Three of Ireland’s “Big Four” banks are using blockchain tech to verify employees’ credentials.
The Bank of Ireland, AIB and Ulster Bank are using a blockchain solution from Deloitte for the pilot initiative, news outlet Fora reported Thursday.
The solution, said to be the “first of its kind” in the European financial services industry, has been built using ethereum by Deloitte’s EMEA Financial Services Blockchain Lab in Dublin to verify and track staff credentials and qualifications data, according to the report.
As ABN AMRO drops its exploration of a cryptocurrency wallet product, the Dutch bank says it’s seeking to launch a blockchain platform for trade inventory.
The bank said in a news release Friday that it’s currently “exploring options” for bringing the platform, called Forcefield, to market, and is in discussions with firms in the commodities industry and financial institutions.
Cryptocurrency wallet and investment app Abra now allows users to connect accounts from “thousands” of U.S. banks, the firm announced Thursday.
The expanded bank options come courtesy of an integration with Plaid, a fintech service that enables applications to connect with users’ bank accounts using APIs.
Until now, Abra users in the U.S. and EU have had the option to fund their wallets via a bank transfer. With the new feature, they will have banks connected in-app for funding their purchases.
Prince Lorenzo de’ Medici – a descendant of the famed Renaissance-era Italian banking family, the House of Medici – has opened a bank in Puerto Rico.
Medici Bank, “born out of frustration with the current financial services landscape,” aims to offer faster, cheaper and more transparent services, according to an announcement Wednesday. Notably, the new institution will serve cryptocurrency firms, as well as other more traditional clients such as family offices.
Lorenzo de’ Medici founded the bank alongside Ed Boyle, who was previously managing director of Americas at Fidor Bank and vice president and general manager of American Express’ prepaid card business before that.
Five Canadian banks now let customers digitally verify their identities in a “privacy-enhanced and secure way” using blockchain technology.
For the effort, Canadian Imperial Bank of Commerce (CBIC), Royal Bank of Canada (RBC), Scotiabank, Toronto–Dominion (TD) Bank and Desjardins Group have integrated with a mobile app called Verified.Me, developed by SecureKey Technologies.
SecureKey announced the news Wednesday, explaining that the app – available for both iOS and Android – is built on IBM Blockchain, which in turn is based on Hyperledger Fabric v1.
French financial services giant Societe Generale has issued about $112 million worth of bonds in the form of a security token on the public ethereum blockchain.
Announced today, the investment bank used the OFH token (obligations de financement de l’habitat, or home financing obligations) to represent 100 million euros of covered bonds, a type of security that is backed by specific assets but remains on the issuer’s balance sheet.
Resona, one of the three Japanese banks working with SBI Holdings and Ripple on their cash transfer app Money Tap, is pulling out of the project.
The bank – Japan’s fifth largest – announced the decision on Thursday, saying that it would cancel the remittance service provided through the app on May 13. It did not provide any reason for the decision, however.
Development into and adoption of blockchain technology is growing, and this trend has no signs of stopping. In spite of last year’s price action, more and more institutions and major players are dipping their toes into cryptocurrency.
Riddled between criticism and skepticism of the cryptocurrency space, recent news points to strong indicators that the next several years will highlight massive growth in the use of cryptocurrency and blockchain technology. KPMG reported that almost half of the world’s tech leaders plan to implement blockchain in the next three years.
Almost 30 percent of the equity in WEG Bank AG, a previously obscure German bank focused on the real estate industry, is now owned by companies in the cryptocurrency industry, CoinDesk has learned.
By purchasing 9.9 percent of the bank, blockchain startup Nimiq now joins TokenPay and the Litecoin Foundation as part owners of the Munich-area financial institution.
Despite some of the bad press that cryptocurrency, and bitcoin in particular gets, we’ve seen tremendous interest from many traditional financial institutions and investors. The driving force behind this interest isn’t so much the cryptocurrencies themselves, as it is the technology that the industry is built on – Blockchain technology.
If asked the question “are banks actually considering blockchain technology?” The answer is yes, they are.
Concerns are growing as to whether tether (USDT), the stable token pegged to the dollar, is backed by actual U.S. dollars. And recent scrutiny by U.
The cryptocurrency marketplace in India is facing a siege from multiple parts of the government as several incidents amount to a buildup of the Narendra Modi–led government’s actions on regulating cryptocurrencies. If the reports out of India are true, the IMF’s “fastest growing country among emerging economies” may have to meet its 7.
A video every bitcoiner should watch is Andreas Antonopoulos’ “Money as a System of Control.” In it, he shows us how money is being used to control those who send and receive it and to surveil transactions all over the globe.
Plus, he exposes how big of a fraud the banking system really is.
Companies that handle digital currencies are being forced to open bank accounts elsewhere as British banks continue to shun them.
Investor interest in digital currencies has surged this year with bitcoin’s price rising to a record high of $6,200 over the weekend, pushing its market cap to $102.8 billion. Yet, despite this traditional banks remain weary of the market.
The Royal Bank of Canada’s CEO has said that he would never call bitcoin a fraud, but he admits he does have ‘real concerns’ about the currency.
Banker David McKay said:
I would never call it a fraud because it’s not misrepresenting what it is. People have placed value on what it is in different ways and they’re fine to do that, but it’s not fraudulent in its misrepresentation.
Earlier this week, two local bodies representing the local financial technology (fintech) industry have revealed that Singaporean banks have denied banking services to bitcoin and blockchain startups.
Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, submitted a formal complaint to the Singaporean government, requesting officials to step in and create a fair and transparent environment for fintech companies.