish a time-saving and cost-cutting blockchain system, which will be used in determining roaming charges for mobile customers. The Korea Herald reports that this new setup – known as the B.Link system – is made to “self-analyze roaming data from the two carriers and can process roaming charges on a real-time basis.”

About six months ago, KT had revealed that they’d already created their own blockchain network. Much like the collaboration, the KT Network Blockchain focuses on roaming, user identification, and other use cases. Prior to the announcement of the network, KT launched their Blockchain-as-a-Service, which helps South Korea firms access the technology with ease.

Both South Korea and China have been supportive of blockchain technology, as Cointelegraph has reported. After all, China hosted a publicity campaign in November, making  fintech a part of formal state policy. In South Korea, the Kakao Corporation recently stated that the new Klaytn blockchain has a much more advanced format than the controversial Libra token from Facebook.

A study published last year, referenced by CoinTelegraph, projected that blockchain technology stands to bring in $1 billion in added value for the telecoms sector in the next three to four years.

Read Original/a>
Author: Krystle M

Ripple Partner MoneyGram Expands its Cross Border Service with Visa to Spain and the Philippines

  • MoneyGram is extending its debit card deposit service internationally in collaboration with Visa via Visa Direct
  • The service allows MoneyGram customers to send money in real-time
  • This adds 50% new users to MoneyGram and retention rates that are “outperforming expectations”

The global provider of money transfer services MoneyGram is now extending its debit card deposit service internationally to Spain and the Philippines, the company announced on Dec. 4. The company launched this service in collaboration with Visa through its real-time push payments platforms Visa Direct.

MoneyGram is the first company to allow cross-border transfers from the US using Visa Direct and will be offering the service in more areas of the world very soon.

“Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services,” said Alex Holmes, MoneyGram Chairman, and CEO.

Rapid Expansion to new Markets Worldwide

Visa Direct that enables payments to more than a billion cards worldwide allows its customers to send money in real-time. MoneyGram users can either go the actual website or use the App to send to eligible Visa-branded debit cards.

“The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram’s digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa.

This expansion was launched soon after the Visa Direct’s successful launch in the United States where about half of the customers were new to the platform. Also, early signs show they were able to retain their customers rates and are “outperforming expectations.”

Ripple & MoneyGram

MoneyGram is also opening new corridors for Ripple’s XRP using On-Demand Liquidity (ODL) before 2019 ends.

In June this year, Ripple became a key partner of MoneyGram for cross border settlements using the digital asset by making an initial investment of $30 million in the company. Most recently, Ripple made yet another $20 million investment in MoneyGram —purchasing the firm’s newly issued equity at $4.10 per share which was much higher than its market valuation — completing its $50 million investment commitment to MoneyGram.

Read Original/a>
Author: AnTy

Power Ledger Blockchain Energy Trading Platform To Try P2P Energy Trading In Australia

In collaboration with the Shire of Wongan-Ballidu in Western Australia, blockchain-based energy trading firm Power Ledger has launched a trial of its blockchain-based power management technology in rural areas.

The blockchain startup will run this project in collaboration with Innovations Central Midlands WA, BSC Solar, Sonnen and CleanTech Energy. Starting with a trial at commercial sites in the Shire of Wongan-Ballidu and Moora, the company plans to expand its reach to other regional shires in WA.

David Martin, managing director and co-founder of Power Ledger says:

“The current energy system relies on large-scale power stations pushing energy to some consumers located hundreds of kilometres away. This requires an even further energy push when trying to reach regional areas such as Wongan Hills or Moora.”

Power Ledger’s platform will facilitate P2P energy trading between participants that include shire offices, CRC/Visitor Centre, a swimming pool, medical center, sports center, local farmer, mulch company, bakery, and two agricultural machinery dealerships.

While solar power is an attractive proposition for small communities, a significant part of the energy potential goes wasted. The current model offers no compensation to commercial sites that feedback their excess energy to the grid.

Regarding this, Martin says:

“We now have the ability to generate power from our rooftops, from renewable sources — and the existing energy system needs to transition or face an increasing crisis of relevance. If successful, which we believe it will be, this could REVOLUTIONIZE the way rural energy systems operate.”

Power Ledger has active projects in Western Australia metropolitan areas and in several countries around the world including Austria, Thailand, Japan and the United States.

Read Original/a>
Author: Sritanshu Sinha