- JPMorgan Chase Moves to Be First Big U.S. Bank With Its Own Cryptocurrency
On Thursday, JPMorgan became the first major United States bank to introduce its own digital token for real-world use, the latest step in Wall Street’s evolving approach to the blockchain technology that underpins cryptocurrencies like Bitcoin and Ether.
Despite questioning Bitcoin’s legitimacy, Mr. Dimon has said he recognizes blockchain’s potential in the future of the global financial system. And JPMorgan has already released a blockchain platform, Quorum, that several institutions are using to keep track of financial data.
[Source: NYTimes] ✩✩✩✩✩
2. HSBC forex trading costs cut sharply by blockchain: Executive
HSBC has reduced the cost of settling foreign exchange trades by a quarter through its blockchain-based system, an executive overseeing the project told Reuters, offering a glimpse of the savings the technology could offer banks. The bank processes between 3,500 and 5,000 trades a day on its “FX Everywhere” system, settling trades worth US$350 billion, Mark Williamson, chief operating officer of FX cash trading and risk management, told Reuters.
[Source: ChannelNewsAsia] ✩✩✩✩✩
3. Russian Minister of Justice: Cryptocurrency Doesn’t Yet Need to Be Legally Defined
The Ministry of Justice of Russia does not see the need to legally define the concept of cryptocurrency at this point, state-owned news agency TASS reported. Alexander Konovalov, the Minister of Justice of Russia, reportedly claimed that it is too early to formalize crypto-related legislation to date. Konovalov based his remarks on the fact that cryptocurrencies cannot be used as a payment method in the country, according to the Russian Constitution.
[Source: Cointelegraph] ✩✩✩✩
4. Dutch Tech Firm Develops PoC of Autonomous Smart Electricity Grid Using IOTA
Dutch technology company ElaadNL has developed a Proof of Concept (PoC) for a smart power grid for electric vehicles using internet of things (IoT)-focused IOTA Tangle technology, according to the company’s announcement on Feb. 14.
Per the announcement, the PoC shows the ability of smart grids to not only consume power, but also generate it and autonomously redistribute it amongst community members. The initiative was based on IOTA’s Tangle technology, which purportedly lets the charging devices autonomously decide whether there is need to help balance grid load.
[Source: Cointelegraph] ✩✩✩✩
5. Coinbase Users Can Now Withdraw BSV to External Wallets
Major American cryptocurrency exchange Coinbase now allows its users to withdraw Bitcoin SV (BSV) balances to external wallets, according to an announcement published on Feb. 14. BSV appeared following a hard fork in the Bitcoin Cash (BCH) blockchain in November of last year. The for resulted in two new coins; Bitcoin SV and Bitcoin ABC. The camp for Bitcoin SV (Satoshi’s Vision) was lead by Australian computer scientist Craig Wright, who has previously declared himself to be Bitcoin creator Satoshi Nakamoto.
[Source: Cointelegraph] ✩✩✩
6. Luxembourg Passes Blockchain Framework Bill Into Law
Luxembourg lawmakers have passed bill 7363 into law, facilitating the use of blockchain technology in financial services, according to an official announcement published by the country’s parliament, the Chamber of Deputies, on Feb. 14. The new law aims provide financial market participants with more transparency and legal certainty in regard to the circulation of securities with blockchain technology. The bill is also geared to make the transfer of securities more efficient by reducing the number of intermediaries.
[Source: Cointelegraph] ✩✩✩✩
7. Messenger Giant Kakao Spent $57 Mln on New Tech, Including Blockchain, in Q4 2018
South Korean internet giant and messaging app operator Kakao Corp has published its Q4 2018 report that covers blockchain and AI operating expenses, Korean news website ZDNet reports Thursday, Feb. 14.
According to ZDNet, in Q4 2018 Kakao’s consolidated operating income was 4.3 billion Korean won ($3.8 million). At the same time, the company’s operating expenses related to new businesses, such as blockchain and AI, was 65 billion won ($57.5 million), which reportedly led to a net loss for the whole period.
[Source: Cointelegraph] ✩✩✩
8. Another Plus for Ripple, Al Ahli Bank of Kuwait (ABK) Join RippleNet
Al Ahli Bank of Kuwait (ABK) is the latest bank to integrate Ripple’s technology and join the ever expanding Ripple Net, The Arabian Business reports. The bank, announced hours ago that it shall in days ahead use Ripple’s solution to improve customer experiences as they transfer their funds in and out of Kuwait. Part of the agreement, the bank has said, it to reduce confirmation times which used to take hours to mere seconds as the Sharia Law complaint Ripple continue to promote and sink their roots deeper in Middle East and other Islamic countries.
[Source: Ethereumworldnews] ✩✩✩
9. Huobi Wallet Launches Japanese and Korean Versions
Huobi Wallet, Huobi Group’s professional-grade multi-chain light wallet, announced today it now offers Korean and Japanese language versions. Huobi Wallet’s Japanese and Korean versions have the same functionality and customer support as the existing Chinese and English versions. In the near future, support for various locally tailored Dapps will be added to each of the four as well.
[Source: Cryptoninjas] ✩✩
10. Cryptopia Gets Green Light to Reopen After Hacking
New Zealand cryptocurrency exchange Cryptopia, which was hacked almost exactly a month ago, has been given the green light to reopen as local police wind up their inquiries.
Cryptopia has over 2 million global users and offers trading for one of the world’s largest range of cryptocurrencies. January’s hacking resulted in the loss of some $USD 6 million worth of cryptocurrency which warranted the company notifying its users that it had “suffered a security breach which resulted in significant losses”.
[Source: Bitcoinnews] ✩✩✩
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