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Banks don’t want to be weakest link in blockchain revolution

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Blockchain, the cutting-edge technology behind virtual currencies like bitcoin, has the potential to play a disruptive role in the global finance sector, experts say, as banking behemoths seek to connect with its opportunities.
While banks could reduce their costs, the gains could eventually shift to consumers who could benefit from quicker and cheaper services.

“Any disruptive shock—be it technology, economic or political—tends to result in winners and losers, and  is no different,” Colin Ellis, managing director for credit strategy at Moody’s, told AFP.

“It could reduce costs for banks but at the same time could foster more competition that would put downward pressure on fees.”

A shared, encrypted “ledger” that cannot be manipulated, blockchains offer the promise of secure transactions that allow anyone to get an accurate accounting of money, property or other assets.

Much like it underpins trading in bitcoin and other cryptocurrencies, blockchain or so-called distributed ledger technology could also support trading of other assets, thus posing a risk to banks who earn hefty fees helping their clients trade currencies and other assets.

Key areas of  where blockchain could have an impact are the settlement and clearing of transactions.

But a recent report by Moody’s found that while  could slash cross-border transaction costs for financial institutions, it would likely ramp up competition among banks.

Anish Mohammed, a cryptography expert and academic at Berlin University, told AFP that the losers would be those who failed to adapt to the latest technological trend.

“There will be winners and losers, the losers will be those who do not make any changes.”

The world’s biggest  are already experimenting with blockchain, although recent data indicates that they risk lagging behind other sectors in its use.

‘Cheaper

and quicker’

Two months ago, Dutch bank ING and its Swiss peer Credit Suisse successfully traded securities through a blockchain-style network.

The pair transmitted 25 million euros of bonds almost instantaneously. The deal would normally have taken one day or more.

Ellis believes that international transactions are an area where banks could cut their costs by using blockchain technology. Currently international bank transfers often take several days as several banks are often needed to act as intermediaries.

But a blockchain could eliminate the need for those intermediaries, thus speeding  and reducing costs.

Santander last month began using a blockchain to allow its retail customers in Spain, Britain, Brazil and Poland to complete international transfers the same or following day.

“One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally—offering value, transparency, and the trust and service customers expect from a bank like Santander,” the bank’s chief executive Ana Botin said at the launch of the service.

One Pay FX uses a blockchain service for  developed by Ripple, a start up firm with offers a cryptocurrency with the same name.

Around $2.1 billion (1.8 billion euros) will be invested via blockchain globally in 2018, according to US-based consultancy IDC.

One third of that will represent the financial services industry, IDC said.

Other notable sectors using blockchain include distribution and services, retail and professional services, and manufacturing and resources.

“The  is still at a relatively early stage” so “it is too soon to know what the final impact will be,” said Ellis.

“But it could ultimately make banking cheaper and quicker for consumers,” he concluded.

Blockchain

Bitfinex Integrates Know Your Transaction by Chainalysis

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Blockchain analysis firms continue to gain more attention. In the case of Chainalysis, the company will now collaborate with Bitfinex to keep criminals at bay. 

It is crucial for any cryptocurrency exchange to ensure no illicit money streams pass through its order books.

CHAINALYSIS TOOL HELPS OUT BITFINEX

That is often easier said than done, unless one has proper countermeasures in place.

Bitfinex is seemingly stepping up its game in this particular department.

The company has begun integrating a new compliance tool developed by blockchain analysis outfit Chainalysis. 

This tool is known as Know Your Transaction, and is designed to detect any and all suspicious transactions in real-time. 

It is not the first major cryptocurrency

exchange to integrate this particular tool.

Both Bittrex and Binance took very similar measures earlier this year.

It has become more than apparent that cryptocurrency exchanges need to step up their compliance measures.

Identifying illicit money streams and ensuring they cannot be utilized in any way is crucial to bring more legitimacy to cryptocurrency. The big question is how users will respond to having their transactions scrutinized even further due to these new tools.

It is not unthinkable that a lot of users will look for alternative exchanges due to these new measures.

Given the current regulatory pressure, it seems tools such as Know Your Transaction will become the norm in the industry sooner rather than later. 

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CHAINALYSIS PARTNERS WITH BITFINEX FOR PRIVACY-SAFE COMPLIANCE

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The Rundown

  • Regulators Worldwide Start Looking at Blockchain Activity Directly
  • Chainalysis Could Track Compromised Wallets

This week, Chainalysis announced the completion of a full AML solution applied on the Bitfinex exchange. The blockchain analysis is becoming the next frontier of verification, as the Financial Action Task Force (FATF) rules start to be unrolled from the summer of 2020.


REGULATORS WORLDWIDE START LOOKING AT BLOCKCHAIN ACTIVITY DIRECTLY

Chainalysis remarks that institutions are starting to scrutinize blockchains themselves. The startup is offering its approach to proving the origin of funds

for multiple coins and tokens.

Jason Bonds, Chief Revenue Officer at Chainalysis, commented,

Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and that volume requires an automated blockchain analysis solution in order to comply with regulations across the world…We are thrilled to work with Bitfinex as we mutually invest in supporting multiple cryptocurrencies

Bitfinex is not an exchange without controversy, and has faced multiple explorations into its activity. The market operator also had significant problems with its banking services, and has gone through periods of non-transparent banking. However, the exchange is taking up a significant reporting effort.

Chainalysis already tracks the biggest blockchains, as well as ERC-20 tokens, covering 41 top assets and multiple tokens. The Chainalysis KYT (know-your-transaction) system allows for the monitoring of multiple chains for suspicious activity.

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BitMovio Announces Equity Crowdfunding, New Partnerships for Asia Expansion and Community Development, and New Product Feature Enhancements

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BitMovio’s mission is to bring a Fortnite-style gamified experience to video entertainment. The platform aims to fundamentally change how content creators, viewers, and financiers participate, interact, and engage within the video content ecosystem.

Since launched its open beta in early 2019, BitMovio has attracted more than 1,000 creator channels on the platform with more than 7,000 hours of content uploaded.

Please Note: This is a Press Release

BitMovio Equity Crowdfunding is Live on Netcapital

Contents [Show]

BitMovio recently launched its equity crowdfunding on Netcapital and invites all global supporters to contribute while participating in its mission to redefine the video streaming market. Angel investors, partners, content creators, and fans can support the platform’s mission by pledging with as little as $100. Those who pledge before December 31, 2019 will also receive 20% worth of bonus tokens.

Featuring a freemium revenue model, BitMovio is a blockchain-enabled, gamified video entertainment platform built for the Fortnite generation. Democratizing investment in early stage companies is consistent with BitMovio’s core values as it allows anyone to invest in the company’s success and become brand ambassadors to help grow its community and advocate for its mission. The platform will use its crowdfunding resources to continue to bridge blockchain and the video entertainment free marketplace.

New Partnership with Singapore Management University

BitMovio announced a new partnership with Singapore Management University’s Business Innovations Generator (SMU BIG). This is part of the company’s continuing efforts to capture the rapidly growing entertainment and blockchain industry in Asia, particularly in Southeast Asia. SMU BIG is hosted by SMU’s Institute of Innovation

and Entrepreneurship.

Ecosystem Partners for Product Enhancements and Community Development

To continue to enhance its hybrid video streaming infrastructure and gamified video streaming experience, BitMovio partners with world-class players in the ecosystem for product and community development.

Theta: Decentralized Content Delivery Network

BitMovio is in the process of integrating with ecosystem partner Theta’s Decentralized Content Delivery Network infrastructure. This will also allow the platform to access to Theta’s multi-million-strong community of users. BitMovio anticipates that the Beta version will be online by the end of December 2019 or early January 2020 at the latest.

Razer Gold: Fintech Solution for Emerging eSports Market

BitMovio has announced that it is in the process of finalizing partnership with Razer Gold, a fintech solution for the emerging eSports market by the eSports hardware and system provider Razer. This new partnership will introduce Razer’s community of over 80 million eSports fans to BitMovio, especially in the emerging market.

BitTorrent File System: Decentralized Cloud Storage

BitMovio is also in discussion to integrate with BitTorrent File System (BTFS)’s decentralized cloud storage protocol. It will also allow BitMovio to tap into the BTFS community of over 100 million users.

Recently Launched Usability Survey Campaign

BitMovio has recently launched a product usability survey campaign to continue to improve product usability and increase community adoption. Community members can directly provide feedback and suggestions to the platform’s developers. The first 1,000 respondents will receive 1,000 MoviBits as a token of appreciation. Respondents need to have an account registered on BitMovio to receive the reward.

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