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   1249

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.

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   88

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.