BNY Melon Joins Blockchain Focused Marco Polo Network

BNY Melon Joins Blockchain Focused Marco Polo Network
November 28, 2019


The cryptocurrency market saw huge volatility yesterday, with Bitcoin (BTC) dipping below $7,000 and rebounding quickly to reach $7,500 levels. The news of South Korea’s Upbit cryptocurrency exchange hacking incident triggered panic selling in the market. However, the market rebounded after the exchange guaranteed to pay investors in two weeks. Nearly $50 million worth cryptocurrency was swindled by a hacker. Many crypto enthusiasts believe that it is an insider job.

Ether (ETH), the native crypto of Ethereum blockchain, also dipped below $146, before recovering to $152 levels, representing a gain of 3.4% in the past 24 hours. XRP has also gained 1.6% to trade at $0.2250. Other major altcoins, which has gained in the past 24 hours include TRON (TRX-$0.0160, 5.1%), Monero (XMR-$55.38, 8.3%), Huobi (HT-$2.67, 4.4%), IOTA (IOTA-$0.2170, 3.1%), Litecoin (LTC-$47.82, 2.6%),  Ethereum Classic (ETC-$3.95, 2.7%), Stellar (XLM-$0.0585, 1.3%), Cardano (ADA-$0.0384, 5.4%), Bitcoin Cash ($220.11, 4.6%), EOS (EOS-$2.68, 3.4%), Binance Coin (BNB-$16.02, 3.7%), Tezos (XTZ-$1.26, 2.3%), LEO (LEO- $0.9161, 0.1%) and OKB (OKB-$2.24, 4.6%).  The altcoins (top 20 list) that have lost ground in the past 24 hours are Dash (DASH-$49.99, -0.1%), Cosmos (ATOM-$3.70, -0.3%) and ChainLink (LINK-$2.20, -1.5%).


Government level initiatives

Thailand considering blockchain tech for refunds on extra tax

Thailand is contemplating using blockchain technology to refund extra taxes paid by oil exporters. Specifically, Patchara Anuntasilpa, director of the Excise Department, stated that a modification to the prevailing tax refund process is planned using a blockchain-powered platform. The department expects the tax refund platform to go live by the middle of next year.

Patchara detailed that the intended tax payback platform will facilitate oil exporters to remit excise tax and request refunds of additional tax after the fuel is shipped. He underlined that blockchain technology would improve the capability of the department in inspecting tax payments.

As of date, oil exporters have to submit paper documents for claiming tax relaxation, and the inspection process is not perfect. The Excise Department will partner with the Krungthai Bank to build the blockchain-powered tax refund platform, which is one of the three trial ventures. The other endeavors are e-bank guarantees, yearly fee remittance for tobacco and liquor, and distribution license for playing cards.


Ghana investigating CBDC

Ernest Addison, Governor of the Bank of Ghana (BoG), has stated that the Republic of Ghana is studying the pros and cons of central bank digital currency (CBDC). Addison, an economist, also revealed that the central bank is involved in a project, which aims to develop and trial a CBDC. While delivering a keynote address at the 23rd National Banking Conference, Addison underlined that the CBDC endeavor would be conducted in a sandbox “with the possibility of issuing an e-cedi in the near future.” Ghana’s national fiat currency is called as the cedi.

The BoG governor asserted that the CBDC trial is in accordance with the country’s attempt to digitize the banking and financial industry. Addison said “Digital financial technologies will continue to define the future of our banking experience.” Addison further pointed out that mobile money transaction volumes rose from $982 million in 2017 to $1.40 billion in 2018.

Furthermore, the BoG has authorized Ghana Commercial Bank (GCB Bank), the largest bank in terms of assets under management, to issue e-money.


Private sector initiatives

Bitstop collaborates with Simon Malls for Bitcoin ATMs at multiple locations

Bitstop, an operator of Bitcoin (BTC) ATMs (automatic teller machines), has joined hands with Simon Malls, which runs the largest shopping mall in the US, to deploy Bitcoin ATMs at several venues. Miami-based Bitstop already operates Bitcoin ATMs at five spots in Simon Malls in California, Georgia, and Florida. Bitstop co-founder and CEO Andrew Barnard has pointed out that the ATM machines have been deployed before the start of the holiday season.

“With the strategic timing of this new installation of Bitcoin ATMs at Simon Mall locations, customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping.”

The licensed and regulated firm Bitstop aims to widen its teller machine network, with more than 500 installations by the end of next year. Notably, in mid-October, Bitstop announced that it had installed a Bitcoin ATM at the Miami International Airport.


Bank of New York Mellon becomes a member of the Marco Polo Network

The Bank of New York Mellon (BNY Mellon) has become the latest member of the Marco Polo Network, a trade finance association established by blockchain-focused software company R3. The US financial institution, which manages over $1.90 trillion in assets, aims to widen its technical proficiency and study how blockchain technology can be used to improve its trade funding related processes. In this regard, BNY Mellon will carry out a validation program using blockchain technology. Ultimately, the bank intends to do away with paper-based procedures and digitize its operations.

Marco Polo is a two-year-old association of top international banking and financial institutions. The network was established through a partnership between R3 and Irish technology company TradeIX, and boasts members such as Dutch ING, Japanese MUFG, French BNP Paribas, Bank of America, and French Credit Agricole.

Oliver Belin, chief marketing officer at TradeIX, disclosed that the Marco Polo network has 31 members as of date, with 28 being banks and the remaining three being R3, TradeIX, and Mastercard. Belin also pointed out that BNY Mellon’s logo will be included to Marco Polo website.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.



Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be

Related Articles

ConsenSys Buys Asteroid Mining Firm Planetary Resources

  The crypto market turned slightly bearish yesterday following a statement by the former US Federal Reserve chair Janet Yellen

French MPs Suggest Spending €500mln On Blockchain Tech

  The cryptocurrency market has begun the week in the green, with major altcoins gaining slightly against the US dollar.

Opera Unveils Crypto-Ready Browser for iOS Devices

Video URL The cryptocurrency market is undergoing a mild price correction after rallying for the past two days. Notably, Bitcoin