Category: Blockchain

Koinos to launch its free-to-use blockchain mainnet

Layer-1 decentralized blockchain Koinos is set to launch its mainnet on Nov. 5. It will be a free-to-use platform based on a Proof-of-Burn (PoB) consensus algorithm, built to deliver more efficiency and access to developers in Web3.  Formed by a group of blockchain veterans behind the Steem blockchain and steemit.com, the platform was built without venture capital funds, Initial Coin Offerings, pre-mine or any other early distribution of tokens to insiders, said the company. Ahead of the release, Andrew Levine, co-founder and CEO of Koinos Group, explained to Cointelegraph the…

Standard Chartered Invests in JPM and DBS-Backed Blockchain Payment Network Partior

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JPMorgan Pulls Off First Live Trade on Public Blockchain

JPMorgan Chase & Co has successfully conducted its first live trade on a public blockchain. Through the trade, the multinational bank was able to issue tokenised $71,000. It was part of the Singapore central bank’s pilot programs that are testing the use of decentralised finance (DeFi) in the banking sector. Following that trade, JPMorgan traded it for tokenised yen with Japan’s SBI Digital Asset Holdings. It signifies a big step towards entering the system that operates the world of cryptocurrencies and showcases the potential for other global banks to follow…

JP Morgan executes first DeFi trade on public blockchain

Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.  Singapore’s largest bank…

Hungary And Thailand Set To Test Blockchain Technology

Blockchain technology has gained traction recently through the advent of cryptocurrency. With the increased popularity of crypto assets, the technology records more applications over time. Recently, Thailand and Hungary have made a pact between their financial technology associations. This new agreement will foster cooperation between the two parties on blockchain technology to facilitate their financial industries. According to the report, the Thai Fintech Association (TFA) and Hungarian Blockchain Coalition signed a bilateral Memorandum of Understanding (MOU). This MOU will support the introduction of blockchain technology to the financial sectors of…

Argo Blockchain is at risk of closing if it fails further financing

The London Stock Exchange-listed cryptocurrency firm Argo Blockchain has warned that it’s at risk of ceasing operations due to a lack of financing. The crypto mining company Argo Blockchain continues to explore new financing opportunities after failing to raise major capital from a strategic investor, according to an announcement on Oct. 31. Argo has been seeking to raise about 24 million British pounds ($27 million) via subscription for ordinary shares. “The company no longer believes that this subscription will be consummated under the previously announced terms,” Argo said in a…

FTX Founder says Hong Kong Could be Top Blockchain Hub in Asia

Crypto exchange FTX founder Sam Bankman-Fried said that, unlike the West, although Asia does not have a key web3, blockchain and cryptocurrency hotspot, Hong Kong could emerge as a leader in that sector. Speaking virtually during the annual Hong Kong FinTech Week 2022, Bankman-Fried said that other potential locations in Asia are Singapore and Busan. “If you look at what the crypto hubs will be in the world, I think the Bahamas looks like one of them, Dubai looks like one of them, but if you look at the East,…

Blockchain Association Supports Ripple’s Efforts Against SEC

The Blockchain Association filed an amicus brief in the case between the U.S. Securities and Exchange Commission (SEC) versus payment company Ripple. The motion is a tool a party uses to provide the court with additional information in support of the defendant, in this case, the payment company.  In late 2020, the Commission sued Ripple for the alleged offering of an unregistered security, XRP. The case has been paramount in defining the regulator’s stance on the crypto industry. Its outcome might affect the sector and related companies in the coming years. BTC’s…