For all its talk about imminently disrupting cross-border payments, Ripple Labs, the cryptocurrency-startup that likes to make-out it’s in with the mainstream banking boys, has had very little to show for its efforts in terms of real-world applications or relationships.
“Bitfinex is pleased to announce that on Friday, February 28, 2020, it repaid $100,000,000 of the outstanding loan facility to Tether. Bitfinex made this payment in fiat wired to Tether’s bank account. This payment is all on account of principal. Interest on all amounts due under the facility agreement has been prepaid up to March 2020.”
South Korea’s central bank is testing a platform for bond transactions based on distributed ledger technology, a local media source reports. The Bank of Korea (BoK) is investigating whether a blockchain-powered system could speed up transactions in the Korean bond markets.
A subscription-only digital bank promising to use AI to help customers maximise their money, has launched in Belgium. Called Aion, the new venture is the latest iteration of Banca Monte Paschi Belgio, which private equity giant Warburg Pincus bought from Italy’s Banca Monte dei Paschi last year.
Avanti, a new crypto-asset bank to be based in US frontier state Wyoming, will take advantage of the state’s potentially revolutionary new legal framework for the custody of clients’ crypto assets. In contrast to hundreds of years of established practice in the global markets for banking and securities custody, Wyoming’s laws emphasise that clients’ assets cannot be reused without their consent.
A preponderance of crypto debit card options now exist that allow cryptocurrency to be exchanged for spendable fiat currency at the touch of a button. Let’s take a look at a baker’s dozen of them.
Unchain provided KLM Royal Dutch Airlines with a strategic finance application based on blockchain technology developed by major global enterprise software firm R3. The solution intends to simplify KLM’s accounting process and settlements by implementing R3’s Corda.
Posted from Diigo
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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