A Swiss asset manager and commodities trader recently announced the launch of a blockchain-based token that will be backed by a basket of copper, aluminum, nickel, cobalt, tin, gold and platinum. In a similar move, startup Abra has announced plans to launch the Bit10 token, which will be priced based on a basket of the top 10 cryptocurrencies by market capitalization. In Austria, the government recently announced that it intends to auction off 1.5 billion euros in bonds that will be issued on the Ethereum blockchain. And in Italy, the Italian Banking Association recently announced that it successfully completed the first phase of testing a new blockchain-based interbank payment system.
In the payments space, this week Ripple announced that it has integrated its technology with a cross-border payments application of a major global bank based in Europe, and that three additional financial services firms have integrated its technology. Ripple also announced that a remittance application built in partnership with several Asian banks has now gone live. The blockchain payments startup also recently announced a $100 million social giving campaign and the launch of a Washington, D.C.-based lobbying group.
In developments related to cryptocurrency exchanges, Gemini announced that it has secured insurance coverage for cryptocurrency assets held in its custody through a global consortium of industry-leading insurers. And a new cryptocurrency exchange platform, ErisX, has been announced, which will be backed by leading institutional trading firms. The ErisX exchange intends to let investors trade bitcoin, ether, bitcoin cash, litecoin and cryptocurrency futures. This news comes as a recent Bloomberg article reported that hedge funds have now replaced high net worth individuals as the biggest participants in high-value cryptocurrency transactions conducted through private sales. In related news, an article published this week in the Wall Street Journal described concerns over software bots running on cryptocurrency exchanges that may be manipulating the price of bitcoin.
For more information on this post, please see the following:
- Tiberius Offers Crypto Coins Backed by Seven Commodities
- Abra Is Launching a Crypto Token Tied to an Investment Fund
- Austria to Be First European Country to Issue Government Bond on Blockchain
- $80 Billion Banco Santander Uses Ripple For Payments, Will Many Banks Follow?
- Ripple Event Reveal: 3 Companies Are Now Using XRP for Real Payments
- SBI Ripple Asia's MoneyTap App Has Launched in Japan
- Ripple Announces Ripple for Good, Social Giving Will Top $100 Million
- New Ripple-Led Advocacy Group to Pay DC Lobbyists in XRP
- Italian Banking Association Completes First Test of Blockchain-Based Interbank System
- Gemini Obtains Digital Asset Insurance via Aon
- Eris Exchange to Create Crypto Market Backed by DRW, Virtu
- Institutional Investors Are Using Back Door for Crypto Buys
- Bots Are Manipulating Price of Bitcoin in 'Wild West of Crypto'
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