World’s 3rd largest bank issues farmland mortgage loan on blockchain
In a significant breakthrough to deepen the reform of mortgage loans, the Agricultural Bank of China (ABC) revealed that it has issued a farmland loan worth $300,000 on the blockchain in a trial. The bank used a segment of agriculture land as collateral to issue the mortgage loan. It also distributed the details of the loan across node partners such as commercial banks, Guizhou’s Land and Resources Bureau, and the People’s Bank of China.
ABC’s new blockchain solution, E-Blockchain Loan, resolves the complexity of the loan process. The bank said the current loan approval process involves intermediaries at every step, which takes weeks, or months, before approving a potential borrower. Disintermediation could save thousands of dollars for ABC and other involved parties by eliminating costs incurred from legal fees to underwriting costs. ABC also confirmed that it would soon expand its blockchain solution to incorporate other loanable assets, including real estate.
Coinsquare sets up subsidiary to help traders invest in blockchain, crypto, & AI tech
Canada-based crypto exchange Coinsquare launched a new branch called CoinCapital. The subsidiary has been registered with the Ontario Securities Commission as an exempt market dealer, portfolio manager, and investment fund manager. The new branch will provide users with a variety of investment services revolving around blockchain, cryptocurrencies, artificial intelligence (AI), and other innovative technologies.
Coincapital CEO Lewis Bateman commented:
“There is a strong appetite for investors to access growth in the technology sector, but not enough specialized or niche offerings available to them… We are at a critical inflection point in the technology sector and Coincapital is perfectly positioned, given its relationship to Coinsquare and deep sector expertise, to take advantage of the next phase of industry growth.” Coinsquare is one of the largest crypto exchanges in Canada & provides trading solutions for Bitcoin, Litecoin, Doge, and others.
Thomson Reuters partners with CryptoCompare for cryptocurrency data
Thomson Reuters, one of the world’s leading news and information services for professional markets, has partnered with CryptoCompare – the global cryptocurrency market data aggregator – to provide data for its Eikon financial platform. Under the new agreement, CryptoCompare will integrate order book and trade data for 50 crypto-assets, sourced from a wide variety of exchanges, into the Eikon desktop platform – a customisable tool that helps investors & traders by providing real-time and historical market data.
CryptoCompare aims to provide accurate & reliable market pricing and data on over 5,000 coins and tokens and over 200,000 currency pairs as well as cryptocurrency trade data, order book data, block explorer data and social data, & the new agreement will help Eikon users gain both detailed insights into market price movements as well as a comprehensive overview of the market.
Bitmain made $1.1B in profit for Q1 2018 & plans to file for IPO soon
Bitmain expects to earn two to three billion dollars in profit for 2018. A KPMG audit of the business reported that Bitmain produced $1.2 billion in net profit with a 50% net margin in 2017. In the first quarter of 2018, Bitmain reportedly brought in $1.1 billion in net profit.
The co-CEO of Bitmain Technologies, the world’s largest cryptocurrency mining company, Jihan Wu said Bitmain plans to conduct an initial public offering in Hong Kong, or in an overseas market with US dollar-denominated shares. Also, Bitmain is reportedly raising further cash in addition to the $400M round raised in June. The new funding would value Bitmain at approximately $14 billion, implying a 10 to 11x earnings multiple. This is a 16.6% increase from the company’s most recently reported $12 billion valuation.