Blockchain News 21.08.2018

Liechtenstein’s Union Bank is world’s first licensed bank to launch its own cryptocurrency

Liechtenstein’s Union Bank AG plans to launch their own cryptocurrency, marking a first for a licensed and regulated bank. The bank stated their cryptocurrency token will be launched in alignment with the Financial Market Authority, the regulatory authority of Liechtenstein. The coin is called Union Bank Payment Coin and will be backed by fiat currency. The bank has partnered with several cryptocurrency brokers and advisors to provide seamless conversion from cryptocurrency to fiat currency.

The bank said they would become aone-step crypto and blockchain provider.The chairman of the Board of Directors, M.H. Dashmaltchi, said: “Our goal is to become the world’s first blockchain investment bankas a fully licensed and regulated bank we are in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in blockchain technology.

Crypto exchanges join Winklevoss backed self-regulatory group

A group of cryptocurrency exchanges have teamed up with Gemini founders Cameron and Tyler Winklevoss to launch a new industry-focused self-regulatory organization (SRO). The Virtual Commodity Association aims tofoster financially sound, responsible and innovative virtual commodity marketsby developing industry standards and encouraging cryptocurrency exchanges to prevent market manipulation and other fraudulent actions.

Gemini is launching a working group to begin developing these standards. The Commodity Futures Trading Commission has legal jurisdiction over commodities, such as Bitcoin, though it does not necessarily have jurisdiction over cash and spot markets derived from commodities. VCA explainscash markets for virtual commodities, can benefit from an additional layer of oversight. We believe that adding this layer can provide even more protection for consumers and ensure the integrity of these markets and growing industry.VCA will appoint a board of directors to oversee the organization, which will commit to remaining a non-profit, independent group that canhelp set and adopt global standards and best practices.

Chinese bank issues $66M worth of securities on blockchain

Zheshang Bank, one of the largest privately held commercial banks in China, has completed the issuance of securities worth $66 million to investors by using its proprietary blockchain platform. The bank filed its prospectus to the Shanghai Clearing House on Aug. 13 & became one of the first institutions in the country to have facilitated transactions for securities backed by a group of assets via blockchain.

The platform, called Lianrong, was designed in-house by the bank with the purpose of allowing registered companies to broadcast their account receivable assets to potential investors and to further let them settle transactions of these invoices as securities in a peer-to-peer fashion. By purchasing a firm’s account receivables, an investor essentially pays for the firm’s pending invoice at a discount and expects to collect a full amount at a later stage from the party that is liable for making the original payment.

Kraken Daily Market Report for 20.08.2018


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Blockchain News 21.08.2018

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