Request network foundation has announced that it has joined the enterprise ethereum alliance (EEA) network. As our readers are aware Request network is a decentralized network built atop ethereum blockchain where users can request payments. This functionality has a lot of promising use cases, for instance, accepting recurring payments, paying taxes, invoicing and even in the IoT realm all without involving third parties.
As per the announcement,Request Network Foundation will collaborate with industry leaders in pursuit of ethereum-based enterprise technology best practices, open standards, and open-source reference architectures. This alliance is strategic for request network as the network relies on incorporating various payment network in the blockchain space to its own network, such that it can include all financial flows made with non-traditional currencies while staying compliant with accounting, auditing, and tax regulations.
According to Christophe Fonteneau, Head of Strategic Partnerships from the Request Network Foundation.
“The EEA offers us the ability to work with leaders in the financial industry to address specific, enterprise-based use cases. We look forward to helping define the building blocks needed to drive the Web 3.0 era of decentralized, connective intelligence.”
About Enterprise Ethereum Alliance
The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. The aim is to learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.
We.trade, IBM’s hyperledger based platform for trade finance has conducted a series of cross-border trade on its platform. The platform enabled 7 trade transactions which were completed by 10 companies across 5 platforms. Blockchain’s shared ledger property has always been considered disruptive for the existing trade finance system and we.trade success has proved it’s future potential in the trade finance segment.
According to Robert Mancone, Chief Operating Officer, we.trade:
“The we.trade platform is a live, blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience, when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield”
We.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to streamline the cross-border trade. It is presently available across eleven European countries with further expansion planned in Europe as well as globally.
According to an article by finextra, Fluid Pumps used the platform to complete an open account transaction with a customer in Finland, GPS Food Group completed an intercompany transaction that included the use of a Bank Payment Undertaking and also executed two open account transactions with Paragon Quality Foods.
Coinbase has officially launched its custody service for institutional clients. Due to the digital nature of the crypto assets, a specialized service for storing them safely was in demand, and Coinbase move in custody service is supposed to fill this gap. According to Sam Mcingvale product lead “Coinbase Custody is a combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program.”
Coinbase says that its custody service will have unique features like “On-chain segregation of crypto assets,” “offline,multi-sig and geographically distributed transaction protection” besides having a robust cold storage, auditing, and reporting.
Coinbase has already been a custodian of $ 20 billion worth of crypto assets in the past six years, and this custody offering will be secured through SEC and FINRA regulated Electronic transaction clearing.
The service as of now will be limited to Europe and US and is expected to arrive in Asia before the end of this year. The currency available will be similar to the ones offered through coinbase.com, and more coins will be added, so expect ethereum classic to arrive as soon as it is available for trading through coinbase.com.
Features like hot wallets, scheduled withdrawals will also be added after obtaining regulatory clearance
The service as of now requires a minimum of $10 million worth of digital assets and a $100,000 initiation fees. According to coinbase around $10 billion worth of institutional money waiting on the sidelines will enter in the crypto market due to the introduction of this service.
Coinbase has been quite active recently in terms of launching services. It recently started an index fund last month for “US-accredited” investors and has revealed plans to open its service for Japanese investors.
The second monthly rating of cryptocurrencies by the Chinese government is out, ranking EOS as the best followed by Ethereum, NEO, Stellar and Lisk. Bitcoin which was ranked 13th last month dropped to 17th this month.
It is quite ironical that EOS is first, considering the latest mishaps during its main-net launch besides not having a long enough timeline of its operation to gauge its utility as the best blockchain.
The monthly rating is known as “Global Public Chain Technology Evaluation Index” and is a Chinese government initiative launched by Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology. The basis for calculating the ratings is a mystery, though the agency responsible for giving out the rating has mentioned that it is predominantly based on technological capability, usefulness, and innovation.
The first rating was launched in May 2018, and the purpose of the initiative was to make Chinese public aware of investible blockchain assets given the recent bout of frauds happening in the ICO market.
Bithumb, Second largest trading exchange,with a volume of $330 million,of South Korea announced that it has lost $31 million worth of cryptos to hackers. Due to the hack, withdrawal and deposit service has been stopped and all the assets are being moved to cold storage.The amount hacked will be refunded from bithumb’s own reserve.
It is not clear which currencies has been hacked but the tweet did have negative effects on the crypto markets, bitcoin fell from around $6718 to a low of $6561 following the tweet from bithumb.This is a second hack of a south korean exchange, the last being coinrail on June 10 this month where $37.2 million worth of cryptos were lost.