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Bank guarantees: Jumping from paper to blockchain

There is a genuine need to digitize the archaic process by which tenants, banks and landlords negotiate bank guarantees. When a retailer wants to lease a property to open a store, the landlord requires a bank guarantee that says, “You’re good for the rent.” To date, this process has been primarily paper dependent. Today, some […] The post Bank guarantees: Jumping from paper to blockchain appeared first on Blockchain Pulse: IBM Blockchain Blog.

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Barclay And UBS’ Digital Settlement Coin Project Is Delayed

Barclay and UBS’ digital settlement coin project got delayed until at least 2021 according to the latest announcement that we have in our latest crypto news. The Fnality International Project aims to revolutionize how the world’s biggest banks settle payments. A few banks are now a part of the Fnality International project that is working to create a digital version of five major fiat currencies including the Yen and the Dollar. However, Barclay and UBS’ digital project is now delayed until 2021 as it seeks regulatory approval. Image: Fnality Last year, Credit Suisse Group AG, Banco Santander, Barclays, and other…

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The Bank of Lithuania Issues Europe’s First Central Bank Digital Currency — For Collectors

by Richard Kastelein The Bank of Lithuania is Europe's first central bank to produce a digital currency issued in the Euro Zone. According to local media reports,  LBCOIN is a digital currency collector's coin, based on blockchain technology, and the central bank has issued 24 thousand digital tokens and 4000 collectable silver coins. “The digital coin vividly illustrates what we achieved when we chose the strategic direction of our business a few years ago — to take a firm path to financial and payment innovation. This coin is like a bridge that combines classical numismatics with rapidly evolving financial technologies and…

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South Korean Banks Will Feature Chainlink’s Decentralized Oracles

South Korean banks will now feature Chainlink’s decentralized oracles services according to the announcement made back on Friday, so let’s find out more in the Chain link news today. Hyperledger based CenterPrime, has to access to the APIs of the top South Korean banks that will now share the data feeds on Chainlink. As a result, the app developers can now source their information from major companies such as the Industrial Bank of Korea and Shinhan Bank. The integration of the first broader baking system as the government pushed previously for wider fintech efforts but none of them involve a…

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American Regulators Open For US Banks To Offer Cryptocurrency Custodial Services

by Richard Kastelein The United States Office of the Comptroller of the Currency (OCC) has swung open the doors to allow all nationally chartered American banks to provide custody services for cryptocurrencies — setting off a spectacular bull run in the markets. In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients. “As of June 2020, a majority of states have adopted laws and regulations pertaining…

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Mobile Bank Revolut USA Cuts Deal with Paxos To Power Digital Asset Buying and Selling on Platform for Americans

by Richard Kastelein American Paxos Trust Company has introduced its first client — international mobile bank success story Revolut, on its new Paxos Crypto Brokerage (PCB). The PCB enables companies to integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications. Paxos is the first USA-regulated trust company for digital assets. PCB is a turnkey, easy-to-integrate API-based solution that provides access to the $200 billion cryptocurrency market while managing the underlying regulatory and technological complexity. Charles Cascarilla, CEO and Co-Founder of Paxos, commented: “The digital asset revolution has started and more and more companies like Revolut see it coming. With…

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SEBA Digital Bank To Offer Asset Securitization Services on the Public Corda Network Using DASL

by Richard Kastelein FINMA-licenced Swiss Bank SEBA is partnering with Digital Asset Shared Ledger (DASL) – the liquidity network for digital assets. The two plan to provide a seamless, secure and easy-to-use bridge between digital and traditional assets which will allow SEBA Bank to offer institutional clients the ability to issue and invest in Digital Securities representing financial instruments on the public Corda Network. Matthew Alexander, Head Tokenization at SEBA Bank, explained: “Widespread adoption of Digital Assets and securities by institutions requires trusted venues for distribution and for secondary trading and liquidity. DASL provides SEBA with an immediate and secure platform…

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