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Major Chinese Bank Updates Blockchain Platform After $50 B Transacted

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Major Chinese Bank Updates Blockchain Platform After $50 B Transacted

The China Construction Bank (CCB) officially released the second version of its blockchain trading platform, which reached 360 billion yuan ($50 billion) in cumulative transaction volume.

CCB will actively promote blockchain platform

On Oct. 9, Xinhua news agency reported that CCB, one of the big four banks in the People’s Republic of China, announced the release of “BCTrade 2.0,” a blockchain trade finance platform that digitizes trade and financial services between a reported 54 domestic and overseas CCB branches and 40 external organizations, including a number of state-owned and foreign banks.

The platform conducts trade and financing activities, such as accounts receivable and trade financing, and aims to provide a regulatory system for trade finance to enable real-time monitoring of various financial activities. Deputy governor of the Construction Bank Ji Zhihong said that the bank will actively promote the blockchain platform and invite more industry peers to join.

In March 2019 the CCB released its 2018 report showing that the blockchain trade finance platform by the end of 2018 had already transacted 200 billion yuan ($30 billion).

Since the launch of the trading platform, cumulative transaction volume has to date reportedly exceeded 360 billion yuan ($50 billion).

Eight Institutions to Get China’s Digital Currency

According to unconfirmed sources, the People’s Bank of China is giving its first round of central bank digital currency (CBDC) to online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity.

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Huobi Is Now The First Major Exchange to Run a Chainlink Node

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Huobi Is Now The First Major Exchange to Run a Chainlink Node
Huobi Is Now The First Major Exchange to Run a Chainlink Node

Major cryptocurrency exchange Huobi will integrate their price data with Chainlink’s ecosystem in an effort to improve its own data integrity and provide more accurate price information. While Binance was the first major exchange to provide their data to Chainlink oracles in October 2019, Huobi has gone one step further by running its own node on the system through Huobi Wallet. This allows the exchange to sign its own price data allowing users to confirm that any exchange data coming from the Huobi Node is authentic and direct from the source. Huobi Wallet CEO Will Huang stated:

“DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node.”

The first batch of price pairs will include BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH, with more to follow.

Huobi appears to be on a mission to improve its credibility following concerns around volume inflation last year. By running a node, the exchange’s reputation will be on the line should any of the data shared through Chainlink prove to be inaccurate. As one of Gibraltar’s largest crypto firms, the integration comes in the wake of the country’s continued efforts in reducing market manipulation by crypto firms over the last few months. Last year Huobi partnered with Global Digital Finance (GDF), co-chairing the Market Integrity Working Group with Solidus Labs.

In 2019 a Bitwise report implied that Huobi was reporting inflated trading volume, causing an internal investigation to weed out any potential wash trading strategies by market makers. Huobi Global CEO Livio Weng admitted wash trading may have occurred:

“We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes. We have already communicated with these market makers and they have discontinued the strategies in question.”

Huobi has since moved to the top 10 exchanges in Messari’s ‘Real Volume’ list.

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.

Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.

After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.

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Billionaire Chimes In On What A BTC Price Increase Would Mean

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Billionaire Chimes In On What A BTC Price Increase Would Mean
Billionaire Chimes In On What A BTC Price Increase Would Mean

Chamath Palihapitiya, the billionaire CEO of Social Capital and Virgin Galactic Chairman, has called Bitcoin a type of disaster insurance against governments making bad financial decisions. In an interview with Unchained Podcast on June 23, Palihapitiya said hard-working people need something like Bitcoin as insurance, as the cryptocurrency is “really fundamentally uncorrelated” to the consequences of legislators behaving badly. 

However, the CEO pointed out that for the Bitcoin price to skyrocket at this point, things would have to go terribly wrong in the financial system, with disastrous impacts on your friends and family. “If your Bitcoin bet pays off,” Palihapitiya said, “it will be cataclysmically destructive for the world. And that’ll have enormous consequences to many people we all know and care about who weren’t hedged in Bitcoin. And so you almost don’t want it to happen.”

Palihapitiya himself invested in 2010, by buying one million Bitcoin for $80, whose value reached the billions when the token had its all-time high in December 2017. No wonder the billionaire claims that Bitcoin (BTC), unlike “second- and third-tier” cryptocurrencies like Ethereum (ETH), is one of the few ways to get a “massive asymmetric payoff” from such a small investment. “You want to be sure that a small amount of insurance can basically make you whole,” Palihapitiya said, citing a $1,000 payoff for a $1 investment as a good example. “That’s why I just think that, you know, you should take 1% of your portfolio, put it in Bitcoin.”

“At the end of the day, any other asset class — equities, debt, real estate, commodities — they’re all tightly, tightly coupled to a legislative framework and an interconnectedness in the financial markets that brings together many of the governments that are sort of behaving this way.”

The billionaire has also speculated the value of Bitcoin in the future could reach millions of dollars, or drop to zero.

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