Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC) in a speech at Carnegie Mellon University underlined the importance of blockchain and how they can transform the capital market. In the speech, he cited four main points that he said, proved that blockchain has the capacity to help transform the capital market. Continuing in the same vein, the Chairman said that blockchain stands for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions. Secondly, he mentioned that blockchain by its very nature evokes trust as it eliminates the need for any intermediaries. This mistrust, he said, was a regular feature in the traditional market and due to…
Global financial services association BAFT is set to drive bitcoin and blockchain awareness with the launch of its new FinTech scheme. The association, which deals with a wide range of topics affecting transaction banking, launched the initiative in an attempt to draw attention to the various innovative technologies that are currently transforming services such as cross-border payments and trade finance. Tod Burwell, BAFT president and CEO, said: “Emerging technologies such as blockchain technology, distributed ledgers and virtual currencies are redefining how supply chains operate and payments are executed. Our members understand the critical impact this will have on our industry and have made it a top priority.” With the launch, the association will…
Bitnexo co-founder and CEO Darren Camas receiving his prize. Bitcoin-based platform Bitnexo has been announced as the joint winner in the Latin American final of BBVA’s Open Talent competition. The startup, which intends to facilitate international money transfers between Asia and Latin America, will receive a €30,000 prize ($33,939) as well as the chance to join a two-week networking programme in Mexico and London. The other winning company was Destacame, a Chilean startup that helps people gain access to credit. Hugo Nájera, head of digital banking at BBVA Bancomer, commented on the innovative potential of startups in the region, saying: “Latin American startups have demonstrated some really innovative proposals within FinTech.” BBVA’s…
Innovate Finance is planning to open another facility for Blockchain tech and fintech related research. London is the financial capital of Europe, while The number of fintech companies in London is gradually increasing. Also, special thanks should go to the digital currency community and their constant research in the fintech sector that is contributing to London’s fame as well. Innovate Finance is a collaborative initiative between the government and various financial technology companies. These companies include conventional finance and banking companies as well as bitcoin and other digital currency based companies. Digital currency has become extremely relevant in the fintech sector these days due to various advantages they offer over conventional fund…
Bitcoin start-up E-Coin has launched a virtual bitcoin debit card that works where VISA is accepted. The virtual bitcoin debit card has until now existed in the realm of possibilities largely due to the idiosyncrasies of the global financial system. E-Coin solves a problem that has affected bitcoin users worldwide. Bitcoin users have had to cope with limited spending opportunities. By combining bitcoin with VISA, users of the virtual prepaid card will now be able to perform all the normal transactions that ordinary cardholders are able to do such as load funds, withdraw, and shop online. The most exciting aspect about E-Coin is its merging of the traditional financial architecture with the new reality of digital currencies. E-Coin currently has about 20,000…
Visa credit card association founder Dee Hock is a world-leading expert in payment systems. While an official in 1968 at a local bank in Washington State franchised by Bank of America to issue BankAmericard, Hock became chairman on a committee to create what would become Visa in 1976. Hock is open-minded and outspoken. He has even spoken favorably of the online digital currency Bitcoin. “Bitcoin is one of the best examples of how a decentralized, peer-to-peer organization can solve problems that these dated organizations cannot,” Hock once said. “[Bitcoin] presents incredible opportunities for new levels of efficiency and transparency in financial transactions.” In a 1996 Fast Company article, many of Hock’s beliefs were made clear. He developed the concept of a…