World’s 2nd-Largest Bank CCB Launches Blockchain Refactoring: Report

China Construction Bank (CCB), the world’s second-biggest bank by operated assets, has officially launched its blockchain-based refactoring platform. Targeting commercial factoring business, CCB aims to bolster operations and reduce major risks in its refactoring business while providing shared data access by multiple participants, Chinese news outlet Sina Tech reports Dec. 6. As reported, factoring firms represent third parties that buy businesses’ invoices at a discount in order to help those businesses raise funds. CCB’s blockchain trading platform reached $50 billion in cumulative volume in October The news comes after CCB…

BNY Mellon and Credit Suisse Involved in Telegram’s $1.7B Sale: Report

Two global financial giants, BNY Mellon and Credit Suisse, were reportedly involved in Telegram’s $1.7 billion Gram (GRAM) token sale in 2018. Telegram allegedly informed its investors that it was using BNY Mellon and Credit Suisse to move and store fiat currency raised in the GRAM sale, industry publication Coindesk reports, citing court filings released on Dec. 10. A Telegram employee reveals the details in a series of messages attached to the filings Shyam Parekh, a Telegram employee who is expected to give a deposition before the New York Southern…

JPMorgan’s Blockchain Network to Launch in Japan in Early 2020: Report

JPMorgan’s blockchain-based payment network will launch in Japan in early 2020, Cointelegraph Japan reports on Dec. 10. Based on JPMorgan’s in-house blockchain platform Quorum, the Interbank Information Network (IIN) intends to accelerate payment transactions as well as address major challenges of sharing data between banks. Bloomberg reports that more than 80 Japanese banks have expressed their intent to join the platform. Japanese banks now account for more than 20% of the 365 total global members that announced their participation since September 2019, accounting for the largest portion of participants from…

China’s Central Bank to Lead Real-World Pilot of Digital Yuan: Report

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim.  According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou.  Banks in a digital currency “horse race”  Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital…

Circle Co-Founder Sean Neville Quits as CEO After Reshuffle: Report

Payments company Circle will install a new CEO at the start of 2020 after one of its original co-founders steps down from the position.  According to cryptocurrency media outlet CoinDesk on Dec. 5, co-founder and co-CEO Sean Neville will transition to a post on the company’s board of directors in January. Sean Neville becomes board member Neville launched Circle with Jeremy Allaire in 2013, and has presided over its metamorphosis in the ensuing years, including a pivot away from Bitcoin (BTC) and the acquisition of cryptocurrency exchange Poloniex last year. …

Coinbase Denies Report of $150M Acquisition of Tagomi Brokerage Firm

Coinbase, a major American cryptocurrency exchange and wallet service, has not acquired digital currency brokerage firm Tagomi. On Nov. 29, sources told CoinDesk that Coinbase acquired Tagomi for $150 million that morning, following purported negotiations between the firms last month. According to The Block, Tagomi’s lending and borrowing services made it a tempting target for an acquisition. Responding to Cointelegraph’s request for comment on the purported acquisition, Coinbase VP of communications Rachael Horwitz simply said, “100% false.” Tagomi had reportedly been targeting more retail trading clients, high-net-worth individuals and active…