Category Archives: Banking

Press Release: BlockDelhi Conference – Embracing Blockchain into India’s Business

New Delhi: On February 21st, more than 250 global participants gathered in Le Meridien Hotel for BlockDelhi – the first
international blockchain conference in India’s capital.

Featured speakers included political leader Sir Shri Ajay Singh, who delivered government keynote on the future of blockchain in India as well as professionals from local and international businesses discussing various opportunities and challenges associated with the technology.

Yale ReiSoleil, CEO of IOB Fund LLC spoke about investments in blockchain and how the emerging technologies are changing the future of finance. “We believe in balance of innovation and regulation” – said Mr. ReiSoleil. IOB is bringing together an international regulated exchange network by investing in regulated, licensed, and legal entities.

Companies in the blockchain space are currently facing challenges of integrating accounting and legal aspects of business such as compliance and taxation into the platform. Mr. Reisoleil emphasized that being able to provide substantial technological solutions to these challenges is one of the major factors to consider when looking at investment options.

IOB has abolished the annual management fee and is confident that commission-based transactions should be eliminated. The CEO
highlighted that the term “blockchain” might become obsolete as there is a necessity to implement a multidimensional transactional structure or “mesh”.

Visit: http://www.iob.vc/

and https://www.blackarrowconferences.com/blockdelhi.html for more information.

Twitter link: https://twitter.com/IOBFund

JPMorgan Admits Cryptocurrencies Could Disrupt Banks

JPMorgan Chase, the largest bank in the US, has formally acknowledged that cryptocurrencies and blockchain technology could disrupt banks. The firm made this admission in its annual report, which was dated Feb. 27 and filed with the US Securities and Exchange Commission (SEC). Deep in the 301-page document, JPMorgan — which manages $2.53 trillion in assets according to recent estimates — listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors. Notably, the report was signed by JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic who has repeatedly lambasted the flagship cryptocurrency as a “fraud” and once threatened to fire any employees caught trading cryptoassets, although he recently walked back some of these comments. JPMorgan is at least the third major financial institution to cite cryptocurrencies as a business risk in its annual report for 2017. Last week, Bank of America — the second-largest US bank — admitted that cryptocurrencies and other blockchain-based financial services present a threat to its business model, adding that it fears it anti-money laundering systems will need a facelift to account for cryptocurrency-related transactions.

Reference: https://www.ccn.com/dont-tell-jamie-jpmorgan-admits-cryptocurrencies-disrupt-banks/

Kraken Bank Accounts Closure in Japan

Here is an update received from Kraken, which is a leading crypto currency exchange. Bank account closures like this have frequently happened with other crypto currency exchanges too, but Kraken is at least giving some notice.

—————–Email from Kraken———————————
We regret to inform you that due to a variety of circumstances, we will be closing the following SWIFT bank accounts, as well as our domestic JPY funding accounts at SMBC in Japan. Please note that SEPA Euro funding will not be affected. Cryptocurrency funding will continue as usual. (All dates mentioned below are represented in JST)

The Following Funding Accounts will be Closed on March 21st:

USD, EUR, GBP (SWIFT)
Account Name: Payward Japan K.K.
Address: 3-11-10 Higashi, Shibuya-ku, Tokyo
Bank name: Sumitomo Mitsui Banking Corporation (SMBC)
Bank / branch location: 2-4-1 Hamamatsucho, Minato-ku, Tokyo 105-6101, Japan
SWIFT code: SMBCJPJT
Account number: 6793010727 Continue reading Kraken Bank Accounts Closure in Japan

IndusInd Bank ties up with Ripple for Global Payments

http://www.indusind.com/content/dam/indusind/desktop/logo.jpg

IndusInd Bank, which is based in India, announced its partnership with Ripple, the enterprise blockchain solution for Global Payments, to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China.

IndusInd Bank plans to leverage the Ripple technology to build further on its existing payments business, because blockchain technology for payments reduces both cost and transfer time significantly.  In 2017, India saw a total of $65 billion move into the country and IndusInd Bank, which has significant interests in cross border remittances, plans to harness the power of Blockchain technology for facilitating global payments.  By joining RippleNet, banks can also communicate information about a payment between each other, and settle payments immediately. Continue reading IndusInd Bank ties up with Ripple for Global Payments