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Yahoo Japan to Launch Cryptocurrency exchange.

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A regional media source in a statement is saying Yahoo Japan is preparing to launch a cryptocurrency exchange.

A report from Nikkei Asian Review reported on Friday that the tech firm which was originally a joint venture with Altaba (formerly Yahoo!) will begin their acquisition of BitAR exchange Tokyo in April which will span a full year of paperwork and total control before launch in 2019

The deal would see Yahoo Japan pay an initial deposit for the deal within the sum of $19 million dollars for a 40% stake in BitARG, which already has a license from the country’s Financial Services Agency (FSA) to operate cryptocurrency trading platform. The remaining 60% payment balance would come through other subsidiaries over the course of one year.

Yahoo Japan intends to scale up the platform’s operations, anticipating the rebirth of the new exchange with launch month of April 2019. This deal is now a major focus in the world of cryptocurrency at the moment. Owing to the fact that China forced a closure of cryptocurrency exchanges on the mainland.

Previously, Japan had passed favorable cryptocurrency regulations, and these two factors have led several mainstream companies to begin developing cryptocurrency exchanges.

With Mitsubishi UFJ Financial Group (MUFG), the largest financial institution in Japan as measured by assets under management (AUM), is readying plans to launch an exchange, regional media sources reported in January.

Finally, Japanese banking group SBI intends to build its own exchange, though it recently delayed the launch so it could strengthen its security measures — a move that came in response to increased scrutiny from the FSA.

As CCN reported, the FSA has ramped up enforcement of the cryptocurrency trading industry in the months following a record-setting theft at Tokyo exchange Coincheck.

Most recently, the FSA issued a formal warning to Hong Kong-based exchange Binance for unlawfully operating in Japan without a license.

Photo Source: Shutterstock

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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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Ekasi To Launch World’s First Crypto-Enabled Mall

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Cryptocurrency is becoming the word in the mouth of the average youth in Africa. As the knowledge of the technology is spread pretty fast, cryptocurrency and blockchain startup companies and smart young Africans are beginning to devise means to create a system that offers value using this same blockchain technology.

South African-based blockchain startup Ekasi Bucks is planning to launch arguably the world’s first crypto-mall and  on-demand transport services for small towns in Soweto, Soshanguve and Mabopane.

This launch comes as no surprise to cryptocurrency enthusiast as the company tried raising about R50 million through an ICO with the intention to fund its project. However, the ICO was only able to raise R500,000 which is nowhere compared to their initial target.

According to the president and co-founder of Ekasi Buck, it was the company’s initial plan to actually raise funds to buy a landed property to build an actual shopping mall. The only available alternative was to go digital; thereby creating the mall online.

CRYPTOCURRENCY ONLINE MALL
The mall will digitalize online sales, which will enable local township businesses transact via the online platform and in exchange receive Ekasi Bucks token. The past six weeks have seen Ekasi Bucks run campaigns to create awareness and recruit vendors to the crypto-mall with 800 township entrepreneurs having so far submitted their applications to sell products such as clothing or food from local restaurants that will be delivered.

The goal is to allow local residents shop from their own townships and also their homes” said Kgwadi
The co-founder of Ekasi Bucks believes that given an opportunity, township residents will easily buy from their local retailers. According to him: “It’s not a matter of products and markups — people just don’t know where to find the product.”

TAXI DEMAND SERVICES.
This startup plans on launching an on-demand taxi services which would be similar to that of Taxify and Uber, of which customers would be allowed to make payments for their fares using Ekasi Buck. To start, Ekasi Bucks plans to source for their token users from their already existing rewards programme that they have been managing since 2016. The programme is active across South Africa and has more than 20,000 card users and 4,000 merchants.

20 applications have already been submitted by intending drivers on the platform, which comes after the company ran facebook adverts for the service. The initial batch of the vetted drivers will become the first pilot for the on-demand taxi service, said Kgwadi. He went on to say that for each token transacted, Ekasi Bucks will charge a ten percent commission to the drivers, which makes their rates significantly lower compared to the fee charges that Uber (15 percent to 20 percent) and Taxify (30 percent) debit from their drivers. In addition, the startup has partnered with Lion of Africa to provide white labelled life cover insurance to its drivers who will be part of the on-demand taxi service.

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Beer Vending Machine Verifies Your ID On The Blockchain

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Imagine a vending machine that is hooked up to the blockchain and verifies the age of its customers before selling beer to them? San Francisco crypto startup, Civic teamed up with Anheuser-Busch InBev to create this blockchain beer vending machine.

The prototype of this vending machine which can query blockchain-based records to verify the customer’s age will be on display at Consensus 2018. The machine could also be easily adapted for bitcoin and other cryptocurrencies as Civic confirmed. So, visitors to the convention can stop and have a free beer from the machine to check out its ability.

Decentralized identity and KYC verification seem to be a huge market the vending machine is expected to be the beginning of what is to be expected from this market. Titus Capilnean explains, “We’ve been thinking about practical ways of bringing crypto technology to a more mainstream audience, and how can we go so so niche that it’s so easy to understand for a regular individual. Proof of age seemed like the best low-hanging fruit.

Civic demonstrates how blockchain technology will eventually enable age-restricted products to move into the production of blockchain vending machine market. Titus affirms, “It’s not limited to just beer, it could be for any kind of age-restricted product. Unmanned entrance to casinos, and then for the vending machines, we can see this going into concerts, ballgames, venues, conferences.”

Civic announced in June last year that it sold $33 million-worth of its CVC tokens to investors ahead of an initial coin offering (ICO) and currently the value of the network according to CoinMarketCap is $113 million. There is, however, one question that needs to be asked, how will the machine verify the identity if I use stolen identification?

 

 

What do you think about this beer vending machine? Share your opinion with us in the comments section below.
 
 
Image source: menshealth
 
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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African Partnership Deal To Provide Software Solutions

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Blockchain Academy is partnering with Yellowtail to provide blockchain software solutions. In an announcement, the partnership deal is geared towards helping small businesses and organizations incorporate the blockchain technology into their systems thereby creating better service solutions.

Blockchain Academy, which is situated in Cape Town South Africa provides training and consultancy service on blockchain technology for companies and organisations that want to train their staff on this new technology. Managing Director of Blockchain Academy, Sonya Kuhnel in a speech

“Yellowtail Software provides quality, sophisticated software solutions to its clients. We are happy to be collaborating with them to assist our clients in applying blockchain technology into their current systems and to actually build these systems for them. They are on the forefront of developing blockchain solutions in South Africa and they have a great track record of delivering solutions.”

Yellowtail which is also a software company based in Cape Town focuses on blockchain technology, fintech and retail software solutions. The objective of the partnership is to establish how the blockchain technology can be used to improve business processes and how well the clients can benefit maximally while defining future strategies.

“We are passionate about crafting software solutions for business needs. At the cutting edge today, we find the distributed ledger technology, called blockchain, enabling a paradigm shift and revolutionising how business is conducted, from exchange of assets and value to disintermediating control and establishing trust. This paradigm shift is not easy to understand and apply. We are therefore delighted to be partnering with the Blockchain Academy, which is one of the leading blockchain training providers in South Africa. Together, we will lead business and technical decision-makers through a hands-on discovery journey of what blockchain technology is about and how they should embrace it in their business. From education to ideation, to practical software solutions.” Yellowtail Software’s Managing Director, Kornelis Miske, said.

 

 

 Let’s hear your opinion about the partnership. How effective will this partnership be? Leave your comments in the section below.
Image source: pixabay.com

 

 

 

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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