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HSBC Facilitates Yuan-Denominated Letter Of Credit Transaction
Banking and financial services giant HSBC has completed the first yuan-denominated letter of a credit transaction on a blockchain using the Voltron trade finance platform. In the cross-border transaction, Hong Kong-based electronics manufacturer MTC Electronics exported a shipment of LCD products to its parent firm Shenzhen MTC. The blockchain platform has enabled the parties to exchange electronic documents in 24 hours instead of the regular five to 10 days required for traditional document exchanges. This is interesting for the blend of big banks, the digital asset space and the world of cryptocurrency. What comes next in this evolutionary journey?

Sierra Leone Working On Blockchain Identity System
The government of Sierra Leone plans to fully adopt a blockchain-enabled national identity system by the end of 2019. The President of Sierra Leone Julius Maada Bio reportedly claimed that the new infrastructure will allow financial institutions to verify identities and build credit histories. The new project, called the National Digital Identity Platform (NDIP), is a collaboration between the United Nations and San Francisco-based nonprofit Kiva, a key technology partner of Sierra Leone since September 2018.

South Korea Platform Kakao Listing On 2 Exchanges
South Korean internet giant Kakao is reportedly planning to list its cryptocurrency Klay on a Chinese crypto exchange and one local exchange. According to a report by local news daily News1 Korea on Aug. 31, Kakao’s blockchain arm Ground X is in talks with two popular cryptocurrency exchanges for listing its native coin Klay. While News1 Korea does not specify the names of the exchanges, an official familiar with the internal situation at Ground X reportedly said that Kakao might have trouble listing Klay on a South Korean exchange, because Ground X has been attracting foreign investment in crypto from its office in Singapore.

Binance Launches A Trading Competition
Binance has launched two futures testnet platforms, inviting users to participate in a 10,000 Binance Coin (BNB) trading competition.
The crypto exchange has launched two futures trading platforms named Futures A and Futures B in testing mode, which allows customers to participate in a simulated trading competition. Binance will award winners with a total of 10,000 Binance Coin, which equates to about $216,000. During the competition.

US Congress Looks For New Regulation For Cryptocurrency
The Financial Integrity Network, which is a Washington D.C.-based advisory firm, has been pushing the United States Congress to regulate firms in the cryptocurrency sector under the Bank Secrecy Act. In a copy of FIN testimony published ahead of a hearing on Sept. 3, The Financial Integrity Network recommended that virtual asset service providers should be regulated based on the particular service or services that they provide with emphasis on promoting system-wide governance. The Financial Integrity Network vice president for product development and services, David Murray, noted that some virtual asset service providers are currently regulated as money transmitters under the Bank Secrecy Act, while others are not regulated at all.

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Roger Ver to Spend $200M Fund for Bitcoin Cash Ecosystem

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Roger Ver to Spend $200M Fund for Bitcoin Cash Ecosystem

As blockchain technology matures, the global community recognizes that the success of a cryptocurrency depends on two factors – the number of people who own it, and the popularity of the various commercial tools. Thus, the question of community development is now of paramount importance for all major blockchain teams.

Further Funding for Better Bitcoin

Roger Ver, an early Bitcoin (BTC) and famous Bitcoin Cash (BCH) promoter, shared his plans on developing a BCH ecosystem at yesterday’s Bitcoin Cash Meetup in London.

Mr. Ver started his passionate speech with demonstrating how BCH could be utilized in a real-world economy. He concluded that BCH has achieved everything as a decentralized peer-to-peer equivalent of cash, becoming the most “Satoshi Vision” cryptocurrency.

The most exciting part of Mr. Ver’s presentation was his plans for the development of an ecosystem. During the meetup, Mr. Ver announced that Bitcoin.com launched a $200M fund in support of the BCH ecosystem. This initiative will primarily focus on investing in businesses that use BCH. Roger Ver was slightly pretentious when he said that the final outcome of BCH is for everyone to have financial freedom.

Fast Transactions, Mass Adoption

Roger Ver has stated on numerous occasions that BCH is widely used in real-world situations due to the high-speed nature of this blockchain technology. The quantity of businesses that have implemented BCH is greater than any other cryptocurrency.

BCH is a fork of Bitcoin Core. This occurred on August 1st, 2017 as a solution to the BTC scalability problem. It utilizes different block sizes and operates much faster than its predecessor.

$200M in funding sounds really exciting, but will it really boost mass adoption? How will it deal with the regulations?

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Weiss Crypto Ratings Says Cardano Is ‘Vastly Superior’ to EOS

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Weiss Crypto Ratings Says Cardano Is 'Vastly Superior' to EOS

Weiss Crypto Ratings has put its weight behind Cardano, saying that the project is superior to other network-based competitors.

According to a tweet published Nov. 13 on its official Twitter account, Weiss Crypto Ratings claimed that Cardano is “clearly superior” to EOS. EOS holds a market capitalization of $3.2 billion compared to Cardano’s $1.1 billion.

The rating agency explained that while EOS may have been first to market, it’s becoming “increasingly clear” that Cardano has pulled ahead in the competition for best crypto-based technology.

Weiss Ratings also provided the update that Cardano has completed the first snapshot and balance check for its Shelly testnet. The agency calls this the first step towards staking, which will allow investors to begin earning dividends on their ADA.

Weiss Ratings took to Twitter last week to argue that Cardano and Algorand had already solved most of the issues addressed by the CBC Casper Protocol, while saying that Ethereum was wasting time on the project.

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VeChain Brings Out Food Tracing Platform At China Expo

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VeChain Brings Out Food Tracing Platform At China Expo
VeChain Brings Out Food Tracing Platform At China Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates.

The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO Kevin Feng commented. VeChain revealed Foodgates had already been put to work, importing French beef to China for an event attended by French President Emmanuel Macron and China’s Xi Jinping, who also spoke at CIIE.Image result for ve chain

China recently unleashed huge official support of blockchain technology, with Xi himself urging its use in a speech in late October. The surprising development accompanied the news that China could become the first country in the world to release its own central bank digital currency (CBDC). Following Xi’s words, local media began warning citizens about the legal implications of criticizing blockchain or calling the technology a scam. “VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second-largest economy in the world,” the blog post added.

Blockchain has made significant inroads into the food industry in recent years. Businesses have devoted energy to tracking everything from coffee to lettuce, arguing immutable ledgers save time, money and add security to supply chains. Nonetheless, criticism has come from experts who have identified shortcomings in potential new systems. “The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package,” PwC analyst explained in an interview on Thursday.

Additionally, VeChain’s announcement saw instant benefits for investors in its native VET token, which rose around 40% this week after an initial dip.

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