IBM Backs Dollar Pegged Stablecoin on Stellar Network

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The San Francisco-based financial institution, Stronghold, has been developing a trade-in payment ecosystem which is launched an asset backed token on the stellar network. Buyers will be able to deposit US dollars into the Stronghold partnering bank (Prime Trust), which will then enable Stronghold to issue a one-to-one ratio of tokens to USD according to this report by Reuters.

The company also announced a partnership with IBM Blockchain in order to identify uses for blockchain within their business network. The goal of the partnership is to test various ways that financial institutions as well as other companies, can achieve more efficient, faster, and safer transactions. Stronghold plans to use the Stellar protocol for their transactions as well as provide witty through their crypto exchange services.

The USD backed token, which will hold its reserves and estate charter trust, will provide liquidity for global foreign exchange settlements. In addition to this, the allow banks to provide credit to transactional networks and trading ecosystems.

These tokens offer the benefits of cryptocurrency a while reducing the inherent price volatility with stable monetary policy. Strongholds cofounder and CTO, Sean Bennett, stated “asset backed tokens provide seamless access to all currencies, thus improving the global transfer of money”.

Supporting Institutional Investors

Stronghold’s network will allow institutional investors to exchange US currency for Stellar Lumens as well as any other cryptocurrency or token on the stellar network, as noted by Tammy Camp, co-founder of the company.

According to Camp, this partnership delivers major implications to the blockchain industry as previous access to the Stellar protocol have impeded adoption. “In the past, traders have exchanged USD for Bitcoin and Ethereum with exchanges like Coinbase”. However, the trade-off for these partnerships have always resulted in longer wait times and increased transaction fees”, states Camp.

Those seeking to invest in Stellar have had to initially purchase Bitcoin or Ethereum and convert it to the XLM token, which requires numerous wallets, transactions, and wait times in order to access their network. Now that the platform can support USD, traders can now exchange XLMs without first transferring over to BTC or ETH.  

Stellars’s protocol is very helpful with cross-border transactions as it provides the best choice for quick and low-cost transfer of funds. Other users besides traders and investors will also have direct access to XLM cryptocurrency, allowing them to take full advantage of the platform.

Open Enrollment for Institutions

Stronghold recently opened enrollment to institutions for private beta. Tokens are not currently available to retail customers at the moment; however this will most likely change in the next few months. Retail customers can open a Stronghold account and provide KYC (know your customer information) if they’d like to receive updates on the service as it becomes available.

 

 

IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other new technologies to improve data security, Bloomberg reports Thursday, July 5.

The major contract will see IBM provide technology such as blockchain, automation and artificial intelligence (AI) to Australian federal departments, including defense and home affairs.

IBM’s Asia Pacific head, Harriet Green, told Bloomberg that the new partnership will give Commonwealth citizens access to the “world’s greatest technologies” “across many, many government agencies.”

The new partnership will catapult Australia to “the top three of digital governments in the world,” she suggested.

In her interview, Green placed repeated emphasis on ensuring data security for citizens – for which blockchain’s central offering of an immutable and encrypted ledger is a cornerstone innovation.

Green also saw the deal as a major step in Australia working towards a “paperless future” across different realms of the state’s jurisdiction, including taxation and border control.

Just today, the world’s fourth largest cryptocurrency exchange by daily trade volumes, Huobi, confirmed it had launched trading on its new Australian platform, with the new CEO of Huobi Australia saying the exchange is “keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”

The Australian government’s Digital Transformation Agency (DTA) 2018-19 budget has already earmarked $530,000 for blockchain research, a move it says was prompted by a specific request from the country’s Prime Minister, Malcolm Turnbull.

IBM for its part has been steadily expanding its involvement in blockchain across diverse fields, with its Blockchain Platform successfully used just this week to power the first live operations in a major trading initiative involving twenty companies and five major banks.

Google made an official announcement today (July 23rd) to deploy blockchain technology services in order to offer customers fintech and cloud service solutions.

The company partnered with 2 other blockchain focused firms, BlockApps and Digital Asset, in order to offer distributed ledger technology (DLT) solutions on their Google cloud platform. This would allow their users to explore ways to use distributed ledger framework technology within their platform.

Digital Asset supplies distributed ledger software for fintech industries and BlockApps offers the most powerful blockchain as a service (BAAS) platform on the market.

Later this year, customers will be able to test out open source integrations for Ethereum protocols and HyperLedger Fabric on Google’s Cloud Platform (GCP).

The CEO of Digital Asset, Blythe Masters stated that the platform would reduce technical barriers for distributed ledger technology application development. This reported by ComputerWorld on July 23.

With this announcement, Google joins a host of other giant tech companies to offer blockchain as a service solutions (BAAS) like Microsoft, Amazon Web services, IBM, which introduced their own blockchain platforms for DApps back in April 2018.

Coinbase, the major US cryptocurrency exchange, announced its newest business regarding digital assets for institutional investors has now been launched according to their blog post on July 2.

The exchange first revealed its plans to open “Coinbase Custody” back in late 2017. The company stated that they were seeking to address what they consider to be the number one concern of institutional investors, which was primarily security.

Coinbase Custody will most notably be secured through an SEC compliance Electronic Transaction Clearing (ETC). This addresses institutional investor concerns by abiding by the terms of US regulations, the SEC, as well as Wall Street financial industry regulatory Authority (FINRA).

Institutions from the US and Europe can now store cryptocurrency on Coinbase custody which will support Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Coinbase stated that they plan to continue adding more cryptocurrency assets as well as open the service to Asian institutional investors by the end of the year.

The exchange will employ a wide range of security measures including “on chain segregation of cryptocurrency”, off-line multi-sig and geographically distributed transaction protection, and extensive cold storage auditing and reporting.

Coinbase custody is the first to launch its suite of products which could potentially unlock $10 billion worth of institutional investor money sitting on the sidelines.

The exchanges is also attempting to become fully a SEC regulated broker-dealer through there are recent acquisition of the financial services firms as well as pursuing their own federal banking license.

Coinbase has also recently revealed the plans to do broaden their user base to the Japanese cryptocurrency market. However, amidst  their consistent expansion, the online tech website Mashable uncovered 134 pages of complaints filed by Coinbase users which included harsh criticism of the company for allegedly being underprepared for their fast-paced growth.

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