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Coinbase Acquires Another Company Ahead Of Its IPO

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Prominent cryptocurrency exchange, Coinbase seems to be going all out in terms of acquiring platforms. The San Fransisco-based digital asset exchange recently caught the attention of many after its plans to go public were revealed. As the exchange was seen preparing for its initial public offering [IPO], Coinbase went on to acquire another blockchain platform in less than a month.

Coinbase Bags Bison Trails

The interest the cryptocurrency industry is garnering right now is almost unexplainable. With the value of almost all the assets skyrocketing, people are seen pouring into the industry. As crypto platforms are required to spruce up their games, Coinbase was seen prepping the right way. In a recent blog post, Coinbase revealed that it was teaming up with Bison Trails, a blockchain infrastructure platform.

Blockchain and crypto have moved past their nascent stage in terms of adoption. From being outrightly condemned by officials, to becoming a trillion-dollar industry, the crypto-verse has come a long way. Coinbase, with its latest acquisition, hopes to stimulate the adoption of blockchain technology through an easy to use infrastructure throughout the globe. The blog post further read,

“By joining forces, we aim to bring the advanced technology that the Bison Trails team has developed — and continues to develop — to more projects and more companies around the world. […] Bison Trails will serve as a foundational element within Coinbase’s ecosystem suite of products, powering all participants in the cryptoeconomy.”

Bison Trails spearheaded by Aaron Henshaw and Joe Lallouz entered the blockchain industry back in 2018. The prominent blockchain platform will reportedly function as a standalone product. In its recent post, Bison Trails revealed that the platform had worked with the exchange in the past.

Earlier this month, the crypto exchange announced the acquisition of Routefire to bolster its trading activities. While the capital involved in this acquisition was undisclosed, the exchange hadn’t revealed any financial data of its latest partnership either.

Australia To Employ Blockchain Tech To Carry Out Inter-Govt Document Exchange With Singapore

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Governments across the globe seem to be getting out of their comfort zone and moving towards digitalization. Australia seems to be taking the lead on this one. The government revealed that it had been probing the prospects of blockchain technology specifically for inter-government document exchange with Singapore. The Australian Border Force [ABF] has reportedly been spearheading the development of the same.

Australia Rolls Out Solutions To Aid Convenient Cross Border Trade

As reported by a news portal, the Australian Border Force [ABF] had reportedly rolled out a trial to test digital verification systems on blockchain tech. This was carried out by ABF in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA). The agency revealed that this first of its kind system was formulated at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) by experts from Singapore and Australia.

Several platforms from Australia as well as Singapore are said to be a part of the trial. These platforms include the Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ along with financial institutions in Singapore. This trial will reportedly test the digital verification platforms for electronic trade documents across ABF-developed Intergovernmental Ledger (IGL) and IMDA’s TradeTrust.

The Commissioner of ABF, Michael Outram spoke about its latest collaboration and said,

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window”.

The aforementioned platforms part of the trial will reportedly deliver their feedback on the system. Their experience in verifying the certificates of origin prioritizing administration costs reduction as well as a boost in trade efficiency would be noted. This would further be delivered to the Supply Chain Working Group’s Discovery Report under the National Blockchain Roadmap that has been carried out by the Department of Industry, Science, Energy, and Resources.

Australia has made it clear that the country has an inclination towards adopting blockchain technology. Australia has been making a lot of news with regard to the incorporation of blockchain tech. Back in September, the Australian government announced that it was allocating a whopping $6.9 million to explore the potentials of blockchain tech. This was further followed by a major Australian mango producer employing blockchain tech to track mangoes.

Malaysian Crypto-Exchange Suspends Listing of LongBond’s $3 Billion Blockchain Bond

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A blockchain bond worth $3 billion has been withdrawn from a Malaysian cryptocurrency exchange. The said bond has been arranged by the tier-1 branch of Beijing-headquartered China Construction Bank Corporation [CCB] unit using blockchain technology.

According to the latest reports, the bond was withdrawn at the request of the issuer – Longbond Ltd,  which is a special purpose vehicle created for the purpose of issuing digital bonds and deposit the proceeds with CCB’s branch in Labuan, a Malaysian offshore financial center.

The listing sponsor and the lead manager of the bond in question was CCB Labuan and it was to be tradable on the FUSANG exchange, which happens to be a platform that trades digital assets such as Bitcoin, as well as Security Token Offerings [STOs], the report said.

It is important to note that the listing was originally scheduled to go live on the Exchange on the 13the of November. However, as just before the listing time, FUSANG revealed receiving written communication from the Listing Sponsor on behalf of the Issuer, where it requested for the postponement of the Listing. Three days later, on the 16th of November, the exchange formally wrote to the Listing Sponsor to ask for a reason as to the postponement, as well as the updated timeline for the Listing. But the Listing Sponsor responded on the 20th of November that it had “decided not to proceed”.

The Blockchain Bond in brief:

According to FUSANG, the aim of the bond was to give investors access to bank-secured deposits at an annualized rate of LIBOR +50 bps [~0.70 %]. This figure is significantly higher than the market interest rate for typical fixed deposits. The platform asserted that the bond would offer retail investors access to an investment that was previously unavailable to them, while at the same time bringing legitimacy and investor confidence to the world of cryptocurrency and decentralized finance.

Additionally, the bond was supposed to be issued at a discount and can be traded on FUSANG Exchange prior to maturity, in US Dollar and Bitcoin with a total program target size of $3 billion.

As revealed by the FUSANG Chief Executive, Henry Chong, the bank had not provided a reason for suspension of the same. Chong went on to say that,

“While we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process and filing. The overwhelming investor interest and demand for this landmark USD 3 billion program has been a fantastic validation of the digital issuance and listing process that we have created, and it is unfortunate that the Listing Sponsor has decided that they are unable to proceed with this Listing”

Fintech Gets Another Boost from China as Standard Chartered Completes Cross-Blockchain Trade with Hong Kong

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Blockchain solutions have taken the world by storm over the past couple of years with multiple integrations with several sectors. Organizations were not the only ones utilizing the technology as state governments have also taken a keen liking to the not-so-niche industry.

China is one of the major regions taking a deep dive into the technology with multiple areas testing out different versions of blockchain. Recently, Standard Chartered Bank announced the completion of a cross-block transaction between Hong Kong and China, marking a major step forward in the area.

The original transaction was conducted between the People’s Bank of China Trade Finance Platform in China and the eTradeConnect platform in Hong Kong. Earlier releases had pointed to the usage of the digital Yuan for this very same purpose but there was no mention about it in the latest move. China’s lean towards a digital yuan made massive headlines in 2019 as it made the first P5 country to adopt blockchain wholeheartedly.

Hong Kong Monetary Authority Executive Director Colin Pou claimed that the adoption of new technologies would make large scale transactions much more seamless and safer. He added:

“The Proof-of-Concept trial (PoC) that connects eTradeConnect and the PBCTFP aims to provide importers and exporters in both places with more convenient trade finance services.”

Standard Chartered’s experience in the blockchain industry can be traced back to the formation of the seven bank association testing cross border transactions. The other members who participated in the fund transfer were the ICBC, Bank of China, and Bank of Communications (including Hong Kong subsidiaries). China’s increased focus on the blockchain has also forced other countries to sit up and take notice of the newly burgeoning industry. The Red Dragon had previously conducted internal tests within Guangdong, Macau, and Hong Kong.

Hong Kong and China began work on blockchain solutions over a year ago while creating a framework for Central bank Digital Currency [CBDC]. The eTradeConnect partnership is operated by Chinese firm Oneconnect with the intention of scaling the blockchain usage. There are also plans to expand the platform utilities to regions such as Europe and the rest of the Asian market.

Singapore Ups its Blockchain Game with Singapore Life Philippines – Galileo Platforms Partnership

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Blockchain technology has come a long way since its inception with the concept of having being adopted by multiple industries of late. from being shunned because of its association with cryptocurrencies, blockchain technology has made a name for itself for being fast and secure.

The blockchain industry got one more win recently when major insurance player Singapore Life Phillippines announced that they would be adopting the blockchain solution provided by Galileo Platforms. The tie-up will also involve G-Cash, a native e-wallet provider that will work towards providing low-cost life insurance on the blockchain. 

The Philippines was seen as a lucrative market because of the growing number of users on the smart banking systems. Reports have also shown that the gross written premium in the country represents less than 1 percent of per capita gross domestic product. The focus on developing countries has increased recently and that is mostly because these regions make up for more than 50 percent of global premium growth.

Speaking about the partnership, Singlife Philippines President and CEO said:

“Galileo technology is built for digital and for scale, offering easy low-cost solutions. That’s perfect for Singlife and perfect for under-insured markets such as this one.”

Insurance pathways require a more concrete foundation that would stop any form of fraudulent activity. This is the area where blockchain technology shines, as the single truth concept of the system will hinder any changes to core data. It is a known fact that many insurers are still struggling to become digital as they are constrained by legal processes and systems. Galileo Platforms has assured its users that the low-cost, high-efficiency technology enables the whole life cycle of insurance transactions.

The company has said that they will first start with life insurance after which there are plans to diversify into medical and general insurance. Singapore has witnessed a surge of new companies in the cryptocurrency industry and it is all due to the laws and regulations. The Monetary Authority of Singapore has made it clear that it will follow all rules and procedures before letting a new crypto company establish itself.

Australian Mango Producer Employs Blockchain Tech To Track Mangoes

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Blockchain technology has been employed across various sectors of the globe. With every industry steering towards digitalization, the adoption of blockchain technology has been enduring elevation. Blockchain in the coffee industry had created a stir a few years ago and now mango producers have been incorporating blockchain tech into their industry.

Blockchain To Track Mangoes

Australia’s Cooperative Research Centre for Developing Northern Australia [CRCNA] revealed that it had joined forces with Growcom, mango producer Manbulloo Limited as well as a blockchain start-up T-Provenance. The aforementioned platforms came together to test a supply chain management program throughout the Northern region of Australia and Queensland, where the distribution centers are located.

The project took off in April 2018 and the platforms involved in it have been working towards bolstering the efficiency of the supply chain. With the association of several partners which includes, logistic providers, certification bodies, ripeners, quality controllers as well as food retailers the platform intends to examine the systems in a commercial atmosphere.

Dr. Sam McMahon, the Senator for the Northern Territory suggested that the project was transpiring to become a “game-changer” in the production and distribution of mangoes. McMahon further added,

“Manbulloo can see where their fruit is across the supply chain in real-time and maintain proactive quality control and quality assurance protocol to address any issues immediately and complement what is already a best-in-industry approach.”

The “Smart supply chain” project was given a total of $1 million. The CRCNA’s was given an additional $100,000 with the existing $272,000 for the Manbulloo project.

While the mango industry has just begun reaping the fruits of blockchain tech, the coffee industry was also seen jumping the bandwagon. It wasn’t long ago when Starbucks revealed that had partnered with Microsoft to formulate a blockchain-based supply chain tracking system.

Blockchain tech is has been headed towards mass adoption and the food industry would get a boost by being a part of this. The incorporating of blockchain tech could lay off the stress and dependency on the middlemen.

Australia seems to spearhead the implementation of blockchain tech in the country as its government recently revealed that it was going to spend $575 million on digitalization and this included blockchain tech.

Blockchain Takes to the Sky as Freightchain Launches Air Routes to Bangkok

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The blockchain and the decentralized economy have made significant strides in the mainstream, with developments leaning towards massive user bases.  One of the latest ventures undertaken by the blockchain industry is in the aviation industry with the South Asian market acting as the launchpad.

Freightchain, the blockchain-based cargo network recently announced that they were expanding to Bangkok, Thailand after noting the large number of trade routes that converge at the South Asian capital. The launch is expected to be one of the first steps to a large scale expansion.

Reports have said that the latest operation will be served by both the Thai Air Asia and Thai AirAsia X planes. The Air Asia X planes are supposed to add another dimension to serving offshore customers as plans to connect new territories are in the works. Freightchain was established in 2019 as a subsidiary to the Air Asia logistics platform Teleport. Following the announcement, Teleport COO Adira Loretz stated:

“These newly opened routes will allow businesses to seamlessly connect to or from Suvarnabhumi and Don Mueng, both of which are among the largest airports in Southeast Asia. The expansion of these new cargo routes from the Bangkok hub to popular ASEAN cities was created in response to the great demand for flights to the cities itself. This will allow businesses to also efficiently transfer cargo from the Bangkok hub to other cities.”

Sources close to Freightchain have informed users that the platform uses Hyperledger Sawtooth to build a blockchain air cargo booking system. If the system is able to successfully handle the influx at Don Mueng and Suvarnabhumi, it may be deemed suitable for other less dense airports. Freightchain is looking to grow across geographical borders and has launched multiple features to lure different types of customers.

One of the most eye-catching features of the platform was that users would not need to pay any agency fees but could rather use that capital to drive their own business. The company has also promised smart on-demand digital interlines that would allow customers to book cargo belly space in very simple steps. Another addition to the Freightchain roster was the improved belly capacity utilization system and its role in bringing the whole system together.

 

 

Singapore Airlines Sets Foot into Blockchain Tech with Launch of Native Application, Kris+

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The divide between the mainstream world and the blockchain world has been slowly closing in the last few years, and with the advent of new technology, the pace is rapidly increasing. The beginning of the new decade brought with it some changes that would start the integration of the present and the future.

Recent reports from Singapore confirmed that Singapore Airlines, one of the most important carriers in the country was planning to launch its latest all-inclusive application, Kris+. The application was launched in 2018 to much fanfare after which it began spreading its reach all over the globe. 

Sources have now revealed that the application has revamped its UX and UI with an added focus on what the customer wants. Currently, Kris+ has more than 150 partners on its roster who provide access to 650 global outlets for the airline company. The new experiences associated with the application will be synchronized to provide the best in class experience for customers.

The company revealed that travelers could now earn miles from everyday expenditure with the added advantage of using the miles as a form of payment. Kris+ also allows customers to avail of discounts on dining, entertainment, and retail. Kris+ is the second iteration of the earlier KrisPay, miles based digital wallet associated with Singapore Airlines. KrisPay was a part of the KrisFlyer program developed by KPMG and Microsoft.

During the launch announcement, Kris+ Acting Senior VP Marketing Planning JoAnn Tan stated:

“Our vision is to create a comprehensive and updated lifestyle and payments system with Kris+. This will offer even more and better options and benefits for our global customer base, and bring additional value to our partners around the world.”

Introducing blockchain technology into day to day culture is expected to increase people’s perspective on nascent sectors. When SA introduced Kris tokens, it opened up a new avenue of transactions for people to use. This was the stepping stone for a lot of what came after. When it comes to blockchain technology adoption, Singapore Airlines followed the path set by Emirates Airlines. Emirates had struck up a deal with Loyyal to release its own enterprise blockchain loyalty solution program.

 

RippleNet Onboards One Of Vietnam’s Largest Banks

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Over the years Ripple has ventured into several countries and has formed partnerships with various banks. The pandemic made the world realize the importance of digitalization and Ripple has been striving to make its mark in different parts of the globe. Vietnam seems to be the latest interest in the payments platform.

Ripple Ventures Into Vietnam With Its Latest Partnership

A LinkedIn post by Phong Nguyen, the head of fintech and project management at Orient Commercial Joint Stock Bank [OCB] gave the world insights about Ripple’s latest collaboration. Highlighting how yesterday was an “unforgettable day” for the Nguyen, he announced that the Vietnamese bank had officially become a part of the RippleNet.

The Orient Commercial Joint Stock Bank is touted as one of the most prominent and largest banks of Vietnam as it entails assets worth $4.6 billion. The bank has reportedly been working on this collaboration for over ten months. The project allowed the bank to put forth its concentration in the mobilization of multi-division resources while “aggressively” exploring and formulating business use cases.

The post further read,

“With this investment to blockchain technology which is powered by TRiple, we target to apply new technology to business in order to cut down, expense, boost productivity and bring transparency and the best service to customers with Remittance & Cross-border payment- competitive fee, instant payment.”

OCB claims to be one of the best digital banks in Vietnam as it has over 130 branches throughout the country. The bank’s clients range from small and medium businesses to retail. The latest collaboration could further give the bank a boost. Ripple is also ought to procure acceleration in the country as the country is diving into blockchain tech. However, the crypto scene in Vietnam is rather unfavorable as buying, selling, holding as well as the issuance of crypto has been banned in the country.

Nevertheless, OCB seems to be spearheading the journey towards digitalization. Expressing his gratitude towards the latest collaboration and the Ripple Singapore team, Nguyen added,

“Hopefully, together we can deliver more impressive service to Vietnamese consumer with cutting-edge financial technology.”

Google’s Analytics Platform To Elevate The Tezos Blockchain With Its Latest Collaboration

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Several mainstream companies have been venturing into the crypto industry or engaging in partnerships. While several of Google’s programs have partnered with crypto platforms, a new member has found its way into the list. The prominent crypto platform, Tezos revealed that it had joined forces with Google’s analytics platform in a recent blog post.

Tezos Partners With BigQuery

Recently, Tezos revealed that it had integrated the platform’s public finance dataset into BigQuery, an analytics platform by Google. The functionality of the nodes present in Tezos is said to revamped as BigQuery will reportedly take things up a notch steering away from the usual operations like rendering to the simplistic queries about addresses as well as transactions.

Elaborating on the operations of BigQuery, Corey Soreff, the Board Member at Tezos Commons, the non-profit organization that runs the Tezos network, stated,

“You can think of it like a massive indexer that allows you to perform powerful data analysis. You are also able to perform the same or similar queries on multiple blockchains at once and compare them, or track inter-chain activity on interoperable tokens such as TzBTC.”

With this latest incorporation, Tezos would be able to keep an eye on data pertaining to gas costs, smart contract’s calls as well as activity, audit trails, discover the popularity and the activity of tokens, contracts, or applications on the Tezos blockchain along with several other possibilities.

Google has a long history of partnering with the crypto-verse. Even though the tech company hasn’t revealed plans of rolling out its own cryptocurrency, Google has been spearheading several blockchains as well as crypto-based projects.

Speaking about the platform’s collaboration with Google, Soreff wrote in the blog post,

“It has been a pleasure to work with Allen Day and the rest of the Google Cloud team on this project, as well as the founder of the Blockchain ETL project Evgeny Medvedev and his team at Helix Technologies, whom we recommend to any project looking to implement their own ETL and BigQuery integration.”

Tezos’ partnership with Google Cloud could act as a much-required boost to the network.