Financial news outlet Forbes has released a list of “Blockchain’s Billion Dollar Babies,” or companies implementing blockchain technology that have minimum revenues or valuations of $1 billion, on April 16. The list includes companies in the cryptocurrency and blockchain development spaces, in addition to traditional financial firms like banks and clearing houses, food companies, supply chain management firms and others. Most of the companies listed are household names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle. Cryptocurrency-related companies featured on the list include United States-based cryptocurrency exchange Coinbase, European mining and hardware firm Bitfury, and blockchain-based financial services network …

Dutch global banking and financial services corporation ING introduced its new cryptographic blockchain development called Bulletproofs, according to an announcement on Feb. 7 Bulletproofs represents an extended technology for ING’s previous blockchain privacy-focused developments such as zero-knowledge range proof (ZKRP) and zero-knowledge set membership (ZKSM). ING bank first launched ZKRP in November 2017, enabling market participants to maintain anonymity in a transaction while still confirming its accuracy. For instance, the tool allowed a mortgage applicant to prove their salary within a certain range without revealing the exact figure. As an improved version of ZKRP, ZKSM was released in October 2018, …

The use of blockchain technology in the financial sector still face many challenges according to a major Chinese researcher, local news agency Sohu reports on April 12. Wei Kai, head of blockchain research at the China Academy of Information and Communications Technology (CAICT), described roadblocks to the technology's further adoption at a 2019 meeting of the International Chamber of Commerce (ICC) Banking Commission. According to Wei, despite blockchain’s potential to transform a number of industries, tech disruptors have not solved three major problems in regard to the financial sector at the current stage of blockchain adoption. The researcher argued that …

Major Japanese bank Resona will withdraw from Ripple-powered blockchain payment project MoneyTap on May 13, the bank announced on April 11. A subsidiary of Resona Group, the fifth largest banking group in Japan as of 2012, Resona Bank joined the project in October 2018, along with SBI Sumishin Net Bank and Suruga Bank. Launched on Oct. 3, MoneyTap payment service uses Ripple’s blockchain solution xCurrent, which claims to offer instant domestic bank-to-bank transfers. The project was co-developed by Japanese financial services giant SBI Holdings and blockchain firm Ripple, the firm behind XRP, the third top cryptocurrency by market cap. In …

Most tax and finance executives do not consider adopting blockchain technology, according to a recent survey conducted by Big Four auditing firm KPMG. The results of the poll were shared with Cointelegraph on Tuesday, April 9. A poll undertaken during a recent webcast, dubbed “Understanding Blockchain – It’s Not Just About Crypto,” was held in February 2019. KPMG asked around 450 tax and finance executives from different companies about blockchain and other technologies. Generally speaking, the survey has shown that tax and finance executives are seeking different solutions to eliminate routine tasks from their teams’ operations. However, blockchain adoption is …

The Republic of Lithuania’s Ministry of Finance plans to release legal amendments for operating crypto-related businesses in the country, Riga-based newspaper The Baltic Times reports on April 8. According to the report, the Lithuanian finance ministry wants to bring more legal certainty to the operation of companies relating to cryptocurrency exchanges, crypto wallet operators, as well as initial coin offerings (ICOs). By enforcing legal requirements in the industry, the authority reportedly seeks to ensure an efficient policy against money laundering and terrorism financing, as well as to guarantee a due level of consumer protection, the articles writes. The new amendments …

China is reportedly leading the world in the number of blockchain projects currently underway in the country, Chinese English-language news daily China.org.cn reports on April 2. Citing a report by Blockdata, China.org.cn states that there are 263 blockchain-related projects in China, accounting for 25 percent of the global total. Li Qilei, the CTO at blockchain platform developer Qulian Technology, purportedly said that the financial sector is the biggest user of blockchain technology, particularly in asset securitization for banks and brokers. Chris Church, chief business development officer for New York-based firm Digital Asset in the United States, reportedly noted the importance …

A company says it is combining the power of IT and marketing to deliver high-security, functional and profitable pieces of software that not only work flawlessly, but also sell. CPI emphasizes its software is scalable and geared toward the finance and blockchain industries. The firm offers white-label products that allow businesses to achieve their financial goals by converting casual visitors into paying customers. Among its suite of products is a crypto exchange that is available on the web and through mobile apps. The platform delivers high-frequency trading for virtual currencies and fiat, along with assets such as real estate that …

Major Spanish stock market operator Bolsas y Mercados Españoles (BME) has completed its first blockchain pilot for electronic certificates of collateral pledges, according to an official press release published on March 15. Implemented along with Renta 4 Banco, which is the only investment services firm listed on the BME, the new pilot intends to eliminate the use of physical certifications by digitizing all processes and providing network participants with real-time access to data. The pilot’s proof-of-concept (PoC) consisted of the release of collateral pledged by Renta 4 Banco to cover customer’s positions at BME Clearing, BME’s central counterparty. According to …

Ethereum (ETH) co-founder Vitalik Buterin says that blockchain applications outside of finance face more difficulty gaining traction, as the primary added value they offer is decentralization. Buterin made his remarks during a speech at crypto event Token 2049 in Hong Kong on March 13. Buterin began by noting that finance is “realistically the first blockchain [application] that will probably achieve wide scale adoption,” and that even though he is a self-declared huge fan of other applications: “The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. …

International banking authority the Basel Committee on Banking Supervision (BCBS) has issued a warning statement on crypto assets on March 13. The BCBS is a committee of banking supervisory authorities hosted and supported by the Switzerland-based Bank for International Settlements (BIS) — an organization made up of 60 of the world’s central banks In today’s statement, the committee warned that the robust growth of the crypto industry could potentially “raise financial stability concerns and increase risks faced by banks.” The committee noted the risks were present despite the crypto market’s currently small scale in relation to the scope of the …

Dutch blockchain startup Finturi has secured 2 million euro ($2.2 million) to enable businesses to secure loans against invoices via blockchain tech, the company tweeted on March 12. Founded in September 2018, Finturi aims to help businesses finance invoices by linking them with financiers to borrow money against invoices, using blockchain and artificial intelligence (AI), according to a report by startup-focused publication EU-Startups.com on March 11. Finturi has reportedly raised its first investment via an angel round led by NetSam Participaties BV, which evidently participated in an investment round for the first time, according to Crunchbase. Finturi’s blockchain-based invoice finance …