Gold’s history as a symbol of value dwarfs that of any other artifact. Used as money in both ancient Greece and the Roman empire, gold was also the preferred method of payment for goods along the Silk Road. When modern banking emerged during the Italian Renaissance, the concept of paper money convertible into gold was invented. This practice ended a half-century ago, but the value of gold remains timeless. Starting with England in 1717, modern nations began anchoring their national systems of money to gold in what became known as the “gold standard.” By the late 1800s, and until World …

No central bank is currently working on a Central Bank Digital Currency, or CBDC, that can be used by consumers, according to enterprise blockchain firm, R3. A recent report by R3 claims that no central bank is currently pursuing the development of a retail CBDC. As the authors of the document explain, CBDC’s are divided into wholesale and retail: the first is limited to commercial banks while the latter can involve corporations, small businesses, and even individuals. The report explains that a wholesale CBDC is just a new modernization step for central banks, while a retail CBDC “is an opportunity …

Once a niche enthusiasm with the launch of Bitcoin (BTC), digital money powered by blockchain technology has matured rapidly in just a few short years. The market is now highly diverse. For example, audited stablecoins, along with fixed use digital cash projects introduced by Wells Fargo and JP Morgan last year, stand in stark contrast to cryptocurrencies that fluctuate as much as 10% a day. The ultimate sign of graduation from the margins into the mainstream, however, is perhaps the way that central banks are now embracing the technology. Central bank digital currencies are now in active pilot programs by …

Sygnum Bank, the first crypto bank licensed by FINMA, announced on April 30 that Ripple’s XRP tokens are now available through its banking services platform. Users can access deposit, exchange, and credit services using the popular digital currency. Based in Switzerland, the bank will now allow the third most capitalized digital token behind Bitcoin (BTC) and Ethereum (ETH) to be used by clients seeking to diversify their direct investments in digital tokens, in conjunction with other asset management products offered. Sygnum customers can use deposits in traditional currencies, such as the Swiss franc, the Euro, the Singapore dollar, and the …

A few years ago, blockchain technology gained significant traction and was regarded as a truly revolutionary tool for any industry, providing opportunities to significantly update the way of doing business in many areas. As a result, numerous illicit actors didn’t neglect to use the opportunity to capitalize on hype and use the situation for personal enrichment. Only after an insane amount of marketing money was poured into this area and hundreds of scam projects had deceived millions of people, the potential of possible use cases started to reach solid venture capital funds and institutional investors. Realizing the true value of …

During Virtual Blockchain Week, Cointelegraph spoke with Caitlin Long — the founder and CEO of the upcoming bank that will service the crypto industry Avanti Bank & Trust, as well as the driving force behind regulatory changes in the state of Wyoming for allowing financial institutions to handle both crypto assets and fiat currencies. A Wall Street veteran, Caitlin Long ran Morgan Stanley’s pension solutions for a decade after holding a number of senior roles at Credit Suisse prior to transitioning to focus on the blockchain and crypto sector. Caitlin shared her perspective on the impact that the lack of …

Arab Bank Switzerland has closed a Series A financing round for Swiss digital asset infrastructure firm Taurus Group. While undisclosed, the amount is reported to be an “8-digit” figure in Swiss francs — implying a $10 million+ investment. In September last year, Arab Bank Switzerland and Taurus had partnered to offer the bank’s clients Bitcoin (BTC) and Ether (ETH) custody and brokerage services. Today, the bank has revealed it will add XRP to this service next month. Investment will enable Taurus to expand to the wider European market Arab Bank Switzerland is a Swiss institution that forms part of the …

As China is moving forward with blockchain projects amid the COVID-19 crisis, the government has tapped another tech partnership to continue the development of China’s digital yuan. Domestic artificial intelligence (AI) startup SenseTime has partnered with the People’s Bank of China’s (PBoC) Digital Currency Research Institute to provide its AI expertise amid the reported trials of the central bank’s digital currency (CBDC). SenseTime to accelerate AI advancement in a joint body with PBoC SenseTime, purportedly the world’s highest-valued AI startup with an over $7.5 billion valuation, will work with the PBoC to improve risk control and operational capabilities across financial …

China-based digital bank, WeBank, rose to third place for number of Blockchain patents filed globally in 2019. Alibaba and Tencent took the first and second places respectively. According to the report published on April 24, the digital bank has climbed from fifth place to third after filing nearly 632 patents in 2019. 80% of them were related to technologies like blockchain, AI, cloud computing, and big data. Blockchain patent categories WeBank’s patents have focused on open source consortium chain infrastructure (48%), middleware (40%), and other solutions (12%) related to algorithms, privacy protection, and cross-chain tech. The patents filed by WeBank …

The World Bank has predicted that the global remittance industry will retract by 20% amid the global economic slow-down resulting from the coronavirus pandemic. With a plethora of crypto firms targeting the remittance sector, the news may comprise a poor omen for many blockchain firms seeking to gain a foothold in the cross-border payments industry. World Bank predicts record slump in remittances On April 22, the World Bank published a report predicting that 2020 will see the “sharpest decline of remittances in recent history.” Slashed wages and falling employment of migrant workers is expected to drive a 19.7% drop in …

As 2020 staggers on, the scourge of the coronavirus is showing no sign of relenting any time soon. Since the reality of the pandemic took hold, it has revealed itself to be a black swan the likes of which have never before been seen. Cryptocurrencies suffer from volatility in the best of times, and markets have spent most of the last two years in the red. But companies, markets and entire economies all over the world are tanking. So, is cryptocurrency’s notorious Achilles' heel affecting its banking and payments sector? SoftBank posts hard landing There’s not a business in the …

Recently, a blockchain-backed cross border platform pilot was implemented in the Chinese city of Qingdao. The companies involved have now made their first trades with partners in North America and Southern Asia. As reported on April 22 by local newspaper, Sina, the companies are praising the pilot program, and claim that the city’s banks will continue to improve the service. Trades made with other countries via blockchain About 37 Qingdao businesses have done business with foreign enterprises through the blockchain platform, located in the United States, Mexico, India, and a number of other countries. Sina reported that the pilot platform …