JPMorgan and Goldman Sachs to use blockchain

Several large financial institutions conducted a pilot blockchain based securities swap test
21 November 2017   33696

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.

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   382

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.