5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
Blockchain lures central banks as Danes consider minting e-krone
There’s a growing number of central banks questioning the point of printing paper money. In Denmark, the wardens of cash are now looking into producing a virtual currency instead, which they predict will make crime harder and oversight easier. The Danes aren’t alone. Britain and Sweden are blazing a trail in Europe. Singapore and Canada have already tested blockchain-based currency systems for internet payments. Governor Lars Rohde, whose job as of next year will no longer include overseeing a cash printing press in Copenhagen, says pros include lower transaction costs. But the risks are considerable. It’s uncharted territory, and the potential unintended consequences have the scope to upend the economy. […]
EML boss sees cashless society as ‘tap and pay’ technology takes off
AUSTRALIA is likely to be a cashless society within a decade as “tap-and-pay” technology becomes commonplace, according to Brisbane-based EML Payments. The payment services provider is riding a wave of global demand for debit, prepaid and loyalty cards, providing transactions worth $2.5 billion for major Australian and global brands including the Good Guys, Toyota, Ladbrokes, Shell and Sprint. “Australia has one of the highest adoptions of tap- and-pay in the world, accounting for 75 per cent of transactions,” EML Payments chief executive Tom Cregan said. “In the US, it is only about 10 per cent.” Mr Cregan said the move to a cashless society in Australia had been pushed by […]
Scotiabank partners with QED Investors to promote FinTech start-ups in Latin America
Scotiabank and QED Investors announced today a new and innovative partnership that will inject capital and industry expertise into select Latin American FinTech companies. The joint investment will create a venture capital platform that will identify, invest and promote the growth of innovative start-ups across the FinTech spectrum that look to improve customer products and experiences in Latin America. As the manager of the fund, QED Investors will bring their deep expertise in the financial services sector and a track record of building groundbreaking FinTech businesses. Scotiabank will assist QED Investors in its evaluation of potential strategic investments in the Pacific Alliance countries (Mexico, Chile, Colombia and Peru) and bring […]
Privacy fix for blockchain from Blythe Masters
Blockchain could finally drag Wall Street recordkeeping into the 21st century, but before they’ll use it financial firms want to know their data will be kept secret. The startup run by former JPMorgan Chase & Co banker Blythe Masters says it’s found a solution. The version of blockchain that powers the bitcoin currency is wildly transparent, recording each transfer of bitcoin from one person to another in a public database anyone can tap into. But such openness is anathema in finance, posing a conundrum for Wall Street firms otherwise drawn to digital ledgers because they could simplify and speed up recordkeeping. Digital Asset Holdings, where Masters is chief executive officer, […]
Peer-to-peer platform Folk2Folk gets authorised by the regulator
Folk2Folk has become the largest fully authorised peer-to-peer platform in Britain. The company announced on Wednesday that the regulator, the Financial Conduct Authority (FCA), has given it full operating permissions, allowing it to offer the Innovative Finance ISA and giving it a stamp of approval that it can market to customers. Cornwall-based Folk2Folk lets people lend money to local projects and business in their area and has lent over £125 million ($157.5 million) across its platform since launch in 2013. It is different to other crowdfunding platforms in that it has a network of shops around the countries where businesses and lenders can talk to staff about lending on the […]
Robo-adviser urges Trump to keep US fiduciary rule
Robo-advice pioneer Betterment has called on US President-elect Donald Trump to pledge his support for the Obama administration’s best interest duty for financial advisers. In a full-page advertisement published in the Wall Street Journal this week, Betterment founder and chief executive Jon Stein said American retirement savers are counting on the next federal government to protect their “right to honest financial advice”. “When investors give their money to an investment firm, they expect that firm to act in their best interest. But investing can be made intentionally complicated and salesmen are clever. Left to its own devices, the investment industry for decades sold bad products to Americans,” Mr Stein wrote. […]
Venture capitalist OurCrowd goes on start-up funds drive
Israeli-based venture capital crowd-funding outfit OurCrowd has launched a major funding drive, aiming to raise $100 million from Australian investors in 2017. OurCrowd MD Dan Bennett told The Australian the outfit receives about 150 applications from start-ups each month, including from Australia, and needs a hefty local investment to ensure the engagement level can continue. He is specifically targeting private investors like family offices, high net worth individuals and institutions to co-invest in the platform, which takes a minimum $10,000 each from a pool of accredited investors and places it in hi-tech, high-growth firms. “We’re giving them access to global venture capital deals alongside some of the best investors in […]
