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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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Property Agents begin accepting cryptocurrency to Distinguish its Service

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Real estate brokers are seeking ways to stay ahead and tech-savvy real estate agents and brokers are now experimenting with cryptocurrency by accepting it as a means of payment. Recently, Ronnie Rickner, director of Rickner Charles in Dartford, Kent revealed that one vendor has already paid their fees in bitcoin. Ronnie revealed that the seller paid their fees in bitcoin for the sale of a £600,000 property in Rochester.

Ronnie is not the only agent thinking forward. Property Industry Eye reported that other agents are already utilising digital currencies for their transactions. Go Homes reported last year that it sold a property worth £350,000 in bitcoin. On the other hand, some property agents have started taking rent and deposits in the form of cryptocurrency.

Ronnie believes that agents need to stand out in the highly competitive market. With the rise of online agents, any agent not willing to embrace change might “risk becoming extinct”. Agents need to go beyond the box of corporate structure and give clients multiple choices of how they can purchase a property. He also added: “I hope that we can lead and innovate in ways we can help our customers and move with the times by not sitting in the same box.”
Ronnie revealed that he offers his clients the unique option of paying in other digital currencies such as ethereum and ripple. He also claims that the benefits are enormous as clients find the payment system more flexible and faster and overseas buyers equally benefit from lower transfer rates. However, the agent is still faced with meeting anti-money laundering obligations. Ronnie there was no law surrounding the money launching and cryptocurrency sector at the moment. He added, “We are closely monitoring any change in this legislation or our duties but we make sure that we do all the required checks on clients before we provide any services.”

 

Would you like to purchase or sell a property in cryptocurrency? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Millennials are Most Likely to invest in Cryptocurrencies, Report Reveals

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Millennials typically refer to people born between 1982 and 2009. They are the largest users of digital devices since they were born in the digital age. However, a new report, “Millennials With Money” by Edelman reveals that millennials hold a relatively open stance on cryptocurrencies and blockchain technology.

Millennials are the largest demographic dedicated to the crypto sector. In the United States alone, they constitute for over 25 percent of the population. The report revealed that about 61 percent of millennials utilise peer to peer payment apps. A quarter of the people surveyed already use or hold cryptocurrency, while 31 percent are interested in using some kind of digital currency. On the other hand, 74 percent are of the opinion that blockchain is a technological innovation that would make financial systems more secure. Equally, 75 to 77 percent agreed that the global financial system is built to favour the rich.

Also a report by U.K. newspaper, Telegraph, claims that 37 per cent of those under the age of 35 have a plan to invest in digital assets at some point in the future. The report also stated that a third have already invested and have plans to take up bigger positions at some point. Experts have put forward various opinions stating that the younger demographic seems more open to the ideals of financial freedom. Therefore, the nature of Bitcoin and other cryptocurrency seems appealing to millennials. The testimony the report cited was of Lucy Barnes a 23 year old young investor who invested in Ether and Litecoin in July 2017. However the report stated that Barnes heeded to warnings and made a modest investment of just £200. The investment however increase more than double the original value.

As the crypto sector continues to grow, prominent firms, institutional traders and more investors continue to invest more into the industry. Also, millennials will likely continue the trend of accepting and using cryptocurrency.

 

What do you think about the report? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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POST OAK MOTOR CARS NOW ACCEPT BITCOIN AS PAYMENT FOR THEIR LUXURY CARS

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Are you hoping to be among the first crypto Hodlers to get a luxury ride with direct payment in cryptocurrency? If yes, then wait no further as more adoption, even in the automobile sectors of the gobal economy unfolds.
Tilman Fertitta, would be the first business man to sell off exotic cars like Bugatti, Bentley and Rolls-Royce using Bitcoin- the world first ever cryptocurrency.
Precisely on the 5th day of September 2018, the Hospitality business giant made the announcement via an official press release that it is be possible to purchase luxurious and classy carriages without prior regards buyers’ location worldwide with the use of Bitcoin and through a bitcoin payment processor called BitPay.
When asked about the move, Tilman, owner of Post Oak Motors had this to say “The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world purchase our vehicles faster and easier.

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Crypto Education in Nigeria Takes a New Route

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Adoption is the buzzword in crypto communities and the best way to drive adoption is through education. A lot of persons have heard about cryptocurrency however, they have a limited knowledge of what digital currencies are and what they entail. This has led forward thinking crypto enthusiast to creating a week long blockchain and cryptocurrency workshop geared towards educating coworkers at Workstation as well as the general public about the technology they are so curious about.

The program is organized by Cryset who in collaboration with Yellow card. The event is schedule to hold for 6 days and begins on Monday, September 10 – Saturday, September 15 2018 at Workstation, 7, Ibiyinka Olorunbe , Victoria Island Lagos.  The aim of the organizers of the event is to create a classroom environment where teachings/learning of blockchain and cryptocurrency will take place. The organizers are working with the largest Co working space in Nigeria with a community of over a 300 people comprising entrepreneurs, companies, developer, and millennials.

Although the cryptocurrency market is currently down, this has not deterred crypto enthusiast who believe in creating real world use case for cryptocurrencies as well as driving adoption. The event will be given an ambience of a classroom with 25 students per class. This is to help the attendees learn in a learning friendly environment as well as ask questions and develop practical solutions to what they have learnt. The tutors for this event include high profile thought leaders, entrepreneurs and educators in the Nigerian Blockchain and Cryptocurrency space.

The workshop will be making access to a lot of cryptocurrency tools and information easier. The curriculum includes what is blockchain, Understanding Bitcoin and cryptocurrencies, Introduction to Cryptocurrency trading, How to Integrate Blockchain into your business (Blockchain for Enterprises), Investment opportunities in the Blockchain space, Blockchain architecture, smart contracts and dApp development. The classes are designed in such a way that they target those without a basic knowledge in cryptocurrencies to those interested in investment as well as developers.

This is the first of its kind in the crypto space and it would be an exciting time for all those seeking knowledge in cryptocurrency and blockchain.

 



 

 

What do you think about these classes? Share your opinion with us in the comment section below.
Image credit: cryset

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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