Facebook’s Stablecoin Project: Project Libra

11 May 2019

Each week we share the latest news in blockchain and finance. This is newsletter #35— subscribe here to get it in your inbox every Thursday.


 

Blockchain Week NYC is kicking off soon, with a wide variety of interesting events.

We highly recommend today’s Rebuilding Finance event by Fluidity (Youtube stream here), but there is ample opportunity to enjoy hearing about and discussing tokenized securities, tokenized real estate, decentralized finance, and similar topics during next week.

So if you’re in New York, make sure to check out this non-exhaustive event list.

 

QUOTE

In markets with efficient payments systems, such as the Nordic countries or the Netherlands, there aren’t many benefits that the technology offers which would result in consumers moving across [to new rails]. However, DLT could deliver much needed efficiencies in cross-border payments and some domestic markets.

— Director of payments & market infrastructures at the Dutch central bank, Petra Hielkema, on the “underwhelming results” of its blockchain prototypes.

 

NEWS

🐼 Facebook is working on a stablecoin-based payments network called Project Libra. Facebook’s stablecoin project is currently seeking up to $1 billion in investment from companies like Visa and Mastercard to use as collateral.

🔗 Real estate investment platform Blockimmo has launched decentralized security token exchange STX.SWISS. The new exchange makes use of the Uniswap protocol and currently features DAI, Maker and XCHF.

🤝 Tokenization and fintech/blockchain company Bankex has partnered with financial infrastructure protocol Fusion to set up a new tokenization platform for SMEs.

💱 The new Asia Digital Asset Exchange has received a license from the Philippines’ Cagayan Economic Zone Authority. The license will allow the exchange to operate a security token issuance platform and exchange.

👛 Crowdfunding and tokenization platform Smartlands has launched its own Stellar wallet to allow its users to trade tokenized securities on Stellar.

💰 QEDIT, a company that has built privacy technology for enterprise blockchains, has raised $10m from Alibaba-affiliated Ant Financial, among others.
More about the $150 billion (!)-valued Ant Financial’s work in blockchain here.

 

LONGER READS

📜 When do tokens classify as securities? We wrote this article on the basis of an earlier research report on tokenizing SME equity in the EEA. Take a look.

🌐 The state of security token offerings in Q1 2019. By analyzing 150 STOs, Ivan Jelic finds out the top country of incorporation (US) and most often used platform (Securitize), among other things.

📰 The Financial Times published an article last week on how crypto startups are moving to compliant ICOs, aka STOs. There’s not much new here, but interesting to see the FT’s take on this.

 

NEW STOs

🗳️ Currency.com has launched what they say is ‘world’s first tokenized government bond’: a Belarusian government bond, with a yield of 4.2% per annum.

💸 The parent company of eLoan, a Peer-to-Peer (P2P) funding marketplace for Vietnamese SMEs, is aiming to raise $10 million. The company, called Fvndit, is offering tokenized non-voting preferred equity by making use of Securitize’s services.  

 

POSTSCRIPT

This week $41 million in Bitcoin got stolen from Binance, one of the largest crypto exchanges. But while hacks still happen, blockchain adoption moves onwards and upwards.

There’s the NYC Blockchain Week; Facebook relaxing its ad policies (while working on its stablecoin project); new banks are joining the Marco Polo blockchain trade finance network; and much more news that we did not have time to discuss here — which definitely is a positive signal.

We’re certain we’ll keep seeing security breaches, but as also shown in a previous newsletter on funding for tokenization infrastructure, blockchain adoption is growing. And the fact that we’re a part of this new frontier is incredibly exciting.

See you next week! 👋

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