Barclays to Speed Up Transactions Using ETH Blockchain

Crowdz blockchain start-up will help Barclays to implement Ethereum's blockchain
28 August 2018   1040

The British financial conglomerate Barclays announced a partnership with the block-start-up Crowdz with the aim of integrating support for the Ethereum blockchain into Barclaycard. With the help of distributed registry technology, it is planned to speed up transactions for users of plastic cards, BitcoinExchangeGuide reports.

It is reported that payments using Barclaycard will be conducted through the Crowdz blockchain platform. First, a small number of users will be transferred to the new platform for testing and debugging the process. The pilot project will take half a year, during which users will be able to leave their feedback and offer options for improving the service.

Crowdz will be able to work with real users of Barclaycard, including corporate clients. If the pilot project succeeds, the start-up will gain access to the retail banking sector.

It is worth noting that the Barclays already cooperated with Crowdz in the framework of the program for the development of financial companies. Now the bank decided to test the blockchain of Crowdz in the real sector of the economy.

Earlier, Barclays Bank announced the study of the possibility of launching a platform for cryptocurrency trading. For this purpose, a special team was created from the top managers of the organization.

Quoine Found Guilty for Reversing B2C2's Deals

Quoine exchange cancelled B2C2 transactions worth 3085 BTC due to the fact its ETH to BTC exchange rate was 125 times higher than average
15 March 2019   105

The Singapore International Court of Commerce has found Quoine guilty of canceling B2C2 liquidity provider transactions in the amount of 3,085 BTC. It is reported by The Business Times.

According to the court, having canceled the transactions concluded by B2C2 on the “uncharacteristic” rate in April 2017, Quoine “violated the terms of the contract and did not comply with its obligations”.

B2C2 created seven orders for the sale of Ethereum with 10 bitcoins per unit, which was 125 times higher than the exchange rate set at that time.

The funds received were automatically credited to the B2C2 exchange account, and 308 ETH - was withdrawn. The next day, Quoine rejected the deal, and the balances on the accounts were set at the values ​​before they were concluded.

B2C2 through court demanded to recover 3085 BTC from Quoine, because under the terms of the contract the exchange “had no right to unilaterally cancel the transaction after their conclusion”.

However, the court, having recognized the exchange as guilty, did not agree with the amount of compensation, taking into account the “substantially increased” rate of Bitcoin from the moment of filing the claim. Its size will be determined at the time of the next hearing.

Note that at the time of the transaction 3085 BTC amounted to $ 3.7 million, at the current exchange rate this amount would be almost $ 12 million.

Quoine representatives did not rule out that they would appeal this judgment.