European banks complete ‘real-life’ cross-border blockchain transactions

Four European banks have successfully completed live cross-border trades using blockchain technology. The ‘real-life’ financial transactions were carried out on the We.Trade platform - a joint-venture between nine leading banks - and represents a significant move beyond pilot stage for enterprise-level blockchain technology in the financial sector. “The application is no longer a proof of concept, but a company with its own team that is set to deliver the first concrete...

Two of Russia’s largest banks are piloting cryptocurrency trading

Two of Russia’s largest banks are to begin piloting cryptocurrency trading for their private clients, according to a report by Kommersant on Friday (June 15). The tests will be conducted within the “regulatory sandbox” of the country’s central bank, and follow recent comments by Russian president Vladimir Putin, that cryptocurrencies “cannot be a means of payment or saving” but subject to tight and careful regulation “have their place within the world”. The pilot process...

Financial services firms spent $1.7bn on blockchain technology last year

The financial services industry spent a combined $1.7bn (£1.3bn) on blockchain technology in 2017, according to research by management consultancy firm Greenwich Associates. The dizzying figure demonstrates how large banks and other financial institutions are now moving beyond the proof-of-concept stage to seriously advance on distributed ledger technologies (DLT). According to the research, average spend on DLT products increased by 67% per organisation last year, with one in 10 of...

Ripple donates $50m to top US universities for blockchain innovation

Cryptocurrency and payments startup Ripple is set to donate $50m (£37m) to 17 universities across the US, with ambitions to speed up the development of blockchain technology. The investment - which has been made to colleges including the world-renowned MIT - is part of Ripple’s University Blockchain Research Initiative (UBRI), aimed at funding the research and development of blockchain, cryptocurrency and digital payments. According to Ripple’s SVP of business operations, Eric van...

Moody’s: Blockchain could disrupt Swiss and UK banking systems

Moody's - blockchain - banking disruption

In a report released on Monday, Moody’s has highlighted the Swiss and UK banking systems as most at risk of serious disruption as the use of blockchain spreads. The technology’s potential to significantly cut transaction costs and time could initially seem like a positive for banks but could actually start eating into their bottom line. The report states: “While making cross-border transactions faster and less expensive would be credit positive for banks, these efficiencies could...

Will bitcoin futures continue to surge?

Bitcoin Futures - will they continue to surge?

With the rollout of the first Bitcoin futures, Bitcoin critics and disciples alike hold their breath. Doomsayers warned that the new futures will subdue Bitcoin’s price swings — or even dramatically end a perceived “bubble” — while industry insiders remain adamant that Bitcoin’s rally is just getting started. 

 

Australia’s stock exchange becomes first to move to blockchain

Australia Securities Exchange - blockchain

Australia’s main stock exchange has announced that it will become the first global market to replace its current clearing system with blockchain technology. The Australian Securities Exchange (ASX) will replace its current Clearing House Electronic Subregister System (CHESS) with a distributed ledger solution developed by Digital Asset. CHESS is an aging system, introduced in the 1990s, used by ASX to record shareholdings and manage the clearing and settlement of equity transactions in...

Bitcoin debuts on futures market

Bitcoin - futures market - CBOE

Bitcoin has made a further step into the mainstream by trading on a major futures market exchange for the first time. The digital currency launched on the Chicago Board Options Exchange (CBOE) futures exchange in Chicago at 23:00 GMT Sunday 10 December. The launch is highly significant as it makes the first time that institutional investors can bet on whether Bitcoin’s value will continue its rocket upwards, or come spiralling back down to earth. The launch has seen a spike of interest...

IBM blockchain solution to increase speed of global payments

IBM blockchain global payments

IBM has announced that it has collaborated with Stellar and KlickEx Group on a blockchain banking solution designed to speed up global, cross-border payments. International payments can be a costly and labour-intensive process with a lot of room for error and delay. The World Bank believes that initiatives that modernise payment infrastructure and provide financial access are crucial to achieving the goal of extending financial services to one billion people by 2020. By using a distributed...

Giving cryptocurrency activity a security infrastructure

blockchain - security infrastructure

The market of growth of cryptocurrencies in the last two years has been so staggering that what kind of security infrastructure is in place has become a real concern. Cryptocurrencies now have a market capitalisation of $137 billion, and a lot of large financial institutions and hedge funds are looking to implement blockchain use cases. World leading digital security company Gemalto has teamed up with Ledger, a company in the blockchain infrastructure and security space, to provide...