Major Korean Banks Join Government-Backed Blockchain ID Initiative

Four more major institutions including the Shinhan and NH Nonghyup banks have joined a South Korean decentralized identity initiative that’s aimed to secure and share personal information using blockchain. According to a report from CoinDesk Korea on Sunday, the program, which was first released in July, is now officially named as the Initial DID Association. Besides Shinhan and NH banks, two major payment processors – BC Card and Hyundai Card – have also joined the program as of late, bringing the total number of participants to 11. The consortium now…

XRP Is Top Performing Major Crypto Behind Bitcoin, But Criticisms Remain

XRP continues a solid performance throughout October. This comes off the back of weeks of sideways action from Bitcoin. And while it’s too soon to call a start to altseason, XRP is still up 13% since the beginning of October, hovering around the $0.29 mark. However, critcisms of the relationship between Ripple and XRP, as well as Ripple itself, will not go away. XRP Since it began, the divisive token has faced a barrage of fire from all angles. Recently, this has come from reports of Ripple dumping XRP, and…

Libra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project. Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered…

Ethereum (ETH) Rebound Faces Major Hurdle Near $180

Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar. Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200. This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken). The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA. Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH…

Facebook’s Libra Just Got Its First Major Supporter in Congress

Amid a sea of scorn, one U.S. Senator is praising Libra. Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project and citing it as an example of a technological advance he feels is needed to aid U.S. consumers. Rounds also pushed back against a more “ominous” letter penned by Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), warning the CEOs of Mastercard, Visa and Stripe that they may come under increased regulatory scrutiny should they continue participating in…

Major Singapore Bank Completes First DLT Trade Financing Transaction

A Singaporean banking branch of CIMB Group, one of the largest Asian investment banks, has completed its first blockchain-based trade financing transaction. The transaction was processed using a blockchain and Internet of Things (IoT) platform developed by local trade financing firm iTrust Trading, Yahoo Singapore reports Oct. 17. By applying iTrust’s blockchain-based IoT, CIMB intends to minimize the risks associated with commodity trade financing and facilitate credit extension for its customers by gaining access to real-time monitoring of the cargo data in transit and in the warehouse.  The technology reportedly…

Major Chinese Bank Updates Blockchain Platform After $50 B Transacted

The China Construction Bank (CCB) officially released the second version of its blockchain trading platform, which reached 360 billion yuan ($50 billion) in cumulative transaction volume. CCB will actively promote blockchain platform On Oct. 9, Xinhua news agency reported that CCB, one of the big four banks in the People’s Republic of China, announced the release of “BCTrade 2.0,” a blockchain trade finance platform that digitizes trade and financial services between a reported 54 domestic and overseas CCB branches and 40 external organizations, including a number of state-owned and foreign…

Major South Korean Store Chain Supports Blockchain Payments App

Mobile payments app CHAI is launching mobile blockchain-based payments at 13,500 CU convenience stores in South Korea. According to an Oct. 7 press release shared with Cointelegraph by blockchain startup Terra, CHAI — which operates on the Terra blockchain — will now be accepted as a means of payment at the major convenience store chain. App support will be added at CU by the end of 2019 following a partnership between CHAI and convenience store operator BGF Retail, which owns the stores in question. Per the release, CHAI will also…

Crypto Insurance a Promising Sector Despite Caution of Major Players

The growth in popularity of cryptocurrencies has, in many ways, outpaced the infrastructure built to support it. In terms of security, cryptocurrency exchanges that serve both as a marketplace and a store of the digital assets have become a hacker’s favorite target. Now that the cryptocurrency market has grown to its current capitalization of more than $200 billion, demand for crypto insurance is gaining traction. Already, big-time insurers are emerging as major players in the market: Lloyd’s of London, a centuries-old insurer with a net worth of $45 billion, partnered…

Six Major Japanese Brokerages Form Security Token Offering Association

A new association in Japan brings significant institutional support to security token offerings (STO), just months before regulations on the public sale of coins in the country are to be implemented. On Oct. 1, six major Japanese brokerages, including Nomura Securities and Daiwa Securities, formed the Japan STO Association, a self-regulatory organization (SRO) for STOs. Old and new are joining forces in the grouping. In addition the two core members of the brokerage establishment, the association also includes a number of younger players, all founded in 1999 and focused on…