Plug and Play’s Biggest Blockchain Batch Plans Big Bank Collaborations
Meet the eight #blockchain startups that were recently accepted into storied Silicon Valley accelerator #Plug and Play’s fourth #FinTech #batch.
CoinDesk
Tagged: Blockchain Toggle Comment Threads | Keyboard Shortcuts
-
user
-
user
Kimberley Process Inches Closer to ‘Blood Diamond’ Blockchain
A global tracking scheme for conflict diamonds is continuing its internal #blockchain trials, according to a new report.
CoinDesk -
user
Visa Incubator to Test Blockchain for Interbank Payments
#Visa’s London-based innovation lab has announced its latest #blockchain trial will focus on #interbank #payments.
CoinDesk -
user
Visa Europe, BTL Group Partner To Test Blockchain Settlement
It was announced today that #Visa #Europe Collab, part of Visa Inc, will be partnering with the world’s first publicly listed #blockchain company, the BTL #Group, in order to #test out a proof of concept on running interbank settlements through blockchain. Backed by Visa, which has been exploring the potential applicationsRead More
Bank Innovation -
user
Startup of the Month: Lykke, a Next-Gen Zero-Commission Trading Platform Powered by Blockchain
#Bitcoin and #blockchain #technology has gotten a major boost in Switzerland as Richard Olsen, the co-founder of OANDA and a former CEO of the North American FX Brokerage, is looking to harness the power of the technology to disrupt digital currencies and assets #trading.
Lykke, Olsen’s latest venture, has just released a mobile app for Android devices, which follows its iOS counterpart released in June. The #Lykke Wallet lets users trade digital currencies and assets, and come with a number of innovative features including instant settlement, direct ownership and zero commission.
Through the app, users can track asset prices in real time, check their balances, transaction history and blockchain details for all transactions, move assets to any bitcoin wallet, deposit and withdraw bitcoins via QR codes with no fees.
“Lykke Wallet, currently in beta, aims to prove the concepts and the technology behind the new global marketplace,” Olsen said in a media release.
Signing up to Lykke is quite simple: you can use your smartphone camera to take pictures of yourself and your identification documents.
Lykke&8217;s technology
Founded in Zurich in 2015, Lykke aims at cutting out intermediaries in financial markets by allowing participants to transact in a peer-to-peer manner.
It uses a technology called ‘colored coins;&8217; tokens that represent assets. &8220;If a colored coin is hacked, the issuer can cancel the colored coin and issue a new colored coin,&8221; explained Olsen in a recent interview with Finance Magnates.
Another interesting feature is the #platform&8217;s use of multisignature (multisig) wallets, which require two signatures (one from Lykke, one from the client) to spend funds from a particular wallet.
The Lykke Exchange itself doesn&8217;t take custody of client funds but also holds one of the two needed private keys. If, for some reason, the Lykke Exchange goes down, there is a &8220;refund mechanism&8221; for the private key held by the company.
&8220;We have solved the cyber security issue that plagues bitcoin exchanges and offer restitution, which is more efficient than a depositor insurance scheme in #banks that is limited to specified amount of money,&8221; Olsen said.
Lykke is building a global marketplace where users would be able to trade all classes of financial instruments issued in the form of colored coins in order to enable direct ownership and immediate settlement on the blockchain.
In May 2016, Lykke closed a second seed funding round, welcoming new investors Marco Brockhaus and Carlo Koelzer, founding partner of 360T&8217;s Group Executive Board and member of Deutsche Börse Group Management Committee.
That same #month, the company announced the addition of Nick Szabo, a Bitcoin pioneer, into its Advisory Board.
Lykke is currently on an Initial Coin Offering (ICO) which it plans to begin in September.
&8220;Blockchain is an opportunity for all businesses – literally all businesses can embrace the technology and seize the opportunities, such as issuance of new instruments, explosive growth of transaction volumes, new types of banking, investment management and insurance products – these markets have huge potential,&8221; Olsen said.
&8220;Companies that close their eyes to the new opportunities are at risk – they will be latecomers and will have to restructure, when revenues nosedive – a bad environment to embrace new business models.&8221;
The post Startup of the Month: Lykke, a Next-Gen Zero-Commission Trading Platform Powered by Blockchain appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
-
user
Deloitte Spin-Off Nuco Partners on Blockchain IoT Project
A distributed ledger startup spun out of #Deloitte has announced its first partnership with an Internet of Things company.
CoinDesk -
user
Insurance Giant MetLife Joins R3 Blockchain Consortium
#MetLife has announced it will join banking #consortium R3CEV.
CoinDesk -
user
Introducing XBRL Week on Daily Fintech
  Its official – #XBRL is boring &8211; just look at Google Trends for XBRL vs #Blockchain. At #Daily #Fintech, we like to dig below the hype to describe those things that are becoming important, even if the media are ignoring them today. So, today’s post describes why we have chosen such a boring subject…Read more #Introducing XBRL #Week on Daily&160;Fintech
Bank Innovation -
user
Switzerland Opens up to Blockchain Tech
Appetite for #blockchain #technology is growing worldwide as venture capital investment in #Bitcoin and blockchain startups exceeds US$ 1.1 billion and major financial institutions begin trialing the technology for varied applications.
Perceived as the trigger to “a profound technological shift” by authors Don and Alex Tapscott, blockchain technology not only promises to help #banks save up to US$ 20 billion in infrastructure costs but could also disrupt other industries as well including insurance, healthcare, education and governance.
While Silicon Valley reminds a hotspot for blockchain development, hosting 30% of the world’s bitcoin and blockchain startups and attracting 51% of the total venture capital investment globally, according to CoinDesk‘s Q1 2016 State of Blockchain report, other locations around the world are working towards building a strong domestic ecosystem.
In June, 24 members of the Swiss Parliament proposed a motion to reduce the regulatory burdens of blockchain startups. The motion, aimed at defining the term &8216;client deposit&8217; from banking bills, was rejected earlier this month, implying that FINMA, #Switzerland&8217;s financial watchdog, would consider blockchain and bitcoin startups as being qualify as banking businesses, according to a report by Startupticker.ch.
Switzerland is exploring other options including creating an entirely new license category for financial innovators carrying out some banking activities but with limited acceptance of client assets and no lending activity, as well as a license-exempt area, also referred to as a &8216;regulatory sandbox.&8217;
On January 01, 2016, FINMA revised its Anti-money Ordinance for businesses dealing with new payment methods and virtual currencies. Regarding virtual currencies, the authority equated them with money-transmitting services.
Switzerland&8217;s Bitcoin and blockchain ecosystem
In recent years, the Swiss canton of Zug has welcomed a growing number of Bitcoin and blockchain startups settling and opening offices in the location. This has led to the emergence of the &8220;Crypto Valley&8221; nickname which today hosts the likes of Monetas, Shapeshift, Xapo and Blockchain Source.
Monetas is a software company focused on next-generation financial services, providing banks and firms with a platform that allows for safe, fast, and very low cost transfers of any asset. In October last year, the company announced a pilot for a nationwide transaction platform for Tunisia&8217;s postal services.
Shapeshift is a #cryptocurrency exchange platform that allows for instant trade.
Blockchain Source is a consulting firm specializing in blockchain #tech for the financial services industry.
Xapo provides users with a bitcoin wallet as well as a &8220;deep cold storage wallet.&8221; The company has raised US$ 40 million in funding so far. The company, initially based in Palo Alto, relocated its corporate headquarters to Switzerland in May 2015, citing the country&8217;s long history of neutrality and stability.
Alongside its vibrant startup community, Switzerland is also home to Nexussquared, a blockchain-focused incubator founded by former senior UBS banker Daniel Gasteiger and property specialist Daniel Grassinger that aims at &8220;establishing Switzerland as a nexus for blockchain technology.&8221;
In July, Nexussquared wrapped up the first edition of nexuslab, a virtual blockchain startup program co-organized with Startupbootcamp #Fintech.
PHOTO: Nexuslab Festival Finale by PIOTR PIWOWARSKI http://www.fotopi.ch, via Nexussquared
Eight startups presented during the nexuslab Festival finale in Zurich on July 07. These ventures included Agrello, an Ethereum-based platform for managing contracts and legal documents; Doqum.io, a peer-to-peer community system for digital documents; First Wallet, a payment system for content providers; and Taqanu Bank, a neo-bank that leverages blockchain technology to provide banking services to people who don&8217;t have a fixed address; among others.
The event gathered nearly 170 investors, industry experts and journalists. The presentations by the eight startups &8220;pointed to Switzerland&8217;s strong position as a blockchain hub,&8221; Nexussquared said in a media release.
&8220;From trading ownership in music as a form of alternative investment to a banking solution for refugees and creating and signing electronic contracts, festival attendees got a taste of how blockchain technology can be applied to develop tangible business models.&8221;
On September 13, the Finance 2.0 Crypto &8217;16 conference in Kunsthaus Zurich will welcome industry experts to discuss &8220;how cryptofinance will change the world.&8221;
Topics will include the use of blockchain technology in art and music, decentralized autonomous organizations, smart contracts, business applications for private and open chains, as well as international settlements using cryptocurrencies. Get an exclusive 25% Discount with Code &8220;FinTech&8221; .
Featured image: Chain and padlock by ifong, via Shutterstock.
The post Switzerland Opens up to Blockchain Tech appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
-
user
EU Parliament Rep Seeks €1 Million for Blockchain Research
A member of the European #Parliament is proposing $ 1.1m be spent on a task force focused on studying digital currencies and #blockchain.
CoinDesk
Reply