JPMorgan and Goldman Sachs to use blockchain

Several large financial institutions conducted a pilot blockchain based securities swap test
21 November 2017   33215

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.

Australian Company to Issues Crypto Backed Loans

In case of default, financial company named Helio may sell cryptocurrency to cover losses
10 December 2018   89

Helio from Melbourne began issuing loans secured by cryptocurrencies, Bitcoin.com reports.

The service allows Helio clients to borrow from 1000 Australian dollars ($ 720) on the security of cryptocurrency assets. At the moment, the company accepts Bitcoin, Ether, Litecoin and Ripple.

Helio client crypto assets are stored in a secure wallet, company representatives say. In case of default, the company may sell cryptocurrency to cover losses.

Helio has a credit license (ACL) issued by the Australian Securities and Investments Commission (ASIC). As stated by the company's founder, John O’Shy, Helio was the first licensed organization in Australia to launch this service. According to him, the country has a developed cryptocurrency market, however, suppliers who want to provide loans secured by digital assets are not enough.

In June, the Japanese corporation Abic Corporation began to issue loans secured with Bitcoin