The continuous devaluation of the Yuan has increased demand for bitcoin and new asset classes in China. Today, the country counts some 2 million bitcoin users; among them, 80 percent are speculating for short-term profit and about 14 percent are holding long-term, recognizing the value of the digital currency, according to Fang Yu, COO and Co-Founder of BitKan.
The Financial Conduct Authority (FCA), the UK’s financial services regulator, has announced that blockchain startup Epiphyte will be providing financial institutions in the UK with an alternative clearing and settlement system that uses Bitcoin.
As Samsung Group seeks to lead the fintech industry, the South Korean electronics giant is turning its eyes toward blockchain technology. Reports from Korean media outlets suggest that the firm is planning to set up a blockchain system among its financial subsidiaries as early as October, which it would expand it diverse financial services next year.
HSBC, Bank of America Merrill Lynch and Singapore’s Infocomm Development Authority (IDA) have teamed up to trial a new blockchain prototype to execute import-export deals automatically using smart contract technology.
2016 is the year real estate wakes up to blockchain as industry professionals are looking to harness the technology to reduce costs, stamp out fraud and speed up transactions.
The blockchain, the core technology underlying the digital currency bitcoin, has gained much interest from the financial services industry with major players all looking to harness its potential in hopes to gain in efficiency and reduce infrastructural costs. But beyond financial services, a variety of non-financial applications are being explored including its use in the real estate business.
Banking giant Citigroup, has developed 3 blockchains and a test cryptocurrency dubbed ‘Citicoin’ to run across them. The bank wants to make sure it is “at the leading edge of [distributed ledger technology]” so it can “exploit the opportunities within it.”
The Canadian Imperial Bank of Commerce (CIBC), one of the country’s largest banks, is closely studying blockchain technology, peer-to-peer lending, in a time where fintechs are threatening to shake up the financial services sector.
Los Angeles-based Block26, has launched a blockchain and digital currency-dedicated investment fund that seeks to make “aggressive investments” into blockchain startups.