Tezos Foundation continues development of cryptocurrency: The Swiss Tezos project which started in 2018 wants to ensure innovations in research with the use of the so-called “Blockchain 3.0”. Instead of a “proof-of-work system” like the one Bitcoin uses, the Tezos Coin (XTZ) is based on a proof-of-stake system that is much more energy efficient. “Tezos has deliberately created clear structures to ensure predictability and transparency for users,” said the foundation’s president Hubertus Thonhauser. The XTZ has meanwhile become the tenth largest cryptocurrency in terms of market capitalization.
BTCE to be listed on German stock exchange: London’s ETC Group will list a centrally cleared Bitcoin exchange-traded product on the German stock exchange’s Xetra electronic trading market later this month. In a statement released on June 9th, ETC Group said the product, known as Bitcoin Exchange Traded Crypto (BTCE), tracks the price of BTC and is 100% physically backed by the cryptocurrency. “With BTCE, we are transporting Bitcoin into the fold of mainstream, regulated financial markets,” Bradley Duke, chief executive officer of ETC Group, said. “Investors get the benefits of trading and owning Bitcoin through a regulated security while having the optionality of redeeming Bitcoin if they choose,” he added.
Nium issues Visa cards in Australia: Fintech platform Nium has partnered with payment giant Visa to offer card issuance in Australia. The agreement will enable Nium to carry out real-time fund transfers to both physical and virtual Visa cards. It can also facilitate secure digital payments via tokenization for in-stores, online payments and at ATM points. “One of Nium’s primary goals is to improve business efficiency through the introduction and facilitation of financial technology, and this partnership with Visa allows us to do that at scale,” Nium head of cards product Gitesh Athavale said.
Turkish bank processes first crypto payment: Germany’s Commerzbank and Turkish bank İşbank have completed a live, commercial pilot transaction over the Marco Polo platform for open account trade finance. The transaction involved the export of laminated glass interlayers from German firm Kuraray Europe to Turkish company Şişecam. The companies digitally processed the order and delivery details via Corda blockchain technology on the Marco Polo trade finance network. According to Commerzbank, this transaction marks the first ever Turkish-German transaction via the trade finance network, and the first time a Turkish bank has performed a trade finance transaction using distributed ledger technology.
Japan: Home builder uses blockchain to simplify rental contracts de.cointelegraph.com
Fintech: Finexity opens blockchain platform for third-party providers it-finanzmagazin.de
Blockchain poll: Russians decide on constitutional change finanzen.net
Fashion label COS: H&M extends partnership with VeChain blockchain-insider.de
South Korea: Blockchain start-up launches NFT marketplace for gaming sector btc-echo.de
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Around 6 million Bitcoins are kept in so-called multi-signature wallets. These are wallets that require a certain number of signatures for transactions.
China working on blockchain platform for steel industry: China’s main trade association for metals is developing a consortium blockchain to cover the entire steel supply chain. China is the world’s largest producer (51%), as well as the largest consumer of steel. The steel trade association set up the Steel Industry Chain Blockchain Alliance in 2018. Chen Leiming, Vice Chairman and Secretary-General of the China National Association of Metal Material Trade, sees Chinese overcapacity and a lack of coordination within the supply chain as the two primary challenges facing the steel sector. Additionally, Leiming says there’s a lack of coordination between upstream, midstream and downstream players. He suggests using technology such as blockchain to improve productivity and efficiency in the movement of goods.
Central bank digital currencies endanger private banks, says fed: The Philadelphia branch of the United States Federal Reserve has published a new report that warns about the potential effects of issuing central bank digital currencies (CBDCs). The Fed said that after the introduction of a CBDC, the central bank would become a deposit monopolist, attracting all deposits away from the commercial banking sector. This monopolization could endanger maturity transformation, according to the Fed, which is the practice of financial institutions borrowing money on shorter time frames than they lend it out.
“Bitcoin is the most commercially successful application of blockchain technology. It has its market as a private currency, but it is also limited to its existence as a private currency.”
Wu Xiaoling, the former vice president of the Chinese central bank, on the success of Bitcoin.
Brave browser CEO apologizes for automatically adding affiliate links to cryptocurrency URLs: Brave, the open-source browser designed to prioritize privacy by blocking third-party ads and trackers, is facing criticism from users for redirecting URLs from cryptocurrency companies to affiliate links that Brave profits from. Brave co-founder and CEO Brendan Eich tweeted that the company had made a mistake and was correcting it.