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Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies


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Crypto news in brief (October 25, 2018): FISCO BCOS, Coinbase, USDC stablecoin, Alibaba, Bakkt, Royal Mint Gold, Japan

October 25, 2018 By Crypto Reporter

– The Financial Blockchain Shenzhen Consortium (FISCO) announced the launch of a coinless open-source blockchain platform
– Coinbase has launched stablecoin USDC, backed one-to-one by U.S. dollar
– Alibaba Cloud expanded its Blockchain as a Service (BaaS) offering outside of China
– The UK Royal Mint has suspended its plan to launch gold-backed cryptourrency Royal Mint Gold (RMG)
– Japan’s financial regulator has approved an association of cryptocurrency exchanges as a self-regulatory industry body

The Financial Blockchain Shenzhen Consortium (FISCO) announced the launch of FISCO BCOS, a coinless open-source blockchain platform designed to meet the regulatory and operational requirements of the financial industry.

FISCO is one of the largest blockchain consortiums in China. It consists of 100+ members, including tech giants Huawei and Tencent.

***

Coinbase, major U.S. crypto exchange, has launched stablecoin USDC, backed one-to-one by U.S. dollar.

Technically, USDC is an ERC-20 token, based on the Ethereum blockchain.

The underlying technology behind USDC was developed collaboratively between Coinbase and fintech company Circle.

USDC is the first stablecoin supported by Coinbase.

***

Alibaba Cloud, the cloud computing arm of Alibaba Group, expanded its Blockchain as a Service (BaaS) offering to major global markets including South East Asia, U.S and Europe.

The official press-release states Alibaba Cloud already has a proven track record of enabling multi-scenario applications (such as public benefits systems, logistics and medical industries) through its BaaS blockchain technology since its official launch in October 2017.

***

Intercontinental Exchange’s cryptocurrency trading platform Bakkt could get a green-light to launch its bitcoin futures product as soon as next week, according to anonymous source with direct knowledge of the situation.

***

The UK Royal Mint has suspended its plan to launch gold-backed cryptourrency Royal Mint Gold (RMG).

Reuters reports that after its partnership with the CME Group failed the UK government “vetoed a plan to have the tokens trade on a cryptocurrency exchange”.

Initially, the Royal Mint announced its plan to issue gold-backed tokens in 2016, saying they would give investors an easy way to buy and trade physical gold held in its vaults. The tokens were to be traded on a blockchain-based trading platform run by CME.

***

The Financial Services Agency (FSA), Japan‘s financial regulator, has approved an association of cryptocurrency exchanges as a self-regulatory industry body.

The FSA said in a notice that it has provided the Japan Virtual Currency Exchange Association (JVCEA) with a status that will let it set rules for the nation’s crypto exchanges and take action over any violations.

More news:

  • Bakkt partners with Google to make crypto payments more accessible
    Bakkt partners with Google to make crypto payments more accessible
    October 11, 2021
  • Coinbase, Crypto.com and Bitstamp secure regulatory approval in Italy
    Coinbase, Crypto.com and Bitstamp secure regulatory approval in Italy
    July 26, 2022
  • BlackRock partners with Coinbase to offer clients access to crypto
    BlackRock partners with Coinbase to offer clients access to crypto
    August 12, 2022
  • Mastercard to settle stablecoin payments in Australia
    Mastercard to settle stablecoin payments in Australia
    March 24, 2023
  • BIS Innovation Hub to create a platform to assess aftermath of stablecoin and DeFi projects collapse 
    BIS Innovation Hub to create a platform to assess aftermath of stablecoin and DeFi projects collapse 
    June 20, 2022
  • UAE is set to welcome crypto licensing 
    UAE is set to welcome crypto licensing 
    February 26, 2022

Filed Under: General News, News Tagged With: Alibaba, Bakkt, Coinbase, cryptocurrency, Europe, FISCO BCOS, Japan, news, news in brief, regulations, The Royal Mint, UK, USDC

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