Blockchain Platform ‘Monachain' started by LG Branch

The IT subsidiary of electronics giant LG has run its own blockchain platform that could be used in a number of sectors including manufacturing and finance
14 May 2018   1122

Korea Times reported that named ‘Monachain’ by LG CNS, the enterprise blockchain platform will concentrate its usability on cryptocurrency, digital authentication, digital supply chain management. Monachain allows its customers to make their own digital currency wallets, a position that can see local governments issue local currency and welfare payments to end users on a blockchain LG CNS said. Also, the LG group arm displayed it is working relatively a communication of banking infrastructure with commercial banks that let them to run and distribute digital currency via blockchain platform.

Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently.
LG CNS

A decentralized identifier is used by Monachain in order to let measurable digital identity wherein users in the blockchain will be able to self-verify their identification information with the help of a smartphone before making a payment or remittance.

LG CNS first reported about the details of its first enterprise blockchain in middle of 2017. The platform is established on Corda, a permission distributed ledger software developed by global banking blockchain consortium led by New York-based industry company R3.

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   246

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.