Chinese Bank to Issue $66M Worth Securities on Blockchain

The Lianrong blockchain platform was launched by the bank to provide registered companies with the opportunity to distribute assets secured by accounts receivable to investors
21 August 2018   704

Zheshang Bank, one of the largest commercial financial institutes in China, issued securities worth $ 66 million through its proprietary blockchain platform. This is reported by CoinDesk.

On August 13, the bank submitted a prospectus to the Shanghai Clearing House. At the same time, representatives of Zheshang Bank reported that the securities will be secured by accounts receivable from various companies.

A few days later, the China Securities Journal reported that the bank issued these assets on August 17, becoming the first institution in the country to issue such securities.

The Lianrong blockchain platform was launched by the bank to provide registered companies with the opportunity to distribute assets secured by accounts receivable to investors.

Founded in 2004, Zheshang Bank is one of China's 12 publicly traded financial companies that launched various initiatives related to distributed registry technology over the past year and a half.

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.