IBM uses cryptocoins in cross-border payments

IBM announced the creation of a blockchain-based solution for cross-border payments in partnership with Stellar and KlickEx
16 October 2017   3250

The solution already performs direct transactions in 12 currency corridors on the islands of the Pacific, Australia, New Zealand and the UK. The purpose of cooperation is to enable residents and entrepreneurs from one country to easily conclude trade agreements and carry out transactions with partners from other countries easily, quickly and without waste.

To conduct transactions between different fiat currencies, a token-bridge will be used - the Crypto-currency of the Stellar system, Lumen.

When trading between multiple currencies, it helps to have a bridge currency to reduce the ledgers needed to maintain. Lumen provides that single ledger that can bridge currencies.
 

Jed McCaleb

Founder, Stellar (to Coindesk)

Additionaly, National Australia Bank, TD Bank, Advancement of Pacific Financial Infrastructure for Inclusion (APFII) and Wizdraw (HK) of WorldCom Finance took part in this project. Also, the platform is already integrated with IBM's Financial Transaction Manager, which itself is integrated with ACH, SEPA and other electronic transaction network.

Stellar Lumens price chart

This news had great effect on Lumens' price. XLM gained almost 34% in less than 24 hours!

Stellar Lumens price chart
Stellar Lumens price chart

As you can see on the chart above, there is a real price jump. At the moment, XLM is at the 13th place in Coinmarketcap cryptocurrecnies rating, with $759 800 487 market cap and $0.045805 price. 

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.