Day: September 25, 2020

Hong Kong Picks Consensys for Phase Two of Project Inthanon-LionRock

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Hong Kong’s pick of ConsenSys for phase two of its proposed cross-border payment system is a recognition of ConsenSys stride in the blockchain space. The Hong Kong Monetary Authority (HKMA) has selected Ethereum development studio ConsenSys, as the trusted partner for the Phase 2 of its Project Inthanon-LionRock, the country’s equivalent of a Central Bank Digital Currency (CBDC). According to ConsenSys, the award involves a cross-border payment network study project, which would be done in conjunction with PricewaterhouseCoopers and Forms HK. As the Joseph Lubin-led company noted, the cross-border payment…

Jack Dorsey Details Twitter’s Blockchain Strategy at Oslo Freedom Forum

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When Twitter and Square CEO Jack Dorsey spoke at the virtual Oslo Freedom Forum 2020 on Friday, he said blockchain technology is the future of Twitter.  “Blockchain and bitcoin point to a future, point to a world, where content exists forever,” Dorsey said. “We’re not in the content hosting business anymore, we’re in the discovery business.” In short, Dorsey expects the nonprofit Blue Sky to create an open Twitter protocol, which users can contribute to and access data from instead of a centralized service where the social media platform hosts…

Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework

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Lawmakers in the U.S. have introduced the Digital Commodity Exchange Act of 2020 to create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, their forks, and other cryptocurrencies. On the same day, the Securities Clarity Act was also introduced. Digital Commodity Exchange Act of 2020 The bill entitled “Digital Commodity Exchange Act of 2020 (DCEA)” was introduced by U.S. House Agriculture Committee Ranking Member Michael Conaway on Thursday. He explained that the proposed legislation “creates a single, opt-in national regulatory framework for digital…

XRP Poised to Act as Neutral Bridge Asset between CBDCs

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As global central banks work to implement their own CBDCs, Ripple through RippleNet and XRP is eyeing to connect different global CBDCs. XRP, XRPL native coin and also a part of Ripple’s bigger picture has been gaining traction, from retail traders, institutional investors and also as a means for an affordable payment system globally. Although the company is hardly focused on its market price on the shorter time frames, retail and institutional investors are keen on its performance as an asset investment. Recently Ripple has also stated that it’ is…

China Poses Impediment to Arm Acquisition by Nvidia, Deal of $40 Billion

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The primary focus for the Nvidia-Arm deal is the fact that an American company is acquiring the globally recognized tech company, hence putting China at the direct hands of Americans. On September 13, 2020, Nvidia Corporation (NASDAQ: NVDA) and SoftBank Group Corporation (OTCMKTS: SFTBY) jointly announced that the former would acquire Arm Limited for a $40 billion deal. However, with regulatory approval from different jurisdictions including China, the deal is likely to face strong opposition from the Chinese government. Sebastian Hou, managing director and head of technology research at CLSA,…

Ant Group Launches Trade Blockchain amid Plans for $35 Billion Dual IPO

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Ahead of its $35 billion IPO in Hong Kong and China, Ant Group has launched a cross-border blockchain platform for trading. Ant Group has launched a cross-border trading blockchain as it prepares for a dual initial public offering (IPO). The new blockchain will facilitate trading across countries. On Friday, Ant launched “Trusple,” its new trade platform built on AntChain. According to the company, the new platform will enable small and medium-sized enterprises (SMEs) to easily sell their goods to clients in other countries. Ant Group Launches Blockchain Ant has partnered…

Now There Are 101 Million Users of Crypto Globally

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The study showed the global spread of users of cryptocurrencies. It highlighted that the majority of them are located in North America and Europe. A recent study by the Cambridge Centre for Alternative Finance has shown that there is increasing global adoption of crypto by users. The study which was tagged “Third Global Cryptoassets Benchmark Study” showed a marked increase from the previous one conducted in 2018. The results of the released study show that there are 101 million unique crypto users globally. This is a 189% increase from the…

NVAX Stock Rises 7%, Novavax Starts Late-Stage Covid-19 Vaccine Trials

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Following the news about the progress with COVID-19 vaccine trials, Novavax shares which closed 0.86% higher on Thursday gained more than 7.33% in the pre-market. American vaccine development company Novavax Inc (NASDAQ: NVAX) has revealed that it has commenced its late-large COVID-19 vaccine trials in the United Kingdom stirring a rise in the company’s shares in the pre-market. Per the official announcement, the trial involving Novavax (NVAX) COVID-19 vaccine candidate NVX-CoV2373, will enroll as much as 10,000 participants between the ages of 18 – 84 years. According to NVAX, the…

EU Reveals Its Plans to Regulate Cryptocurrencies and Stablecoins

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The EU has realized that the future of finance is digital and Valdis Dombrovskis has indicated that the regulatory push will help to prevent market segmentation within the EU. The European Union (EU) has revealed plans to enact a regulatory framework that will govern cryptocurrencies and stablecoins in the region. According to the EU, some cryptocurrencies or crypto assets already fall under the regulatory purview of the body, but most of the extant regulations were enacted long before the emergence of digital assets which necessitates the need for renewed legislation.…