ANZ Bank joins tech giants creating blockchain ‘Hyperledger’
Australia and New Zealand Banking Group has joined a slew of tech giants and financial institutions banding together to explore how blockchain technology may further their businesses and potentially replace the dated international money transfer system. Lead by not-for-profit organisation The Linux Foundation, ANZ will join the likes of IBM, Intel, the London Stock Exchange, State Street, Wells Fargo, Cisco, CLS, Digital Asset, Fujitsu, IC3, Mitsubishi UFJ Financial Group, SWIFT and VMware, in a project is called “Hyperledger”. In the project the firms in the group will each offer intellectual property and resources to develop their own “blockchain”. The blockchain is a decentralised database of transactions of the cryptocurrency Bitcoin, […]
OzForex co-founder’s big winner from Western Union bid
OzForex co-founder Matthew Gilmour expects other bidders to emerge for the company after global payments giant Western Union made a stunning $888 million takeover offer bid for the company. As revealed by Street Talk Online on Wednesday, Western Union has offered to buy the online foreign exchange company for as much as $3.70 a share, which is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. Mr Gilmour stands to reap more than $34 million if Western Union buys it at the top of its offer range of $3.70 a share, which values the company at $888 million.OzForex […]
Western Union bids up to $888m for OzForex
Global payments giant Western Union has offered to buy online foreign exchange company OzForex Group for as much as $3.70 a share, implying a value of about $888 million, as revealed by Street Talk on Wednesday. The New York Stock Exchange-listed company is taking its counsel from Gresham Partners. The offer is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. OzForex’s shares have climbed 28 per cent since touching a 52-week low of $2.03 on July 16. The proposed takeover price compares with the $480 million the company was valued two years ago when its shares first […]
Banks V Bitcoin
Michael Pascoe raises some interesting ideas in this short segment about why the banks are interested in ensuring they don’t do business with those that are involved in legal bitcoin businesses but turn a blind eye towards better known ‘shonks’ using their services. What are your thoughts on the banks using these tactics and do you agree that APRA and the Reserve Bank should start to review this practice?
Will Bitcoin Finally Bring Down The House Of Medici? | TechCrunch
This article makes a great argument for Bitcoin and explains why we should use it instead of the current process. In the 14th century, the Medici family used the power of its newly invented, double-entry accounting system to build a cross-border banking empire that banks still use today. Now more than 600 years later, cross-border payments total more than $22 trillion. Source: Will Bitcoin Finally Bring Down The House Of Medici? | TechCrunch
ADDCA launches Bitcoin constitution | The Courier-Mail
ADDCA launches Bitcoin constitution The Australian Digital Currency Commerce Association (ADCCA) has announced a new constitution that has been built into and certified by the Blockchain – the technology underpinning digital currencies like Bitcoin. Source: ADDCA launches Bitcoin constitution | The Courier-Mail
CoinJar to put brakes on Bitcoin volatility | The Courier-Mail
Australian Bitcoin start-up CoinJar has taken on one of Bitcoin’s chief criticisms, allowing consumers and businesses to bypass the cryptocurrency’s volatility and peg its price against a currency of their choice.Hedged Accounts was unveiled on stage at Europe’s biggest financial technlogy conference Finovate, and means that for example if a user holds $400 worth of Bitcoin in Australian dollars, they can access $400 worth of Bitcoins in future.Bitcoin itself has seen wild volatility in recent months, crashing from a value of over $1000 per Bitcoin to under $300 this month. Source: CoinJar to put brakes on Bitcoin volatility | The Courier-Mail
Coinjar to reveal Bitcoin volatility salve
Australian bitcoin exchange Coinjar will unveil plans to fix the value of the highly volatile cryptocurrency for its clients and offer conversion to a range of different currencies at a financial technology conference in London on Tuesday as it moves to compete with remittance providers. From late Tuesday, Coinjar joins a number of other bitcoin exchanges in offering “hedging accounts” that peg the value of the bitcoins purchased to the currency originally chosen when a conversion is first made. Source: Coinjar to reveal Bitcoin volatility salve
