The official stock exchange in Singapore, the Singapore Exchange (SGX) has recently partnered with the country’s Monetary Authority of Singapore (MAS) in order to develop a settlement system for tokenized assets that can work in different blockchain applications.
The news spiraled in the latest crypto news and confirmed that the newly completed delivery versus payment (DvP) system uses smart contracts in order to simplify the post-trade process as well as shorten the settlement cycle.
Aside from this, the system will make it easier for financial institutions to carry out the simultaneous exchange and final settlement of tokenized digital currencies and securities – as required under the DvP system.
According to the official press release:
“The prototypes for the platform had demonstrated that financial institutions and investors are able to carry out the simultaneous exchange and final settlement of tokenised digital currencies and securities assets on different blockchain platforms.”
The new system will act as an extension of the Project Ubin which began as a collaborative project by MAS and Singapore’s financial service industry in order to explore the possibilities of blockchain technology for clearing and settlement of payments and securities.
As the head of technology at SGX Tinku Gupta said:
“Based on the unique methodology SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.”
SGX initially announced thep lan to work with MAS and others in order to utilize blockchain tech with the settlement system in August this year, saying that the group will examine Project Ubin and its existing protocols to determine how to leverage them for a DvP platform.
CCN Shutdown Due To Google’s Update: How DC Forecasts Remains Stronger
Ripple And MoneyGram Join Forces: $50M Investment On The Way
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
Europol Aims To Improve Blockchain And Crypto Knowledge
“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
Bitmain Sues Three Former Employees Who Founded Rival Mining Pool
Join us on Facebook
- BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline
- Meet Libra: Deep Technical Analysis Of Facebook’s Cryptocurrency
- Crypto Stamp Collectibles Now Available On The ETH Blockchain
- Bitcoin Claims A New 2019 High, Other Altcoins Left In The Dust
- Tech Giants Opt for Ethereum: Why ETH is Still Behind BTC
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News4 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News5 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Altcoin News3 days ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
Altcoin News5 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Bitcoin News5 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News4 days ago
Crypterium Launches A Global Crypto Payments Card
Altcoin News4 days ago
US Residents To Lose Access To Some Altcoins: Report
Bitcoin News4 days ago
Bitcoin Explodes In South Korea According To Google Trends Reports