Monat: Januar 2023

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National Australia Bank creates stablecoin backed by Australian dollar

  • The Australian stablecoin will be called AUDN.
  • It will be backed one-for-one by the Australian dollar.
  • Users will be able to settle transactions using blockchain technology using the stablecoin.

Despite people within the stablecoin space being extremely sceptical, especially after the collapse of the once mighty Terra UST stablecoin, entities have been launching their own stablecoin variants and the Australian Bank has joined the bandwagon.

The Australian Financial Review on Thursday reported that the National Australia Bank (NAB) is creating a stablecoin called the AUDN that will be backed by the Australian dollar. The news comes right on the heels of Iran and Russia announcing that they will develop a gold-backed stablecoin.

Anticipated AUDN launch date

According to the report, NAB anticipates launching the stablecoin mid this year.

The stablecoin will run on the Ethereum network and Algorand blockchain and will be fully backed by the Australian dollar one-for-one. It will allow Australian citizens to settle transactions using blockchain technology in real-time using the Australian dollar. Users will also be able to use the stablecoin in bond market repurchase agreements and for “green deposits” besides settling transactions and cross-border remittances.

Commenting on the development, the Chief Innovation Officer at NAB, Howard Silby, said:

“We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

Stablecoins backed by other currencies

Silby also revealed that the bank is also planning to launch several other stablecoins backed by different other currencies in jurisdictions where the bank is licensed. He said:

 “We are planning to offer stablecoins in multiple currencies in jurisdictions where NAB has licenses.”

The NAB is currently testing the stablecoin by using it to move money between subsidiaries and branches. The bank joins other Australian players like the Novatti Group which towards the end of the second quarter of 2022 confirmed it was working on its stablecoin project called AUDC stablecoin.

The post National Australia Bank creates stablecoin backed by Australian dollar appeared first on CoinJournal.

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Genesis could file for bankruptcy this week: report

  • Genesis Global Capital, a crypto lending platform owned by Digital Currency Group (DCG), is said to be considering filing for bankruptcy.
  • According to a Bloomberg report, Genesis is likely to file for bankruptcy this week.
  • Genesis paused customer withdrawals in November, with over $900 million owed to Gemini Earn customers alone.

Troubled crypto lender Genesis Global Capital is reportedly looking to file for bankruptcy, according to the latest cryptocurrency news around the platform.

Genesis is a subsidiary Digital Currency Group, DCG, a crypto company that has over the past few weeks been one of the main topics across Crypto Twitter for its role in the troubles that now beguile its crypto lending unit. DCG also owns Grayscale and crypto publication CoinDesk.

Genesis could file for bankruptcy as early as this week

Indeed, as we recently reported, crypto exchange Gemini has accused DCG for the difficulty that it has faced since Genesis paused redemptions and loan originations in November last year. And the US Securities and Exchange Commission (SEC) has charged both Gemini and Genesis for violating the securities laws through the offerings linked to the Gemini Earn product.

Now, amid the liquidity crunch that’s bitten the company, the report is that Genesis could file for bankruptcy protection in the next few days. Sources cited in a Bloomberg report on Wednesday say the bankruptcy filing could happen before the end of the week.

Companies use Chapter 11 bankruptcy procedures as a platform that allows the embattled business time in which they can work towards salvaging assets and recouping value for creditors.

The post Genesis could file for bankruptcy this week: report appeared first on CoinJournal.

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Deal Box launches $125 milllion venture fund to invest in Web3

  • Deal Box’s venture arm will invest in blockchain and Web3 startups.
  • Dubbed Deal Box Ventures, the investment unit will target projects in fintech, emerging growth, real estate, funtech and social impact.
  • Thomas Carter, the founder and Chairman of Deal Box, says the fund will also provide the tools and funding ecosystem startups need to succeed.

Deal Box, a US-based capital markets advisory platform, has launched a new venture fund that will invest $125 million in blockchain and Web3 technology startups.

A press release from the token offering firm noted that Deal Box Ventures will look at projects across five key fund areas – fintech, emerging growth, funtech, real estate and social impact.

“Deal Box Ventures is an important milestone in our journey to invest in the most promising and disruptive blockchain startups, providing them with the tools and funding ecosystem they need to be successful by simplifying and reimagining traditional financing models,” said Thomas Carter, the founder and Chairman of Deal Box.

Deal Box already invests in three key blockchain projects

According to the press release, Deal Box Ventures will target strategic investments aimed at unlocking the full potential of blockchain technology. The venture fund will thus focus on supporting projects leveraging the new technology to reshape and improve everyday lives.

These goals tie in with part of Deal Box’s Web3 investments in three key projects whose technology looks to solve issues around device identity.

Total Network Services is a platform offering UCID (Universal Communication Identifier), the first blockchain-enabled supply chain security service in the world. Deal Box has also invested in Rypplzz, a project that taps into the benefits of blockchain technology to connect digital and physical objects. Meanwhile, Forward-Edge AI aims to use Artificial Intelligence (AI) to improve human life.

The post Deal Box launches $125 milllion venture fund to invest in Web3 appeared first on CoinJournal.