Cryptocurrency Midday Report
May 25, 2018
- CheapAir.com appears to have chosen self-hosted payment processor BTCPay for its Bitcoin payments, removing BitPay. The firm stats that Coinbase is sun-setting their merchant platform next week which has led to a need for an alternative processor. Coinbase mentioned that it would be retiring its merchant processing function in April which the cryptocurrency industry condemned.
- Caspian Partners, a cryptocurrency portfolio and risk management platform announced a partnership with Bitmex. Caspian customers will now have a unified trading module with more liquidity. The firm provides order and execution management system (OEMS), risk management system (RMS), and a portfolio management system (PMS). Bitmex has experienced USD$3bn in trading volume over the last thirty days and claims to have 300% more BTC/USD liquidity than any other platform.
- US transportation company Norfolk Southern Corp (NSC) revealed it is joining the Blockchain in Transport Alliance (BITA) in a company announcement yesterday. The BITA association formed in 2017 and aims to develop blockchain applications to the transport and logistics industries. BITA also includes organizations like FedEx (FDX), Uber, UPS (UPS) and GE Transportation.
- Thailand’s largest bank has joined a trade finance program utilizing R3’s Corda distributed ledger technology (DLT). R3 is a consortium of over 200 companies that uses technology on blockchain to allow businesses to develop applications on top of its Corda platform. Bangkok Bank will be testing trade finance improvements via Marco Polo, R3’s joint initiative with TradeIX’s TIX platform.
- The Bank of China will use blockchain technology to alleviate poverty in the Tibet Autonomous Region, a province with a poverty rate of 12.4%. The Bank of China has developed a cloud-based system to manage a local poverty reduction fund in the past. The bank has decided to upgrade the existing system with blockchain technology and set up a multi-node blockchain network to connect with their partners like the Agricultural Bank of China