Italian Bank is exploring Ethereum Derivatives

Banca IMI, a subsidiary of international banking giant Intesa Sanpaolo shows interest in Ethereum derivatives
22 November 2017   242378

A subsidiary of international banking giant Intesa Sanpaolo is interested in Ethereum derivatives. This is reported by the Coindesk.

In a new white paper released 22.11.2017, Banca IMI describes how an ethereum smart contract built by Intesa Innovation, Banca IMI and blockchain startup Oraclize makes it impossible for any counterparty to default by anticipating eventualities that might otherwise result from a legal dispute.

Massimo Morini, the bank's head of interest and author of whitepaper the paper represents a continuation of work he's been conducting at Banca IMI for two years. However, it also hints at what sets the bank apart in its approach to the blockchain sector.

We tried to design a business model exploiting the technology such that from a financial point of view it works on the public blockchain, because the guarantees are so much stronger than those we have with standard technology.
 

Massimo Morini,

Head of interest, Banca IMI

In the proof-of-concept (POC) detailed in the whitepaper, a smart contract was built using an ethereum testnet that communicated contract details to an external computation engine located in the cloud.

Instead of risking delays and relying on courts to resolve possible disputes, Morini said the team's derivatives workflow builds the terms of resolution into the smart contract itself.

In the end, it's enough that the smart contract keeps a little amount of funds to be used in case one stops paying, to guarantee that even if one stops paying, in a few hours, you are out of the contract and you have lost no money. This is really a different business model from what we are used to seeing in standard financial markets, but financially, it works.
 

Massimo Morini,

Head of interest, Banca IMI

Yet, even as one U.K financial regulator has warned against investing in derivatives that are cryptocurrency based, Morini remains convinced his work is headed towards a derivatives market that leverages the best of the old and the new. 

Binance Android App to Support CC Payments

Additionally, crypto-fiat exchange Binance Singapore was launched
25 April 2019   83

Binance has updated the application for the Android OS. Now users can buy cryptocurrency using their credit cards.

In particular, the feature of buying Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with your credit card is now available.

At the same time, the launch of the Binance Singapore crypto-fiat exchange took place. So far, only one trading pair is available to users of the site - BTC / SGD, but later in the listing other coins may appear.

Singapore users need not only to create an account, but also to link it to an account in the local Xfers payment service, which provides cryptowallet approved by local regulators.

It is noteworthy that earlier Xfers was a partner of Coinbase, when the latter launched its services in Singapore, but relations between the companies were terminated.