BitPesa Platform to Acquire TransferZero

BitPesa and TransferZero partnership should let the fast-growing platform plant deeper roots through UK and European licensing, bank accounts, and integrations
08 February 2018   230

BitPesa is an online payment platform that leverages Blockchain settlement aiming to lower the cost and increase the speed of business payments to, from and within sub-Saharan Africa.

On February 8 of 2018 BitPesa has announced that it acquires Transferzero, which is an online international money transfer solution for companies and the individuals in more than 200 countries.

BitPesa TransferZero announcementBitPesa announcement regarding TransferZero

Through the integration, the company plans to spead the licensing and bank accounts services wider to the Europe and United Kingdom.

BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level. With this support, we will be able to provide even more efficient transfers and user experience.

Luis Cambronero

former CEO of TransferZero, current MD at BitPesa

TransferZero headquarters will remain in Madrid, and will save the same brand name, but all of its employees will stay with BitPesa. The two companies working as one aim to explore regional and technological expertise together in order to accelerate month-to-month growth.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   56

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.