One of the largest crypto exchanges Bitfinex, made an announcement today that reached all crypto news that is temporarily suspending all fiat wire deposits for Dollars, Euros, the Japanese Yen, and the Pound Sterling.
Bitfinex hasn’t provided a reason for this decision but noted that this is a temporary action and the fiat deposits will resume within a week.
Bitfinex has been the target to online rumors that say how the exchange is facing banking issues and that allegedly the exchange was insolvent. They did, however, stated that there are some complications that hover around the exchange in that particular sector of fiat transactions.
The addressed the statements and reports about their banking partner, Puerto Rico’s Noble Bank International trying to find a buyer while losing both Bitfinex and Tether as clients.
Some people in the crypto space believe that Bitfinex is now cooperating with HSBC via a private account with the name ‘’Global Trading Solutions’’. However, the exchange still hasn’t addressed this claims but made sure everyone understood that all the Noble-related allegations don’t really have an impact on its operations or solvency.
This exchange has had an interesting history with banking relations starting from April 2017 when U.S Wells Fargo $ Co. didn’t want to continue being the correspondent bank. Bitfinex, of course, filed a lawsuit immediately but it was very quickly dropped.
Bitfinex is among the top five largest exchanges, taking the number 4 position according to the daily trading volume with more than a 150% increase in a 24-hour period by making $630 million in trades daily.
Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
“Our use of blockchain added new kinds of programmable behaviors to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits. This could include more directly connecting citizens to public policy programs, empowering people to optimize their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”This is not the first blockchain trial where the CSIRO was involved. Previously, the organization collaborated with the University of Sydney, testing a blockchain application on the cloud infrastructure platform of Amazon Web Services - finding that the application was able to achieve a speed of 30,000 transactions per second.
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
“The US has gone rogue, and cannot be allowed to dictate economic or political policy to the rest of the world. The sooner the rest of the world develops an alternative payments system – possibly working through SWIFT, but using a basket of currencies as the basis for a supra-national unit of exchange – the better. The USA is big enough to bully what should be an impartial means for monetary transactions between countries. This should not be possible.’’However, the Iranian Parliamentary Commissioner of Economic Affairs, Mohammad Reza Pourebrahimi, said that the country is working on a plan to involve cryptocurrencies as international payment methods cooperating with Russia. Already multiple businesses in Iran such as HotelsinIran which is a major booking platform started accepting cryptocurrencies as a payment method. Many experts believe that this is a perfect way for cryptocurrencies to gain mass adoption in Iran.
Amazon Wins Two Patents, Aims On Improving Distributed Data Storage/Signatures Protection
“The Merkle Root summarizes all of the data in the related transactions and is stored in the block header. It maintains the integrity of the data. If a single detail in any of the transactions or the order of the transaction's changes, so does the Merkle Root. Using a Merkle tree allows for a quick and simple test of whether a specific transaction is included in the set or not.”Amazon proposed the same Merkle Tree structure aiming to solve how to delegate signing authority from a central entity to multiple subordinates that will be authorized. The second patent that was first filed in December 2015, aims to solve issues related to distributed data storage. The patents suggest that these methods can help reduce storage redundancy but still allowing maximum availability. Amazon also filed for other crypto-specified inventions but we will find out more about them in the near future.
Singapore’s Central Bank Develops A Blockchain Settlement System
"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.
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