Business News

Libra Shows Central Banks’ Failure on Cross-Border Payments: Riksbank

Facebook’s Libra has been a wake-up call for central bankers. Now one such official – Gabriel Soderberg of Sweden’s Riksbank – says cross-border payments are where policymakers need to play catch-up. “Libra showed there is a demand for something that central banks have not yet delivered, which is cheap, efficient cross-border payments,” Soderberg told CoinDesk, …

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Blockchain-Shy Bank of America Quietly Pilots Ripple Technology

Bank of America, the second-largest bank in the U.S., has quietly tested out Ripple’s distributed ledger technology – and may be planning to do more with it. Ripple went so far as to identify B of A as a “customer” in a presentation given at a seminar held by the International Monetary Fund (IMF) late …

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Ford Test Driving Blockchain for Energy-Efficient Vehicles

Ford is giving a little more road to a blockchain pilot program aimed at improving fuel efficiency. On Tuesday, the auto-giant said it will use blockchain to monitor and automatically implement fuel efficient driving modes for a fleet of vehicles in Cologne, Germany. This is part of a wider pilot program also happening in London and …

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Trade Finance Blockchain Marco Polo Pilots First Russia-Germany Transactions

Marco Polo, the trade finance blockchain with more than 20 global banks on board, is piloting its first trading arrangement between Germany and Russia. The pilot announced Friday involves Alfa-Bank and Novolipetsk Steel Company (NLMK) on the Russian side and Commerzbank plus metals engineering firm Vesuvius GmbH in Germany. Marco Polo, a joint undertaking between technology …

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Facebook’s Calibra Sued by Mobile Banking App Over Similar Logos

Facebook’s Calibra is being sued for trademark infringement by mobile banking app Current, adding a potential legal showdown to the beleaguered Libra digital currency project’s growing list of woes. The complaint, filed Thursday in the U.S. District Court for the Southern District of New York, alleges that the Calibra logo is too similar to Current’s …

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Why French Lender SocGen Issued a $110 Million Ethereum Bond to Itself

Six months after Societe Generale issued its first bond on a public blockchain, it has yet to offer the instrument to clients or to make use of the full capabilities of the smart contract mediating the sale.  But the French financial institution insists that it hasn’t forgotten about the €100 million (roughly $110 million) bond, …

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NBA’s Sacramento Kings to Reward Loyal Fans With Crypto Tokens

The NBA’s Sacramento Kings are the first U.S. professional sports team to develop a crypto token for fan rewards. “Fans can get those points and put them in their wallets and experience it all on the blockchain platform,” Kings CTO Ryan Montoya told CoinDesk. Further, Montoya said the token, called Kings Token, will pair with …

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Meet the Russian Oligarch Launching a Metal-Backed Crypto Token

The Takeaway Norilsk Nickel, a Russia-based metal company, is launching a palladium-backed token and an exchange for tokenized commodities. CEO Vladimir Potanin, one of the richest industrialists in Russia, told CoinDesk about the project in an exclusive interview. The token is based on Hyperledger Fabric and developed with the support of IBM, Potanin says. Norilsk …

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DTCC Pushes Back Blockchain Project to Avoid Brexit Complications

The Depository Trust & Clearing Corporation (DTCC) has pushed back the release of its blockchain-based post-trade system for derivatives by several months, in part because of complications created by Brexit.  The official line from the U.S. central securities depository (CSD) is that the delay, which has not been previously reported, is to allow for additional testing …

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Thai Bank Backs Series A Funding for Tokenized Securities Startup iSTOX

Singapore Exchange-backed security token platform iSTOX raised an undisclosed amount of Series A funding from one of the largest Thai investment banks, Kiatnakin Phatra Financial Group (KKP). While declining to reveal financial terms of the deal, the firm said KKP is the only investor in the latest funding round. Proceeds from the raise will be …

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