The Blockchain Era of Swiss Private Banking

Source : The Blockchain Era of Swiss Private Banking In the near future, the Asset Management industry will go through disruptive changes and transformation, once bankers unlock the full potential of the Blockchain. Today, SwissBorg reinventing the way the Wealth Management ecosystem works, by leveraging the Ethereum Network to build a democratic Decentralised Autonomous Organisation. The project will provide cyber-secure financial services operating in Switzerland, Canada, and Japan through a digital branchless platform. “Blockchain technology will be a massively disruptive force in the Financial Sector in the coming years. It will increase competition, improve services, access to information and reduce national barriers and transaction costs. Our mission is to create a cyberbank that offers democratic financial services (it is possible to invest from 1 CHF) accessible to anyone from anywhere at any time in the world”– Cyrus Fazel, Founder, CEO.   Main highlights: SwissBorg: the DAO that will issue the CHSB Token, which will give token holder voting and economic rights over the Swiss Cooperative. Token holders are entitled to receive revenues generated by the DAO; Cryptallion: the 1st products is Multi-strategy Token Hedge fund giving participants exposure to advanced investment strategies in cryptocurrencies with a competitive fee structure. The Cryptallion (CSB) Token will be 100% distributed to the network; The Smart Mandate: an Investment Mandate encoded in a Smart Contract. Each client has its own customizable, transparent Smart Mandate that allows collaborating with several Financial Advisors hands-down. The Client can configure their banking requirements and investment strategies; Cyborg Advisor: sophisticated investment strategies with the best technological tools based on Artificial Intelligence algorithms, helping holistically manage your assets with ease. The main goal to innovate the Private Banking by implementing highly secure, transparent and customizable investment solutions. SwissBorg is currently in a fundraising phase and is preparing for its ICO starting November 21st.  The post The Blockchain Era of Swiss Private Banking appeared first on NEWSBTC.

BANKEX, the Top-50 FinTech Company Worldwide,Will Launch Token Sale on November 28

Source : BANKEX, the Top-50 FinTech Company Worldwide,Will Launch Token Sale on November 28 BANKEX sets out to solve inefficiencies inherent in today’s banking system by utilizing Blockchain technologies. The post BANKEX, the Top-50 FinTech Company Worldwide,Will Launch Token Sale on November 28 appeared first on CoinSpeaker. Continue reading at Coinspeaker

Lebanon to Issue Its Own Digital Currency

Source : Lebanon to Issue Its Own Digital Currency In a recent statement addressing attendees at the 7th CSR Lebanon Forum, the governor of the Bank of Lebanon, Riad Salameh, stated that the central bank plans to introduce its very own digital currency. Protection System to be Developed Beforehand Salameh mentioned that the central bank is well aware that digital currencies will play an important role in the future. However, due to the cybercrime potential associated with cryptocurrencies, the central bank must make necessary arrangements prior to adoption. These arrangements will likely consist of a cybercrime system that will closely monitor the market and help prevent money laundering, tax evasion, and illegal financing. Moreover, the country’s Banking Control Commission and the Special Investigation Commission have partnered up to help facilitate the development of a cybercrime protection system. Regardless, Salameh doesn’t seem to have a positive opinion on bitcoin and other digital currencies. He remarked: These are not currencies but rather a commodity whose prices rise and fall without any justification. For this reason, BDL has banned the use of this currency in the Lebanese market. The digital currency will be issued by BDL and will be available in the next few years.” It remains unclear what currencies this ban specifically refers to, and what cryptocurrency operations are still allowed within Lebanon. The new bank-issued digital currency will reportedly be strongly regulated by Lebanon law and monitored by its Central Bank, so it’ll likely lack many of the characteristics associated with decentralized coins. In 2013, the Bank of Lebanon issued a statement regarding digital currencies, claiming that transactions cannot be guaranteed due to volatility and other risks. What are your thoughts on the prospect of a digital currency backed by Lebanon’s central bank?

Cashaa to Partner with Agrello to Offer Borderless Financial Products

Source : Cashaa to Partner with Agrello to Offer Borderless Financial Products 2nd November, 2017, London, UK, – Cashaa, the next generation banking platform, is partnering with Agrello, a blockchain startup developing LegalTech solutions on the basis of smart-contracting technology, to support its series of decentralised global financial products. Agrello provides smart contract agreements that can be executed and managed remotely, enabling Cashaa to expand the range of financial services available through its unique platform. Products such as insurance, microfinancing and decentralised trading can now be made available remotely, to new audiences, with the benefit of robustness, transparency, and scalability to Cashaa users. New Markets for Fintech Cashaa aims to reach those markets where traditional methods of financing have failed, by pioneering financial products to millions of unbanked people across the world. Agrello makes remote contract management a possibility, lowering costs and bringing Cashaa’s vision to market faster. Agrello’s ‘self-aware’ agreements serve as proof that two parties entered into a contractual agreement, which is then stored on the blockchain as executable code. Being self-aware, the contracts are able to remind users of their obligations and deadlines, and when combined with integrated identity and digital signature services, can enable fast and secure contract conclusion. Agrello’s management solutions are effective where the cost of engaging into a business relationship and writing agreements is high compared to the transaction value. Cashaa sees the potential for this technology to bring efficiency gains to decentralised trading on its existing FX platform, as well as to enable expansion into other areas such as insurance and micro-financing. ‘We think the Cashaa project is revolutionary in Fintech, it combines the potential of blockchain with vast increasing demand of P2P money transfers worldwide. We see huge potential in this cooperation’ Hando Rand, CEO and Co-founder, Agrello Even existing legacy contracts can be expressed through Agrello’s text-to- code compiler reducing the set up time and costs for Cashaa customers. CAS Token Sale Cashaa’s global FX platform is already in working beta and has over 12,700 registered users spread across 141 countries. The project features in the ‘Top 100 Most Influential Blockchain Companies in the world’ list. To date, Cashaa has supported over 2,100 BTC of value transfer between different locations around the world. Cashaa platform is now introducing its native CAS token, that is available through a token sale open to the public on 6 November at 1700 UTC. Token holders will be able to access premium services, instant loans, obtain a credit score, create smart contracts for trading and participate in the governance mechanism of CAS tokens. Read their whitepaper here For more information on how to participate, visit their website Join Cashaa Telegram channel View Cashaa on TokenMarket

Confideal’s Crusade to Harness the Power of Smart Contracts

Source : Confideal’s Crusade to Harness the Power of Smart Contracts In his book “Down The Rabbit Hole: Discover The Power of Blockchain,” author Tim Lea highlights the evolution of smart contracts and their use ensuing from the blockchain. “The term smart contract was first coined by a computer scientist Nick Szabo,” Lea writes. “In his 1996 article in the magazine Extrophy, he broadly described a smart contract as the ability to bring refined legal practices of contract law to the e-commerce protocols between strangers and the internet.” In their most basic form, smart contracts are self-executing contracts that function within mutually agreed upon terms between two or more parties. These agreements, which are written into lines of computer code, exist as part of a distributed, decentralized blockchain network facilitating the automatic execution of contractual terms with no further involvement from any of the parties involved, including external third-party intermediaries. This disruptive approach runs counter to the prevailing tradition of drafting and enforcing deals through involvement with external players like banks, lawyers and escrows. This practice is both time consuming and costly, especially in cases involving overseas deals. While smart contract technology helps to overcome these and other administrative and legal roadblocks, a complex set of programming skills are required to draft blockchain-based digital contracts. Enter Confideal One company that’s making major inroads in this new age of smart contracts is Confideal, a platform for managing and enforcing smart contracts. Based in Ireland, a hub for crypto adoption in Europe, Confideal is forging a path toward the removal of barriers to digital transactions throughout the world. The company champions transparency, opening up essential business tools to those without legal or coding skills. “Confideal is a service designed for a wide audience from individuals to business owners, and available for everyone,” said Petr Belousov, Confideal’s founder and CEO. “Our ultimate goal is mass adoption of blockchain among real sector businesses worldwide.” Because Confideal’s data is encrypted and protected by the Ethereum blockchain, the immutability of the agreement terms is assured. In addition, Confideal offers the following value propositions:   •     An internal arbitration module with top-rated arbiters and unbiased ratings. Arbiters selected to resolve a dispute on the Confideal platform are either a qualified third-party legal firm or a professional. •     A smart contract management option that provides full control over transactions (e. g. close deals, end them, set up fines and down payments). •     Cryptocurrencies are utilized to eliminate all payment barriers. No need for intermediaries which results in lower costs. With the groundbreaking advancements of blockchain technology, Confideal is on a steady path to bridge the gap between the smaller circle of computer programmers and coders who understand the inner workings of the technology and the larger population of average, everyday users. With efforts to move smart contracts toward mainstream adoption, efficient models of user interface become vital. With Confideal’s efforts as a visual smart contract builder, it’s clear that momentum in this space is heading in the right direction. …

Plus…Confideal’s Crusade to Harness the Power of Smart Contracts

Regulation Round-Up: Central Banks in Kenya, Swaziland & Australia Have Their Say

Source : Regulation Round-Up: Central Banks in Kenya, Swaziland & Australia Have Their Say The Central Banks of Kenya and Swaziland have recently made statements pertaining to cryptocurrencies, with Kenya’s central bank indicating that the nation’s financial regulatory bodies will meet at the start of next year to discuss cryptocurrency regulations, and Swaziland’s central bank stating that it does not wish to inhibit innovation in the nascent industry. In other central bank news, the Reserve Bank of Australia (RBA) has addressed cryptocurrencies during a recent parliamentary committee testimony on taxation. Also Read: Vietnam’s Central Bank Seeks to Ban Bitcoin Activities Kenyan Regulators Will Meet to Discuss Cryptocurrencies Early Next Year Last month, Kenya announced the Central Bank of Kenya and the Capital Markets Authority are planning to meet in early 2018 to discuss fintech regulations – including those pertaining to cryptocurrencies. Regulatory policy and strategy director at Kenya’s Capital Markets Authority, Luke Ombara, stated “the joint financial specter regulators forum intends to meet in the first quarter of 2018 to review oversight of fintech solutions from a holistic perspective that cover all the five subsectors in the financial market – banking, insurance, capital markets, pensions and Saccos.” Kenyan media outlet, The Star, reported that Mr. Ombara also indicated that “under banking, [Kenyan regulators] will review the cryptocurrencies and distributed ledger technology.” Majozi Sithole, Governor of the Central Bank of Swaziland (CBS), has advanced a cautious position with regards to cryptocurrencies. Whilst speaking during the recent Swaziland Economic Conference 2017, Governor Sithole expressed the CBS’s desire not to stand in the way of innovation, however, emphasized the risks that cryptocurrency trading may present to retail investors. “It may not be wise to dismiss virtual currencies and as the CBS we are learning and we want to accept and support innovation. If this is innovation, we do not want to stifle it. We want to learn more about it… We are aware that people are trading on these platforms and we want to caution people to be careful. This has become a topical issue globally and we are studying it and continually talking to experts on this issue”, the governor said. Australia’s Central Bank Has Acknowledged That Attempting to Regulate “Core Protocols” Relating to Cryptocurrencies Is “Unlikely to Be Effective” The Reserve Bank of Australia has addressed several regulatory challenges pertaining to cryptocurrency during a parliamentary committee testimony on “taxpayer engagement with the tax system.” The RBA stated that “[cryptocurrencies] and the broader area of distributed ledger technology is a topic that the Bank has been monitoring closely over recent years. Australia’s central bank concludes that “from the Bank’s payments policy mandate, digital currencies do not currently appear to raise any pressing regulatory issues,” however “their use may have some implications for tax authorities and they raise more significant issues for authorities tasked with crime prevention and detection.” The RBA acknowledges that the fluidity of cryptocurrencies poses unique challenges to regulators, stating that “the distributed and cross-border nature of digital currencies like bitcoin …

Plus…Regulation Round-Up: Central Banks in Kenya, Swaziland & Australia Have Their Say

Cryptocurrency Market Cap Hits a New Record High

Source : Cryptocurrency Market Cap Hits a New Record High The cryptocurrency market hit a new record high today, with a total valuation of over $187 billion. Cryptocurrency Market Growth Won’t Stop This week the cryptocurrency market reached a new record high. Many cryptocurrency investors are feeling euphoric since the cryptocurrency market hit a total valuation of over $188 billion for the first time ever. The most noticeable gainer of the recent surge was – no surprise – Bitcoin. The popular cryptocurrency managed to hit a new record price of $6915 and a market cap valuation of over $115 billion at the time of writing. The second most popular cryptocurrency, Ethereum, fell slightly from $302 down to $288. Experts believe that the huge price increase of Bitcoin was caused by the recent news that the CME Group, one of the world’s largest derivatives exchange operator, would create the first bitcoin futures in the fourth quarter of the year. Bitcoin Futures Bitcoin Futures have been a trending theme not only in the Bitcoin community but also on Wall Street. Many people have hesitated to invest in the digital currency because it isn’t properly regulated and there aren’t enough protections for investors. Analysts believe that Bitcoin futures would allow traditional investors to indirectly ‘bet’ on the success of Bitcoin. CME Group chairman and CEO, Terry Duffy stated following in a CNBC article: We’ve been working with the regulator. They understand our application. And they understand our model very, very well, Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. According to a recent article by Forbes, the Chinese government might allow cryptocurrency trading again. The report suggests that Chinese regulators believe that Bitcoin might become a potential threat to the central bank of China, as it could potentially replace the official currency Yuan in daily transactions of citizens. Nevertheless, there are a lot of reasons why Bitcoin will further rise in the future as more and more governments are planning to accept and properly regulate Bitcoin as a currency and store of value. What are your thoughts on the recent price surge of Bitcoin? Do you think that the popular cryptocurrency will further rise in the future? Let us know in the comments below! Images courtesy of Pixabay, Coinmarketcap The post Cryptocurrency Market Cap Hits a New Record High appeared first on Bitcoinist.com.

BANKEX, the Top-50 FinTech Company Worldwide, Launches Token Sale on November 28

Source : BANKEX, the Top-50 FinTech Company Worldwide, Launches Token Sale on November 28 BANKEX sets out to solve inefficiencies inherent in today’s banking system by utilizing Blockchain technologies. [Note: This is a press release.] BANKEX, the decentralized Bank-as-a-Service enterprise, today announced that their Token Sale Event (TSE) will take place on November 28. Using proprietary fintech solutions, BANKEX aims to bridge the gap between the emerging blockchain sector and traditional finance. [youtube https://www.youtube.com/watch?v=YwigamZGrrc?feature=oembed&w=500&h=281] Igor Khmel, Founder and CEO of BANKEX, said: We hope to have a transformative effect upon traditional finance and investment, micro-financing, real estate, as well as illiquid assets, natural resources, and derivatives markets. This is a large undertaking and will require substantial investment. The market gap is large, the potential is huge, and the aim is clear. We want to bring emerging Blockchain solutions to the established banking sector. Token Generation Event Having raised $10 million USD in soft and hard commitments in the first two weeks of its presale and private sale period, BANKEX’s TSE will take place between November 28, 2017, and December 28, 2017. Interested parties can use ETH and BTC to participate in the sale. Capped at $40 million USD for retail investors contributing in both presale and public token sale, BANKEX will sell BKX tokens at a rate of 1 ETH = 500 BKX. Actively working on partnerships with financial institutions to develop pilot projects and proof-of-concepts, BANKEX has frozen a number of BKX tokens for release to institutional clients. BANKEX CEO Igor Khmel is a fintech entrepreneur with experience in product development, operations, and digital strategy implementation. With an MBA from Stanford School of Business, Khmel’s professional track-record includes professional tenures at prestigious organizations McKinsey, Deloitte, and Citadel. Khmel also founded a fintech laboratory and innovation practice at Sberbank, the largest bank in Eastern Europe. Deploying smart contracts and powered by the tokenization of assets, the BANKEX platform enables off-balance sheet crowdfunding and chain finance to function on existing infrastructure, creating novel and efficient solutions for banks and other financial institutions. With compliance and security as top priorities, BANKEX is in close cooperation with cybersecurity firm Group-IB to help mitigate risks at all stages of the token sale. In addition, all participants must go through an in-depth registration process. The privacy of the individual is respected throughout and no sensitive personal information is collected. Once registered, participants will receive an email with instructions on how to proceed with the presale. This email will include the ETH/BTC address that presale contributions should be sent to. Khmel concluded: All resources acquired, during our TSE, will be used to ensure the success of all stakeholders involved in the BANKEX project. We aim to be fully resourced and equipped to fulfil our mission statement and to ensure we continue to grow and expand upon our team of world class employees. Advisory Board BANKEX’s stellar board of advisors consists of industry experts such as Sergey Sergienko, Founder of Chronobank, Sasha Ivanov, Founder of Waves, Nehemia …

Plus…BANKEX, the Top-50 FinTech Company Worldwide, Launches Token Sale on November 28

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