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Circle CEO: No One in the World Is Any Closer to CBDCs Than China

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China has the most progressive approach to central bank digital currencies (CBDCs) to date, according to Circle CEO Jeremy Allaire.

The only global bank to really care 

Allaire said that China’s central bank has the most advanced thinking about CBDCs in an interview aired on Phoenix Chinese News on Sept. 9.

According to Allaire, the People’s Bank of China (PBoC) is the only global central bank that is working on the CBDC from a research and development perspective. The Circle CEO emphasized that the PBoC appears to be the most significant central bank to be launching a digital currency commercially, adding that there is no one else in the world who is anywhere close.

Allaire further expressed excitement about the potential interaction of the PBoC’s CBDC with stablecoins pegged to the United States dollar. He said:

“For us, we’ve been working for multiple years on the US Dollar coin that’s been growing very fast. And I think that we’re excited to see how things like the Chinese central bank digital currency could eventually interact or be traded with things like US Dollar coin.”

China’s CBDC to bypass the Western banking system

Allaire’s positive statements about the PBoC initiatives in the CBDC space come amid the launch of a new Chinese yuan-pegged stablecoin, CNHT, by major stablecoin firm Tether. The company officially announced the news on Sept. 9, explaining that the new stablecoin is pegged to the offshore yuan, which will purportedly make it free of the monetary policies of Beijing.

In some sense, Allaire was reiterating his bullish stance on the PBoC, after previously claiming that a digital currency version of China’s national currency renminbi can bypass the Western banking system.

Meanwhile, according to unconfirmed reports, the People’s Bank of China is reportedly setting up its first-ever CBDC with online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity, as reported in late August. Moreover, on Aug. 20, a local report stated the PBoC was almost ready to launch its state-backed digital currency, which may have been influenced by the unveiling of Facebook’s planned cryptocurrency Libra in June 2019.

Source: cointelegraph

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Interstellar, a Startup Focused on Stellar Network, Appointed Mike Kennedy, as CEO

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An enterprise organization concentrated on developing the stellar framework, Interstellar, has designated Mike Kennedy as Chief Executive Officer recently. Interstellar has created another organization which present CEO Adam Ludwin will lead.

We are thrilled to have Mike lead Interstellar through its next phase of growth. Mike’s record of success founding and growing Zelle [fka clearXchange], his innovation in mobile payments, FX and banking, and his history as a high-impact advisor to Stellar make him the perfect fit to lead Interstellar.

Alongst Kennedy’s deputation, Interstellar additionally declared that it is “spinning-out a new app-focused company” known as Pogo, which has been in stealth mode for quite some time. Kennedy will supplant Adam Ludwin, the previous RRE Ventures partner and the present CEO of the blockchain payments startup Interstellar.

In the meantime, Ludwin will proceed to steer the organization’s most recent project, Pogo, a subsidiary that will concentrate on applications and mobile wallets. Further, Kennedy’s designation as CEO at Interstellar pursues the news that Franklin Templeton, Investment fund, plans to tokenize the part of a government currency market fund on the stellar system.

Besides, as CEO, Mike will direct all aspects of Interstellar, by focusing on helping to expedite the adoption of the stellar system for worldwide payments. Mike is an accomplished official with notable payments experience. Moreover, he established, led, and sold Zelle (fka clearXchange), one of the most prominent Peer-to-peer payment frameworks in the US.

Furthermore, Kennedy’s system Zelle, the payment framework is utilized by Citi, JPMorgan Chase, Bank of America, and several other finance-related organizations, as indicated by its site. Additionally, it claimed that Zelle oversees over 50 billion dollars in transaction volumes from more than 25 million clients.

Interstellar was initiated in 2018, from an acquisition deal with Lightyear.io, a startup based on the stellar protocol, and a decentralized ledger technology builder chain. Meanwhile, the organization expressed that it planned to provide enterprise solutions for embracing the stellar blockchain, created by the non-profit SDF (Stellar Development Foundation).

Regardless, Interstellar is developing the system by building the payment layer on stellar, a sector where Kennedy has broad experience. The organization has been associating with different banks, authorized non-bank providers and organizations, and building layers to attract a more extensive client base, as indicated by Kennedy.

Presently at Interstellar, Kennedy intends to work on with similar giants like correspondent banking and the SWIFT payment framework. Over and above, most traditional financial organizations use these instruments to transfer cash universally; however, Kennedy said blockchain could do it quicker, more reliably and at a lesser cost.

Source:cryptocurrencynews

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CZ Recommends Holding BNB: Would Amazon’s CEO Ever Do That?

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In a recent tweet, Changpeng Zhao, the CEO of the world’s leading cryptocurrency exchange, Binance, recently emphasized the potential profits that Binance Coin offers its holders. While a tweet of the kind might appear innocuous, it could also have an impact on the BNB price, given Zhao’s influence on the community, making the entire thing questionable. After all, we’ve witnessed prominent CEOs getting sued for propping up the value of their companies. How long will it be until the crypto industry is similarly scrutinized?

CZ Emphasizes the Value of Holding BNB

It’s safe to say that Binance Coin (BNB) has seen better days. Over the past few months, the cryptocurrency lost almost half of its value, plummeting from its all-time high of around $40 in June to $21. 

Interestingly enough, the decline comes amid seemingly massive developments for Binance and its overall ecosystem. Yet, all of that seems to have had no impact on investors. 

Against this backdrop, Zhao posted a seemingly controversial tweet today, “warning” people that not holding BNB could be a bad play. 

While the majority of the text seems like a simple throwback to BNB’s glory days, the last sentence (“In the future, don’t say I didn’t tell you”) is questionable, to say the least. While it’s subject to interpretation, this sounds an awful lot like a warning that not holding BNB is a bad choice. Moreover, interpreted broadly, it could also sound like financial advice. Needless to say, this line of expression is completely unacceptable in traditional financial markets and we’ve already seen the consequences of it. 

Standards are Not the Same

While a lot of cryptocurrency proponents are clamoring for regulatory clarity and definitions, it appears that the standards applied to traditional financial markets and the crypto world are a tad different, to say the least. 

Back in August 2018, Elon Musk, widely considered to be one of this century’s visionaries as the CEO of SpaceX and co-founder/product architect at Tesla, got into a legal storm with the SEC over a tweet. 

Musk said that he’d been considering taking Tesla private and that he had secured the necessary funding. Back then, he was also the company’s chairman. 

The SEC took measures immediately, filing charges against the entrepreneur. Despite voicing his disagreement, Musk settled, agreeing to pay a $20 million fine, step down as the company’s chairman, and obtain pre-approval of his tweets from the company’s legal counsel. 

In other words, the US SEC takes social media behavior seriously. And it probably should. Apart from being major shot-callers at their respective companies, a lot of the rich and famous CEOs, Changpeng Zhao included, have serious social media followings. 

Zhao, for instance, has over 429,000 followers on Twitter. Hence, it’s only natural that his opinions would have influence over the people who read them. As such, it’s questionable at best to use the platform to offer any sort of financial advice, especially that which would impact the price of an asset that one’s company created. 

Of course, Zhao is far from the only individual to have done so, even subtly. Justin Sun, TRON’s founder, provides perhaps the best example of such behavior. 

After all, we haven’t seen Jeff Bezos directly propping up Amazon’s stock, have we? 

.Source: .cryptopotato:

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DSLA wants to become the service credit of the web 3.0

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In the event of a service failure, be it an online downtime, a power outage, or a flight delay, customers are often entitled to financial compensation from their service provider, thanks to a Service Level Agreement or SLA.

As highly competitive markets have a strong commercial incentive to use SLAs to acquire and retain customers, the existence of SLAs remains largely unknown, their terms and policies are often misunderstood, and even the savviest SLA policyholders struggle to reap their benefits.

Over the past 30 years of adoption in the Telecom industry, the sheer complexity of documenting, tracking and enforcing service commitments using SLAs has turned the framework into an elitist Governance tool for well-educated practitioners, often Big Tech and Fortune 500 companies.

It is easy to see how, as a legal answer to an engineering issue, the framework has been failing to fully enable service commitments to live up to customer expectations. Especially for individuals, and small businesses.

Fortunately, Stacktical, an IT Service Management and Governance startup from Paris, has a solution to better balance the downtime risk that customers are willing to bear, with the up-time and compensation capabilities of service providers.

Their newly released platform enables service providers to effortlessly turn SLAs into smart contracts on the blockchain, track the up-time of contracted services and automatically execute downtime compensation scenarios when agreed up-time levels are not met.

The DSLA Network is already compatible with any publicly reachable online service and operates on the Ropsten test network.

The team plans on enabling DSLA service credits in reward scenarios soon. They’re designed to boost employee morale and incentivize service level objectives.

Ultimately, customers and employees will be able to use their DSLA compensations and rewards to redeem service collectibles and company perks, courtesy of partnering providers.

Stacktical is hoping that by increasing the transparency and by automating the enforcement of SLAs, they will enable a wider range of individuals and business customers to reap their benefits, while also helping providers drive better Quality of Service and business results with the framework.

Wilhem Pujar, CEO and co-founder of Stacktical said,

“Recent studies have shown that a 5% increase in customer retention can increase profit by up to 100%. In the near future, beating your competition as a service provider will be more about service governance, than ad spendings.”

Stacktical has recently partnered with the XYO geospatial data network to introduce location-aware SLA to airports, airlines and other travel service providers.

In their press release, the company shares its ambition to tackle the 30 billion dollars yearly cost of flight delays and provide consumers with a better alternative than the existing European EC 261 Flight Compensation Regulation.

Recently, Stacktical has partnered with the p2pb2b cryptocurrency exchange to offer up-time, deposit and withdrawal delay guarantees to retail traders and institutional clients.

Interestingly, the DSLA token is also available for trading on the P2PB2B exchange, which demonstrates the team’s ability to be innovative in their partner pipeline development strategy.

Source:ambcrypto

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