Indian Banks Consider Promoting Blockchain Tech Use for Payments

Indian Banks Consider Promoting Blockchain Tech Use for Payments
           

The National Payments Corporation of India (NPCI) is considering

implementing blockchain technology to increase the strength of digital transactions, Indian business magazine Business Today reports on April 14. The initiative of ten banks, under the aegis of the Indian Banks’ Association (IBA), aims to improve the NPCI by implementing distributed ledger technology, the publication underlines.

The NPCI, an umbrella organization that operates retail payments and settlement systems in India and includes 56 national banks as stakeholders, was set up with the guidance and support of the Reserve Bank of India and the IBA. The NPCI will focus on developing blockchain tech in the payment domain for boosting digital transactions, the article states.

It also says:

"NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution."

As Cointelegraph wrote in July of last year, five major banks from each BRICS member, including Brazil, Russia, India, China and South Africa, signed a Memorandum of Understanding on the development of distributed ledger technology for enhancing the digital economy. Back in last fall, experts in the blockchain field held debates during the Money 20/20 conference in Las Vegas, underlining that blockchain technology will replace the world’s current payment systems, as Cointelegraph reported.

Article Produced By
Max Yakubowski

Max Yakubowski has a Ph.D. in Linguistics and Anthropology, with a focus in innovative technology and its cultural and social influence. He joins Cointelegraph after working as a freelance copywriter and blogger.

https://cointelegraph.com/news/indian-banks-consider-promoting-blockchain-tech-use-for-payments

Poll: Americans give social media a clear thumbs-down

Poll:
Americans give social media a clear thumbs-down

A sizable majority say social media does more to divide the country than unite it, according to the latest NBC News/Wall Street Journal poll.

          

Fifty-seven percent of Americans say social media does more to divide the nation than unite it.NBC News

WASHINGTON — The American public holds negative views of social-media giants like Facebook and Twitter, with sizable majorities saying these sites do more to divide the country than unite it and spread falsehoods rather than news, according to results from the latest national NBC News/Wall Street Journal poll.

What’s more, six in 10 Americans say they don’t trust Facebook at all to protect their personal information, the poll finds. But the public also believes that technology in general has more benefits than drawbacks on the economy, and respondents are split about whether the federal government should break up the largest tech companies like Apple, Amazon, Google and Facebook.

“Social media — and Facebook, in particular — have some serious issues in this poll,” said Micah Roberts, a pollster at the Republican firm Public Opinion Strategies, which conducted this survey with the Democratic firm Hart Research Associates. “If America was giving social media a Yelp review, a majority would give it zero stars,” Roberts added.

According to the poll, 57 percent of Americans say they agree with the statement that social media sites like Facebook and Twitter do more to divide the country, while 35 percent think they do more to bring the nation together. Fifty-five percent believe social media does more to spread lies and falsehoods, versus 31 percent who say it does more to spread news and information. Sixty-one percent think social media does more to spread unfair attacks and rumors against public figures and corporations, compared with 32 percent who say it does more to hold those public figures and corporations accountable.

And a whopping 82 percent say social media sites do more to waste people’s time, versus 15 percent who say they do more to use Americans’ time well. But those numbers also come as nearly seven in 10 Americans — 69 percent — say they use social media at least once a day. The negative attitudes about social media are shared by Democrats, Republicans, men, women, urban residents and rural ones. One variable, however, is age — with younger poll respondents less likely to believe that social media divides the country and spreads unfair attacks and rumors.

Sixty percent don’t trust Facebook to protect personal information

The NBC/WSJ poll also finds Americans are down on Facebook, with 60 percent saying they don’t trust the company at all to protect personal information. Just 6 percent say they trust it either “a lot” or “quite a bit.” By contrast, the percentage of Americans not trusting companies or institutions with their personal information is lower for Amazon (28 percent), Google (37 percent) and the federal government (35 percent).

And by a 74 percent-to-23 percent margin, respondents say that social media companies collecting users’ personal data to allow advertisers to target them is not an acceptable tradeoff for free or lower-cost services. Overall, 36 percent of adults view Facebook positively, while 33 percent see it negatively. And Twitter’s rating is 24 percent positive, 27 percent negative. “If these were political candidates, it would be one thing,” said Democratic pollster Jeff Horwitt of Hart Research Associates. “But for companies, you’d think these ratings would be [more] on the positive side.”

Down on social media, but upbeat about technology

Despite these sour attitudes about social media, the NBC/WSJ poll shows that Americans are upbeat about technology in general. Fifty-nine percent of respondents agree with the statement that technology has more benefits than drawbacks, because it means products and services can be cheaper and made more efficiently.

That’s compared with 36 percent who believe that technology has more drawbacks than benefits, because it means workers are being replaced by robots and computers.And 60 percent of Americans say they feel more hopeful rather than more worried when thinking about the changes that technology might bring over the next five years. Asked if the federal government should break up the largest tech companies — like Apple, Amazon, Facebook and Google — into smaller competing companies, 47 percent say they agree and 50 percent disagree.

In addition to the 69 percent of Americans who say they use social media at least once a day, the NBC/WSJ poll finds 63 percent saying they pay most of their bills online; 48 percent saying they’ve tried to limit their smartphone use; 42 percent saying they’ve made an effort to quit or limit social media; 26 percent who have blocked or unfriended someone on Facebook or social media because of their political views; and 14 percent saying they play an online multiplayer video game like Fortnite.

And asked how old is a child under 18 old enough to have their own smartphone, 42 percent answer ages 15 and older; 40 percent say ages 12 to 14; and 11 percent say ages 11 and younger. The NBC/WSJ poll was conducted March 23-27 of 1,000 adults – almost half reached by cellphone – and it has an overall margin of error of plus-minus 3.1 percentage points.

Article Produced By
Mark Murray

Mark Murray is a senior political editor at NBC News.

https://www.nbcnews.com/news/amp/ncna991086

 

43 Million Lost as Crypto Scams in Australia Rise 190 in 2018

$4.3 Million Lost as Crypto Scams in Australia Rise 190% in 2018
          

A 190% increase in cryptocurrency scams saw Australian consumers lose $6.1 million Australian dollars

($4.3 million) in 2018, according to a report released by the country’s Competition and Consumer Commission on April 29. The substantial rise from the AU$2.1 million ($1.48 million) lost in 2017 came despite an industry wide slump in cryptocurrency prices, with Australian authorities receiving 674 reports where crypto was used to pay scammers.

Most of the victims were targeted by investment scams where they are encouraged to purchase digital currencies or asked to make crypto payments for access to forex trading, commodity trading and other investment opportunities. A total of AU$2.6 million ($1.8 million) was lost this way — and often, consumers only realized something was wrong when they were unable to withdraw funds or contact the fraudster responsible.

According to the Australian Competition and Consumer Commission (ACCC,) almost half of all those who lost money to crypto scams were men aged 25 to 34. The true number of victims could also be much higher, as some may have been too embarrassed to come forward, the report notes. One victim, who believed they had been given a trial task for a well-paid job, was pressured into converting money at bitcoin (BTC) ATMs and sending it to investors.”Their bank accounts were then frozen as a fraud investigation took place.

The unnamed victim said:

“I’m cooperating with the bank and hope to get my accounts unlocked and my name cleared. It’s clear to me now that this was just a money laundering scheme and I fell for it.”

The ACCC is now urging consumers to be wary of unusual payment methods such as crypto, iTunes gift cards and remittance services — especially if the payment request appears to be coming from a government agency. In March, an Australian crypto fund manager was taken to court by his clients over the loss of AU$20 million ($14 million). It is alleged Stefanos Papanastasiou had requested his clients to transfer money to his wife and sister, and was unable to pay them back when they requested a withdrawal.

Article Produced By
Thomas Simms

Thomas is a British reporter who loves all things breaking news and crypto. When out of the office, he also likes backgammon and gin.

https://cointelegraph.com/news/43-million-lost-as-crypto-scams-in-australia-rise-190-in-2018

325 Million Bitcoin-Accepting Real Estate Project in Dubai Pauses Operations

$325 Million Bitcoin-Accepting Real Estate Project in Dubai Pauses Operations

             

The Aston Plaza in Dubai, a major bitcoin (BTC) real estate project,

is reportedly pausing its operations, British daily news agency The Times reports on April 28. The $325 million project — developed by founder of the Ultimo lingerie brand Michelle Mone and her billionaire partner Douglas Barrowman back in 2017 — includes 1,300 luxury apartments, with at least 150 units planned to be sold in bitcoin.

Touted as the first major development of this size to be available for purchase in cryptocurrency, the Aston Plaza initially offered $130,000-priced studios, about 15 BTC as of February 2018, as well as two-bedroom apartments for $380,000, worth around 45 bitcoins. As previously reported by Cointelegraph, the entrepreneurs sold 50 apartments for bitcoin as of February 2018.

According to the Aston Plaza website, the venture now offers studios as well as one- and two-bedroom apartments starting at 9 BTC; however, the website notes that price is pegged to the United States dollar exchange rate for bitcoin as of Jan. 8, 2018, making 9 BTC equal to around $147,000. As previously reported by CNBC, the project was originally scheduled to be completed by September 2019.

However, citing government inspectors who visited the site in January of last year, The Times reports that construction of the venture has stopped. As presented on the project’s website, 25% of the project has been constructed to date, with over 400 apartments already sold. According to Lady Mone’s press office, The Times’ categorization of the construction as stopped is “damaging as the towers are currently being re-designed.” In an email to Cointelegraph, the press office noted that the clients’ money is currently being held in an escrow account.

Mone had previously founded another crypto-related initiative known as Equi Capital, according to tech news outlet The Next Web. The Equi project — with reported involvement from Apple co-founder Steve Wozniak — was initially set for launch as an initial coin offering (ICO). Following a $7 million pre-sale, the ICO was eventually cancelled, with refunds issued to investors due to loss of interest and failure to make targets.

The press office of Lady Mone told Cointelegraph in an email that the Equi project was stopped by them as they worked on their partnership with Wozniak, and thus cannot be considered a failure. The email notes that due to legislation surrounding security tokens, they have a team of lawyers working on how to move forward, with a launch planned for later this year. In February of this year, the UAE’s largest real estate development firm, Emaar Properties, has officially denied reports that it enabled crypto payments for property.

Article Produced By
Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/325-million-bitcoin-accepting-real-estate-project-in-dubai-pauses-operations

 

Consumer-Trageted Cryptojacking Is Essentially Extinct: Research

Consumer-Trageted Cryptojacking Is "Essentially Extinct": Research
            

Illicit crypto mining — or cryptojacking — against consumers “is essentially extinct,”

declares a report released by cybersecurity company MalwareBytes on April 23. Per the report, after in-browser miningservice CoinHive shut down in early March — when the team claimed that the project had become economically inviable — cryptojacking against consumers has sharply decreased. At the same time, the number of such attacks targeting businesses increased from the last quarter.

Furthermore, MalwareBytes also notes that bitcoin (BTC) holders who use Electrum wallets on a Mac have lost over $2.3 million in stolen coins to a Trojanized version of the wallet in Q1 this year.

Cryptojacking is the use of a computing device for mining cryptocurrency without the knowledge of the device’s owner. Common effects experienced by users are slowdown, more heat generation and shorter battery life. Arguably, the cryptocurrency which is seemingly preferred for such attacks is privacy-centric coin monero (XMR), thanks to the ability to mine it on lower-tier hardware.

As Cointelegraph reported in May last year, a researcher claimed at the time that the Coinhive crypto mining script had been detected on more than 300 government and university websites worldwide. Earlier this week, United States-based cybersecurity firm Symantec found a spike in a new crypto mining malware that mainly targets enterprises.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/consumer-targeted-cryptojacking-is-essentially-extinct-research

Chinese Government Supports Development of Blockchain City in Malaysia

Chinese Government Supports Development of "Blockchain City" in Malaysia

             

The Chinese government is purportedly supporting the construction of a "blockchain  city"

in the critical shipping lane of the Malaysian Malacca Strait. The development was announced in a press release shared with Cointelegraph on April 26. Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd have jointly launched the Chinese government-backed project aimed at the development of the city of Malacca into a blockchain city called Melaka Straits city. The founders of the project are planning to raise 500  Malaysian Ringgits ($120 million) during the initial stage.

Per the release, the entire infrastructure of the city will be based on blockchain technology, with a so called DMI platform offering its native DMI coin. DMI will be used to pay government-based services within the city and feature an exchange that will enable Melaka Straits City tourists to exchange their fiat currencies for DMI coins. The project CEO Lim Keng Kai said that "our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area."

China has been expanding its presence in the Pacific region through investments in infrastructure and municipalities. Over the past seven years, China reportedly poured $6 billion in concessional loans and other aid into resource-rich Papua New Guinea’s Port Moresby, being eager to exploit its natural gas, minerals and timber resources. Last June, South Korea revealed plans to launch a blockchain center in Busan city modeled on the Zug-based Crypto Valley, an independent association established for cryptocurrency and blockchain development with the support of government of Switzerland. Chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that “we need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland."

In February, Norway’s autonomous city Liberstad adopted a cryptocurrency native to its blockchain-powered smart city platform as its official medium of exchange. The private, anarcho-capitalist city was founded in 2015 as part of the Libertania project, which eschews taxes and government regulation. A report by the International Data Corporation (IDC) indicates that spending on so called smart city technology is expected to grow to $135 billion by 2021.

Article Produced By
Ana Alexandre

Total change in her career took Anastasia into the world of analytics and business information as a researcher and translator in 2010. Some time later she got into FinTech, a dynamically developing segment at the intersection of the financial services and technology. Ana joined Cointelegraph in September 2017.

https://cointelegraph.com/news/chinese-government-supports-development-of-blockchain-city-in-malaysia

Now Facebook is allowing anyone to look you up using your security phone number

Now Facebook is allowing anyone to look you up using your security phone number

 

                

And I mean, geez,

stuff like this with Facebook just isn’t a surprise anymore, is it? For years social media Big Brother had been pestering its users to secure their account with two-factor authentication (2FA) by prompting them to enter their phone number so they could get a text with a security code login when logging into their account from a new device for the first time.

On the surface, Facebook prompting people to enable 2FA was a good thing–if you have 2FA enabled it’s much harder for someone who isn’t you to log in to your account. But this being Facebook, they’re not just going to do something that is only good for the user, are they?

Last year it came to light that Facebook was using the phone numbers people submitted to the company solely so they could protect their accounts with 2FA for targeted advertising. And now, as security researcher and New York Times columnist Zeynep Tufekci pointed out, Facebook is allowing anyone to look up a user by their phone number, the same phone number that was supposed to be for security purposes only.

Oh, and Facebook won’t let users opt out of this privacy violation they never opted in to. The most you can now do is limit who can look you up with the phone number you provided to “Friends,” but you can’t hide it entirely. And remember, by default Facebook allows the whole world to find out who you are by entering your phone number.

In response to the growing outrage over Facebook’s latest data misuse scandal, a company spokesperson told TechCrunch, “We appreciate the feedback we’ve received about these settings and will take it into account.” Sigh. Sure you will. If users want to try to claw back some of their privacy from Facebook’s latest data grab, go into the Settings of your Facebook account, click Privacy, then click “How People Find and Contact You.” Then click “Who can look you up using the phone number you provided?” and change the dropdown box from “Everyone” to “Friends.”

Article Produced By
Michael Grothaus

Michael Grothaus is a novelist, journalist, and former screenwriter represented worldwide by Marjacq Scripts Ltd?. His debut novel EPIPHANY JONES is out now from Orenda Books. Contact his agent at Marjacq Scripts Ltd?. You can also read more about him at MichaelGrothaus.com. You can also follow him on Twitter.

https://www.fastcompany.com/90314763/now-facebook-is-allowing-anyone-to-look-you-up-using-your-security-phone-number

SeedInvest Gains FINRA Approval as Alternative Trading System a Month After Circle Buyout

SeedInvest Gains FINRA Approval as Alternative Trading System a Month After Circle Buyout

           

SeedInvest, the equity crowdfunding platform

owned by crypto-friendly payment giant Circle, has gained approval to offer secondary shares trading, crypto industry news outlet The Block reported on April 26. The platform, which Circle bought out for an undisclosed sum in March this year, can now allow its users to trade startup shares via its accreditation as an Alternative Trading System.

The company got the go-ahead from the United States Financial Industry Regulatory Authority (FINRA), a month after gaining initial regulatory approval. At the time, Circle praised SeedInvest for its input in aiding the U.S. startup investment scene, notably through its assistance with the 2012 Jumpstart Our Business Startups (JOBS) Act. “As a crowdfunding pioneer in the United States, SeedInvest helped to shape the JOBS Act,” a blog post read.

It continued:

“Today they are at the forefront of enabling startups to raise capital directly from investors over the internet — creating new capital formation options for startups and growth companies, and giving average retail investors the opportunity to invest directly into innovative private companies.”

Circle, meanwhile, continues to see growth in various sectors of the crypto economy. As Cointelegraph reported, the company’s over-the-counter trading desk for large-volume investors saw turnover of $24 billion in 2018. Also in March, reports emerged that Circle was seeking fresh funding to the tune of $250 million. The company was previously known for securing investment from Goldman Sachs.

Article Produced By
William Suberg

William Suberg got into Bitcoin while completing his Masters degree and hasn't looked back since, writing about anything crypto-related which makes him sit up and pay attention. He started working with Cointelegraph in October 2013.

https://cointelegraph.com/news/seedinvest-gains-finra-approval-as-alternative-trading-system-a-month-after-circle-buyout

JPMorgan Continues to Explore Blockchain for Cross-Border Payments Having Signed 220 Banks WorldwidenAlong the Way

JPMorgan Continues to Explore Blockchain for Cross-Border Payments, Having Signed 220 Banks WorldwidenAlong the Way

           

On April 21, it was revealed that JPMorgan Chase (JPM),

the United States’ largest bank with over $2.62 trillion in assets, is planning to widen the use of its blockchain system. Specifically, JPM is adding new features to its Interbank Information Network (IIN), which is now used by more than 220 banks across the globe. With the JPM Coin launched earlier this year, it seems that the U.S. financial institution is increasingly betting on blockchain, pushing crypto closer to mainstream adoption.

Brief intro to JPM and crypto: the “Blockchain before Bitcoin” approach

JPM has been maintaining an overall mixed stance on virtual currencies. Its CEO, Jamie Dimon, is perhaps best known among crypto enthusiasts for his harsh comments regarding bitcoin. In 2017, Dimon openly called bitcoin a “fraud.” A year later, the banking giant’s CEO reterierted his position by saying that he doesn’t “really give a s—” about the cryptocurrency. Lately, however, he has taken a somewhat softer approach toward bitcoin: At the 2019 World Economic Forum in Davos, when the JPMorgan Chase head was asked if he took any satisfaction when the cryptocurrency collapsed last year, he replied that he did not.

However, despite his unmasked criticism aimed at the world’s largest cryptocurrency, Dimon has been much more careful when discussing the technology that underpins it. Back in 2015, he first shared his thoughts on the subject, stating that “blockchain is like any other technology,”

but then also clarifying:

“If it is cheaper, effective, works, and secure, then we are going to use it. The technology will be used, and it could be used to transport currency, but it will be dollars, not bitcoins.”

At the latest Davos gathering, Dimon voiced his updated, more optimistic opinion on blockchain. Specifically, the JPM CEO noted that he is pro-blockchain, despite the excessive hype around the technology, and that the technology serves as a better replacement for certain

online databases:

“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”

Indeed, JPM’s experiments with blockchain date back to 2016, when the banking behemoth published a white paper for Quorum, its private blockchain platform built on the Ethereum protocol. Quorum was created as part of the Ethereum Enterprise Alliance (EEA), of which JPM is one of the founding partners. As mentioned above, the platform runs on the Ethereum blockchain and is modeled after the Ethereum Go client. It has been adopted by pharmaceutical giants Pfizer and Genentech as well as Microsoft Azure, among others. It has also been tested with a number of high-profile players, including National Bank of Canada and Goldman Sachs Asset Management. In March 2019, JPMorgan Chase announced that it was considering making Quorum an independent entity in a bid to attract more partners that could be reluctant to deal with JPM directly if they are competitors of the bank.

IIN: the ever-growing, blockchain-powered international network of banks

The IIN, in turn, is JPM’s peer-to-peer network powered by Quorum. Launched as a pilot back in 2017, it aims to deal with issues of interbank information sharing, “from minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps,” as per the company’s website. Suresh Shetty, blockchain technology lead for IIN,

explained:

"Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction. When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information."

As of March 2019, more than 220 banks worldwide have signed up as members of the IIN, including banking powerhouses such as Sumitomo Mitsui Banking Corporation (SMBC), Crédit Agricole — the world’s largest cooperative bank by turnover — and Banco Santander. The network is expanding at a swift pace: More than 60 banks joined it just within the past few months, given that the IIN consisted of 157 member banks as of January this year. However, just like with Quorum, some financial institutions might be hesitant to join a JPM-supervised venture, according to Hartej Sawhney, a blockchain expert and co-founder of Hosho, a company protecting investments and providing multiple smart contract services.

He told Cointelegraph:

“IIN is not a competitor to Ripple unless it begins to sweep all the banks in the world onto their network, which could be difficult for JPM given their historical reputation. Ripple, Circle, and Transferwises advantage may be that they are third-party intermediaries, not banks themselves.”

However, the main priority for the INN is not to facilitate cross-border payments with stablecoins or its own cryptocurrency (which is what Ripple is actively trying to achieve with its similarly sized RippleNet), but rather to tackle the current system’s downsides with a blockchain-powered solution. “Broadly speaking, the cross-border payments system works quite well. Attempts to construct some new way of transacting on blockchain look to us like a solution in search of a problem,” Sungmahn Seo, head of Europe, Middle East and Africa payments and foeign exchange at JPMorgan Chase, told Euromoney in October 2018, outlining the INN’s

primary goal:

“However, when a cross-border payment does get stuck for whatever reason, that can get quite painful. It can be difficult and can take weeks to resolve. We want to make resolving stuck payments much simpler and much easier, and that is about easing access for the right parties to the right information.”

According to Seo, the U.S. banking giant receives 100,000 to 200,000 enquiries regarding stuck payments every year, and most of them are international. He described the hurdle it entails for banks

in greater detail:

"There can be many steps between multiple correspondent banks in sending a payment from the US to China, for example. And when a query pops up, the question becomes: which bank has the full and complete information? Banks start sending emails but some banks don’t like to respond that way because email may be insecure. So, then it’s phone calls between banks in very different time zones. The query can start ping-ponging around. When it gets painful, it gets really painful. A payment that should have taken minutes can take many days to complete as requests for information ping-pong between the banks.”

Thus, instead of handling cross-border payments like Ripple-created XRP and other SWIFT-killers that aim to overtake the conventional money transferring structure and put it on blockchain rails, the IIN is merely an encrypted distributed ledger network that allows participants to identify themselves and share information necessary for sending money — and not necessarily large amounts — to each other. Notably, neither Ripple nor the IIN and has revealed publicly exactly how their systems work, Eyal Shani, blockchain researcher at Aykesubir, pointed out in a conversation with Cointelegraph.

Now, some new crucial features are being added to the ever-growing network. As John Hunter, JPM’s head of global clearing, told the Financial Times, the IIN members will be able to instantly verify whether a payment is heading to a valid bank account — as per the new update, scheduled to go live by the third quarter of 2019. At present, transactions can be rejected days after they were sent because of incorrect information, such as typos in sort codes, account numbers and addresses. Hunter told the

Financial Times:

“Banks straight through processing rates are in the mid-80s to mid-90s. It’s that gap — the 5 to 20 percent of payments — that have to be assessed by operations where we’re trying to alleviate some of that pain.”

Eyal Shani believes that the use of smart contracts and blockchain will indeed allow the IIN to minimize the number of

such errors:

“By tokenizing the system and enabling the use of modern smart contract and flexible coding, the IIN could solve better and faster compliance problems and other payment errors. The negative feedback regarding the centralization of the coin is irrelevant at this point of maturity of blockchain.”

Indeed, JPMorgan Chase also seems to recognize that, in its current form, blockchain is still far from reaching its full potential. The bank’s chair of global research, Joyce Chang, told Bloomberg

earlier in January:

“Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements. The most meaningful impact will probably be three to five years away and mostly on trade finance.”

Notably, the Financial Times report also revealed that JPM is planning to attract more fintech startups to work with the IIN network’s structure. Such firms will be able to develop applications in a specially designated sandbox in which they can gain access to data modeling, file transfers and secure messaging — as Hunter explained to the newspaper, “developers only need to bring their intellect.” On top of that, paid subscriptions might reportedly be introduced for the IIN members in the future, which also implies that JPMorgan is counting on its blockchain-powered network in the long term.

Thus, although the banking giant’s other recent crypto project, JPM Coin, was received quite poorly by the community, part of which deemed that JPM Coin is not a cryptocurrency at all, JPMorgan continues to explore the field of blockchain — and given the large amount of bank who have co-signed its project, the U.S. financial titan might be headed in the right direction.

Article Produced By
Stephen O'Neal

Stephen O'Neal is a Sociology major from Leeds. He's passionate about crypto and all the stuff you can spend it on.

https://cointelegraph.com/news/jpmorgan-continues-to-explore-blockchain-for-cross-border-payments-having-signed-220-banks-worldwide-along-the-way

 

 

Report: United States-Based Crypto Exchange ErisX Is About to Launch its Trading Platform

 
Report:
United States-Based Crypto Exchange ErisX Is About to Launch its Trading Platform
            

Chicago-based cryptocurrency exchange EriX

is reportedly about to launch its spot trading service, industry news outlet The Block reports on April 24. Per the report, the exchange has recently been in test mode with some financial firms that would potentially become users. One of those firms is reportedly United States retail brokerage TD Ameritrade, which announced that it invested in ErisX in October of last year. The platform reportedly aims to host spot crypto and crypto derivative trading later this year after obtaining regulatory approval.

According to a report released at the time, investing company DRW Holdings and high-frequency trader Virtu Financial also invested in the exchange. Moreover, both also reportedly agreed to be market makers for ErisX.

According to The Block, TD Ameritrade could soon offer crypto trading to 11 million retail clients. The Block claims that if TD Ameritrade links to ErisX, it would be among the first major brokers to offer cryptocurrency trading, following Robinhood. In a tweet published on April 23, ErisX declared that a limited number of participants are currently testing the platform.

As Cointelegraph reported earlier this week, Twitter personality Cryptopolis, a quantitative analyst at StrongMarket, tweeted that he bought one bitcoin through an account on retail brokerage firm TD Ameritrade on Nasdaq. Although he later noted that the trade had not gone through, he still alleged that Nasdaq is quietly testing a new bitcoin-based asset that is available only through their Paper Trading platform. At the beginning of the current month, ErisX has appointed three veterans from Barclays, Youtube and the Chicago Board Options Exchange to fill executive roles at the company.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/report-united-states-based-crypto-exchange-erisx-is-about-to-launch-its-trading-platform