The International Blockchain Monetary Reserve (IBMR) announced it has raised $3.48 million as an investment seed into ARCC Currency Reserve. The reserve is a basket of cryptocurrencies that includes Algorand (ALGO), Bitcoin (BTC), and Binance Coin (BNB) as well as 700,000 U.S. dollars in seed investments for United States-based tech startup companies. These assets back the value of the Asia Reserve Currency Coin, or ARCC. The funding, according to an announcement on March 25, will come directly from Borderless Capital and other companies and coincides with the official listing of the ARCC token on BiKi Exchange — a company that …

Catherine Coley, the CEO of Binance US, revealed that the coronavirus quarantine in Asia drove a surge in trade volume during an interview with Bloomberg on March 16. On the subject of the recent correlation between Bitcoin (BTC) and the S&P 500, Coley asserts that both the traditional cryptocurrency markets are playing out a familiar long-term cycle. She states that the markets are experiencing what she terms the “CRIC cycle” — where “crisis” yields a market “response,” followed by “improvements,” and then a return to “complacency,” before the cycle then repeats: “So, in the regular traditional asset classes, as with …

EY Japan, the Japanese branch of global accountancy firm Ernst & Young, has announced plans to launch a blockchain system for tracking Japanese sake and fruit and preventing the sale of fraudulent or counterfeit products. According to Asian Nikkei Review, EY Japan’s SAKE Blockchain will be rolled out across Asia once the threat of the coronavirus and a stable business environment has been reestablished in the region. The company is reportedly eying Hong Kong and Singapore as major markets that are also open to distributed ledger technologies. EY Japan to combat counterfeit produce with blockchain SAKE Blockchain’s announcement comes amid …

The crypto community continues to help fight the coronavirus outbreak, with Binance Charity donating new batches of medical supplies to hospitals and disease control command centers. On March 9, Binance Charity announced the completion of the second phase of its philanthropic initiative dubbed “Binance for Wuhan,” wherein the company gave 6 new batches of medical supplies to 130 hospitals, medical teams and disease control command centers. The shipment included protective suits from Israel and the United Arab Emirates, oxygen machines, gloves and protective goggles. Crypto space stakeholders in the fight against coronavirus In February alone, an array of cryptocurrency- and …

On Feb. 28, the Litecoin Foundation announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean won withdrawals and remittances from 13,000 ATMs in South Korea. The partnership will see LTC integrated onto MeconCash’s M.Pay payments platform. Litecoin will also be accepted as payment on MeconCash’s retail platform MeconMall, and to pay for games that accept M.Pay rewards. According to CryptoCompare, 24-hour trade between Litcoin and won produced nearly $4.3 million in trade — comprising 0.82 percent of total trade at press time. Charlie Lee, the managing director of the Litecoin Foundation, described the partnership as “a big step …

Central banks should develop a deeper understanding of the consequences of issuing a digital currency, according to a Bank of Japan official. According to Reuters on Feb. 27, Bank of Japan Deputy Governor Masayoshi Amamiya explained that central bank digital currencies (CBDCs) could streamline settlements and facilitate private money flows, but also stifle private financial innovation and banks: “When countries consider issuing central bank digital currencies, they must conduct a comprehensive study on how it affects their settlement and financial systems.” CBDC less urgent in advanced economies Amamiya noted that — unlike emerging economies — Japan could not and can …

A group of South Korean money transfer and remittance companies has joined Ripple’s blockchain-based financial services network RippleNet to bolster the remittance market in the country. In a Feb. 25 announcement, Ripple revealed that South Korea-based money transfer service providers Sentbe and Hanpass, and mobile and online based cross-border remittance services firm WireBarley have begun using the RippleNet platform. The collaboration is geared to improve remittances in Korea. According to the World Bank, workers’ remittances, receipts in South Korea amounted to over $6.2 billion, in 2018. The top destination country for emigration-related remittances by South Koreans was reportedly the United …

Research on a central bank digital currency (CBDC) in China has been delayed as the coronavirus epidemic continues. Global Times reported on Feb. 25 that the epidemic’s impact on staff has resulted in significant setbacks. A source familiar with the matter reportedly said: “The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China. Policymakers and research staff involved in the DCEP [Digital Currency Electronic Payment] project are no exception, which weighs on the development process.” Shentu Qingchun, the CEO of Shenzhen-based blockchain company BankLedger — which is involved in the project — …

Binance, one of the world’s foremost cryptocurrency exchanges, now allows deposits in Hong Kong dollars. According to a Feb. 21 announcement, Binance now offers both deposits and withdrawals in Hong Kong dollars without deposit fees. After depositing Hong Kong dollars, users are free to spend them on cryptocurrency. Deposits are enabled through a partnership between Binance and payment processor Epay. Users can deposit with a swift code, wire transfer, SEPA, Fasapay, PM and other e-currency deposit and withdraw services. Binance is apparently trying to drive more liquidity into the cryptocurrency market. As Cointelegraph reported earlier this month, the exchange recently …

Fidelity International has acquired a stake in BC Group, the operator of OSL, one of Asia’s largest digital asset platforms for institutions. The company purchased 17 million shares for a 5.6% ownership position. The purchase was revealed by a Hong Kong Stock Exchange (HKEx) disclosure filed on Feb. 17. The actual transaction occurred on Feb. 12. Fidelity International is reported to have purchased HK$110.5 million ($14.2 million) worth of BC Group shares at a price of HK$6.50 ($0.83) each. The purchase is part of a $36 million share placement announced by BC Group in January. A related HKEx filing shows …

Last week, a report claimed that cryptocurrency-based illegal gambling has surged in many parts of Asia owing to the rise of this novel asset class in recent years. In this regard, the article further added that over the course of the last five years or so, betting amounts have become substantially larger, partly because of traditional payment methods being replaced by cryptocurrencies. From a more technical standpoint, a research study released by Transparency International, a nongovernment organization based in Berlin, Asia’s illicit gambling market was found to be worth a staggering $400 billion in 2018. This is in part because …

Amid the ongoing coronavirus epidemic, China has turned to blockchain technology to manage medical data, track supply of virus prevention materials and consult the public. For the first two weeks of February, China saw the launch of as much as 20 blockchain-based applications designed to help fight the coronavirus outbreak, domestic news outlet People’s Daily Online reported on Feb. 17. Most of the apps are used to manage citizens’ personal data as many people are returning to work this month. Blockchain is on guard for medical data security Local authorities noted that blockchain lets them effectively track and secure collected …