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July 2010

LVMH Blockchain | Louis Vuitton on the Blockchain?

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LVMH Blockchain

LVMH Blockchain

Blockchain technology has many uses. Mostly synonymous with the financial sector and for crypto trading, it might surprise some to learn that the fashion industry has found a clever use for the technology. Dubbed the AURA blockchain, luxury brand conglomerate and owner of the Louis Vuitton fashion label, LVMH, has developed the LVMH blockchain.

The fashion giant will use the technology to prove the authenticity of its branded goods.

LVMH Blockchain

Given the code name AURA, the LVMH blockchain is expected to go live this May or June. It will launch first with the Louis Vuitton and Parfums Christian Dior brands, and then extend to include LVMH’s 60 luxury brands.

If all goes well, then competitor brands will eventually be added to AURA.

Incognito Project

The company has reportedly enlisted a full-time blockchain team that has been working on the project for over a year. Kept under the radar, this team has worked closely with Ethereum design studio ConsenSys and Microsoft Azure.

>> OKEx Blockchain: The OKChain will Test-Launch in June

As such, AURA is built using a version of the Ethereum blockchain called Quorum—a blockchain developed by JPMorgan and which focuses on data privacy.

According to CoinDesk, the platform will work as follows:

“To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”

LVMH Blockchain for Competitors

LVMH intends to offer the AURA blockchain in a “white-label” form to its competitors in the luxury brands sector.

The aim of placing luxury goods on the blockchain is to reduce counterfeit efforts. It will also assure customers of the origins of their purchase.

Featured Image: DepositPhotos © Casimiro_PT

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Ripple Partnership | Santander Group Expands the Usage of One Pay FX

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Ripple

Ripple

Over the course of the past couple of years, Ripple has forged a range of partnerships with major banks and financial institutions with one single aim. The main aim of forging these partnerships has been to make the cryptocurrency XRP the digital asset of choice for some of the leading financial institutions.

The Spanish banking giant Santander (NYSE:SAN) had been one of the first major banks to sign up with Ripple back in the day and currently uses the xCurrent software to facilitate payments through the One Pay FX service. Until yesterday, the service could only be used to send money to the United States from either Spain or the United Kingdom.

Key Boost

However, Santander announced that is it now in the process of building a corridor that will allow customers in South America to send money by way of the One Pay FX app to the United States for free. Although it is true that it is a major development for Ripple, it does not do anything for the cryptocurrency XRP. Santander is not going to use the cryptocurrency in order to facilitate the process. At this point in time, the bank has introduced the service in its main markets, and it has been revealed that One Pay FX has managed to garner a lot of interest among customers.

>> Secondary Market for Telegram Tokens Sees 400% Return for Investors

The Chief Executive Officer of One Pay FX spoke about the service and stated, “Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use Fintech competition have come back because of the One Pay offering.”

Although it is true that it does nothing for XRP, it needs to be pointed out that there remains a possibility of Santander using the XRapid service at some point in the future and if that happens, then XRP will come into play.

Featured image: DepositPhotos © Violka08

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Grayscale Investments to Make Biggest Transfer in Crypto History

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Bitcoin

Grayscale

According to Forbes, Bitcoin and cryptocurrency asset manager Grayscale Investments is about to make the biggest transfer in cryptocurrency history.

The asset manager is planning on moving billions of dollars worth of holdings today, and the destination is US crypto wallet and trading platform Coinbase. Should the transfer go off without a hitch, it will mark the largest single-day transfer of cryptocurrency assets ever.

Grayscale Transfers Billions in Cryptocurrency

New York-based Grayscale has announced that Coinbase Custody will serve as custodian on the $3 billion-worth of underlying assets. The entire transfer will take fewer than 12 hours to complete and comprises of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among other major tokens.

The company claims to be the world’s largest Bitcoin and digital currency asset manager. Custodian Coinbase Custody, operates as a standalone, “independently-capitalized business to Coinbase.” It is now tasked with overseeing the transfer.

Also included in the transfer is “Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to Bitcoin and crypto through a market-cap-weighted portfolio.”

The transfer comes at a volatile time for cryptocurrencies everywhere. Bitcoin’s resurgence to over $10k per coin has spurred on a bullish sentiment regarding the future of digital assets. Also, the pending arrival of Facebook’s (NASDAQ:FB) new Libra coin has spurred regulators into action.

Cryptocurrency is Growing

In a report issued by Grayscale, the company found that 36% of US investors would consider buying Bitcoin. This equals roughly 21 million investors, signaling a sizeable market for the coin.

>> Crypto Derivative Platform FTX Introduces Alternative to Short Alts

The company reported recently:

“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”

Earlier in July, the asset manager reported that it had $2.7 billion worth of assets under management. This represents an all-time high for the company and is also three-times more than reported in the previous quarter.

Featured Image: DepositPhotos © aa-w

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Telegram Investors Stick With TON Plans Despite SEC Injuction

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Telegram

Telegram

Telegram investors have turned down the offer of a refund on their investment in the TON ICO despite an injunction by the SEC delaying the launch of the network.

Telegram, which is an important part of the crypto ecosystem due to its encrypted communication abilities, has been embroiled in a dispute with the US Securities and Exchange Commission, which argues that its planned blockchain, Telegram Open Network (TON), is a security, meaning the ICO was actually illegal. The commission issued an injunction last week preventing the company from launching TON as planned this month.

As a result of the injunction, investors in two separate ICOs have been offered the chance to receive 77% of their initial investment back, but have instead decided to back Telegram’s blockchain plans and have accepted an extension on the launch of TON until April 30, 2020.

“We are happy to share with you that we have successfully obtained the consent of a significant majority of investors in both the Pre-Sale and Stage A to extend the deadline for the Network Launch to 30 April 2020. We would like to thank everyone for your support. This extension allows us to proceed with the necessary regulatory work described in our last e-mail,” according to an email sent from Telegram to one group of investors.

>> Coinbase Earned About $2 Billion in Trading Fees Since 2012

Telegram began raising capital to fund its blockchain project from two separate offerings, which took place between January and March of last year. The company reportedly raised $1.7 billion USD from the sale of 2.9 million Grams. One billion of these tokens went to a group of 39 US investors, meaning approximately $424 million of Telegram’s capital came from the US, which falls under the jurisdiction of the SEC.

A court hearing was due to take place today on the question of whether Grams constitute a security, but that has now been pushed back until February 19, 2020.

Featured image: DepositPhotos © prykhodov

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