£8.6 billion investment gap in blockchain and AI is holding back the EU

A pile of 100 Euro notes.

The European Union (EU) needs to invest €10 billion (£8.6 billion) more each year in order to stay in the global artificial intelligence and blockchain race.

This was the stark warning from the European Investment Bank (EIB) and European Commission in its latest new study on the state of play in AI and blockchain technologies in the EU - ‘Artificial intelligence, blockchain and the future of Europe: How disruptive technologies create opportunities for a green and digital...

4 June 2021 | Banking

HSBC steers clear of Bitcoin due to “volatility”

An HSBC sign.

HSBC has confirmed it has no interest in getting involved with Bitcoin.

The bank has no plans to offer the cryptocurrency to clients due to its volatility and lack of transparency, according to HSBC chief executive Noel Quinn.

He said: “Given the volatility we are not into bitcoin as an asset class. If our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business.

“I view bitcoin as...

26 May 2021 | Banking

Commerzbank completes successful blockchain-based payment test

Carsten Bittner, Divisional Board Member responsible for Technology Foundations at Commerzbank.

Germany-based Commerzbank has successfully completed a supply chain blockchain project along with chemicals firms, Evonik and BASF.

Together the companies tested a shared blockchain platform to efficiently handle bilateral supply chain processes between companies in a live environment. 

During the pilot, payments between Evonik and BASF were checked, paid and booked in a fully automated and digital manner by means of a programmed payment...

24 May 2021 | Banking

Klaytn and ConsenSys to collaborate on Bank of Korea CBDC pilot

Klaytn, the public blockchain project of Korean Internet provider Kakao, has announced a strategic partnership with ConsenSys to improve its digital currency capabilities in preparation for its participation in the Bank of Korea's CBDC pilot platform later this year.

As well as working with national banks, Klaytn also expanded into the NFT market through OpenSea support at the end of March, highlighting the company's diverse array of ventures so far this year.

Klaytn...

29 April 2021 | Banking

Banking survey reveals increased personal and corporate interest in blockchain

A report from global marketing agency LEWIS has argued the banking sector is more invested in blockchain technologies than previously considered - but mixed attitudes still remain in terms of large-scale adoption.

The agency's ‘Banking on Blockchain’ report looks at the extent to which banks are corporately investing in blockchain, as well as how personally involved senior bankers are.

From a survey of more than 500 senior professionals in the industry, LEWIS found...

28 April 2021 | Banking

CoinFlip expansion continues into Washington with 13 new crypto ATMs

CoinFlip is continuing its recent growth into the Pacific Northwest of the United States with the launch of 13 new cryptocurrency ATMs in cities such as Seattle, Olympia, and Tacoma.

The recent growth in industry and consumer adoption of cryptocurrency is fuelling this company growth, with CoinFlip also expanding into Missouri earlier this month and having installed 559 ATMs so far this year.

CoinFlip now has almost 2,000 machines across the US in 46 out of 50 states,...

23 April 2021 | Applications

IDC estimates $19 billion global spending on blockchain solutions in 2024

A new update to the International Data Corporation’s (IDC) Worldwide Blockchain Spending Guide forecasts global blockchain spending will hit just under $19 billion (£13.5bn) by 2024.

This is compared to an estimated $6.6bn (£4.7bn) in 2021, at a five year compound annual growth rate (CAGR) of 48.0%.

The guide found that banking leads the way in blockchain spending, accounting for nearly 30% of the worldwide total in 2021. It is set to remain the top industry for...

20 April 2021 | Banking

Bank of England taskforce announced to explore CBDC potential

The Bank of England and the Treasury have announced the creation of a joint taskforce to explore the potential upsides and pitfalls of a UK central bank digital currency (CBDC), referred to as ‘Britcoin’ by chancellor Rishi Sunak.

The taskforce will be jointly led by the Bank's deputy governor for financial stability, Sir Jon Cunliffe, and the Treasury's director general of financial services, Katharine Braddick.

The use of cash in financial transactions has been...

19 April 2021 | Banking

SBI Sumishin Net Bank partners with DLT Labs on supply chain financing network

Japan’s largest digital bank, SBI Sumishin Net Bank (SSNB), have entered into a joint venture with DLT Labs to offer a blockchain-based supply chain financing network across Japan, with wide applications to industrial partners, the banking sector, as well as clients.

The supply chain financing network will be powered by DLT Labs' blockchain development platform and will provide end-to-end supply chain financing designed to integrate with clients’ supply chains.

DLT...

16 April 2021 | Applications

What will banking look like in five years with CBDCs? Thoughts from those driving adoption

“If we build it, will they come?” asked Francisco Rivadeneyra, director of CBDC and fintech policy at the Bank of Canada.

Speaking at the Blockchain Expo Virtual earlier this month, Rivandeneyra, one of an all-star panel of leading figures from the global public and private banking sector, voiced his concerns over the potential difficulties of CBDC adoption.

The panellists shared his understanding of the precise fine-tuning needed by those working on CBDC projects...

1 April 2021 | Banking