JPMorgan and Goldman Sachs to use blockchain

Several large financial institutions conducted a pilot blockchain based securities swap test
21 November 2017   33363

Several large financial institutions, including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi, conducted a pilot swap test with securities based on distributed ledger technology. This is reported by the PRNewswire.

The participants of the pilot project concluded that using blockchain it is possible to improve the efficiency of various operations in the financial market. In particular, organizations noted that when all participants in a transaction use identical and unalterable data, transaction payments can be processed faster, because they require fewer different approvals and exclude the possibility of disputable issues.

The testing was carried out on the basis of the AxCore block-platform developed by Axoni, which uses a standard data structure that meets the requirements of the International Swaps and Derivatives Association (ISDA).

Equity swap data is infamously complex and difficult to manage, making it a terrific fit for distributed ledger technology. We're delighted to have reached another key milestone alongside our partners on this project and grateful for their collaborative efforts to demonstrate how powerful this tech can be.

Greg Schvey 

CEO, Axoni

At the end of last year, the blockchain-based start-up Axoni managed to raise $ 18 million from major international banks and venture investors, and in May 2017 the company raised more than $ 20 million within the A series investment round.

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.