Source for BlockChain News

Monthly archive

September 2016

Telegram Releases Test Gram Wallet Despite Pending SEC Suit

by
Telegram

Telegram

Telegram has released a test version of its desktop wallet for its own digital coin, known as Grams, despite an injunction from the SEC preventing the launch of its planned blockchain, Telegram Open Network (TON).

Users can download the desktop app on Windows, macOS, and Linux 64 bit from Telegram’s official website. The app greets users with the message, “Now you have a wallet only you control – directly, without middlemen or bankers.” Users can also engage in test transactions with Grams distributed by a special Telegram bot; however, it warns that these transactions could be delayed at times of high traffic.

The launch of TON, the ambitious blockchain from the messaging app, was delayed last month after the SEC argued that the ICO used to fund its development was illegal. 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, of which approximately $424 million came from the US, which falls under the jurisdiction of the SEC.

The SEC argues that Gram tokens are technically a security, and because Telegram failed to register the ICO with the commission, it was therefore illegal. Telegram has been cooperative with both regulators and its investors in finding a solution to the impasse, and today’s launch clearly shows that the company is focused on carrying through with its plans to launch TON.

>> Ethereum (ETH) Picks Up Momentum Amidst Sudden Interest in Crypto

The project has drawn the eyes of the crypto world, with a secondary market springing up for Gram tokens earlier this year yielding returns in excess of 400%. Under the terms of the highly secretive ICO, initial investors risk voiding their tokens if resold on a secondary market, yet this failed to deter many. Telegram will meet with the SEC on February 18 and 19 of next year to discuss how to move forward with its plans, with TON’s new launch date scheduled for April 31, 2020.

Featured Image: DepositPhotos © EdZbarzhyvetsky

If You Liked This Article Click To Share

Deutsche Bank Joins JPMorgan’s Interbank Information Network Platform

by
Interbank Information Network

Interbank Information Network

Germany’s largest bank, Deutsche Bank, has joined 320 other banks in the JPMorgan blockchain network, the Interbank Information Network (IIN).

The move aims to lower cost for Deutsche Bank, which handles a vaster amount of euro payments relative to any other bank globally. This will also enhance cross-border transactions and thus avoid the costly lag periods.

IIN Platform to Enhance Cross-Border Transactions

According to the bank’s head of cash management globally, Ole Matthiessen, the Interbank Information Network will allow the bank to provide customers with enhanced services. He added that competitors are not just the banks anymore, because there are new players currently in the market. He said that Deutsche Bank needs to be more efficient for it to offer a smooth real-time digital experience to clients.

Matthiessen also indicated that the bank will equally employ the IIN platform in sharing of KYC checks with other financial institutions.

The JPMorgan-led blockchain launched in 2017, and currently, it has a network of 320 banks. Banks exchange payment data between each other through the Ethereum network. The IIN network runs on the JPMorgan Quorum platform and was recently reported to be almost full by co-founder Vitalik Buterin. This is because it is the most common blockchain network for dApps

JPMorgan Looks to Add More Banks on the Platform

JPMorgan’s head of payments, Takis Georgakopoulos, stated if the IIN platform were to have only JPMorgan clients, then it would likely have huge limitations. He added that that will mean that the rest of the smaller banks would still have separate procedures. This is because how they transact with JPMorgan and with other banks would still be different.

>> Ripple (XRP) Falls on Bearish Momentum: What Next?

Georgakopoulos stated that the IIN can accelerate transactions and issues through the provision of a “mutually accessible ledger,” which will save money and time. He expressed his optimism that with having the Deutsche Bank on-board, this will open opportunities for other large banks to go on-board with the IIN platform too.

Besides IIN, R3 and MasterCard’s cross-border blockchain platforms are also working to enhance the speed of global transactions. Despite there being 57 real-time payment platforms in over 72 countries, none are applicable universally.

Featured image: DepositPhotos © jamesteohart

If You Liked This Article Click To Share

PayPal Makes Blockchain Investment in Cambridge Blockchain

by
Paypal blockchain

Paypal blockchain

It’s a bullish day in the cryptosphere. Paypal makes a blockchain investment and Bitcoin jumps above $5,079 USD.

Bitcoin Jump: April Fool’s Joke?

Bitcoin gained 21% in early trade and has now slightly corrected back down to $4,712 according to CoinMarketCap. However, no one knows why the Bitcoin jump happened in the first place. Now, some investors wonder if the rally was the result of some sort of April Fool’s joke.

Zhao Changpeng, the chief executive officer of Binance, tweeted earlier today that he was “clueless” about what may have triggered Bitcoin’s jump.

Crypto Winter

Packing on over $600 in one night, the last time Bitcoin hit levels like this was in November. The top cryptocurrency plunged more than 70% in 2018 and has been stagnating through most of 2019 thus far. This period has been dubbed the “crypto winter,” and while today’s rally is impressive, analysts believe that “the bounce is not enough to reset crypto winter.”

According to Julien Auchecorne, London-based chief operating officer at XBTO International: “we have no major new products and last year’s big breakthroughs are still in their nascent stage.”

For Bitcoin’s jump to sustain itself, then bulls should hope for a bigger fundamental reason for the coin to climb.

PayPal

Elsewhere in the blockchain industry, payment giant PayPal has made its first blockchain investment debut.

>> Bitcoin Price Jumps 20% on Technical Breakout: More Coins Follow

Announced today, PayPal has joined a Series A funding round for Cambridge Blockchain, a startup that helps financial institutions and other companies manage sensitive data using shared ledgers.

The investment amount has not been disclosed but what is known thus far is that Cambridge Blockchain has so far raised a total of $3.5 million in new equity. The firm has several investors who have backed it over the past nine months. So far, the blockchain startup has raised a total capital of $10.5 million.

This is the first investment PayPal has put into a blockchain company. The move may help to encourage greater adoption of blockchain technology and its relevant assets.

Between the massive Bitcoin jump and PayPal’s blockchain investment, there is good news all round in the cryptocurrency industry today!

Featured Image: Pixabay

If You Liked This Article Click To Share

Go to Top