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“FedNow will promote financial system resiliency. As we discovered in 2008, big banks can fail. The Fed cannot. Unlike Facebook’s proposal, which would have used a distributed ledger to move funds, risk in the TCH network is heavily centralized. Any failure to fund the joint account or compromise of the ledger could impact the entire system. Instead of criticizing the Fed, the big banks should be applauding FedNow as parallel system that could serve as a backup to their own.”
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Mastercard has joined Marco Polo. Founded by startups R3 and TradeIX, the blockchain-based network promises real-time connectivity, greater visibility for trading relationships and lower barriers to accessing capital.
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The issuance of the Marshallese sovereign (SOV) was announced in an essay by The Honorable David Paul — Minister In-Assistance to the President and Environment of the Marshall Islands — published by Coindesk on Sept. 4.
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We reached out to experts in the crypto and blockchain industries, central bank officials and researchers to answer whether or not we need a blockchain-based national digital currency if decentralized cryptocurrencies already exist.
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Oxfam International, a U.K.-based non-profit with a global reach, just spent a month testing MakerDAO’s stablecoin DAI as a vehicle for helping disaster victims.