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

China’s 14th five-year plan: Blockchain and digital currency part of ‘new infrastructure’ investments

China has referenced blockchain and digital currency technologies in its latest five-year plan.

The 14th iteration of the five-year plan, which is a guiding document for the country’s future social development and economic growth from 2021 to 2025, places significant emphasis on ‘new infrastructure.’

In a chapter called ‘accelerating digitalisation development and building a digital China,’ the government pledged to ‘strengthen the innovative applications of...

1 April 2021 | Banking

William Lovell, Bank of England: Why blockchain is maturing – but healthy scepticism remains

As blockchain technologies and the thinking around them have matured, the role of each of its stakeholders tends to mature with it. For the central bank, the inherent understanding of risk with blockchain has always been there. But this does not mean innovation and progress cannot march forwards.

William Lovell is head of future technology at the Bank of England. Naturally, this remit means blockchain is not the only game in town, but its intrinsic link to finance makes it a...

1 April 2021 | Banking

Visa pilots use of USD Coin for settling transactions in industry first

Payments giant Visa has announced a significant industry first towards interconnecting digital and traditional fiat currencies with the use of USD Coin (USDC) to settle a Visa transaction.

USDC is a stablecoin being developed by Centre with support from fintech firm Circle and digital currency exchange platform Coinbase. Visa is piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, with plans to offer the USDC settlement...

29 March 2021 | Applications