News Topic: Distributed ledger technology
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Banks send each other $500 million on day of blockchain launch
Blockchain is untapped resource for banks, MIT professor says
How cryptocurrency is changing the movement of money
Olaf Carlson-Wee, founder and CEO of the cryptocurrency hedge fund Polychain Capital, discusses which digital currencies and blockchain technologies are reshaping payments and which are “nonsense projects.” ... Read full article
National banks may process stablecoin payments, OCC says
The digital currency and related distributed-ledger technologies could "enhance the efficiency, effectiveness and stability of the provision of payments," according to an interpretive letter issued by the Office of the Comptroller of the ... Read full article
Avanti got a bank charter. Here’s what's next on its agenda.
Founder Caitlin Long says the blockchain bank plans to issue a virtual currency and help hedge funds and family offices trade digital assets now that it has a special-purpose banking charter in Wyoming. ... Read full article
JPMorgan Chase reorganizes blockchain units
After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts. ... Read full article
BofA adapting consumer tech for use with corporate clients
Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services. ... Read full article
ConsenSys acquires JPMorgan’s Quorum blockchain technology
The bank will outsource future development of Quorum to the software firm. ... Read full article
Mike Cagney launches blockchain for loan trading. Will banks go for it?
The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals ... Read full article
OCC weighing major changes to its technology framework
The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades." ... Read full article
A blockchain breakthrough at Credit Suisse. Will other banks follow?
An innovative approach to settling trades pioneered by the bank and the tech firm Paxos Trust could start a wave of real-life use of distributed ledgers on Wall Street. ... Read full article
Bitcoin, despite its ups and downs, had a monster decade of growth
The largest digital token has posted gains of more than 9,000,000% since July 2010, according to data compiled by Bloomberg. ... Read full article
Credit union blockchain ID pilot could benefit small banks too
A new system uses biometrics and distributed ledger technology to safeguard call centers from identity theft attacks. ... Read full article
How alleged Asian crypto scam became headache for Comerica, Mastercard
A digital currency firm has been accused of recruiting actors to pretend to be Comerica and Mastercard employees, writing a fake prospectus and taking other steps to make it look like the two U.S. companies were its partners in an investment venture. ... Read full article
Why Wells Fargo is jumping on the digital currency bandwagon
It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients. ... Read full article
Once a doubter, TD is now bullish on crypto, blockchain
It's created a new digital assets and distributed ledger group, trades bitcoin futures and is funding a crypto exchange. ... Read full article
PayPal-backed blockchain aims to help banks verify digital IDs
A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities. ... Read full article
Banks launch firm to settle transactions, peer-to-peer, on blockchain
State Street, BNY Mellon, UBS and Credit Suisse are among the banks that have created a company to bring their idea of a utility settlement coin to life. ... Read full article
How a startup fits into BNY Mellon’s blockchain strategy
Subhankar Sinha, the bank’s new head of blockchain, says its partnership with Bakkt is part of a larger effort to figure out what it would look like to be a custodian for digital assets. ... Read full article
