Blockchain Industry News - October 2019

Each month, blockescence DLT solutions will bring you all the important blockchain industry news from the around the world.

Blockchain Headline News

In a huge blow for Facebook-led Libra, some of the largest businesses signed up to the project have pulled out (having pledged $10m to participate). PayPal was the first of the big names to withdraw, stating that they decided to “forgo further participation” in order to “continue to focus on advancing our existing mission and business priorities”. Little more than a week later, Mastercard, Visa, eBay, Stripe, Mercado Pago, and Booking Holdings all followed suit. They cited reasons ranging from a lack of clarity to political pressure.

[Read] PayPal — 5 minutes, October 3rd; [Read] Other Companies’ Exit — 6 minutes, October 11th

Our partners at Blockchain Central have covered some of October’s highlights in their video!

Blockchain Adoption News

Morningstar is launching its credit rating evaluation system for tokenized assets.

Financial services giant Morningstar Credit Ratings are due to launch an oracle-powered securities evaluation system for tokenized debt instruments. If successful, its independent review system should add credibility to the emerging asset class.

We will be releasing an article all about blockchain-based securities in the near future. Make sure to follow us to read it when it’s released!

[Read] 14 minutes, October 1st

IKEA Iceland has taken part in an Ethereum-based commercial transaction. Using smart-contracts and digital currency, they facilitated an order settlement with local retailer, Nordic Store. The transaction took place with the assistance of Goldman-Sachs-funded supply-chain management firm Tradeshift and ConsenSys-backed Monerium.

[Read] 4 minutes, October 3rd

Having secured a UK e-money license from the FCA in March, Coinbase have now acquired licensing from the Central Bank of Ireland, opening up opportunities to offer financial services throughout the European Economic Area.

[Read] 4 minutes, October 14th

The AI-powered LongOnly crypto portfolio on eToro. At the time of writing it was up 4.84%

eToro are backing a new cryptocurrency trading project named TheTIE-LongOnly CopyPortfolio. It utilizes AI with algorithms that track Twitter mentions of various cryptocurrencies. The project’s philosophy is encapsulated in the following quote by Joshua Frank, CEO of The Tie — “Crypto remains an asset class driven by the wisdom of the crowd.”

[Read] 11 minutes, October 15th

In a promising step for government-led blockchains, EY have launched EY OptsChain Public Finance Manager (PFM). A DLT solution designed to help improve financial management processes for public funds. The project’s strategy is to increase transparency, by providing accountable tracking for budgeting, expenditure and outcomes in the complex public services space.

[Read] 6 minutes, October 16th

Since March this year, over 500 blockchain projects have been registered with the government of China. As well as major banks and governmental organizations, there are projects from household names and leading tech-firms, including Alibaba, Tencent and Huawei. President Xi Jinping has strongly encouraged Chinese organizations to seize on DLT’s opportunities while also requiring that they register with the Cyberspace Administration of China.

[Read] 11 minutes, October 28th

Blockchain Regulation News

Switzerland-based Libra did receive at least some good news. In spite of wider scrutiny and skepticism, Mark Branson, CEO of Swiss regulator FINMA, has expressed a willingness to hear out the project, “We are not here to make such projects impossible.”

[Read] 2 minutes, October 1st

The EU may be pursuing new regulatory frameworks for cryptocurrencies

The European Union’s financial services commissioner, Valdis Dombrovskis has stated his intention to advance a new regulatory framework for cryptocurrencies. He linked its creation to Libra, “Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation.”

[Read] 3 minutes, October 8th

Other Blockchain News

Following months of uncertainty, Kik Messenger has a new home. MediaLab, owners of Whisper and Datpiff have finalized an agreement to takeover the messaging service. They have reaffirmed a commitment to build out the Kin ecosystem.

[Read] 5 minutes, October 18th

The University of Malta has begun its inaugural semester of its MSc — Blockchain and Distributed Ledger Technology. It is comprised of three components, “multi-disciplinary introductory units, advanced specialisation units, and a research project.”

[Read] 10 minutes, October 20th

Coinbase, who are estimated to be valued at $8bn, have earned more than $2bn in revenue fees since their 2012 launch. They have consistently earned profit, even during the bear market of 2018. Speaking to a Vanity Fair audience, CEO Brian Armstrong said, “Most of these profits we’re plowing back into the business to create new products […] I want Coinbase to be a company of repeatable innovation.”

[Read] 4 minutes, October 24th

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blockescence DLT solutions coalesce blockchain with real business. We focus on using Distributed Ledger Technologies to create value in the TMT sector.

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