Chinese ABC Bank to Test Blockchain Loans Backed by Land

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain
31 July 2018   521

The Agricultural Bank of China (ABC), the world's fourth-largest bank by assets, issued the first loan with the help of a blockchain, Cointelegraph reports.

ABC, owned by the state and ranking itself among the "big foursome" of the largest banks in China, said that it issued a loan of $ 300,000 provided by a piece of agricultural land in Guizhou Province.

ABC will "generate blocks together with local residents, land and resource departments, and agriculture and livestock management departments with the help of the blockchain", and adds that the loan is aimed at "supporting the local tea industry".

In the blockchain-project, third parties (including the local branch of the People's Bank of China) are involved, serving as nodes that verify the correctness of credit data.

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain. The distributed registry technology allows ABC to solve the problem with customers who take loans in different banks for the same piece of land.

Barclays to Freeze Crypto Trading Project

This is reported by two anonymous sources to Financial News London
15 October 2018   197

One of the largest UK bank Barclays has suspended work on its own crypto-trading project, Financial News reports citing two sources familiar with the situation.

Earlier this year, the bank gathered a high profile team to explore opportunities for cryptocurrency trading as part of its own business. However, according to one source, the initiative was “frozen”.

The former head of Barclays for energy trading, Chris Tyrer, who headed the “digital assets project,” left the bank in September after management decided to freeze the initiative.

Together with Tyrer, the macro-strategy in the field of foreign exchange and emerging markets was Marvin Barth, Senior Technical Specialist Lee Brain, and Consultant Matthew Jobb Duval.

Their task was to determine whether cryptocurrencies are an asset class with far-reaching prospects, whether Barclays customers are interested in them and what type of IT infrastructure will be needed to work with them, the source said.