Blockchain 

Huobi Transitions From Current HUSD System to New ERC-20 Token

Huobi cryptocurrency exchange will transition its HUSD token from its current stablecoin system to an ERC-20 token through a partnership with crypto startups Stable Universal Limited and Paxos Trust Company. Per a press release published on July 17, Stable Universal will develop a new ERC-20 HUSD Token, which will be pegged to the United States dollar and held in reserve by the New York State Department of Financial Services-regulated custodian Paxos. Huobi will be the first platform to list HUSD Token. In the coming days, Huobi will change over from…

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Ethereum 

South Korea’s Biggest Credit Card Patents Blockchain Payments System

South Korea’s leading credit card firm Shinhan Card has been granted a patent for a blockchain payments system, English-language local media The Korea Times reports on July 15. Per the report, with the newly patented technology the company has established a blockchain-powered credit transaction process allowing for setting spending limits, paying in monthly installments and carrying out payments. The outlet quotes an anonymous Shinhan Card official commenting on the development: “Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the…

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Blockchain 

Major Korean Firms Partner to Launch Blockchain Mobile ID System

A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14. Per the report, the participants are financial services firms KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers SK Telecom, KT, LG UPlus, and technology behemoth Samsung Electronics. The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions. The service aims to…

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Ethereum 

‘No Way the Current System Can Survive’

When people outside of crypto think of John McAfee, they think computers, cybersecurity, anti-virus software. But in the world of crypto and blockchain, you think of a yacht in tropical waters, passionate — and sometimes, admittedly, inebriated — tweets on tech and crypto… and an enviable amount of partying.  When I called McAfee to talk on record, he was sitting at a table outside a cafe in Cuba with palm trees and patches of blue sky behind him.  We talked about McAfee’s presidential campaign in the United States, his relationship…

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Blockchain 

Bitcoin ‘Single Best Hedge’ Against Traditional Financial System, Says VC

Chamath Palihapitiya, CEO of VC firm Social Capital, has proposed that bitcoin (BTC) is the single best hedge against the traditional financial system.  During a panel on the CNBC show Squawk Box on July 9, Chamath — a stakeholder and board member of the Golden State Warriors NBA Team, and an early Facebook executive to boot — elaborated his perspective on the cryptocurrency, saying:  “It [bitcoin] is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn’t matter: this is…

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Blockchain 

Crypto Projects Pose No Threat to Banking System

JPMorgan Chase CEO Jamie Dimon said that he does not think that cryptocurrency projects pose an existential threat to JPMorgan’s core business.  During an interview with Yahoo Finance on June 27, Dimon discussed crypto’s potential impact on the existing banking system: “We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real time p2p, and TCH, the clearancing house, with the banking system built real time payments. We already have all that.” Dimon further stressed…

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Ethereum 

Brimhall Foods to Deliver Products Through Blockchain-based Ordering System

United States-based snack food company Brimhall Foods has partnered with Surge Holdings to deliver its BRIM’S products through a blockchain-based ordering system, according to a report by Foodprocessing-technology.com on June 27. According to the report, BRIM will be able to use the SurgePays blockchain network to access tens of thousands of new stores. Surge Holdings CEO Brian Cox says that BRIM will initially offer 15 products through its SurgePays blockchain network. Additionally, Cox remarks that these products can be ordered and replenished by their in-network convenience stores, corner markets, and…

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Bitcoin 

EU Banks to Deploy Instant Payments System in Response to Competition From Libra

European Union banks could have an instantaneous payments system in place by 2020, Reuters reports on June 26. Per the report, real-time payments have been possible in the eurozone since 2017, but only about half of the banks in the bloc adhered to the initiative. Still, Reuters notes that adoption may accelerate now that Facebook’s Libra stablecoin is shaping up to be a competitor to local banks. Director general of the European Payments Council (EPC) Etienne Goosse reportedly said that — regardless of the success of Facebook’s Libra’s project —…

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Blockchain 

A Blockchain System for Azerbaijan’s Digital Economy

Azerbaijan has been a hotbed for a series of ambitious fintech-related announcements over the past several months, as the nation’s authorities were apparently moving to implement a series of innovative technological solutions in banking and e-government systems. Repeated statements by government representatives suggested that at least part of the program relied on blockchain infrastructure. Most recently, as Cointelegraph reported, the chairman of Azerbaijan’s State Customs Committee revealed plans to implement blockchain technology to build an online-accessible cargo transportation database. Earlier in May, a high-ranking official for the Central Bank of…

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Blockchain 

Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India

Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18. The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement. According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance…

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