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.
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.
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.
Binance Supports An Ontology Upgrade
Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.
The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.