Kiffmeister’s FinTech Daily Digest (06/23/2020)

Honeywell’s new quantum computer edges closer to threatening Bitcoin
Honeywell says that its newly-launched quantum computer is the most powerful in the world. The machine has achieved a quantum volume score of 64—twice as powerful as rivals from IBM and Google. Quantum computers could theoretically be used to attack Bitcoin, although the crypto industry is preparing defenses. A quantum computer would need to have around 2,500 qubits of processing power in order to break the 256-bit encryption used by Bitcoin. If that were to happen, it would theoretically be possible for the owner of the quantum computer to take control of the Bitcoin blockchain.

ING Develops FATF-Friendly Protocol for Tracking Crypto Transfers
The Netherland’s ING Bank has developed a protocol to assist with the Financial Action Task Force’s Travel Rule requirement for crypto exchanges and firms dealing in digital assets. It has also been backed by Standard Chartered Bank, Fidelity Digital Assets and BitGo, and other crypto firms. It was also partly backed by the InterVASP working group which released the IVMS-101 standard, a way VASPs can agree on the format of the message payloads their solutions will transfer.

KPMG launches suite of crypto tools for institutions
KPMG launched Chain Fusion—a suite of analytic tools that help financial institutions manage crypto assets. The service combines data from blockchains and regular financial systems for business, risk and compliance objectives. It will help companies prove that they own cryptocurrency, operate multi-signature wallets, and monitor transactions.

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