Day: June 12, 2019

Legal & General Partners With Amazon to Use Blockchain for Pension Deals

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Online retail giant Amazon has partnered with United Kingdom-based insurance agency Legal & General to create a blockchain system for managing corporate pension deals, according to a report by Reuters on June 11. Legal & General will reportedly make use of the Amazon Managed Blockchain for its bulk annuity transactions, which happen when companies transfer their pension schemes to Legal & General for insurance. According to an article by the Financial Times, companies make bulk annuity transactions to insurers like this so that they are not ultimately responsible for personally…

DOrg LLC Purports to be First Legally Valid DAO Under US Law

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Decentralized Autonomous Organization (DAO) developer cooperative dOrg has created a limited liability company (LLC) to grant its native DAO legal status, according to a report by independent law firm Gravel & Shea on June 11. As its name implies, a DAO is a firm with no centralization or hierarchy, and is instead governed by open source digital rules on a blockchain — a smart contract — and operated publicly by users via a consensus voting mechanism. According to Gravel & Shea, the native DAO of dOrg, underpinned by the DAOstack…

Coinbase Card Launches in Six European Countries

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United States-based cryptocurrency exchange and wallet service Coinbase has launched its Visa debit card in six European countries, CNBC reports on June 11. As of today, cardholders in Spain, Germany, France, Italy, Ireland and the Netherlands will be able to use the cards, which sync directly to their Coinbase accounts. The card comes as both a mobile app for iOS or Android, and as a physical card that can be used to withdraw fiat currencies from automatic teller machines. Coinbase’s new offering purportedly allow users to spend cryptocurrencies they hold…