Blockchain App Store for Banks to be Launched by IBM

The LedgerConnect service will provide financial institutions with access to blockchain solutions focused on such areas as KYC ad others
30 July 2018   747

The technological giant IBM and a number of financial conglomerates, including Barclays and Citi, are developing a banking-oriented store for blockchain applications. This is reported by CoinDesk.

The LedgerConnect service will provide financial institutions with access to blockchain solutions focused on such areas as KYC (Know Your Customer) procedures, sanction screening, collateral management, post-trading maintenance of derivatives transactions, reconciliation of data, and so on.

According to the developers, the new service is designed to help bridge the gap caused by differences in the capabilities of fi nite startups and large companies when creating applications based on distributed ledger technology (DLT).

Having a secure network and proven infrastructure allows an app store kind of model, where banks can identify applications from certified fintech and software providers and deploy these apps over a seamless blockchain network.
 

Keith Bear

Vice president for financial markets, IBM

The LedgerConnect platform is based on the Hyperledger Fabric technology. However, according to the project participants, integration of other DLT technologies, including R3 or Corda, is not excluded.

Australian Company to Issues Crypto Backed Loans

In case of default, financial company named Helio may sell cryptocurrency to cover losses
10 December 2018   89

Helio from Melbourne began issuing loans secured by cryptocurrencies, Bitcoin.com reports.

The service allows Helio clients to borrow from 1000 Australian dollars ($ 720) on the security of cryptocurrency assets. At the moment, the company accepts Bitcoin, Ether, Litecoin and Ripple.

Helio client crypto assets are stored in a secure wallet, company representatives say. In case of default, the company may sell cryptocurrency to cover losses.

Helio has a credit license (ACL) issued by the Australian Securities and Investments Commission (ASIC). As stated by the company's founder, John O’Shy, Helio was the first licensed organization in Australia to launch this service. According to him, the country has a developed cryptocurrency market, however, suppliers who want to provide loans secured by digital assets are not enough.

In June, the Japanese corporation Abic Corporation began to issue loans secured with Bitcoin