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First Turkish-German Trade Finance Transaction on Distributed Ledger Technology

A major Turkish bank completed the country’s first-ever international trade finance transaction based on distributed ledger technology, or DLT. This adds another milestone to the country’s increasing blockchain efforts.İşbank, the first Turkish bank to join R3’s Corda platform earlier this year, now became the first bank in Turkey to use blockchain technology on trade finance transactions, Cointelegraph Turkey reported on Jun. 5. Using Corda blockchain technology, İşbank and Commerzbank secured payments by digitally...

A Developing List of Finance Practices Halted due to Pandemic

By this point, everyone knows that Coronavirus, also known as COVID-19, has wreaked havoc on the world economy. The ongoing pandemicOn March 13, crypto markets saw an unprecedented collapse alongside the worst day in the traditional markets since 1987. Beyond the markets tanking, the risk of spreading the highly contagious virus has led many countries to tell citizens to stay home — with obvious implications for broader workforce productivity and resulting in the...

Crypto Software Firm Zabo Raises $2.5M in a Seed Round

Zabo has announced it has raised $ 2.5 million in seed funding, allowing it to extend its portfolio of services to continue connecting its customers’ cryptocurrency wallets to banks, brokerage firms, FinTech apps, and tax software.As detailed in a March 5 blog post, the seed round was led by Moonshots Capital and included funding from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory, among others.Bolstering connections with...

Binance Lets Turkish Customers Directly Deposit Fiat With Bank Integration

Binance has launched a direct channel integration with a Turkish bank, providing clients with a gateway enabling seamless transfers between fiat currencies and digital assets. Binance said Monday that its new integration with Istanbul-based Akbank, its first-ever direct link with a bank, will allow users to seamlessly deposit Turkish lira into their exchange accounts and instantly withdraw value back out again. Turkish citizens with an Akbank bank account can use the direct channel...

Blockchain Pioneer Caitlin Long to Build Crypto Bank in Wyoming

The U.S. may soon get its first dedicated bank for digital assets.A Wyoming corporation founded by blockchain legislative champion and Wall Street veteran Caitlin Long is preparing to apply for a special purpose depository institution (SPDI) charter with the state’s division of banking. The future bank is called Avanti, which means “forward” in Italian, and will be focused solely on providing regulated services for digital assets, Long announced Monday. The company, formed on...

Digital Money Foundation Laid, Blockchain In Banking Years Away

A recent report by a Major United States bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away.A report published by JP Morgan on Feb. 21 suggests that the finance industry is moving beyond blockchain technology.Blockchain in banking still years awayPer the paper, the groundwork for mainstream adoption of blockchain, fast payments and digital currencies is already in place....

Morgan Stanley Buys E*Trade in $13B Deal

Investment bank Morgan Stanley is buying digital stock brokerage E*Trade for $13 billion.According to the Wall Street Journal, the consolidation will give Morgan Stanley an inroad with E*Trade’s 5.2 million retail investors in what will be Wall Street’s largest deal since the 2008 financial crisis. The bank is targeting this market, though Morgan Stanley’s current $2.7 trillion in assets under management dwarfs E*Trade’s mere $360 billion.Despite lagging in assets, E*Trade’s client base is...

Former Ripple Business VP Takes Role at Major Bank Standard Chartered

Kahina Van Dyke, former senior vice president of business and development at blockchain firm Ripple, took on the role of Global Head, Digital Channels and Client Data Analytics at major bank Standard Chartered.According to an official announcement published by Standard Chartered on Feb. 19, Van Dyke joined the bank’s Corporate, Commercial and Institutional Banking (CCIB) division.Improving Standard Chartered’s data analyticsThe CCIB division focuses on corporate clients, financial institutions, and investors. The experts...

Bangladesh Bank with $4 Billion in Assets Now Employs RippleNet

Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network.The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document on Feb. 10. Still, the partnership must be well over a month old, given that the document in question was published in December 2019.Bank Asia’s logo is present on a page showing examples of RippleNet users, alongside Santander, American Express, MoneyGram,...

Santander Hires Former Apple Pay Exec to Lead P2P Payments

An executive formerly working on Apple's payments products has joined Banco Santander.Trish Burgess joins the Spain-based multinational as the new global head of Peer-to-Peer Payments and will direct its expansion of digital payments services globally, according to an announcement Thursday.Burgess worked at Apple for 4.5 years, her LinkedIn profile indicates, where she helped lead the launches of both Apple Card and Apple Pay.The news marks Burgess' return to Santander, having held a role...
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