ARTICLE
2 July 2019

Blockchain Ripples Into Incumbent Financial Institutions In The U.S. And Abroad

B
BakerHostetler

Contributor

Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit bakerlaw.com
Early this week, cryptocurrency company Ripple acquired a stake in a major money transfer company.
United States Technology

Early this week, cryptocurrency company Ripple acquired a stake in a major money transfer company. As part of the deal, the transfer company agreed to incorporate Ripple's xRapid product, which utilizes the cryptocurrency XRP, in its cross-border payments process.

According to reports, Reykjavik-based Monerium ehf recently became the only blockchain company in the world so far that is licensed to operate as an electronic money company under the EU's E-money Directive. The Financial Supervisory Authority, which oversees financial services in Iceland, was the decision-maker behind this financial regulatory first.

The Italian Banking Association (ABI) has announced that it will be implementing distributed ledger technology to improve the transparency and frequency of interbank reconciliation. The country's banks could be using the technology as early as March 2020, per the ABI.

Finally, a multinational banking group is rolling out a solution that integrates "tokenization technology" to automate the accounts receivable process. Australian fintech company Identitii Limited developed the technology.

For more information, please refer to the following links:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More