Thailand started CBDC tests in preparation for the official launch
Thailand uses blockchain to support green energy trading

As China — currently the leading nation in regards to central bank digital currency (CBDC) development — approaches the end of testing, many other countries appear to be rushing to catch up. Only days ago, Japan’s authorities revealed that they will consider adding CBDC to the country’s economic plan. A few weeks back, the Bank of Japan stated that it plans to start CBDC tests. Meanwhile, the Bank of England is also considering its own CBDC, while the EU central bank is already planning theirs. However, the CBDC craze does not stop there, as Thailand just announced CBDC tests. Thailand

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Binance Integration Allows For Elrond Blockchain To List BUSD

Binance, one of the major crypto exchanges out there, announced today that it has a new partnership. This partnership is with the developer who created the Elrond blockchain network. As a result of this, the collaboration allows for the Elrond Network to host Binance’s USD-pegged stablecoin, the BUSD, effective immediately.

Innovating Faster Transactions

In recent times, Elrond has claimed to offer a high processing capacity when it comes to throughput. Furthermore, it’s said that this will enable the upscaling of usability and performance within a blockchain network. According to the Elrond firm itself, this blockchain allows for “1,000x improvements” over already existing blockchain networks. This, in turn, gets backed by a sharded architecture working state, which allows for cheap and quick transaction of stablecoins

As one would imagine, Binance’s stablecoin, the BUSD, sees almost exclusive trading on the Binance exchange itself. The coin itself was announced back in September of 2019, coming as the product of a partnership between the Paxos Trust Company and Binance itself. The stablecoin is based on the Ethereum network and is backed by the USD through a 1:1 ratio.  Furthermore, it corresponds to the total deposits with its issuer, Paxos. As it stands, the total deposits currently exceed the $100 million mark.

Integration With BUSD

Now, the BUSD will leverage the Elrond Standard Digital Token model. This allows for things like DApps and blockchain-based games to scale millions of transactions per second. The company itself has a clear-set strategy for adoption, having been propelled to the top by heavyweight partners like Binance and Samsung.

The Elrond project had Binance Labs recorded as one of its early backers. Binance Labs had led a funding round for Elrond valued at $3.25 million, having done so alongside NGC Ventures and Electric Capital. Before it hooked up with Binance, Elrond itself was a little-known project, one among thousands. However, the firm had recently launched a DEX, which had created a spur of excitement among the various crypto traders.

The Mandatory Public Statements

Samual Lim, the Chief Compliance Officer at Binance, has stated that the company had witnessed a steady increase in BUSD holders. Furthermore, there has been an increase in DeFi Offerings, real-world applications, and exchange listings with BUSD. Lim explained that Binance is convinced that the BUSD will experience continued success, citing the overall strength of the Binance ecosystem.

Beniamin Mincu, the CEO of Elrond, stated that the high-performance capabilities of the Elrond network would be tested through the BUSD. Mincu noted that the collaboration between these two companies marks an essential step in the global focus to improve the current use cases of blockchains, enabling new ones along the way.

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ERC-20 stablecoins’ market cap nearly doubled from January

Following the coronavirus outbreak earlier this year, traditional markets went through yet another meltdown. It was not long before the cryptocurrency sector followed as well. While the reasons behind this are still a topic of discussions throughout the community, this period did not equally hit all coins. Stablecoins explode as the crypto market crashes Stablecoins — and especially Ethereum-based stablecoins — flourished during the volatile period. In fact, their market cap surged by nearly 100% YTD, hitting $6.25 billion. According to a report published by Matteo Leibowitz, this sharp surge likely comes for two reasons. The first one is, of

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Ethereum Launches “Baseline” Protocol, Backed by EY and Microsoft

ConsenSys, EY, and Microsoft have now officially launched the Baseline protocol. This protocol is designed for businesses and enterprises that plan to leverage Ethereum’s public blockchain but in a secure, private way.

Creating Private Networks In Public Chains

The Baseline project itself was announced on the 4th of March, 2020. However, the source code for the project was only published on GitHub within this week, which has made it available to both developers and businesses for the first time.

Baseline was developed with the purpose of allowing enterprises and businesses to build private networks on top of the existing Ethereum blockchain. In typical network conditions, all transactions on Ethereum are open for public scrutiny. In order to avoid this, businesses typically employ their own private blockchains or otherwise leverage an enterprise version of Ethereum.

Leveraging Technology For Data Security

Baseline, however, allows businesses to leverage the public chain of Ethereum without subsequently compromising the privacy of their network through doing so. Baseline leverages zero-knowledge proofs, distributed identity systems, as well as off-chain data storage to ensure that sensitive data stays private within the public blockchain.

ConsenSys gave a public statement about the matter. It explained that the protocol would allow for tokenization and decentralized financial services support within the Mainnet. This will be done in such a way that neither corporate assets nor activities would be revealed to various unauthorized parties in the process. This allows for enterprise data to safely stay within traditional systems without the worry of being uncovered.

Higher Integration With Ethereum’s DeFi

Through using this protocol, businesses will be capable of handling the large amount of transaction processing power that Ethereum holds. This, in turn, makes it easier for various companies to connect their respective activities to the DeFi ecosystem that Ethereum is so well known for.

The announcement itself implies that Baseline was developed primarily for product procurement. An example would be the fact that Baseline is capable of tokenizing information, such as purchase orders and receivables. This information can then be, in turn, handled through a smart contract on the Ethereum network.

The protocol includes a demo as well, called Radish34. This stands as a collaboration between EY and Microsoft that occurred during 2019. This demo demonstrated the potential use for the platform through the management of relationships between buyers and sellers, as well as facilitating real-time calculations when it comes to volume discounts.

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Google Pay Integrates Coinbase Card To Its Offering

Owners of Coinbase cards that also own android smartphones capable of supporting it are now capable of using their cards without the physical copy. This comes through integration with Google Pay, which was announced on the 17th of march. As it stands now, the card can be emulated through Google Pay on a mobile phone.

Payment Options For Europe Only

The Coinbase Card allows for crypto holders to directly connect with their crypto balance on the exchange itself. This, in turn, can be used to spend crypto on various transactions, thanks to an instant conversion to fiat at the moment of purchase.

As it stands now, the card can only be issued to people situated either within the European Union or within the European Economic Area. However, users within the UK are capable of using it as well. Once this card has been issued, it’s possible to use it wherever Visa cards are supported. It stands as a genuine mainstream integration of the crypto industry.

European Central Bank
Source: Daily Express

Offering A Cardless Card Service

Google Pay allows users to emulate a physical card for offline purchases. It does so by leveraging the NFC chip built into the device. It will enable you to use your smartphone on any terminal that has contactless payment options enabled. Both smartwatches and smartphones are capable of handling the service, but it obviously needs the presence of an NFC chip to work. Thus, most budget-oriented smartphones cannot use the Google Pay service, as it simply doesn’t hold the hardware needed to enact it.

However, there are restrictions in Google pay, since it can’t be used in every country that the Coinbase Card is supported. Countries like the UK, Belgium, Ireland, Finland, Italy, France, Spain, Slovakia, Czech Republic, Croatia, Denmark, Poland, Sweden, and Norway are countries where these services are simply not allowed.

Coinbase made further promises to expand the list of countries that enable this service throughout the coming year.

Google Pay, But No Apple Pay

Through the integration with Google Pay, Coinbase cards can be used instantly after a user has ordered it, as it does not need the physical card to function. Amusingly enough, the iOS counterpart for Google Pay, Apple Pay, has yet to be integrated into this service, as well. As it stands now, no updates have been made as to whether or not any of this will be done, or if it will stay on Google Pay exclusively.

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