Cryptocurrency Midday Report
Jun 25, 2018
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- Huobi Global Ecosystem Fund has invested in a blockchain based risk exchange market called Global Risk Exchange. The organization aims to reconstruct risk management tools which include insurance and derivative contracts. The firm is also looking to create the infrastructure and trading platform for the risk management industry. One of its feature risk management projects is Initial Coin Offering (ICO) Fall-On-Debut Insurance. The firm only needed 92 hours to receive its funding target.
- QTUM has recently announced the launch of new changes for its platform. These changes are system wide and at the operational level. The protocol has updated its x86 virtual machine – allowing it to transition away from the Ethereum virtual machine. Ethereum is stated to have problems concerning scalability, security and network congestion. The protocol is launching three new projects called: Qx, QDex, and Qrypto.
- The National Securities Market Commission (CNMV), a Spanish securities regulator, has partnered with BME, Santander, Commerzbank, Société Générale, BBVA, BNP Paribas, and CaixaBank to implement a project using blockchain technology for keeping record of the issuance of financial warrants. For a process that used to take over a week, the CNMV has been able to complete this within 48 hours. The process utilizes a Proof-of-Concept methodology, which they have named Fast Track Listing.
- Banks in Latin America are progressing with strategies to further implement digital transformation projects. Most banks within the region have begun to invest in these digital projects. Less than 50% of these bank clients use digital channels to access their services. Many of the banks surveyed say that the culture is one of the main reasons for not implementing digital transformations, and many other banks cite local regulations as a key hurdle. However, mobile banking has become the main channel for banks, surpassing traditional channels and even online banking. In addition to this, around 70% of banks in the region are threatened by competitors with more advanced digital capabilities. Additionally, 90% of banks consider fintech companies as viable partners or even acquisitions to further digital innovation.