Venezuelan Banks to Use El Petro to Display Balances

First two banks that started to demonstrate users' balances in El Petro are Banesco and Mercantil
07 November 2018   157

Some Venezuelan banks began to display the balances on users' accounts in the national cryptocurrency El Petro, reports.

User's balance in El Petro
User's balance in El Petro

Thus, despite the fact that the majority of residents are not particularly interested in using “oil-secured” cryptocurrency, financial institutions of the country carry out the orders of the authorities, actively integrating the new means of payment into online banking. This includes, in particular, the Venezuelan banks Banesco and Mercantil. The source also reports that BBVA Provincial and BFC will soon follow the example of these banks.

In August, the authorities of Venezuela, within the framework of the monetary reform, denominated the local currency, depreciated due to hyperinflation. Five zeros were removed from the nominal value of the old monetary unit. The authorities also promised to link a new monetary unit, bolívar soberano (“sovereign bolivar”), to the digital currency of El Petro. In addition, the head of state Nicolas Maduro announced the binding of the system of prices and wages.

After some time, Reuters conducted a journalistic investigation, during which it became clear that El Petro isn't backed by anything.

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Fantom to Partner with Tosei

Fantom is developing a smart contract platform based on the Directed Acyclic Graph (DAG) technology
13 November 2018   104

Korean blockchain project Fantom, which gathered more than $ 39 million at the ICO in June, announced an agreement with Japanese real estate corporation Tosei, which controls more than $ 5.5 billion in assets, on Monday.

Fantom is developing a smart contract platform based on the Directed Acyclic Graph (DAG) technology, focused on solving scalability and transaction confirmation times that are present in existing blockchains. It is expected that the Opera blockchain being developed by Fantom will allow making payments in real time with minimal costs (less than $ 0.01) in conditions of unlimited scalability.

Integrating the Fantom solution into Tosei systems will optimize the property purchase process and the associated calculations on a large scale and  millions of dollars on commissions. According to the developers, decentralized technology can have a positive impact on the real estate industry, where commissions sometimes reach 5% of the transaction amount.

With cumbersome contract procedures, lengthy processing times, and concerns around transparency, there are many friction points within the construction and property industry. Fantom has the potential to ease, address and solve these challenges not just for us but for the whole real estate sector. The marriage between real estate and Fantom is one of the strongest arguments for how decentralisation is not only a disruptor, but also an architect in building a framework for efficient ways of conducting end-to-end business.

Fantom Team

Against the background of this news, Fantom FTM's own token has grown by 11%.