HSBC Completes World’s First Trade Finance Deal Using Blockchain
The bank reported that it completedthe world’s first trade finance deal using blockchain. In a statement, HSBC claimed that it conducted a transaction with ING Bank NV on behalf of Cargill Inc., a US food and agricultural conglomerate. The bank tweeted that it used R3’s Corda blockchain technology to finance a shipment of soybeans from Argentina to Malaysia:
HSBC & ING Bank have used Corda blockchain technology to finance a shipment of soya beans from Argentina to Malaysia for food & agriculture conglomerate Cargill. Revolutionising the future of Documentary Trade. #TransformingTrade pic.twitter.com/MOBA1gQYIl— HSBC (@HSBC) May 13, 2018
Korea’s Chief Financial Regulator Joins Upbit Investigation
The Financial Supervision Service (FSS), South Korea's chief financial regulator, has joined the audit of the country's largest crypto exchange, the Korea Times reported earlier today. The FSS will help the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) to determine how UPbit, recently accused of fraud, complies with anti-money laundering standards.
BitGo Introduces New Service For Secure Cryptocurrency Storage
Palo Alto-based startup BitGo has introduced a new set of tools for the safe storage of cryptocurrency, CoinDesk reports. The product launch builds on BitGo's move to buy Kingdom Trust in January this year. Despite the fact that the transaction has not yet been approved by regulators, BitGo continues to work on products for institutional investors.
LG Launches Its Own Blockchain Platform
LG CNS, the IT subsidiary of the South Korean electronics giant LG, has launched its own blockchain service, local agency Yonhap reports. Monachain, LG CNS' new in-house blockchain platform, is designed to provide services in finance, manufacturing and communications. The platform's applicability will rotate around three main areas - digital authentication, digital currency, and digital supply chain management.
Bahrain Hopes to Reduce Cost of Vehicle Registration With Blockchain
Bahrain’s General Directorate of Traffic (GDT) announced that it intends to create a vehicle registration system based on blockchain technology, and is now looking for a technical partner for the system’s design and implementation. According to the GDT’s director general Shaikh Abdulrahman bin Abdulwahab Al Khalifa, the new register "will be a vital advancement in reducing the overall cost of maintaining critical vehicle information, offer greater efficiency in terms of supply chain management, and ensure a high level of transparency for all stakeholders in the vehicle registration ecosystem.”
Civic To Release Beer Vending Machine That Accepts Cryptocurrency
Civic, a cryptocurrency startup co-founded by “Shark Tank South Africa” star Vinny Lingham in 2016, plans to create the first-ever anonymous age-verifying beer vending machine in partnership with Anheuser-Busch InBev. The prototype will be unveiled at the Consensus 2018 conference in New York. Any visitor will be able to confirm their identity and age using the Civic mobile app and get a free beer.
Total cryptocurrency market capitalization stands at $394 228 633 419
By Ekaterina Ulyanova