Crypto-Focused Bank Approved in Wyoming, Initiatives Advance in Foreign Markets
Former Wyoming regulator Caitlin Long, now the CEO of a payments processing company, recently announced that her company has received approval from the Wyoming Division of Banking for a banking license. Long said she expected the new company to be open for banking business as early as October 2020. Her company also announced a new product to modernize U.S. dollar payments, called Avit, which she claims will likely be treated as a cash equivalent and issued under existing U.S. commercial laws.
In international developments, according to reports 85% of Italian banks are now exchanging interbank transfer data on Corda’s R3 blockchain. This has reportedly reduced the average time for reconciliation from 30 to 50 days to within one day. In Australia, two Australian Securities Exchange-listed companies have announced an expansion of their partnership to launch “The trueGold Consortium,” with the goal of establishing a “mine-to-marketplace ethical gold supply chain assurance solution” that utilizes blockchain technology to promote trust around provenance, responsible sourcing and production standards.
According to a recent report, one of the largest telecom companies in Austria will now allow its users to make payments using cryptocurrencies including bitcoin, ether and dash on its cashless payments application. This new policy will allow about 2,500 merchants to accept cryptocurrencies. The telecom will convert the cryptocurrencies to euros in real time so retailers receive payment in fiat.
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