HUGE French Bank Issues 100 MILLION Euro Bond on Ethereum!! Will this drive ADOPTION??
Today we have a Daily Token Review and three really awesome cryptocurrency news segments to share with you. When it comes to today’s news, first up we have Ripple Labs, whose distributed ledger technology (DLT) network has been successfully used by Thailand’s Siam Commercial Bank (SCB). Second up, Societe Generale, a French multinational investment bank has reportedly issued a $112 million bond on the Ethereum (ETH) blockchain. Thirdly, Lightning Labs, has now launched its first desktop app upon the Bitcoin distributed ledger. If you guys are interested in understanding how Ripple Labs has been used Thailand’s Siam Commercial Bank, please make sure you stick around! Just before I start, if you guys like our content and want to keep updated with the cryptospace, please make sure you hit the like and subscribe button!
As seen on CoinMarketCap, we’ve got a mixture of greens and reds on the market, with a majority of cryptocurrencies bleeding slightly, overall. The world’s flagship cryptocurrency, bitcoin (BTC) has decreased by 1.49 percent. Ether (ETH) still maintains its “second in command” status, and it’s currently losing by 2.72 percent. Ripple’s XRP maintains the number three position, and it has also decreased by 5.37 percent. Other considerable movements in the market include Stellar which has decreased by 5.90 percent.
Now, if I scroll down to the top 20, we’re also having a minor bear market across the board. Interestingly, Tezos has been falling pretty significantly, losing 12.52 percent!
Now, onto the news! According to a report by Invest In Blockchain Ripple, a San Francisco-based financial technology (fintech) firm has achieved another significant milestone, as its blockchain network has been used by Thailand’s leading financial institution, Siam Commercial Bank (SCB) to facilitate superfast cross-border payments.
Reportedly, the bank was able to drastically reduce the time required to send an international business to business (B2B) payment from 48 hours to just 1 minute, using the Ripple blockchain. “In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment. Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared to one to two days with conventional methods,” declared SCB.
Now, what does this mean for Ripple and its supporters? Of late, numerous financial institutions have latched onto Ripple’s blockchain network in a bid to facilitate fast and cost-efficient cross-border payment. This latest testimony by SCB goes a long way to show that Ripple’s blockchain-based payments solutions are truly world-class and highly functional.
Now, onto the second news item for today! Per a report by Coindesk, Societe Generale Group, a leading French multinational financial services company with over 1 trillion euros in total assets, has reportedly issued about $112 million worth of bonds as a security token on the Ethereum smart contracts blockchain. Specifically, Societe Generale SFH, a subsidiary of Societe Generale, used the OFH token to issue 100 million euros of covered bonds to itself.
The bond has a five-year maturity, with a 12-month extension period and it has the same value with other bonds of the financial institution. In essence, peradventure the lender gets hit by unforeseen circumstances that may lead to its bankruptcy, holders of the OFH tokens are entitled to receive the same fractional amount as those who hold other bonds issued by the firm.
Societe Generale firmly believes that the issuance of bonds on the blockchain fosters transparency and efficiency, while also making the entire bond issuance process easier. “This live transaction explores a more efficient process for bond issuances. Many areas of added value are predicted, including product scalability and reduced time to market, computer code automation structuring, better transparency, faster transferability and settlement. It proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries,” declared the firm.
Now onto the third news item for today! According to a report by Coindesk, Lightning Labs, one of the largest firms working on the Lightning Network, which has been touted as the solution to Bitcoin’s scalability challenges, has launched the Lightning desktop app on the Bitcoin mainnet. Now, what does this mean for bitcoin (BTC) enthusiasts across the globe? The Lightning app has been in bitcoin’s testnet for quite some time now. With the Lightning application now live on the Bitcoin mainnet, hodlers of the flagship digital asset will now be able to use it to send and receive bitcoin payments in a superfast, secure and cost-efficient way. For those who are unaware, as the name implies, a testnet is a specific area in a blockchain network used for testing new applications.
Commenting on the important development, Lightning Labs developers, Tankred Has and Valentine Wallace noted that “Driving this release is a complete commitment to scaling the principles that Bitcoin was built on privacy, security, and self-determination. For that, we need to go beyond custodial solutions and enthusiast guides and deliver a great user experience for everyone.”
The new Lightning desktop app by Lightning Labs currently supports Windows, Linux and MacOs devices, however, the team has hinted that the app will soon be available for downloads on mobile devices shortly. Notably, the Lightning Labs team have made it clear that although their Lightning app has made it to the Bitcoin mainnet, it is still not meant for crypto newbies, as the Lightning technology is still under refinement. Well, as the saying goes, the journey of a thousand miles begins with a single step. With more and more infrastructures being built in the blockchain and cryptospace, despite the market downturn, it’s only a matter of time before we hit the moon!
So what are your thoughts on this situation?
Are you confident that Ripple’s highly functional blockchain solutions will go mainstream soon? What are your thoughts about Societe Generale’s bond issuance on the Ethereum network? Will it encourage more financial institutions to join the blockchain movement? And What do you think about the Lightning desktop app by Lightning Labs?
Let me know what you guys think below, If you liked the content please subscribe and watch our latest videos. It’s Cindy with CryptoPig, Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.