Business

Wells Fargo Goes Digital

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.

European Central Bank Don’t Give Significant Weight To Cryptos In Monetary Policy

Even though the European Central Bank offers a bearish future to crypto is understandable, it goes a step further and states pose no tangible impact to the real economy. In its statement: “Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,”

FB Pops Up It’s Startup At Swiss To Achieve Crypto Goal

The Facebook (a social media dominator which needs no introduction) has recently launched their startup Libra at Switzerland, may be to materialise its plans regarding its USD-pegged coin. Albeit Facebook has not commented on the situation yet, the company is registered in Geneva and the Crypto Valley located in Zug is also close by and it prefers to keep project secretive.

Blockchain Startups Flooded With $46Mn From Dunamu

Dunamu & Partner a subsidiary of South Korean Fintech Duniamu has achieved investing about $46 million in 26 different blockchain. Ryan Lee, CEO of Dunamu & Partners said, “Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation.”

New Blockchain-powered Open Sources Launched by Microsoft

New Blockchain-powered Open Sources Launched by Microsoft

Microsoft has reportedly currently worked on establishing a decentralized identity network based on the Bitcoin blockchain. The executive program manager for the Microsoft Identity Division, Daniel Buchner explained, “The code for the ion reference node is still in rapid development, and many aspects of the protocol still need to be implemented before it can be tested on the main Bitcoin network.”

Update WhatsApp To Escape From The Spyware

Update WhatsApp To Escape From The Spyware

The facebook owned subsidiary has released a recent update patch to prevent the pegasus malware to gain access to personal information stored on smartphones. WhatsApp spokesperson in his statement: “WhatsApp encourages people to upgrade to the latest version of our app, as well as keep their mobile operating system up to date, to protect against potential targeted exploits designed to compromise information stored on mobile devices,”

Traditional and Crypto Custodians Partner For Mutual Benefit

Traditional and Crypto Custodians Partner For Mutual Benefit

In a panel discussion at Consensus 2019 called “Custody: The New Global Competitive Landscape” predicted that collaboration between crypto and traditional custodians to grow. CEO of Coinbase Custody Sam McIngvale agreed with the other speakers, adding that selling custody is ultimately selling trust and a track record. The lack of trusted custodial solutions remains a deterrent to potential professional and institutional investment in crypto assets.

Finastra Adds 3 more Banks To Fusion LenderComm

Finastra Adds 3 more Banks To Fusion LenderComm

3 more pilot banks have been signed by Finastra to Fusion LenderComm, a DLT platform for the syndicated loan market developed in collaboration with R3. The global head of corporate banking operations at BNP Paribas, Philippe Boulas commented, “With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion.”

Aries Announces Blockchain-powered Identity Management Tool

Aries Announces Blockchain-powered Identity Management Tool

An announcement has been made by the executive director of Hyperledger, Reed and Brian Behlendorf that its newly launched-management system, Aries is blockchain-powered identity management. Behlendorf explained regarding existing management tools, “All these involve exchanging permits and credentials. If you had to wait for all those governments to integrate all those systems you’d be waiting forever.”

Global Payment Network Flexa Launched

Global Payment Network Flexa Launched

An announcement has been made by Flexa, regarding the launching of its network and mobile app which will provide an instant cryptocurrency payment in stores and online and will be made available for several retail merchants. The CEO of Flexa, Tyler Spalding explained, “This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for millions of citizens globally.”