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Blockchain Is Well-Positioned to Help the Unbanked, OKEx Executive Says

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Blockchain Is Well-Positioned to Help the Unbanked, OKEx Executive Says

Lennix Lai, OKEx’s Financial Markets Director, has recently made two presentations in Davos, where the 50th World Economic Forum (WEF) Annual Meeting is taking place, to spread the word about blockchain technology.

In his two presentations – made at the Russia House 2020 and EmTech Investment Meeting 2020 events – Lai argued that even though there are highly developed countries throughout the world, over 2 billion people are still being excluded from the traditional financial services over the operational costs associated with setting up branches in underdeveloped areas.

Lai noted that “unbankedness” is one of the “biggest hurdles in human wellbeing” and a great opportunity for the blockchain and fintech sector to make a difference in the world by helping those left behind by the traditional financial sector get access to financial services that could boost their living standards. At Russia House 2020, Lai said:

Blockchain and cryptocurrencies appear to be a solution to the problem by providing a digital, decentralized financial system that can work mutually-beneficially with traditional markets to substantially lower the operational costs and serve the areas traditional banking cannot cover.

Lai added that OKEx is committed to “bringing a robust and trustable environment to cater to crypto users.” The cryptocurrency exchange, he added at the EmTech Investment Meeting 2020 talk, sees global regulators a start endorsing the space in the future, and the volatility of BTC dropping.

This would make the flagship cryptocurrency a favourable alternative asset for mainstream finance. He also mentioned the growing decentralized finance space, which “reflects that people are starting to brace a free, open, permission-less financial system.”

The options, futures and spot markets OKEx offers, Lai said, let cryptocurrency users manage the price fluctuations in the space, and 2020 will see the exchange continue its efforts on stablecoins, its OKEx wallet, and derivatives products.

He concluded his presentation at the EmTech Investment Meeting 2020 saying OKEx believes “blockchain can achieve an inclusive sustainable development as well as financial inclusion for all, banked and unbanked.”

Altcoin News

3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

In a special announcement made at the Unitize conference on July 6,  Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:

“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”

Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.

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Altcoin News

Telegram Is Set To Shut Down The TON Testnet By August 2020

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Telegram Is Set To Shut Down The TON Testnet By August 2020
Telegram Is Set To Shut Down The TON Testnet By August 2020

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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Altcoin News

Brock Pierce Enters The 2020 US Presidential Race

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Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce Enters The 2020 US Presidential Race

Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “

“I, Brock Pierce, am running for President of the United States of America.”

Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.

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