Takasbank To Launch Gold Trading On Blockchain Platform

Takasbank To Launch Gold Trading On Blockchain Platform
September 10, 2019


The cryptocurrency market remains mixed with some of the top 20 altcoins in the green, while the others are in the red. Bitcoin (BTC), however, continues to trade above $10,000 level. At the time of writing this article, Bitcoin is trading at $10,293.55, flat from prior close. Ethereum (ETH) has gained 2.3% to trade at $182.20. Likewise, XRP, Ripple’s native cryptocurrency, has gained 0.8% to trade at $0.2612. Other altcoins which have lost in the past 24 hours include Litecoin (LTC-$72.79, -4.6%), EOS (EOS-$3.87, 6.2%), Cardano (ADA-$0.0478, 4.6%), Tron (TRX-$0.0159, 3.6%),  Bitcoin Cash ($306.27, 2.0%), OKB (OKB-$2.66, 2.0%), Huobi (HT-$4.02, 0.1%),  Ethereum Classic (ETC-$6.55, 1.1%), Cosmos (ATOM-$2.82, 11.1%) and IOTA (IOTA-$0.2382, 0.4%). Altcoins which have lost ground in the past 24 hours include Monero (XMR-$74.88, -2.1%), Binance Coin (BNB-$22.16, -0.4%), Dash (DASH-$85.23, -2.4%), Stellar (XLM-$0.0586, -1.8%) and LEO (LEO – $1.05, -0.9%).


Government level initiatives

Jerome Powell confirms the Fed is not working on its own crypto

The US Federal Reserve Chairman Jerome Powell stated that the central bank is tracking cryptocurrencies, but is not working on its own crypto venture. While speaking at an event in Zurich, Switzerland, Powell argued that central banks might not introduce their own digital currencies in the near future. He further opined that cryptocurrencies could create a range of problems including issues related to cybersecurity.

“If you think about one currency that was for the United States, it would really need to be cyber secure because it’s one thing to be able to counterfeit paper currency, it’s another thing to hack into a cyber currency and create, with a computer, however much of it you want.”

Regarding Facebook’s planned Libra stablecoin, Powell stated that the venture would have to fulfill stringent regulatory guidelines due to the large client base of the social media platform. Powell also believes that the current regulatory system may not be enough to oversee Facebook’s stable coin.


LVC Corp. gets the green light to operate a crypto exchange

Japanese messaging platform provider LINE’s subsidiary, LVC Corporation, has received a license to operate a cryptocurrency exchange. The cryptocurrency and blockchain-focused firm’s trading platform, to be rechristened BITMAX, will permit Line’s 80 million users in Japan to trade multiple cryptos. The FSA of Japan has currently authorized listing of Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), and XRP on the platform.

LINE boasts of 187 million monthly users across the globe, including 50 million users of LINE Pay, which offers mobile payment service. In July 2018, LINE had launched BITBOX, a cryptocurrency exchange serving customers across the globe. Singapore headquartered BITBOX will overhaul its back end infrastructure to suit the Japanese regulations.

Japan’s Payment Services Act, which was amended in April of 2017, has prevented Japanese traders from accessing BITBOX. In late summer 2018, as part of token ecosystem development, LINE introduced its native crypto Link on its service-centered blockchain, Link Chain.


Private sector initiatives

Takasbank planning a blockchain-powered platform to trade physical gold

Takasbank, which is the Istanbul (Turkey) Clearing, Settlement and Custody Bank, has revealed plans to launch a blockchain-powered platform for trading physical gold. Established in 1988, Takasbank is the central clearing and settlement house in Turkey, which also offers central counterparty clearing services for particular BIST markets assigned by the Capital Markets Board of Turkey, which is the domestic financial regulatory authority and monitoring agency.

Takasbank’s project, codenamed BiGA, intends to facilitate people to move physical gold held at the Borsa Istanbul Stock Exchange (BIST), Turkey’s exclusive organization for exchange, in the form of digitized gold units.

The units, which perform the same function as stablecoins pegged to fiat currency, have their valued linked to the price of gold. A “BiGA” represents one gram of gold in Turkish, as per the official website of regarding the project.

The venture, started last year, has completed trials with several domestic financial institutions and banks, including Turkey’s second-biggest bank Ziraat Bankası, Albaraka Turk, VakıfBank, Kuveyt Turk and Garanti BBVA.

Takasbank stressed the safety and privacy of transactions on the BiGA platform, while revealing that the transfer process is monitored by authorities. The bank will offer a wallet for customers to store the token and BiGA will ultimately be used as a method of payment in online purchases.



Huobi Uni partnering with University of Gibraltar on blockchain initiatives

Cryptocurrency exchange Huobi’s research and education division Huobi University is partnering with the University of Gibraltar on several blockchain initiatives. This is the first official partnership between Huobi Group, the holding company of both Huobi exchange and Huobi University, and Western University.

In October 2018, the Government of Gibraltar, in partnership with the University of Gibraltar, established an advisory group centered on the development of blockchain-related educational programs.

On behalf of the university, Albert Isola, Gibraltar’s Minister for Commerce, inked a memorandum of understanding (MoU), officially unveiling the partnership.

Jianing Yu, President of Huobi University and another signatory in the MoU, had the following to say regarding the partnership: “We are very excited at the prospect of future collaborations between Huobi University and the University of Gibraltar, particularly as a means of accelerating the establishment of high quality blockchain-focused educational initiatives. […] Both parties share an ambition to promote high-level academic research around the burgeoning DLT landscape, and I look forward to seeing this vision take shape.”

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.


Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.

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