LG Launches Its Own Blockchain Platform
LG CNS, the IT subsidiary of the South Korean electronics giant LG, has launched its own blockchain service, local agency Yonhap reports. Monachain, LG CNS' new in-house blockchain platform, is designed to provide services in finance, manufacturing and communications. The platform's applicability will rotate around three main areas: digital authentication, digital currency, and digital supply chain management.
Korea’s Chief Financial Regulator Joins Upbit Investigation
The Financial Supervision Service (FSS), South Korea's chief financial regulator, has joined the audit of the country's largest crypto exchange, the Korea Times reported earlier today. The FSS will help the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) to determine how Upbit, recently accused of fraud, complies with anti-money laundering standards.
Winklevoss Brothers Get Green Light for Gemini to Offer Zcash
Gemini Trust Co exchange, owned by Cameron and Taylor Winklevoss, became world’s first licensed cryptocurrency Zcash ($1.3 billion market value) exchange after the authorization by New York Department of Financial Services this Monday, Reuters reported. It also approved, in the future, Gemini will be able to trade Bitcoin Cash (Bitcoin.Cash) and Litecoin (LTC/USD). “We are proud to be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash,” Tyler Winklevoss stated. Gemini exchange will start accepting Zcash deposits this Saturday, May 19th and trading will start by May 22nd. ZCash (ZEC/USD) saw a 20% rise after the announcement.
First Blockchain Assisted Trade Finance by HSBC
HSBC completed world’s first commercially applicable trade finance transaction with blockchain technology by issuing a letter of credit to Dutch lender ING for U.S. food and agriculture firm Cargill, which involves a bulk shipment of soybeans from Argentina to Malaysia.
HSBC & ING Bank have used Corda blockchain technology to finance a shipment of soya beans from Argentina to Malaysia for food & agriculture conglomerate Cargill. Revolutionising the future of Documentary Trade. #TransformingTrade pic.twitter.com/MOBA1gQYIl— HSBC (@HSBC) May 13, 2018
HSBC and ING claimed that the exchange was completed in 24 hours, a record breaking time for such operations, compared to the 5-to-10 days it normally takes to complete such exchanges through a paper-based system. HSBC used the platform of a blockchain startup R3 called Corda.
Deloitte Loses Eric Piscini to Citizens Reserve
Eric Piscini, Former Global Blockchain Leader and Partner at Deloitte left Deloitte Blockchain team to join an early-stage startup called Citizens Reserve, Forbes reported today.
The company aims to change world’s supply chain system as we know it by moving fragmented networks to two blockchains, Zerv and ERC20. Zerv will mainly be used privately among the consortium of suppliers, manufacturers, distributors, and retailers for borderless transactions and work as a utility token backed by reserve assets.
Piscini believes Citizens Reserve’s token issuance will be unlike many of its predecessors. Company is trying to separate the tokens from securities by purchasing assets to back tokens with the token pre-sales.
German Bank First to Make International Loan Transfer in Bitcoins
Bitbond, a German online credit bank made the first international money transfer in bitcoins bypassing the SWIFT system. Bitbond uses the mechanism that eliminates the risk of cryptocurrency volatility.
Bitbond is also the first bank to offer a system that avoids risks despite the high volatility of a bitcoin. Customers only hold the coin for a few seconds or minutes, and then it is converted into traditional currency.
Total cryptocurrency market capitalization stands at $409 196 928 022
Bitcoin (Bitcoin) is up 1, 32% tо $8 793,23
Ethereum (ETH/USD) is up 0,40% to $736,67
Ripple (XRP/USD) is down 0,04% tо $0,744309
Bitcoin Cash (Bitcoin.Cash) is down 0,97% to $1 470,77
EOS (EOS/USD) is down 4,49% tо $14,32
Click here for the full list of ongoing ICOs.
By Nadya Astam