Glencore Joins Responsible Sourcing Blockchain Network

Glencore Joins Responsible Sourcing Blockchain Network
December 17, 2019

After remaining range-bound with a slight bearish bias for more than two weeks, the cryptocurrency market came under heavy selling pressure yesterday. Bitcoin (BTC) lost 2.7% in the past 24 hours to trade at $6,895, reflecting a market cap of $124.87 billion. Ether (ETH) lost 6.5% to trade at $132.47. Similarly, XRP lost 5.5% to trade at $0.2037. Other major altcoins, which has lost in the past 24 hours include TRON (TRX-$0.0134, -3.7%),  Litecoin (LTC-$39.94, -7.3%), Stellar (XLM-$0.0469, -7.9%), Bitcoin Cash ($196.01, -5.1%), LEO (LEO- $0.8677, -0.46%), Dash (DASH-$45.72, -8.4%), IOTA (IOTA-$0.1734, -7.2%), OKB (OKB-$2.47, -4.1%),  Ethereum Classic (ETC-$3.68, -2.3%), Cardano (ADA-$0.0340, -5.7%), EOS (EOS-$2.35, -8.4%), Cosmos (ATOM-$4.10, -6.3%), Huobi (HT-$2.58, 4.31%), ChainLink (LINK-$1.99, -3.1%), Monero (XMR-$49.11, -2.5%) and Binance Coin (BNB-$13.36, -7.0%). The only altcoin (top 20) which has gained in the past 24 hours is Tezos (XTZ-$1.72, 4.0%).


Government level initiatives

Blockchain-based refactoring platform launched by China Construction Bank

A refactoring platform based on blockchain was unveiled by China Construction Bank (CCB), the second-largest bank by assets in the world. The platform focuses on commercial factoring business and intends to enhance operations and minimize key risks in refactoring business, while allowing information to be shared between numerous participants. Factoring is the process of purchasing third-party invoices at a discount. The process enables companies to carry on with their everyday operations without worrying about fund constraints. The launch of the refactoring platform has come after CCB rolled out its second version of the blockchain trading platform, named BCTrade 2.0, in October. BCTrade 2.0 has already recorded a total trading volume of $50 billion. CCB’s blockchain trading financial platform supposedly facilitates domestic letters of credit, global factoring and forfeiting, in addition to refactoring.

The launch of BCTrade has paved the way for the digitization of trade and financial services in more than 54 national and overseas institutions, including several foreign and state-run banks.


Private sector initiatives

ByteDance partners with Shanghai Dongfang Newspager

ByteDance, which owns the popular social media app TikTok, has entered into a partnership with Shanghai Dongfang Newspager, a Chinese government-owned media outlet that operates, to build commercially feasible models that utilize blockchain and artificial intelligence (AI). On December 10th, the partnership was rolled out at Jinan, which is the capital of eastern China’s Shandong province. The joint venture has started out with a paid-up capital of 10 million yuan ($1.43 million). ByteDance holds a stake of 49% in the joint venture, while the Chinese media group owns the rest.

TikTok boasts with 500 million monthly active users and is the second most downloaded app in Apple’s App Store in the US. The video feed provided by the app is handled by a built-in AI to assess and show content that has a high probability of being viewed by the user.

Even though there is no clarity on how ByteDance and TikTok could gain from blockchain technology, one probable implementation could be verification of digital media info. For example, US law enforcement and Arizona based Axon Enterprise intends to trial blockchain for its body cameras to battle videos created using Deepfake AI.


Glencore to use IBM blockchain solution to trace cobalt

Glencore, the British-Swiss commodity trading and mining enterprise, will utilize an IBM built blockchain solution to trace cobalt. Glencore affirmed that it had become a member of the Responsible Sourcing Blockchain Network (RSBN), a joint collaboration between several major corporations capitalizing on the technology to enhance transparency in supply chain.

RSBN is a vision of international sourcing audit and consulting firm RCS Global Group. It utilizes the IBM blockchain platform and is based on Hyperledger Fabric.

Nico Paraskevas, Glencore head of marketing for copper and cobalt, explained how RSBN plays a crucial part in creating a low-carbon economy. Paraskevas said, “RSBN plays a key role in advancing the sustainable partnership between the producers of commodities that will enable the transition to a low-carbon economy and key consumers around the world.”



Robinhood to roll out fractional stock trading

California-based broker Robinhood, popular for facilitating zero-fee cryptocurrency trading, intends to roll out fractional stock trading this week. In this regard, the firm disclosed that over 200,000 of its customers have already shown interest in utilizing the latest fractional stock trading application. Robinhood’s co-founder Vladimir Tenev revealed that the customers were “already in line” for the application. After Robinhood’s client base surpassed 10 million accounts, the firm’s valuation crossed $7.60 billion. The broker intends to open shop in the United Kingdom, as per recent media news.

The intended app will also permit clients to invest in fractions of exchange-traded funds (ETFs). By unveiling the service, Robinhood basically wish to lure first-time investors – as the app will allow buying portions of a share in major companies such as Amazon, which closed at $1,760.94 Friday. Robinhood permits investments as low as $1.

Tenev detailed on the benefits of the facility: “In particular, with this feature, we see customers’ eyes light up when they deposit $10 or $100 and the entire universe of stocks that they would like to invest in, or stocks that represent companies that make products they love, is available to them.”

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.


Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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