SBI Ripple Asia brings together 61 banks

SBI Ripple Asia brings together 61 banks representing 80% of Japan's total assets
11 June 2017   3091
Ripple

Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money

A year ago SBI Ripple Asia announced the creation of a Japanese consortium of banks which was to use Ripple’s technology for payments and settlement.

A few months later, the consortium grew to 47 banks that successfully completed a pilot implementation of Ripple to enable real-time money transfers both domestically and internationally – with the goal of going live by year end.

Now, in less than a year, SBI Ripple Asia brings together 61 banks representing 80% of Japan's total assets. All three of Japan’s largest banks have now joined the Japan bank consortium using Ripple, including Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho. 

Moreover, the consortium intends to expand further and non-Japanese banks based in Japan interested in joining can contact the consortium. As the copmpany reports, banks outside of Japan are also welcome to contact Ripple to be connected.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   113

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.