Barclays (a London Headquartered investment bank) is leading Series A funding round of the Crowdz (a blockchain based invoice exchange from Silicon valley) with $5.5 million. The CEO of Crowdz, Payson Johnston said, “Today, small and midsize businesses often have to wait for a financially crushing 90 to 120 days or more to get paid. It’s no wonder that more than half of them suffer cash-flow problems during any given year.”
T-Labs (tech arm of German Deutsche Telekom) and Fetch.AI (a tech startup based in Cambridge) have joined hands with motto to develop a decentralized Internet of Things (IoT) network innovations by signing a a memorandum of understanding (MoU). Toby Simpson, Co-founder of Fetch.AI said, “This memorandum of understanding further reinforces our commitment to work closely and combine our expertise and experience to bring this to reality sooner than any of us had previously imagined.”
Mt Pelerin is excited about the prospects of digitizing the banking system and creating the infrastructure to allow a streamlined issuance of tokens backed by any asset, security, or fiat currency, while also adhering to the strictest regulatory requirements. Unlike traditional banks, which keep only a fraction of cash reserves on hand at any given time (a practice which directly contributed to the 2008 financial crisis), Mt Pelerin is set to keep 100% of current account deposits, providing customers with instant liquidity at any time.
Chaum, American cryptographer who invented a secure, privacy-preserving digital currency back in 1982 told that he believes that increased awareness around privacy and digital sovereignty in the contemporary era has paved the way for blockchain and cryptocurrencies. He belives that privacy-oriented messaging systems integrated with payments will be the real killer app.
CULedger has announced it partnership with R3 with a vision to increase its support to internal and cross-border payments for credit unions on Corda blockchain platform. David E. Rutter, CEO of R3 said, “Corda’s unique approach to privacy and security will support CULedger’s efforts to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection,”
The hackers who fall under the category called “White Hat Hacker” who are helping to improve the cryptocurrency and blockchain ecosystems. In past 2 months 15 firms (Coinbase, EOS, Brave, & Omise to name some of them) have awarded these hackers as um of $30000 for documenting over 30 public bug reports. TRON compensated one of white hat for $3,100 after he realized that the platform was open to being flooded with malicious smart contracts.
CoinPayments (a crypto payments gateway) has partnered with Platon Finance (a crypto membership project) to make PlatonCoin payments processing for merchants and users more smoother. Daniel Tanner, Co-founder of Platon Finance commented, “People are starting to trust cryptos again, but it’s important that new projects provide the associated security required in the growing crypto industry. CoinPayments shares our same values, and our goal to create a crypto environment that not only focuses on trust and security, but it’s also user-friendly and simple to understand.”
The ABN AMRO bank based in Netherlands has abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns. The bank’s senior press officer, Jarco de Swart, said in an email that the bank decided not to continue its plans after it concluded that cryptocurrencies’ unregulated nature are at the moment too risky assets for our clients to invest in. The rumors concerning alleged tests of the wallet first started in January.
Wells Fargo, which agreed to pay a $575 million settlement at the end of last year in connection with systemic wrongdoing, joins a long list of banks and financial institutions that are implementing innovative fintech solutions to maintain their edge in the digital economy. As the bank strives to stay competitive in the digital economy, TransferMate, one of the world’s leading cross-border B2B payment providers, will deliver its Global Invoice Connect platform for Wells Fargo clients.