The head of digital market assets at Credit Suisse, Emmanual Aidoo have expressed his opinion regarding the blockchain technology where he highlighted that the bank culture among the financiers has delayed the adoption of blockchain. Aidoo then explained, “I think it’s mostly culture. I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why.”
A multinational investment bank and financial services company, Societe Generale SFH have shared that they have successfully issued security tokens worth of €100 million, based on the Ethereum blockchain. In the official announcement, SFH commented, “ issued EUR 100 million of covered bonds in the form of “security tokens” (home financing bonds or “OFH”) directly registered on the Ethereum blockchain.”
The blockchain team of ING is currently developing a privacy technology called ‘bulletproofs’. Andrew Poelstra, Blockstream Mathematician explained, “When we developed bulletproofs in 2017, we did not expect such an uptake. We’re very excited and proud whenever we see the technology being applied to real-world problems if a little surprised its found a use-case in traditional banking!”
An announcement has been made by a Japanese bank, Resona regarding their collaboration with Ripple, along with the app named Money Tap by SBI Holdings. The collaboration made with the important key players in the blockchain industry and financial services company aims to provide the customers with a reliable payment solution instead of relying on the platform established by startups.
Xago (a money transfer operator based in South Africa) has planned to apply Ripple blockchain powered RippleNet to boost financial inclusion by providing fiat and digital assets transfer both locally and globally. In its Statement, “The potency of Ripple as an enterprise blockchain solution that breaks barriers like low speed, inefficacy and high transaction cost,”
A Strategic Partnership has been established between WEG Bank AG and Agora.Trade with Nimiq by acquiring a 9.9% stake in WEG Bank to create an innovative crypto-to-fiat bridge, Nimiq OASIS. Elion Chin, co-founder of Nimiq stated: “With Litecoin and Tokenpay as existing shareholders, new clients including Lisk, and other key prospective partnerships…”
A new Puerto Rico-based institution called San Juan Mercantile Bank & Trust International (SJMBT) will start aiding crypto traders in their business by providing custody and settlement services for both fiat and crypto traded on the exchange. Nick Varelakis, president & COO of SJMBT: “As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services…”
Tel Aviv District Court has ruled that Union Bank of Israel, Ltd can’t close the account of local cryptocurrency mining company Israminers Ltd. unanimously, but can refuse if any company involved in anonymous exchanges bypassing AML/KYC policy. The judge ruled: “I believe that the sweeping policy, which does not distinguish between different types of activity.”
Regulators and central authorities are also aiming to harness disruptive blockchain technology in order to bring transparency and massively reducing costs in many industries. BB Summit is Europe’s only dedicated Blockchain conference for the Banking sector. It features up to 20 leading speakers and subject matter experts with latest case studies, key trends, regulations, and implementation guidelines.
An announcement has been made by Swiss banking group, Swissquote regarding their plan to launch a cryptocurrency custody service this month. The company will become the first European online bank to offer clients the option of trading cryptocurrencies against EUR and USD. The customers will be also allowed to transfer crypto from external wallet to their account at Swissquote and vice versa.