Facebook Changing the Course on Libra, Walmart Joins Hyperledger, EY, Microsoft & ConsenSys Launch Baseline, BitGo Launches Crypto Lending Service

This week (2-7 March) in Blockchain & Crypto was yet another interesting one - the number of crypto ATMs across the globe has grown to over 7,000, with machines in 75 countries, Walmart has become the latest major conglomerate to join open-source blockchain consortium Hyperledger, Facebook may be considering modifying its plan for the 2020 release of the cryptocurrency Libra, and much more!

About this and more, in the newest issue of Weekly Blockchain & Crypto Digest. Enjoy!

UK Startup Puts Haitian Farmers and Their Crops On the Blockchain

A UK tech company recently announced a blockchain ecosystem for farmers in Haiti, bringing clarity to the supply chain while bolstering sales.

Agriledger, a blockchain outfit based in the UK, was responsible for building this new ecosystem. Their goal was ensuring that farmers receive adequate pay for their crops, a February 28 post from Spring Wise stated.

“The solution being delivered to Haiti in the fresh fruit value chain is the blueprint for a number of target markets locally and globally,” a representative from Agriledger said.

The approach is to create trade and financial opportunities for farmers but then to all types of producers. The goal is to allow them to retain ownership of their products much longer in the value chain.

Agriledger’s blockchain-based solution assigns farmers enrolled in the system with a digital ID number. With this ID, farmers become part of the digital supply chain.

Agriledger additionally allows these Haitian farmers to tokenize their products, granting them greater access to peer-to-peer dealings.

Agriledger’s blockchain underpinnings have allowed for a far more transparent solution than what has previously existed in the region. Parties can now trust the validity of data they interact with, which smooths the process of acquiring loans and other financial services for the participating farmers.

The ecosystem also touts digital wallets and payments, bolstering the additional benefits of convenience and speed.

Looking toward the future, Agriledger aims to build a software-as-a-service (SaaS) platform in which suppliers and retailers can interact.

"The customer will have a window into the provenance of the product and it’s journey of quality, and, should the retailer allow, a view of the financial distribution of the individual product and its beneficiaries,” the representative said of the system. 

There Are Now Over 7,000 Cryptocurrency ATMs Worldwide

The number of crypto ATMs across the globe has grown to over 7,000, with machines in 75 countries.

At press time, CoinATMRadar listed 7,014 cryptocurrency ATMs in existence. This number also includes machines hosting digital currencies other than Bitcoin, including assets such as Bitcoin Cash, Ether, Dash and Litecoin.

The world saw its first Bitcoin ATM in 2013, when a company called Robocoin placed a machine in a Vancouver coffee shop. Allowing customers to trade Bitcoin for cash, and vice versa, the machine saw $10,000 in BTC transacted on its launch day.

At present, 42 different manufacturers are responsible for the 7,000 global crypto ATMs. Only two locations host Robocoin ATMs, CoinATMRadar data showed. Genesis Coin sits in the lead with machines in 2,348 locations.

Walmart Joins Hyperledger Alongside 7 Other Companies

Walmart has become the latest major conglomerate to join open-source blockchain consortium Hyperledger. Walmart is among eight new members to join the platform. The new members were announced on March 3 at the Hyperledger Global Forum 2020 in Phoenix, Arizona.

Sanjay Radhakrishnan, the vice president of Walmart Global Tech, expressed excitement in joining the platform, stating:

We've seen strong results through our various deployments of blockchain, and believe staying involved in open source communities will further transform the future of our business.

Hyperledger was launched in 2016 and is hosted by the Linux Foundation. The platform aims to “advance cross-industry blockchain technologies,” and has received contributions from IBM and Intel.

The opening day of the Forum saw eight new Hyperledger members announced including Aiou Technology, a subsidiary of blockchain network IOST, business-to-business smart contracts firm Clear and Swiss-based blockchain services company Tangem.

Six new Hyperledger Certified Service Providers were also revealed, including Beijing Proinsight Technology, Kompitech, LimeChain, Mindtree, Xoaa, and Zhigui.

Brian Behlendor, the executive director of Hyperledger, stated:

Adding this great mix of new members and HCSPs is a great opening act for Hyperledger Global Forum.

Walmart's entry into Hyperledger comes nearly half a decade after the conglomerate first experimented with the platform.

Facebook Changing Course on Libra, Offering More Inclusive Wallet

Facebook may be considering modifying its plan for the 2020 release of the cryptocurrency Libra. 

When the social media giant introduced Libra last year, it did so claiming the cryptocurrency would be a simple global currency with the power to transform the global economy. Regulators quickly took notice, and found the company had to offer more questions than answers as to what the digital currency would be.

Though Libra is still going forward, Facebook will now offer government-issued currencies like dollars and euros to support its own token. The move appears to be a way to appease reluctant regulators and gain additional support for the plan, still scheduled for a Q4 rollout. 

According to a March 3 report issued by Bloomberg, both crypto and stated-issued currencies will be available on the company’s digital wallet, Calibra. 

By redesigning the digital wallet and scaling back the features of the cryptocurrency, Facebook is hoping to release both Calibra and Libra at the same time, tentatively in October. Calibra will allow users to send and receive money — now in fiat currency — and make purchases.

Almost two billion people around the world use Facebook. Expanding the basket by including central bank currencies makes it possible for anyone to use Calibra as a more traditional payment system. Any user with Messenger or WhatsApp installed on their mobile device could send funds across the globe with the tap of a button.

Samsung Partners With Israeli Fintech on Blockchain Solution for Merchants

Samsung SDS, the South Korean tech giant’s IT services subsidiary, has just announced a partnership with Israel-based fintech and smart payments provider Credorex. According to a report from The Korea Herald, March 4, the two companies will collaborate to develop a payment platform for European merchants and banks.

One part of the proposed solution will be developed using Samsung SDS’ Nexledger Universal blockchain platform and will allow merchants to automatically reconcile payments, remittances and invoices with their bank records.

This will integrate into a payments platform, built using Samsung SDS’ AI-based Brity Works, which is designed to automate various work processes.

The move marks part of a planned push into European markets by Samsung SDS, as president and CEO, Hong Won-pyo explained:

Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.

EY, Microsoft and ConsenSys Launch Enterprise Platform on Ethereum Mainnet

Global taxation and transaction advisory firm EY have announced the launch of their open-source Baseline protocol. 

Baseline comprises a smart contract and tokenization platform built for enterprises on top of the Ethereum blockchain. Baseline was founded by EY in partnership with Microsoft and ConsenSys, and was developed in collaboration with many companies operating in the cryptocurrency sector, including Chainlink, MakerDAO, Unibright and AMD.

The platform’s code has been made available to select entities by invitation and will see a public release before April. 

In a video published by development partner Unibright, the platform is described as an “open-source protocol for secure and private business processes via public Ethereum Mainnet.”

The protocol will support tokenization and decentralized financial services on its mainnet. Baseline integrates zero-knowledge proofs, off-chain storage and distributed identity to prevent corporate data, assets, or activities from being compromised.

The platform will tokenize business outputs such as purchase orders and receivables, and facilitates “blockchain applications that link supply chain traceability with commerce and financial services.” Baseline supports industry-wide tokenization standards and is intended to move enterprise activity from permissioned distributed ledgers to a public blockchain network.

BitGo Launches Its First Institutional Crypto Lending Service

As the cryptocurrency lending industry continues to grow, another major crypto company is getting into the business.

BitGo, a crypto firm that claims to handle over 20% of all Bitcoin transactions, is launching an institutional-level crypto lending service on March 5. The debut of BitGo’s lending feature comes after a several-month-long private beta test.

Nick Carmi, the head of financial services at BitGo, emphasized that the new crypto lending product was developed with the goal of creating a lending business that is similar to lending services in the traditional financial markets.

The executive noted that BitGo’s lending service is part of the company’s sustainable business model:

We are not interested in a high-volume, low-margin business; we are building deep relationships with our clients to drive value for them and to create a long term, sustainable business.

Major features of BitGo’s lending offering include fully collateralized loans, customized and detailed reporting for each client as well as the ability to work with regulated custodian BitGo Trust, the firm announced.

White Label Exchange Provider AlphaPoint Raises $5.6M

New York-based white label exchange provider AlphaPoint has raised a further $5.6 million from investors to help scale its exchange technology.

AlphaPoint’s tech is currently used as the backend for 150 exchanges across 35 countries, servicing more than a million end users. The funding will be used for platform development and to roll out more sophisticated exchange features like margin trading, integrated advanced brokerage capabilities, and better liquidity solutions.

Co-founder and CEO of AlphaPoint Igor Telyatnikov said these features are just the tip of the iceberg:

Stay tuned in 2020 as we will soon announce the release of a series of new liquidity, leverage, and lending products and solutions to our customers.

This latest funding round comes two years after AlphaPoint drew in $15 million from Mike Novogratz's Galaxy Digital Ventures in 2018 to grow its standing as a digital asset marketplace. In total, the company has raised $23.9 million since it was launched in 2013.

Telyatnikov described the infusion of capital as an effective short-term solution for their current needs:

This capital injection enables AlphaPoint to continue delivering on our mission to enable access to digital assets globally. We are still in the early days of adoption and utilization of blockchain technology.

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About: I am a business developer, sales professional, FinTech strategist, as well as Cryptocurrency and Blockchain enthusiast. I'm highly passionate about Financial Technology and Digital Innovation, and strongly believe that it will change the world for the better. Apart from my daily job at a global payments startup where I'm leading company's expansion into Europe , I'm an active member of FinTech community and a TechFin evangelist.

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