JPMorgan Interbank Blockchain Network Joined by 37 Banks from Latin America

Willmen Blanco
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JPMorgan Interbank Blockchain Network Joined by 37 Banks from Latin America

JPMorgan Chase announced that 344 banks from all over the world have already joined its blockchain network. The company’s global compensation director predicts a significant growth in the service.

A total of 37 Latin American banks currently participate in the blockchain-based interbank network developed by the American investment bank JPMorgan Chase. This information emerges from the firm’s most recent statement, released on Thursday, September 19th.

JPMorgan Chase reported that since its launch in September 2018, its blockchain-based project, known as the Interbank Information Network (IIN), has reached a total of 344 affiliated banks from different countries in the world. According to the list that is available on the firm’s official website, among its current partners there are financial institutions of global relevance, such as Deutsche Bank from Germany.

Banks from several Latin American countries such as Panama, Mexico, Argentina, Brazil, Chile, Peru and Bolivia, among others, have joined the network. So far, the project has aroused greater interest in Panama and Mexico, where most of the Latin American entities integrated into the network are located, with 8 and 6 respectively.

John Hunter, the global compensation director at JPMorgan Chase, said that the IIN project is pursuing to achieve the development of “a significant ecosystem of banking users.” He explained that the objective of this project is to “take advantage of emerging technologies such as blockchain to better address the complex cross-border payment industry.”

At the beginning, the IIN platform allowed banks to share information in a common access ledger in order to avoid delays due to compliance problems. This ledger system, which is based on an authorized variant of the Ethereum blockchain, was developed by Quorum. According to official information, “the IIN allows member banks to exchange information in real time, as a way to verify that a payment has been approved.”

However, in April of this year JPMorgan said that it would add local and cross-border interbank payment settlement services to compete in the digital payment sector with blockchain service providers such as Ripple, TransferWise and Revolut.

In just one year, JPMorgan Chase has seen how the Interbank Information Network has scaled and expanded in terms of its functions and capabilities. During an interview, John Hunter expresses his excitement at the growth that lies ahead of the platform. The executive explained that a total of 65 banks operate effectively in the network and the rest of the associates are in the process of integration, which will be completed before the end of the year 2021.

Between 2% and 5% of international payments could be processed by the IIN, in Hunter’s opinion.  In addition, he said that JPMorgan is exploring some new applications that can be integrated into the network.

To summarize, it can be said that the most prominent banks worldwide have been incorporating the use of blockchain technology into their platforms. The fact that 37 Latin American countries have joined JPMorgan IIN indicates a significant growth in the banking ecosystem in that geographical area. It is worth mentioning that this platform allows users to share information that facilitates cross-border payment settlements.

By Willmen Blanco

Wells Fargo Will Create its Cryptocurrency to Make Internal Payments

Maria Rodríguez
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Wells Fargo Will Create its Cryptocurrency to Make Internal Payments

The company will design an internal stablecoin linked to the US dollar. The objective is to execute international transactions quickly.

Wells Fargo, the US financial company, recently announced the beginning of its new development. It is working in a cryptocurrency for internal use that the bank will use as liquidity for international payments. In addition, it will create a remittance platform based on a system that the company lists as “Distributed Ledger Technology” (DLT).

With the central objective of making international payments quickly and safely, the digital platform will work with a special token developed by the company. The currency, called Wells Fargo Digital Cash, will make it easier for the company to “complete internal transfers of cross-border payment books within its global network, using digitized cash as a basis and for international locations to exchange the digitized cash with each other”. This shows that the token developed by Wells Fargo will be anchored to the US dollar.

The network distributed will be useful for the bank’s internal finances since with the DLT Wells Fargo will be able to develop a considerable amount of applications and tools that improve internal administrative and commercial processes.

The Director of the Wells Fargo innovation group, Lisa Frazier, argued that due to the increase in the use of technologies in the world’s banking services, the company sees this as a great opportunity to grow. Additionally, the idea is to overcome the obstacles that come with transnational transactions.

“We believe that DLT holds promise for a variety of use cases, and we are energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world”.

With the use of this DLT platform in the Wells Fargo banking system, it could be possible to accelerate traditional processes, avoid delays between comparative systems with other banks and improve processing speed in clearing and settlement systems or skip these steps completely. In addition to this, the platform could significantly improve the security of bank data and eliminate some risks.

These great benefits have captured the attention of important financial companies and represent multiple benefits with low costs and opportunities for growth and exploration to new digital markets.

Other companies are working to use blockchain with the aim to conduct international transactions quickly. A recent example is the association of the credit card company Mastercard with the blockchain company R3 to develop a blockchain system that allows international transactions with low cost, quickly and safely.

The official announcement of Wells Fargo shows the possibility of conducting the first stablecoin tests soon and with plans to be officially launched by mid-2020. It is expected to help complement dollar transfers, and that over time it can expand to the use of other digital currencies at the local Wells Fargo network level.

By María Rodríguez

Entrepreneur Kim Dotcom Will Offer his Token on Bitfinex

Andres Chavez
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Entrepreneur Kim Dotcom Will Offer his Token on Bitfinex

Eccentric entrepreneur Kim Dotcom, also known as Kimble and Kim Tim Jim Vestor, will offer his token on the Bitfinex cryptocurrency exchange starting in October, according to a press release published at the start of the week.

The crypto exchange will relaunch Tokinex, which is an Initial Exchange Offering (IEO) platform, under a new name: it will be called Bitfinex Token Sales, and it will have the K.IM’s associated token among its offerings.

K.IM is known around the industry for being a P2P (peer to peer) digital content and monetization blockchain network. Its token will be available on the Bitfinex platform starting on October 22nd. Bitfinex is one of the biggest and most prominent crypto exchanges at a worldwide scale.

The Platform Will Be Active In 2020’s Third Quarter

The press release detailed that the K.IM network is responsible for raising $2.5 million in funding from actors such as Max Keiser, BnkToTheFuture, and Bitcoin Capital, among others. Per its documents and roadmap, developers estimate that the platform will be up and running in 2020’s third quarter, and around that date, a formal listing on Bitfinex will be made official.

The entrepreneur, political and digital rights activist shared his comments about the revealed news. He said that “combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce and finance. […] I founded K.im to allow artists, content creators and digital businesses to cut out all the middlemen and sell content and digital goods without censorship and outside of monopolies.”

Dotcom, also known around the online world for founding the file sharing service Megaupload, also stated that the Bitcoin blockchain has grown and it can now host a myriad of new projects and possibilities.

The “Perfect Partner”

“We can finally create our KIM token on top of Bitcoin thanks to recent technical breakthroughs like Lightning and Liquid. Bitfinex is the perfect partner to help us distribute KIM tokens, built on Bitcoin, to those who want to access the freedoms that our products provide”, the activist explained.

According to Bitfinex, the revamped IEO network will have “direct integrations with the Bitfinex exchange itself.” Paolo Ardoino, who is the chief technology officer at the firm, offered his thoughts on the current IEO situation.

“Most IEO’s are marketing campaigns that focus on achieving a short-term result, but that is not how real businesses are built. Successful businesses are built through long-term, sustainable growth,” he observed.

LEO Will Be Available On Future Token Sales

As part of Bitfinex’s announcement, it was revealed that the exchange’s proprietary utility token, named Unus Sed Leo (LEO) will be sold in future token sales, and holders will enjoy higher allocations than the people holding different digital currencies.

In the wake of the Bitfinex news, it is fair to indicate that another world-famous crypto exchange, Coinbase, is also mulling the idea of launching an IEO platform.

By Andres Chavez

Police Seize Bitcoin Mining Equipment for Lack of Documentation

Willmen Blanco
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Police Seize Bitcoin Mining Equipment for Lack of Documentation

Venezuelan police officers reported that they had arrested two men that had been carrying nine ASIC mining devices. Even though cryptocurrency mining is legal in the South American country, some cases of police extortion have occurred.

It was reported on a local portal on Thursday, September 18th, 2019, that two people had been arrested in a sector of Aragua State in Venezuela for allegedly carrying specialized ASIC cryptocurrency mining equipment without the proper documentation.

According to the report, Carlos Jesús Almeida Morgado was pursued by a police commission for evading a checkpoint in a route in the Libertador Municipality of Aragua State. The car in which he was traveling was intercepted and searched by Poliaragua officers, who found on board nine cryptocurrency mining devices, as well as some accessories.

The arrested man could not present any purchase invoices or legal documentation of the equipment to the police officers. It was stated on the portal that the authorities proceeded with the arrest as Almeida behaved aggressively toward the police officers.

The second arrest took place at the office of the police commission in charge of the case. According to the police officers, when the first arrested man’s brother Jorge Luis Almeida Morgado arrived, he demanded that the equipment be returned, also behaving violently. Jorge Luis Almeida either did not present the documentation required by the authorities to return the ASIC cryptocurrency miners.

Among the seized devices, the authorities reported nine Bitmain-brand Bitcoin mining devices, in their S9 and T10 versions, nine corresponding Bitmain brand power supplies, and eight power cables.

It should be noted that cryptocurrency mining is a legal activity in Venezuela. At the end of 2017, the authorities opened a registry of cryptocurrency miners and granted “digital mining” certificates a couple of months later. However, there have been multiple cases of illegal seizure of that kind of equipment or extortion by police authorities against those who are engaged in this activity. Even in the past, Venezuelan the authorities of the cryptocurrency sector admitted the existence of police abuse against miners.

Many miners have offered testimonies in which they state that that cryptocurrency mining in Venezuela has become a risky activity. Some others have reported that police officers have demanded that they give them cash payments “in order not to seize their equipment.”

Actually, some experienced cryptocurrency miners say that the estimate of the profitability of this activity in the South American country includes costs for the loss of “seized” equipment and the payment of extortion. In addition, despite the fact that the activity is legal in Venezuela, miners are forced to do it clandestinely and the costs inherent in migrating the entire operation to another location must be considered, once it is detected by the authorities.

To conclude, cryptocurrency miners have to face many limitations in Venezuela. Among them, they are forced to use unstable electricity and Internet services, which hinder the proper operation of their equipment. Besides, they suffer extortion by some unscrupulous public workers that want to take advantage of their effort to obtain some extra income to cope with the current hyperinflation in the country.

By Willmen Blanco

Pompeu University of Spain Will Offer Courses about Blockchain through Scholarships

Maria Rodríguez
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Pompeu University of Spain Will Offer Courses about Blockchain through Scholarships

The main objective is to expand knowledge about blockchain technology, which has generated changes in the world.

Blockchain has had a positive impact on different sectors of the world. Among the key industries that it will impact the most are those ones that are most related to the blockchain world, such as the banking and investment sector.

But there are other advantages offered by this technology, such as the use of smart contracts, the collaborative economy, crowdfunding,the protection of intellectual property, stock markets, among others, but mainly, file storage and the Internet of things (IoT).

In order to know how to use and take advantage of this technology, as well as to conduct research related to that topic, the School of Management of the Spanish University Pompeu Fabraand the consulting firm Izertis created the subject that will be named Izertis, like the consulting firm.

The objective is to contribute to strategic decision making in the different business sectors and be a reference in the development of technologies and solutions linked to blockchain technology.

In this way, it will seek to train professionals specialized in the discipline. For this, teachers and researchers will be responsible for generating knowledge related to blockchain technology.

Free Studies

The consulting firm will grant scholarships to people who wish to pursue a Master degree in blockchain at Pompeu Fabra University. The company also will receive students who are in professional practices to complete their training.

In addition, as another important incentive, three prizes will be given to the best final graduate projects.

Activities will also be organized to disseminate the most important information about blockchain technology, such as congresses and special conferences.

Izertis is a reference in the development of technologies and solutions linked to blockchain. For this, it works for companies such as CAPSA, Petronor, among others.

Investigation

Pompeu Fabra University promised to assign teaching staff in order to research and share knowledge related to blockchain technology.

These activities to share knowledge are conducted through conferences in collaboration with Alastria; an association with more than 400 members that promote blockchain technology in Spain.

The research activities would focus on business and consumer models with blockchain technology and also it will focus on the needs of society, as well as the products and services that society may need.

Until now, the Izertis subject will last three years and its director will be Dr. Luz Parrondo, Director of the postgraduate degree in blockchain and other distributed ledger technologies at the BSM-Pompeu Fabra University.

Opportunities in Latin America

In the Latin American continent, especially in countries like Mexico, Chile, Argentina, Brazil, Peru and Colombia, there is at least one university offering courses related to blockchain technology.

The Sergio Arboleda University of Bogotá, Colombia, offers the diploma in Blockchain and Development of Decentralized Applications on Ethereum (DApps), with a duration of 80 academic hours.

In the same vein, in Mexico, the International University of La Rioja (UNIR) offers the diploma “University Expert in Development of Blockchain Applications”, which lasts four months and is online.

In Brazil and Argentina, the Introduction to Blockchain, Bitcoin and Smart Contracts course was launched. It would last four weeks through the virtual field of the Faculty of Economic and Statistical Sciences of the National University of Rosario (UNR).

In Chile, the Pontifical Catholic University (PUC) opened a diploma in Blockchain, with a duration of 102 hours and in Peru, the Norbet Wiener University offers the Specialized “Course of Blockchain Management I”.

The academic offer related to blockchain technology continues to grow, in a world that relies on the advantages that blockchain offers.

By María Rodríguez

Line Will Launch in Japan its Own Platform to Exchange Cryptocurrencies

Maria Rodríguez
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Line Will Launch in Japan its Own Platform to Exchange Cryptocurrencies

Bitmax will allow LINE users to make transactions with five different cryptocurrencies.

Over the years companies have found in the world of cryptocurrencies a great business and an opportunity to grow. For this reason, they have ventured into the crypto world by launching applications, such as products and services that function as tools that facilitate commercial and daily transactions.

Some of these transactions could be savings with digital currencies, or generating economic income through the exchange of assets or digital currencies.

In this way, LINE, the instant messaging company through an application for computers and smartphones, has announced its foray into the world of cryptocurrencies, in order to use the rise of the market to raise income, creating services parallel to the instant messaging

Likewise, Japan’s most popular messaging company, LINE, issued a statement to announce the official launch of its cryptocurrency service for the more than 80 million users it currently has in the Asian country.

To make this announcement through local media, the company had to wait for the response to the request for the necessary legal permits to operate in the territory, and recently the Japanese authorities gave their approval for the use of the platform.

In an official statement released by the company last Tuesday, September 17th, it was announced that the LINE exchange will be called Bitmax. In a few weeks, the platform will be operational for any user to execute financial transactions, using any of the five cryptocurrencies that will be available on the platform. In this way, using an application for the Android operating system users can trade with cryptocurrencies such as Ethereum, Bitcoin, XRP, Bitcoin Cash and Litecoin.

It was known that the new platform will be incorporated into the company’s service network. This exchange will work in conjunction with the LINE wallet that currently works with some cryptocurrencies. Similarly, the payment platform that works for the exchange of yen in Japan, Line Pay, will be intertwined with Bitmax.

The synchronization between all the tools and services of the company is planned together with the launch of Bitmax, in this sense all the people who have a LINE account can use the service without any additional cost for operations and the collection fee will be adjusted for transaction, on deposit or withdrawal at 108 yen.

Those new in LINE, it means those who do not have any account there, have to go through a verification process determined by the Know Your Customer (KYC) tool, where an identity document and a photograph of the user is necessary for the account to be created and the user to have free access to all platform functions.

About the fund where users’ money will be stored, it is known that LINE partnered with the American company BitGo, which, through a wallet managed by a special team, will be responsible for preserving the money.

The launch of Bitmax will help boost the company in the cryptoactive market and put it in direct competition with leading platforms such as Binance. Currently, LINE still capitalizing large sums of money only with its instant messaging service.

By María Rodríguez

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