Connect with us
https://paxful.com/?utm_source=CGNT&utm_medium=Banner&utm_term=Crypto%20Global%20News%20Team

Blockchain News

A Crypto Bank Launches A CHF-Backed Stablecoin

Published

on

A Crypto Bank Launches A CHF-Backed Stablecoin
A Crypto Bank Launches A CHF-Backed Stablecoin

Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum’s ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank. According to local media outlet Swissinfo, DCHF is under consideration for support from the forthcoming SDX digital assets trading platform from SIX Group — of which Sygnum is a member.

The crypto bank aims to target institutional clients with its stablecoin, emphasizing that the coin enables fast and frictionless settlements alongside novel financial applications. In addition to settlements, Sygnum’s Head of Tokenization Markus Hartmann asserts that the DCHF token can be used to execute smart contract payment structures — including “dividend pay-outs and other corporate actions.” Sygnum co-founder Mathias Imbach describes “trustworthy stablecoins” as being “of central importance for the development of the digital asset economy,” adding that the DCHF “creates considerable operational efficiencies and at the same time promotes the development of new business models.”

As Sygnum has held a digital asset bank license with the Swiss Financial Market Supervisory Authority (FINMA) since August 2019, the firm claims to be the first licensed bank in Switzerland to issue a stablecoin. The crypto bank accepts deposits in fiat currencies including CHF, euros, Singaporean dollars and United States Dollars — all of which can be converted into DCHF via an internet banking portal. Sygnum customers can also purchase and hold Bitcoin (BTC) and Ethereum (ETH) among other crypto assets. The firm also holds a capital markets services license in Singapore.

Despite claiming the title of the first regulated bank to issue a Swiss stablecoin, the firm is not the first to launch a CHF-pegged crypto asset. In 2018, Bitcoin Suisse AG founded the Swiss Crypto Tokens corporation to issue the first CHF-backed stablecoins. The Swiss Crypto Tokens comprise ERC-20 tokens that are redeemable for fiat currency in batches of $1,000 and are audited monthly. In June, SIX stock exchange requested that the Swiss central bank develop a stablecoin to increase the efficiency of settlements.

Blockchain News

HIVE Blockchain Buys A Bitcoin Mining Facility for $2.8M

Published

on

HIVE Blockchain Buys A Bitcoin Mining Facility for $2.8M
HIVE Blockchain Buys A Bitcoin Mining Facility for $2.8M

HIVE Blockchain Technologies, a Canadian publicly-traded ether (ETH) mining firm, has announced on March 30 the acquisition of a dedicated cryptocurrency mining operation with access to 30 megawatts of low-cost green power. The transaction was valued at CAD $4 million (USD $2.8 M). The facility, leased by Cryptologic Corp, is located in Lachute, Quebec. The firm intends to expand its total available power capacity globally to approximately 50MW, whose mining activities in Europe are focused on the Ethereum network, while Bitcoin miners will be supported in Quebec’s facility.

According to Frank Holmes, interim executive chairman of HIVE:

“The acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next generation mining hardware with access to some of the lowest cost electricity on the planet. The cost of US$95,000 per MW is less than half the industry standard build cost per MW.”

HIVE hopes to add flexibility for future expansion plans. The firm already has a presence in Sweden. As detailed by the Canadian firm, the facility offers about $0.04 / kWh in electricity costs, and the electrical infrastructure expects to provide triple redundancy systems for power and internet connectivity, operational staff, and approximately 14,000 Bitmain S9 miners that are currently installed. Holmes highlighted some reasons behind expanding into Quebec:

“A blend of factors makes Quebec a very attractive location for us: geographical diversification, competitive green energy costs, the cost of skilled labor and VAT costs. The acquisition provides us direct control of our destiny, including significant capacity for expansion and flexibility for our future operations. And of course, the positive outlook for blockchain adoption is a reason for our expansion.”

HIVE’s interim executive chairman clarifies that the facility operates entirely on renewable hydroelectricity, thus maintaining 100% green energy. Also, he added that their GPU-based resources provide flexibility to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine.

The news comes after HIVE Blockchain Technologies announced on March 6, the two-phase expansion of its Ether mining operations by more than 20% at the company’s facility in Sweden. In a recent interview Holmes commented on the company’s intentions to improve the profitability of the Iceland facility, as they have done in Sweden.

Continue Reading

Blockchain News

Dutch Government Looking To Use Blockchain In The Fight Against The Pandemic

Published

on

Dutch Government Looking To Use Blockchain In The Fight Against The Pandemic
Dutch Government Looking To Use Blockchain In The Fight Against The Pandemic

A consortium of Dutch companies has launched the “Tech against Corona” initiative. Participating firms will freely provide the Dutch government with access to innovative technologies that can be used in the fight against COVID-19. Netherlands-based distributed ledger technology (DLT) firm, Tymlez, is one of more than 10 companies who are freely providing their services and technologies to the government.

Tymlez has offered its blockchain platform as the underlying technology to “model the medical goods ecosystem through a platform that matches supply and demand.” The firm’s blockchain will be used to ensure transparency across the supply chain — preventing predatory value extraction, such as price gouging, amid the coronavirus pandemic. 

Some of the other local companies contributing to the initiative include cybersecurity firm, Cybersprint — who is providing security services to several hospitals, information security firm, Taxion — who will freely administer online systems to organize volunteer workers, and IT firm, Compumatica — who will enhance the internet connections of home workers operating in critical service industries. Dutch telecommunications company, KPN, will also partner with global IT conglomerate, Microsoft, to provide computing systems as part of the initiative.

Bitcoin (BTC) is also being used in the fight against COVID-19 in the Netherlands, with the Dutch Red Cross accepting Bitcoin donations through its website. The Italian Red Cross has also embraced crypto — raising nearly $20,000 in BTC for the purchase of medical supplies, including an advanced medical post for pre-triage treatment of coronavirus patients.

Continue Reading

Blockchain News

University Students Using The Power Of Blockchain For Elections

Published

on

University Students Using The Power Of Blockchain For Elections
University Students Using The Power Of Blockchain For Elections

Students enrolled in the University of Malta’s Blockchain and Distributed Ledger Technologies masters program have built a decentralized application (Dapp) that has been used for voting in upcoming student representative elections, per a March 28 press release. The Dapp is built on top of a decentralized digital identity platform that was provided to the students by Vodafone. The election was the first live project to be executed using Vodafone’s digital identity platform. “We are pleased to have been the first use-case for the Vodafone [digital identity] platform, and as far as we can tell a world first to hold a student election on a blockchain,” said Joshua Ellul, the director of the University of Malta’s Centre for Distributed Ledger Technologies.

While the application was built to allow voters autonomous control over their data rather than relinquishing personal data to a centralized entity, the COVID-19 pandemic has highlighted some of the advantages offered by remote voting platforms. Ellul stated:

“At this time especially, given the current situation, it was important to have a remote voting mechanism in place that enables trust and transparency thanks to the Blockchain-based solution.”

Ellul stated the biggest challenge to developing the platform was “onboarding users in a trusted manner,” adding that “digital identity platforms such as that provided by Vodafone provide a solution.” Voting is private but transparent, meaning that the results of an election can be publicly verified. The University of Malta introduced its blockchain masters course during October 2019.

Malta has long been a crypto-friendly jurisdiction. Whether that would remain the case appeared unclear when the now-former Prime Minister, Joseph Muscat, resigned after facing widespread allegations of corruption and ties to the political assassination of a journalist. While the new government-issued statements indicating that leading crypto exchange, Binance, is licensed in the country shortly after taking office, the new government has expressed that its position regarding blockchain has not changed for the time being. They added that it will seek to consolidate blockchain with other emerging industries under the umbrella of “Digital, Financial and Innovative services.”

Continue Reading

TRENDING

Copyright © 2015 Crypto Global News Team.