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Banks Collaborate Using Blockchain Technology

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Cryptocurrency and blockchain technology has been an avenue for individuals, organizations and corporations to make money, create value and reduce the cost of carrying out transactions. Banks have not welcomed the idea as it seems to threaten their very existence. The technology which at a glance seems to eliminate them as middlemen and connect the buyers with their sellers directly is eventually tending towards that direction.

However, some banks don’t share the same sentiments and have begun to make effort to find ways to collaborate with the technology to drive economic growth and provide value to its customers.

Such is the case of some Banks in Thailand, collaborating together to achieve a successful blockchain-powered cross-border funds transfer from its country to Singapore. The effort which involved various multinationals including Japanese Mitsubishi Corporation, independent group company and Japan’s largest bank MUFG – which operates independently, and Singapore-based banking giant Standard Chartered.

Thailands bank of Ayudhya revealed in an announcement, the successful pilot testing regarding international remittance from a local bank account to a Standard Charted account in Singapore using its own Blockchain. It was stated that the transaction was made possible with the blockchain technology. In  the statement, Krungsri head of digital banking and innovation Thakorn Piyapan said:

“[T]he technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The transaction was conducted under the guidelines of the Bank of Thailand’s regulatory sandbox, thereby putting them in the clear of violating any regulations. Krungsri, a wholly-owned subsidiary of MUFG, is the latest Thai bank to successfully try blockchain technology for remittance ahead of adoption.

Nearly a year ago, Thailand’s Siam Commercial Bank (SCB) collaborated with Japan’s SBI Remit to launch a retail remittance bank service powered by Ripple’s blockchain tech. With nearly 50,000 Thai nationals living and working in Japan, the remittance corridor between the two countries sees approximately $250 million in transfers each year.

This achievement is a big foot and a boost in the propagation of the gospel of blockchain and cryptocurrency around the world. Foretelling the widespread adoption of this technology by banks. This foot is expected to repeat itself again

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Pornhub Add Tron-based USDT Tron as Payout Method.

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Leading website for pornographic contents Pornhub has added the Tron based USDT stablecoin to its platform. 

 

This addition is coming few months after PayPal abruptly stopped offering Pornhub its services thus restricting thousands of models all over the world from receiving payments.

Ever since then according to Pornhub, it has been hustling to start offering more options to make payments easier for its models. 

 

On January 23rd, Pornhub announced its addition of stablecoin Tether to its platform as a payout option. Educating those who may not be familiar with cryptocurrency and stablecoin, Pornhub explain saying ” For those of you who may not know, USDT is a crypto currency that follows the US dollar, meaning one USDT token is equal to one US dollar. USDT transactions can be done globally within a few seconds and there are no fees.”

 

Tweeting on the addition, Founder of Tron Justin Sun commenting said, “This is a brilliant way to support the victims of centralized payment platforms like PayPal.”

 

Partnership agreement TRON and USDT 

Early 2019, TRON which formerly was an ERC20 Token before migration to its mainnet and USDT partnered to issue a Tron based USDT stablecoin compliant to the TRC20 standard. According to TRON, the token will be interoperable in all TRON based products. 

 

Pornhub has thus leveraged this partnership to ensure its models receive payouts through the TronLink wallet as soon as possible. 

 

PayPal’s Abrupt Censorship 

In the last quarter of 2019, PayPal abruptly out a stop to its support for the leading global adult entertainment website Pornhub. The decision came as a shock to the organization since there was no communication prior to the termination of support and models were expectant of their payouts. 

 

This decision has put Pornhub on the toe to provide more options for its models to receive payouts. 

 

Verge XVG Partnership 

Tron based USDT isn’t the only cryptocurrency supported on Pornhub. In 2018, Pornhub partnered with XVG Verge to integrate the privacy focus cryptocurrency unto its Pornhub Add Tron-based USDT Tron as Payout Method.While the crypto community went agog with the news of adoption, models were not so enthusiastic because of the education level of using cryptocurrency. 

 

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Akon Finalizes Agreement to build Fully Functional Crypto City, Akon City

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Senegalese/American national and global musician & businessman Akon has finalized the agreement to build Akon City. A city fully powered by the cryptocurrency, the Akoin.

The announcement which was made via the singer’s his social media account contained few words but has been a building story for several months.

Akoin according to the cryptocurrency website is “a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem – a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion”.

The website went on saying “Akoin will provide a much-needed platform for individuals to gain access to educational materials, tools and resources to make their entrepreneurial visions a reality. This, in turn, will foster a more sustainable environment that encourages a focus on entrepreneurship over charity.”

Akon City named after the himself according to the Rapper will be built on a 2,000 acres of land provided by the President of Senegal and it will be a fully functional crypto-based city with Akoin as the transactional currency.

The “Lonely” singer has stated himself that the City will a short drive from the country’s capital, Dakar. It’s also going to have an airport.

The singer believes that the initiative will bring power back to the people and also security to the currency system. It will also allow people to in various ways to advance themselves and not rely on government’s intervention.

On the technicalities involved in the project, Akon who noted he would want to run for the Presidency, stated that he only comes up with the concepts and knows nothing about the technical aspects but he lets the geeks figure it out.

The project according to the rappers and business man said, it will be a 10-year building block and though the project has started, stage two will commence from 2025.

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Italian Football Club Juventus Now Has Its own Crypto Token $JUV. 

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Italian football Club Juventus has partnered with sports focused blockchain firm Socios.com to launch a cryptocurrency token $JUV.

Socios.com is the world’s first blockchain-based fan voting and rewards platform. A tokenized voting platform that gives fans the power to crowd-manage their favorite sports teams.

The token which football fans can purchase via the Social’ App grants holders the right to vote on certain club decisions and earn rewards.

In sport focused token offering ‘Fan Token Offering FTO™, a significant number of the 20,000,000 total supply the JUV token is already available for sale to interested fans.

Giorgio Ricci, Chief Revenue Officer of Juventus speaking on the development said;

“We are proud to be the first Club to be activated by Socios.com on its platform, inaugurating a new way to interact with our fans around the world”.

The price of $JUV will fluctuate according to supply and demand once the marketplace feature is launched, and Fan Tokens can be traded by fans on exchanges.

Alexandre Dreyfus, the founder and CEO of Socios.com who also commented on the partnership between both organizations said;

99.9% of sports fans are not in the city/country of the team they are supporting. We created these fungible fans tokens to allow fans to have an influence over some fan-based initiatives”.

$JUV is currently priced at around €2 (~$2.2) apiece. A limited number of these tokens are also available for free via Socios app’s Augmented Reality feature, Token Hunt.

According to Socios.com, it also has other clubs that are ready to join its platform and six are already lined up for tokenization by Q1 2020.

These include Paris Saint-Germain (PSG) and Atlético de Madrid (tokens for which will be launched in late January); West Ham United, Galatasaray and A.S. Roma (in February) and esports provider OG (in March), per the announcement.

The Socios app is available to download for Android and iOS users can apply for a beta version of the app.

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Royal Bank of Canada is Exploring the Launch of a Cryptocurrency Trading Platform

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Royal Bank of Canada is exploring the Launch of a cryptocurrency trading platform for investments, in-store and online purchases according to a report.

The platform would facilitate the purchase and sale of cryptocurrencies such as Bitcoin and Ethereum and also facilitate the transfer of funds in different types of cryptocurrencies.

It was learned the Bank would also allow customers to open bank accounts containing cryptocurrency.

This move will position the Royal Bank of Canada as the first Canadian bank to launch a cryptocurrency exchange or offer its customers crypto accounts.

The Bank had previously applied for four patents in Canada and The US showing how it will integrate cryptocurrencies into its operations.

The patent read “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,”

The spokesperson for the Bank, Jean Francois Thibaultwas quoted saying;

“As part of the innovation and discovery process, RBC, like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,”

The bank has been partly using blockchain for payments between Canada and the US since 2017. The CEO of the Bank, Dave McKay had earlier talked about asset tokenization. According to him, “We’re experimenting with taking an asset and breaking it into smaller pieces and registering that in a decentralized register called blockchain. You can take an asset or even a company and create a unit on a decentralized blockchain and then sell that into the marketplace.”

The Royal Bank of Canada isn’t the only Financial Institution that has applied for crypto-related patent. Goldman Sachs had earlier in July received a crypto settlement system. The Bank of America over the years has published several patents relating to crypto. Payment giants such as Visa and MasterCard also have been in the crypto-patent league

According to the report, the Bank didn’t answer the question on whether it would launch a cryptocurrency trading platform and when, if it plans to.

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