UBS eases transactions via blockchain

The world’s largest financial services company considers blockchain to secure computer systems
05 December 2017   576

In a patent application released by the U.S. Patent and Trademark Office last Thursday, UBS unveils how it might use a distributed ledger to validate transactions.

UBS intends to create a permanent record of every action committed on the chain through blockchain. According to the application, company will use smart contracts to automatically register a record that is added to the chain. When the record is added, the user will automatically receive a notification sent by the same contract.

UBS also assumes that it could put the smart contract on the same blockchain that stores the data being added or develop two separate blockchains: one to store the data, and one to hold the smart contract monitoring data additions.

The company has long been interested in blockchain, the company had already presented a trade transaction platform built on a blockchain in partnership with IBM in 2016. Called Batavia, the project has been expanding with four major banks joining the effort near the beginning of October 2017.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions
18 July 2018   9

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.