Ripple’s rival Quant Network introduces a new innovative solution to make blockchain-based transactions more secure for banks.#QNT Network has announced the launch of a new solution that makes blockchain-based transactions more secure for financial institutions.Dubbed Overledger Authorise, the technology addresses a major problem faced by banks. Quant Network noted in a press release today that prior to the inception of blockchain, financial institutions used key management solutions to ensure security for business applications and data. Authorise Addresses Existing Security IssuesHowever, it noted that these financial institutions can no longer use existing key management technology following the introduction of blockchain and digital assets. “​Overledger Authorise solves the problem of how banks and institutions can manage and integrate digital asset and blockchain private keys with their existing enterprise key management systems,”Quant Network noted.Notably, the technology also ensures seamless end-to-end transactions across various blockchains and systems.Per the press release, Authorise recently showcased its real-world viability during a stress test in Project Rosalind. It bears mentioning that Project Rosalind is an experimental central bank digital currency (CBDC) initiative led by the Bank for International Settlement (BIS) and the Bank of England. Commenting on the development, Quant’s CEO and founder Gilbert Verdian acknowledged blockchain’s prowess in revolutionizing the banking sector. However, he stated that the emerging technology can only reach its full potential with the rollout of robust solutions for cryptographic key management. “This is where Overledger Authorise comes in. It brings central bank-grade key management and enterprise transaction signing capabilities to the blockchain ecosystem,” he remarked. “By integrating existing enterprise key management systems to seamlessly connect and interoperate with multiple blockchains while maintaining high-grade security compliance.” Quant and Ripple Focus on Financial InstitutionsLaunched in 2018, Quant is a UK-based company that facilitates scalable interoperability between blockchains while eliminating intermediaries. The launch of Authorise is one of Quant’s major efforts to offer its enterprise-grade solutions to the financial industry. Last year, Quant partnered with UST, a digital transformation solutions company, to enable financial institutions to adopt digital assets. In June, Quant joined the vendor team of the Project Rosalind initiative. Notably, Ripple’s prowess in the financial sector cannot be overemphasized. The blockchain payments company has seen top financial institutions adopt its technology for cross-border settlements. As reported earlier, Coins_ph and OK Remit leveraged Ripple’s On-Demand Liquidity (ODL) to facilitate cross-border settlements from Japan to the Philippines.Interestingly, Ripple recently won the PAY360 Award, an award believed to be the most prestigious payments award in the UK. The award recognized Ripple’s use of digital currencies and blockchain technologies in financial services.Source : The Crypto Basic / October 10, 2023#QNT #ripple #

On Oct. 12, digital currency and electronic payments firm DeCurret Holdings published a white paper on its cryptocurrency project, the “DCJPY.“ The organization intends to launch the coin in July 2024.According to the white paper, the DCJPY Network will consist of the Financial Zone and the Business Zone. The former will include banks minting deposits as digital currency on the blockchain, while the latter will be reserved for transactions. The Business Zone will also provide space for issuing nonfungible, security and governance tokens.The leading issuer of the DCJPY, which will be backed by deposits in Japanese yen, will be the Aozora Bank, a commercial entity with 19 domestic branches in Japan. In 2021, DeCurret reported about a consortium of 70 Japanese companies that would participate in the DCJPY Network. While the white paper doesn’t mention any specific names of the network participants, DeCurret itself is backed by 35 shareholding companies, with Japan Post Bank, Mitsubishi and Dentsu Group among them. DeCurret will hold a seminar on the white paper explaining the main points behind the project on Oct. 18. The meeting will take place in Tokyo and won’t be screened online.In May 2023, the Bank of Japan released the results of the second phase of its central bank digital currency experiment. It will make a final decision on issuing a “digital yen” by 2026.Meanwhile, Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring the issuance of Japanese yen and other foreign currency-denominated stablecoins in the country.

6 Reasons Why a #Bitcoin Spot ETF is so important for the market:

1. Mainstream Adoption and Accessibility: A Bitcoin Spot ETF offers an easy route for both retail and institutional investors to gain exposure to Bitcoin.

2. Regulatory Legitimacy: When regulatory authorities approve a Bitcoin Spot ETF, it signifies a level of acceptance and legitimization of Bitcoin within the traditional finance realm.

3. Liquidity: Trading on traditional stock exchanges, ETFs can bring liquidity to the Bitcoin market, potentially reducing its volatility.

4. Institutional Interest: Many institutional investors are restricted from directly holding cryptocurrencies. An ETF provides a compliant method for these institutions to invest in Bitcoin.

5. Infrastructure and Custody: Establishing a Spot ETF will generate more development of robust infrastructure for the secure storage and management of the underlying Bitcoins, benefiting the wider crypto ecosystem.

6. Public Perception: The existence of a Bitcoin ETF on major stock exchanges can increase public trust and interest in the asset, serving as a form of validation.

In conclusion, a Bitcoin Spot ETF bridges the traditional financial sector with the burgeoning crypto ecosystem.

#BTC #BitcoinEft

1️⃣ #Binance reimburses users $1M after a Cyber Earn issue prevented CYBER token withdrawals due to a cross-chain bridge problem.

2️⃣ #JPMorgan Chase is developing a blockchain-based deposit token to expedite cross-border payments, awaiting US regulator approval.

3️⃣ #Genesis Global Capital sues DCG for over $600M in unpaid loans. DCG owes $500M and DCGI owes 4,550.5 BTC. Genesis seeks repayment.

4️⃣ The #Lazarus Group, tied to North Korea, reportedly stole $41M in crypto from casino Stake, says FBI, adding to their $2B theft record.

5️⃣ Despite FUD around #Binance, CZ cites strong performance: no liquidity issues, court wins, $64B reserves, and a $200M 24-hour deposit.

6️⃣ Tokenized Asset Coalition, with key members like #Coinbase & #Aave, aims to bring the 'next trillion' in assets to blockchain for efficiency.

7️⃣ Ex-FTX exec Ryan Salame pleads guilty to all charges, admitting to being a straw donor for political contributions. He may forfeit $1.5B.

8️⃣ Grab, Southeast Asia's ride-hailing super-app, introduces #web3 services, allowing users to set up wallets, earn NFT rewards, and more.

9️⃣ #Kraken adds PayPal deposit support for UK and European users on its mobile app, offering near-instant fund availability for trading.

🔟 Starting Sept. 15, #Google permits NFT game promotions, but bans games staking NFTs for real-world value and social casino #NFT rewards.