Chinese Banking Giant CCB Expands Blockchain Platform as Volume Breaks $53 Billion

China Construction Bank, one of the largest Chinese commercial banks, has expanded its trade finance blockchain platform with new abilities, including cross-chain and inter-bank transactions, as trading volume surpasses $53 billion. Speaking in Beijing at the official launch of the upgraded platform BCTrade2.0, CCB vice president Ji Zhihong said the new platform will leverage blockchain […]

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Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform. Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business. The firm said in a press release on Tuesday that the digital token will […]

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How Celsius Turned Its Crypto ICO Into a Billion-Dollar Lending Business

The Takeaway: Crypto lending startup Celsius raised $50 million in a token sale in 2018. Lending volume has surged since then, with 10,415 Celsius users taking out fiat loans after locking in crypto collateral. BitGo confirmed to CoinDesk that it held $1 billion worth of crypto deposits from Celsius over the past year. CEL tokens […]

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Crypto Sleuthing Firm Elliptic Raises $23 Million in Fundraise Led by SBI

Blockchain forensics firm Elliptic has raised $23 million in a Series B funding round led by Tokyo-based financial institution SBI Holdings. Announced Wednesday, the funding will help drive Elliptic’s Asia expansion, which includes a recently opened Singapore office and one in Japan that will open this week. Tomoyuki Nii, executive officer for overseas investment at […]

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Ethereum Investment Vehicle Approved for Small Investors

Individual investors will soon be able to invest in Grayscale Ethereum Trust, billed as “the first U.S. publicly quoted security solely invested in and deriving value from the price of ethereum.” The Financial Industry Regulatory Authority (FINRA), Wall Street’s self-regulatory organization (SRO), has approved public quotation of shares in the trust, Grayscale Investments announced Thursday. “All […]

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Riot Blockchain to Launch Regulated Crypto Exchange in the US

Riot Blockchain is planning to launch a regulated crypto exchange in the U.S. The publicly traded U.S. company that has faced regulatory issues for a sudden pivot to blockchain, revealed in a filing with the U.S. Securities and Exchange Commission (SEC) Friday that the new entity will be called called RiotX and will develop three main […]

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JP Morgan’s Stablecoin: A Feat of Engineering or Marketing?

Ben Jessel is head of enterprise blockchain at Kadena, a next-generation blockchain company offering both public and private blockchain solutions.  –––––––––– The world of blockchain and banking was set alight last month by the announcement that JP Morgan has created its own stablecoin. It was a rare move that has simultaneously excited the banking and enterprise […]

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High School Team Places Third in Barclays Blockchain Challenge Event

If understanding how distributed ledger tech works inside banks is complex, finding ways to make different varieties of enterprise blockchains talk to each other is a doozy of a challenge. And yet, that’s exactly what a team of high school students – soon to sit their A-Level exams in computer science – has done. The […]

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Wyoming Bill Would Clear the Way for Crypto Custody at Banks

Wyoming may soon become the first state in the U.S. to provide clear banking permissions for cryptocurrencies and digital assets. A bipartisan group of state legislators introduced SF0125 to the government on Friday, which, if passed, would classify digital assets as property within existing laws. It would also establish “an opt-in framework for banks to […]

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Can Tom Jessop Bring Crypto to Wall Street for Good?

––––––––––––––––––––––––––––––––– Everyone in cryptocurrency has a story about the time they went down the proverbial rabbit hole. Tom Jessop’s takes place in his kitchen. It was around 2013 or 2014 when Jessop, then a managing director at Goldman Sachs with two decades of Wall Street experience, became enthralled with bitcoin – at the time an […]

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