The Bank of England/Ripple PoC results

The results of Bank of England and Ripple's proof of concept published
13 June 2017   4422
Ripple

Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money

The Bank of England recently released its blueprint concerning synchronisation capabilities to its future real-time gross settlement system (RTGS). This would enable payments in RTGS to be executed simultaneously with a movement of another asset. One potential usage of this capability could be cross-border payments, where movements in the sterling RTGS system could be synchronised with movements in another currency.

Thus, the Bank chose Ripple in order to test whether blockchain technology could enable this “Global RTGS” capability.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Now the results of the proof of concept (PoC) have been unveiled.

According to the Bank, the PoC specifically looked at how Ripple’s solution could support the synchronisation of cash movements made using two simulated RTGS systems utilizing the open-source Interledger Protocol.

the Bank of England’s PoC with Ripple is a watershed moment. We applaud them for being one of the first central banks worldwide to look at how blockchain technology can power instant international payments.
 

Brad Garlinghouse
CEO of Ripple

The Bank says that “the PoC was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.” In other words, Ripple’s solution showed promise in enabling RTGS systems which seamlessly support interoperability globally.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   314

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.