Major Spanish Energy Company to Use Blockchain in Renewable Energy Tracking

Spain’s major energy company, Iberdrola, has started using blockchain to track renewable energy, Spanish independent news agency Europa Press reports on Monday, Jan. 14. The first trial was conducted in cooperation with Kutxabank, a local bank based in the Basque Autonomous Community that owns a substantial part of Iberdrola’s equity, and its subsidiary Cajasur. During…

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St. Louis Federal Reserve Report: Increased Supply of Altcoins Will Decrease BTC’s Value

The creation of competing altcoins is likely to place downward pressure on the prices of all cryptocurrencies, including Bitcoin (BTC). This conclusion was found by research conducted by the Federal Reserve Bank of St. Louis and published on Jan. 11. The report cites two perspectives: Bitcoin bulls’ belief that the capped supply and increased demand…

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What We Know About Yellow Vests’ Bank Run and How Crypto Could Help It

On Jan. 7, activists of the French grassroots political movement the Gilets Jaunes — Yellow Vests — announced a bank run via social media, essentially hoping to meet their goals by destabilizing the local financial system. Dubbed the “Collectors’ Referendum,” the movement’s latest demonstration calls on supporters to withdraw their savings from financial institutions on…

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Crypto Banks – The Need of the Hour

Cryptocurrencies are gaining popularity. The underlying technology, blockchain, is being used for various applications. One of the biggest potential applications will be in the banking sector. Banks are archaic and blockchain is ready to disrupt the mammoth sector with innovative solutions that bring efficiency and transparency in operations as well as providing features that a…

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Deutsche Bank Gets Raided After Calling Bitcoin a Risk for Criminal Activity

Deutsche Bank headquarters got raided this week as another bank that regularly criticizes Bitcoin is again suspected of money laundering. Deutsche Bank Haunted by Panama Papers As Bloomberg reported November 29, an investigation into two employees at the lender has even resulted in its Frankfurt headquarters being searched, with shares falling almost 5 percent. Deutsche…

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SWIFT to Experiment with Blockchain in India

SWIFT has signed a partnership with a fintech firm Monetago, through which it will experiment with blockchain applications in India, according to a press release. SWIFT India MonetaGo is a New York-based company which offers blockchain services to financial firms. It uses the technology to simplify information processes. It also has a Bitcoin exchange which…

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XRP is Bitcoin [BTC] 2.0, provides privacy for banks, says Ripple’s Chief Market Strategist

Bitcoin [BTC]’s scalability issues have now become a topic of discussion, with the debate from August 2017 about scaling the protocol becoming relevant again. The closest solution for scaling on the blockchain known as the Lightning Network is said to be ready only in 2020. This then creates an interesting situation for the most widely…

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Digital Bank Revolut Surpasses 3 Million Customers

U.K. startup Revolut has announced that its customer base has surpassed three million users. The fintech platform, which has quickly become a viable online alternative to traditional banking, was established in 2015. It currently offers payment and exchange services for a growing number of fiat currencies and cryptocurrencies. Also read: Huobi Opens in Russia, Plans…

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Ripple chief claims Central banks already have a digital asset-version of their fiat

At the ongoing financial event called the Singapore Fintech Festival 2018 [November 12-16], the CEO of Ripple, Brad Garlinghouse, and IMF Deputy General Counsel, Ross Leckow, presented their views on the digital currency market. The pair also answered a few questions drafted by the audience. Here, the Ripple official indulged in a slightly controversial remark on central…

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Japan’s Banking Giant MUFG Signs MoU to Develop Ripple-Based Remittances to Brazil

Japanese bank holding and financial services company Mitsubishi UFJ Financial Group, Inc. (MUFG) said it will use Ripple (XRP) to create a new cross-border payments service to Brazil in a press release Nov. 9. MUFG, which has demonstrated an increasing interest in cryptocurrency products, will partner with Brazil’s Banco Bradesco to create the platform through…

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And They Say Crypto is Criminal! Investors Sue 16 Big Banks Over Alleged Foreign Exchange Market Manipulation

Mega investing firms like BlackRock Inc and Allianz SE’s Pacific Investment Management Co. are suing 16 major financial establishments over allegations that the banks had rigged prices in the expanding foreign exchange market. According to Reuters, counsel representing BlackRock Inc, Allianz SE’s Pacific Investment Management Co, and several other prominent institutional investors filed the lawsuit last…

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HSBC, BNP Paribas, StanChart, Others Launch Hong Kong Blockchain Trade Finance Platform

A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched this week in Hong Kong, Reuters reported Oct. 31. The platform, dubbed eTrade Connect, aims to improve efficiency in the financing of international trade by reducing the time needed to approve trade loan applications from…

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Bank Of America Adds Private Key Storage Filing to Stockpile of Blockchain Patents

  Bank of America (BoA) has gained a further cryptocurrency-related patent, a filing confirmed Oct. 30, continuing its efforts to “be prepared” for the industry’s future growth. The latest award, which adds to the bank’s mounting stack of cryptocurrency and blockchain patents, references storage methods for private keys. Specifically, the filing reads, current opportunities for…

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Mastercard Patent Claims Cryptocurrency Can Benefit From Fractional Reserve Banking

U.S. multinational financial services corporation Mastercard wants to apply principles of fractional reserve banking to cryptocurrency, a new patent application published Thursday, Oct. 25 reveals. According to the document, published by the U.S. Patent & Trademark Office (USPTO), the payment processor has plans to allow merchants to interact with what it calls “blockchain currencies” via…

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Use of Blockchain in Major Industries by Numbers: Retail, Manufacturing, Finance, and Others

Many startups, major conglomerates, supply chain operators, and distributors have attempted to integrate blockchain technology over the past two years, to increase transparency and reduce the power of central entities in data processing. With billions of dollars being invested annually by major corporations in blockchain development, the emerging technology has become the focal point of…

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Bitfinex Reopens Deposits but Stays Silent About Bank Arrangements

Cryptocurrency exchange Bitfinex confirmed it has reopened fiat currency deposits for all users October 16th, while remaining secretive about changes in its banking relationships. ‘New, Improved And Increasingly Resilient’ In a blog post, the exchange, which on Thursday began restricting deposits for certain users, said it had finished implementing what it described as “a new,…

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Ripple’s Brad Garlinghouse Addresses Globalization, The Internet Of Value And More – Ripple Is Not Trying To Replace Banks

Ripple is the star of the crypto space these days. Ripple’s Swell 2018 Conference began yesterday with various panel discussions. Significant names were involved into the interactions during the event, and these include the former American President Bill Clinton, Gene Sperling, the National Economic President to Clinton and Obama, and the officials from Ripple itself,…

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China Are Blocking Bitcoin As The Banks Expand To The Blockchain

According to reports out today, the Bank of Communications, one of the four major state banking groups in China have completed a major transaction on the blockchain, one that has seen the issue of residential mortgage backed securities (RMBSs) on a blockchain network. The issuance of this RMBS has a value of around $1.3 billion…

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JP Morgan’s Blockchain Payments Network Recruits 75 Banks

Global financial services company JPMorgan has signed up more than 70 banks to test its blockchain-powered cross-border payment platform. JPMorgan announced Tuesday that 75 lenders, including Santander and Societe Generale, will be testing its Interbank Information Network (IIN), a shared ledger for cross-border payments built using JPMorgan’s blockchain platform, Quorom. IIN has been trialled for…

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Major Thai Bank to Test Visa Blockchain Solution for Cross-Border Payments

Thailand’s fourth largest bank, Kasikornbank, has recently joined the blockchain-based Visa B2B Connect program for cross-border payments, local newspaper The Nation reported Thursday, September 20. According to The Nation, Kasikornbank is the “first” bank in the country to use the technology, setting the stage for a more widespread use of blockchain in the country’s banking…

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