Philippines Banks to Use Visa B2B Connect

A group of Philippines banks is going to use Visa's blockchain-based payment platform  
15 February 2018   676

Four rural banks have partnered with The Union Bank of the Philippines (UnionBank) for blockchain technology-reliant payment system. UnionBank will help those banks to boost the efficiency of their payments processes by building a local platform base on top of Visa's B2B Connect system.

It is the first Philippine bank chosen by Visa for the latter’s B2B Connect.

According to Henry Rhoel Aguda, UnionBank's senior executive vice president, the bank is co-creating the blockchain platform to be used by the rural banks. He hopes that in future more banks will be included in the program.

B2B Connect is a business solution platform that allows financial institutions to provide their clients fast and secure cross-border payments.

U.S.-based Commerce Bank, South Korea's Shinhan Bank, and the United Overseas Bank are also working with Visa on the B2B.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   95

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.