Category: Trading

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European banks complete the very first live, blockchain financial trades

Categories Blockchain, Cryptocurrency, European Commission, Bank, Trading, Regulation

European banks complete the very first live, blockchain financial trades

A group of European banks have announced that they have completed the very first, live blockchain-based trans-border transactions. The trades in question were made via a jointly developed we.trade blockchain platform.

These real-life trades were executed over the previous five days amongst 10 companies and were facilitated by four leading banks that utilised the blockchain-based platform. HSBC, one of the institutions that are using the platform, has claimed that three of its clients have been able to complete an open account transaction via we.trade, in Europe.

We.trade is build on the IBM Blockchain Platform using its Hyperledger Fabric technology. It was created and developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit, with the purpose of boosting the efficiency of cross-border transactions in the financial sphere.

As reported back in April, we.trade was supposed to start testing the platform in May with an expected commercial implementation due in the summer. Back then, Societe Generale told the press that the reason for the quick development of the platform was due to the fact that it was designed to be used by SME’s trading within Europe.

IBM’s blockchain lead in Europe, Parm Sangha stated:

“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.”

The platforms Chief Operating Officer has announced that the next step will be to encourage buy-in from other EU banks and clients further afield.

 

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IOTA has introduced Qubic software

Categories Technology, Trading, Cryptocurrency Exchange, Tokens, IOTA, Tangle Technology

IOTA has introduced Qubic software

There has been an awful lot of talk around the latest IOTA project. This won’t come as much of a surprise to those that are familiar with IOTA and its native Tangle technology, but this new bit of tech is set to seriously raise the bar. Qubic is already being billed as a world-changing bit of software, but what do we really know about it?

How does Qubic work?

The short answer to this is “no one really knows”. Thus far, the specifics surrounding the project have been shrouded in an air of mystery but more details are scheduled to be released in the coming days.

So far, we have gathered that Qubic will seek to change the way that businesses interact with and use smart contracts. Similar in some ways to other more mature ecosystems, IOTA will provide the smart contract functionality- a great thing in a world where there is no such thing as a one-size-fits-all blockchain solution.

Qubic is expected to place a big emphasis on smart contracts and will provide an oracle system which will be capable of connecting USD/EUR conversions to a smart contract. The exchange rates will be taken in real-time from Bloomberg.com and this means that new trading vehicles that are linked to IOTA can be introduced.

A possibility of facilitating trading options

One possible outcome is that Qubic will facilitate a way for trading options that are related to IOTA. Speculating on any asset can lead to increased volatility and even though those behind IOTA would like to see a bit more stability, a balance is expected to be found. Hedging bets on crypto are increasing in popularity, but until the market truly matures, its volatility means its pretty tough to do so effectively and profitably. Qubic may offer a suitable solution, in this case, assuming of course that this is how the technology is designed to be used.

It also seems that Qubic will also offer a way for existing IOTA trading platforms to tap into the world of decentralising margin trading. This particular accomplishment will be achieved through using IOTA Tangle to offer a low-cost and simple infrastructure. For those who want to convert to and from USD/EUR and IOTA, the future is looking pretty bright.

Let’s wait and see

Scheduled to be officially launched in the near future, everyone is poised to see how this technology will measure up. If IOTA can deliver on their promise and the expectations around Qubic, it will be a big step for them, but until then, let us wait and see.

 

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Bitcoin Futures Trading are now part of Goldman Sachs services

Categories Blockchain, Cryptocurrency, Technology, Trading

Bitcoin Futures Trading are now part of Goldman Sachs services.

Goldman Sachs, a giant investment bank will use its own money to trade bitcoin futures for its clients. This statement was reported by the New York Times, on Wednesday 2nd May.

The report added that the bank does not have a set date as to when this trading platform will be launched. Although many banks are shifting away from cryptocurrencies, Goldman Sachs board of directors were on board on this idea. The newspaper reported that the bank is expecting to set to “create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients,”.

Rana Yared, a Goldman Sachs executive, stated that the bank’s decision was reached when they received numerous requests from their clients. Furthermore, the bank realised that the bitcoin futures are also gaining popularity among their clients.

In an interview with the New York Times, Ms Yared said: “I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value.”

What is expected from Goldman Sachs?

As in every new project, a company needs to get the best workforce to assist them in their service provided. In fact, Goldman Sachs has employed Justin Schmidt, who will be working as a “digital asset” trader, handling the bank’s daily operations.

Although it is expected that the U.S will regulate Bitcoins, on behalf of Goldman Sachs, Rana Yared stated that Goldman Sachs officials took all necessary precautions throughout the process.

She added: “For almost every person involved, there has been personal scepticism brought to the table.” Moreover, “It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

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