UK-Based Digital Exchange to Use R3’s Corda for Post-Trade Processes

Archax, a London-based digital securities exchange, will use blockchain software firm R3’s Corda technology to manage post-trade activities. On Oct. 18, Archax announced in a press release that its post-trade processes will now run on distributed ledger technology. Archax will use a private version of Corda Enterprise within its own ecosystem. Graham Rodford, CEO of Archax, said that current post-trade processes in traditional financial markets involve many intermediaries, making them highly inefficient. Rodford said that using blockchain technology will make markets more efficient. Post-trade processes occur after a trade is…

Poloniex Spins Out From Circle to Form New Exchange Not Available in US

United States-based crypto exchange Poloniex is spinning out from Circle to form a new exchange that will not support trading for customers based in the U.S. New firm receives backing from Asian investment group The new independent firm, called Polo Digital Assets, will free Poloniex from its parent company Circle, the firm said in an official announcement on Oct. 18. Per Poloniex, this will allow it to focus on the needs of global crypto traders with new features, assets and services to boost its competitiveness in the market. In a…

Digital Securities Exchange Taps R3’s Blockchain for Post-Trade Activities

Digital securities startup Archax has inked a deal to use blockchain firm R3’s Corda Enterprise solution for handling post-trade activities on its exchange. Revealed Friday, Corda Enterprise was chosen for mopping up trades using distributed ledger technology to “reduce friction in the post-trade process.” Post-trade activities normally include the changing of ownership records, transfer of securities and cash to settle the trade, and reporting. Based in London and founded in 2018, Archax’s front-end trade activities will remain “blockchain agnostic,” the firm said, but a private, permissioned version of Corda was needed for…

Ripple, Coinbase Invest in Mexico’s Biggest Crypto Exchange Bitso

Ripple, the firm behind the third biggest cryptocurrency XRP, has led an investment round in Bitso, one of the biggest crypto exchanges in the Spanish-speaking world. The first Mexican crypto exchange An early partner of Bitso, Ripple has led the new investment round to support the first cryptocurrency exchange in Mexico, the company officially announced on Oct. 14. As reported by crypto publication The Block, the new investment round also involves major investors including United States-based crypto exchange and wallet provider Coinbase, Jump Capital as well as existing investors such…

Binance Adds XRP-Pegged Token to Its Decentralized Exchange

Binance, the world’s top cryptocurrency exchange by volume, announced Thursday the issuance of the second cryptocurrency ever onto its affiliated decentralized exchange (DEX), Binance Chain. Listed as XRP-BF2, the XRP variant is pegged one-to-one to XRP on Binance’s main exchange for instant swapping without slippage, the exchange said. Binance minteds 10 million XRP-BF2 for the DEX. XRP-BF2 is preceded by a June 2019 addition of a pegged variant of bitcoin, BTCB. “All XRP issued on Binance Chain will be backed 1:1 by native XRP sitting in a publicly disclosed address…

Cryptocurrency Exchange OKEx Korea Delists XMR, DASH, ZEC, ZEN, SBTC

Cryptocurrency exchange OKEx Korea announced the end of Monero (XMR), DASH, Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) trading as of today, Oct. 10. Per the Oct. 2 announcement, the assets have been delisted today. A previous version of the announcement was published on Sept. 10. That being said, since then the support for privacy coins ZEC and DASH has been defined as temporarily suspended due to regulatory concerns. Regulatory concerns over privacy coins More precisely, OKEx Korea reports having received a request to end the transaction support and…

Crypto Exchange Bitstamp Taps BitGo for Custodial Services

BitGo has been tapped to provide custodial services for Europe’s largest exchange by trading volume. Announced Wednesday, Bitstamp will begin to transfer its assets under management to BitGo’s wallets on Oct. 10. Both firms declined to disclose the total amount and which types of assets will be managed. BitGo uses Class III bank-grade vaults for cold storage and has taken out a $100 million insurance policy through Lloyd’s of London, which covers against theft or the loss of cryptographic keys. A company representative said BitGo has over 300 clients for…

Foreign Exchange Giant CLS Admits: No, We Don’t Need a Blockchain for That

Blockchain technology is nice to have, but it’s hardly a must for rewiring the global financial markets.   So says Alan Marquard, chief strategy and development officer at CLS Group, the global utility for settling foreign exchange trades, owned by the 71 largest banks active in that market. Nearly a year ago, it went live with CLSNet, touted as “the first global FX market enterprise application running on blockchain in production,” with megabanks Goldman Sachs, Morgan Stanley, and Bank of China (Hong Kong) on board.  CLSNet was built on Hyperledger Fabric,…

Swiss Exchange SIX Lists Joint Bitcoin and Ether Exchange-Traded Product

Swiss crypto broker Bitcoin Suisse has partnered with fintech firm Amun to launch a new crypto exchange-traded product (ETP) on the country’s stock exchange SIX. “ABBA” Bitcoin and Ether ETP goes live As industry media outlet The Block reported on Oct. 3, the joint Bitcoin (BTC) and Ether (ETH) product, trading under the ticker ABBA, is already live on SIX exchange. The ETP is weighted 90% Bitcoin and 10% Ether. It represents the latest crypto offering to launch on SIX, which already features dedicated Bitcoin, Ether, Bitcoin Cash (BCH) and…