Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India

Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18.

The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd.,

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Ripple to Invest Up to $50M in MoneyGram Following New Partnership

Major money transmission network MoneyGram has entered into a strategic partnership with blockchain-based payments firm Ripple, according to a press release on June 17.

As part of the two-year agreement, the two firms will become partners in cross-border payments and foreign exchange settlements with digital assets. As part of the agreement, MoneyGram will be able to draw up to $50 million dollars from Ripple in exchange for equity.

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Hodler’s Digest, June 10–16: Top Stories, Price Movements, Quotes and FUD of the Week

Top Stories This Week

CCN casts doubt on shutdown plans as Google appears to correct visibility

Cryptocurrency news outlet CCN (formerly CryptoCoinsNews) is apparently not going through with its total shutdown, as reported earlier this week. The outlet had previously posted a note that a recent Google Core Update had led to a more than 70% visibility drop on mobile overnight,

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Coinbase Custody Holds $1.3B in Assets Under Custody, Expects to Hit $2B ‘Soon’

Coinbase Custody revealed that it holds $1.3 billion in assets under custody (AUC) and the firm expects to hit $2 billion AUC soon in a Twitter thread published on June 13.

In a series of tweets, what is evidently the official Coinbase Custody Twitter account reported that last week the company’s CEO,

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Blockchain Developer Dispatch Labs Suffers Losses Despite Market Recovery

Blockchain company Dispatch Labs is incurring considerable losses despite extensive investment and a recovering cryptocurrency market, technology-focused news outlet Cryptobriefing reported on June 14.

Initially, Dispatch Labs received funding from its executive team, subsequently raising over $13 million in a series of private rounds from other investors such as China-based capital firm Fenbushi Capital during the first half of 2018.

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Fundstrat Global Advisors Technical Analysis Points to Further Rally

In its new technical analysis, market research company Fundstrat Global Advisors says that cryptocurrencies are poised to make further gains, Bloomberg reported on June 13.

Per the analysis, most digital currencies are trending upwards as relative-strength-index momentum has begun to turn upward from neutral. The tendency purportedly indicates strength in the markets.

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Is Bitcoin's Increasing Anonymity a Threat to Privacy Coins?

It’s no secret that Bitcoin isn’t actually anonymous, despite what various outside observers of crypto might claim. It is, in fact, pseudonymous, as its transactions are vulnerable to being traced to specific individuals by governments and intelligence agencies with enough determination and knowhow. However, in recent months, the privacy it offers users has been steadily increasing,

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Logistics Firm Panalpina Launches Blockchain Pilots in Its Supply Chain

Swiss forwarding and logistics services company Panalpina has started blockchain pilot projects aimed at optimizing of supply chains, according to a press release on June 11.

After joining the Blockchain in Transport Alliance (BiTA) in May, Panalpina — one of the world’s largest transport and logistics companies, with consolidated profit of $76.3 million in 2018 — has launched two blockchain pilots in the air and ocean freight field with selected customers.

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Cashless-Bound: Japan's Transport and E-Commerce Partnership on the Fast Track

The Japanese transportation industry is leading the country’s long-standing efforts to go cashless. Earlier this month, two major players from the archipelago’s e-commerce and transport industries partnered up to simplify and promote payments that do not require hard cash.

Homegrown e-commerce giant Rakuten plans to incorporate its services into Japan’s premier railway firm,

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G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto

G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan.

The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action:

“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.”

The joint statement also points out that “technological innovations,

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What to Expect at G-20: Money Laundering and Crypto Discussion

One of the main themes to be discussed at the G-20 Financial Ministers and Central Governors Meeting this weekend has to do with money laundering and cryptocurrency. What kind of agreement would be a surprise? Even for the purpose of introducing Anti-Money Laundering (AML), should we allow our financial privacy to be compromised? Alexander Zaidelson,

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Crypto Exchange With 2 Million Users Launches Apps for Apple and Android Devices

A crypto exchange that claims it has amassed more than 2 million registered users in the space of four months has released new apps for Android and Apple smartphones.

As well as supporting transactions in a multitude of cryptocurrencies, Bitsdaq says its app offers real-time updates on movements in the markets — and enables users to make withdrawals and deposits quickly.

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US Congressman Seeks Tax Clarity for Cryptocurrencies

United States Congressman (R-N.C.) Ted Budd testified to the House of Representatives Ways and Means Committee on purported issues with current tax laws on cryptocurrencies, as per a video of the testimony released on June 4.

Congressman Budd argued that cryptocurrencies should have a de minimis tax exemption like foreign currencies.

Budd commented that he cosponsored bill H.R.3708,

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Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’

Leading cryptocurrency exchange Binance will reportedly issue its own stablecoins within two months, Bloomberg reported on June 5.

Binance’s Chief Financial Officer, Wei Zhou told Bloomberg that the exchange will start issuing its own stablecoins “in a matter of weeks to a month or two,” with the goal to make stablecoins available for more of the world’s currencies.

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Malaysian Securities Regulator Registers Three Cryptocurrency Exchanges

The Securities Commission Malaysia (SC) has registered cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, according to a press release on June 4.

Crypto exchanges are reportedly required by law to register with the SC, and the recently-approved exchanges will have up to nine months to achieve compliance with the SC’s regulation standards.

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Binance Cryptocurrency Exchange Testing British Pound Stablecoin

Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain, according to a Twitter post on June 3.

Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform.

Screenshot of stablecoin on Binance Chain. Source: Twitter

Binance CEO Changpeng Zhao has commented on the tweet,

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Binance DEX Will Geoblock Users From 29 Countries, Including the US

The decentralized exchange (DEX) developed by major cryptocurrency exchange Binance will block access to users based in 29 countries. The DEX informs potential users of the restriction via a message that appears when accessing the platform from one of the regions.

The message appearing on the platform states:

“It seems you are accessing www.binance.org from an IP address belonging to one of the following countries:

USA,

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G20 International Watchdog Says Regulators Need Better Crypto Risk Assessments

G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31.

The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency.

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Neo Upgrade Scheduled For Beginning of June, New Oversize Fee Added

The Chinese-based blockchain platform Neo has announced plans to upgrade its mainnet on June 3 at 9:00 am (GMT), according to an official blog post on May 29.

According to the announcement, one of the main consequences of this upgrade is the addition of an oversize fee — measured in the cryptocurrency GAS on the Neo blockchain — for high priority transactions over 1,024 bytes.

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Taotao: Yahoo-Backed Exchange Enters Japan Market Amid Renewed Interest in Crypto

Japanese cryptocurrency exchange Taotao is expected to go live at noon on May 30, as per the company’s official Twitter page.

Notably, the new trading platform is heavily backed by Yahoo Japan, marking the local internet giant’s arrival into the field of crypto. The timing seems to be on point, now that the market has finally shaken off the bear.

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South Korea’s Bitcoin Trading Volumes on LocalBitcoins Reach New Record Levels

Bitcoin (BTC) trading volumes in South Korea have recently reached new levels on peer-to-peer (P2P) exchange LocalBitcoins, according to charts on BTC statistics service Coin Dance.

According to the data, bitcoin weekly trading volumes have surged over the past two weeks, with the latest week recording a new high of around 219 million South-Korean won ($185,000).

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Big Four Auditor EY Provides Blockchain Solution for New Wine Traceability Platform

Big Four audit firm Ernst & Young (EY) is providing its proprietary blockchain solution for a major new platform that helps consumers across Asia determine the quality, provenance and authenticity of imported European wines. The news was revealed in an official EY press release on May 23.

The e-commerce platform, dubbed Tattoo,

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Crypto-Italy: Institutions, Politics, Business and Society

Between May 23 and 26, 2019, the European Union’s citizens are renewing their continental parliament. Among the countries that will participate in the poles is Italy (voting on May 26) — one of the founding members of the EU, alongside France, Germany, Belgium, Netherlands and Luxembourg. Due to the very nature of cryptocurrencies, it’s tough to get a correct figure of the actual penetration of these technologies in a single country.

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Crypto Exchange Binance Confirms Margin Trading Coming ‘Soon’: Report

Binance has confirmed it will be launching a margin trading service, after the cryptocurrency exchange accidentally tweeted images suggesting the service was in development.

First noticed by Twitter users earlier on Friday, Binance posted screenshots of its platform in dark and light modes, asking users which one they preferred.

The screenshots contained a dedicated tab titled “Margin,” with a message saying that margin trading carries a “higher potential profit,” but also “greater risks.” Margin trading refers to using borrowed funds from a broker or exchange to trade an asset.

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