Blockchain 

China Merchants Bank Subsidiary Uses Blockchain for DeFi Applications

Hong Kong-based China Merchants Bank International (CMBI) will develop and launch blockchain-based solutions for its financial services. CMBI and Huobi partner with Nervos In an Oct. 3 press release shared with Cointelegraph, CMBI, a wholly-owned subsidiary of China Merchants Bank, announced that it is partnering with Chinese blockchain startup Nervos to apply blockchain technology to its financial products and services. CMBI plans to utilize Nervos, which was founded by a former researcher and developer of the Ethereum Foundation, to power its future decentralized finance (DeFi) applications.  CMBI is purportedly examining…

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Blockchain 

Former Iced Tea-Turned-Blockchain Company Sells Beverage Subsidiary

Long Blockchain Corp., previously named Long Island Iced Tea, has reached a definitive agreement to sell its beverage subsidiary, Long Island Brand Beverages. Lemonade company adds blockchain to its name In a Sept. 20 press release, Long Blockchain announced the sale of its beverage subsidiary to Canadian firm ECC2 Ventures.  Andy Shape, CEO of Long Blockchain stated that this transaction will allow the company to concentrate its efforts on the underlying loyalty operating business, adding:  “Our loyalty platform has experienced strong growth over the past year with new and existing…

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Ethereum 

Overstock’s tZERO Subsidiary Rolls Out Android Version of Crypto App

Overstock’s digital currency arm tZERO has released an Android version of its recently launched cryptocurrency mobile application, according to a press release published on July 25. Initially, the tZERO Crypto App rolled out in late June supporting two major coins Bitcoin (BTC) and Ether (ETH), and claiming to be hack-resistant solution for trading and storing cryptocurrencies. The launch of the digital wallet and exchange services app for crypto was coupled with the release of its iOS version. Per the recent announcement, tZERO utilizes biometric authentication for additional security and also…

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Ethereum 

Overstock Subsidiary and Tokenization Firm tZERO Announces New Management

The blockchain-based subsidiary of retail giant Overstock,  tZERO, has appointed three new managers. The company announced the new hires in a press release on July 17. According to the announcement, new appointees Brooke Navarro, Michael Mougias and Alexandra Sotiropoulos have been official managers since July 15. TZero states that these new executives are the firms head of issuance, head of investor relations and head of communications, respectively. The CEO of tZERO, Saum Noursalehi, remarked on the intended role for these new hires, saying: “On the issuance front, Brooke will drive…

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Blockchain 

Overstock Subsidiary to Help Liberia Digitize Services, Boost Economy with Blockchain

Overstock.com subsidiary Medici Land Governance has signed a memorandum of understanding with Liberia to help the African nation digitize government services, a news release announced on June 10. The pro bono pilot project will explore how Liberia can strengthen its economy through blockchain and enhance interoperability between government departments. As well as strengthen the country’s capacity to generate revenues, the release notes that such infrastructure could reduce corruption. During the project, local workers in Liberia will also be given technological trading to create sustainable jobs and ensure blockchain systems can be maintained once they…

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Ethereum 

Bitfinex Subsidiary Hybrid Crypto Exchange Ethfinex Trustless Launches Decentralized OTC

Bitfinex-owned hybrid cryptocurrency exchange Ethfinex Trustless announced the launch of its on-chain decentralized over-the-counter (OTC) service in a press release shared with Cointelegraph on June 3. The system allegedly has no centralized order book or matching engine, and only financial instruments are restricted from the platform. Furthermore, the press release claims: “Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.” Per the release, the new system uses blockchain to enforce an OTC transaction as an atomic swap.…

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Blockchain 

Blockchain Firm Raises $6 Mln From Major Energy Companies, Saudi Aramco Subsidiary

American blockchain startup Data Gumbo Corp. has raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. The news was published by energy-focused news outlet Worldoil on May 8. In a Series A equity funding round, Data Gumbo ostensibly raised $6 million from companies such as Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. The new investment purportedly brings Data Gumbo’s total…

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Blockchain 

Samsung IT Subsidiary Releases New Version of Enterprise Blockchain Platform

Samsung SDS, the IT subsidiary of international technology giant Samsung Group, has released a new version of its enterprise blockchain platform dubbed Nexledger Universal, according to a press release on April 24. Nexledger Universal offers an application programing interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric and the firm’s own Nexledger Consensus Algorithm. According to the press release, users can then develop applications for authentication, payment settlement, and proof of originality. Nexledger Universal is currently available on Microsoft’s Azure marketplace. Jeanie Hong, senior vice president, leader…

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Blockchain 

Societe Generale Subsidiary Issues 100 Million Euro Bond on Ethereum Blockchain

French specialized credit institution Societe Generale SFH issued a 100 million euro ($112 million) bond as a security token on the Ethereum (ETH) blockchain. The company announced the development on its website on April 23. Societe Generale SFH —  which is a subsidiary of one of Europe’s largest financial services groups, Societe Generale Group —  has rolled out its first pilot project developed in collaboration with Societe Generale FORGE. The latter is an internal startup launched through the Group’s intrapreneurial program, the Internal Startup Call. The transaction’s goal was to…

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Blockchain 

Overstock’s Blockchain Subsidiary Misses Target for $100 Million Capital Injection

TZERO, the blockchain subsidiary of retail giant Overstock, has missed its mid-April goal for a $100 million fund raise from Chinese investment firm GSR Capital and Singaporean private equity firm Makara Capital. The firm announced the development in a shareholder letter on April 18. In the letter, Overstock CEO Patrick Byrne noted that while the diligence processes for both firms were going smoothly, “the parties will not have a definitive deal in place by the mid-April target.” Byrne added: “tZERO plans to continue facilitating Makara’s diligence, but is not under…

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