Banking/FinanceNews

China Turning On Blockchain, Coinbase Executive Moving Out To Stablecoin

Every day, New company comes up with a launch, a New updates, Technology adoption or taking a step higher to join the blockchain revolution

Recently, China Banking Association reveals the launch of a new blockchain platform relatively for trade finance. Another report cites that major banks from aloft 10 countries have started cheering with the platform. Some big names representing China are:

  • Bank of China,
  • HSBC,
  • China Merchants Bank,
  • China Postal Savings Bank,
  • Ping a Bank, etc.

It is said that Local FinTech companies like PeerSafe are providing technical support. The head of industrial and commercial finance also the vice president at HSBC China, Fang Xiao says:

The launch of China’s trade finance blockchain has brought together the trade chain of different banks to make cross-bank transactions much faster, safer and more realistic

The corresponding news outlet notes that Vaishali Mehta is leaving her position as a senior compliance manager at Coinbase. Moreover, she is willing to become the compliance head at TrustToken. Also, this company is the one to produce TrueUSD stablecoin. According to Vaishali Mehta,

Crypto is an exciting place, and I have been lucky to have been a part of this ‘madness. I really related to TrustToken’s vision to foster a new financial future which is resilient to fraud, failure and greed.

However, Mehta seems to be the latest executive at Coinbase to jump the ship. A few months back, Adam White also left Coinbase to join as a COO at Bakkt. Also, Hunter Merghart who resigns following Mike Lempres shifting to venture capital company, Andreessen Horowitz. Lastly, Rees Atlas also moved to join Twilio, the marketing communications startup.

Meanwhile, the cryptocurrency firms are effortlessly working to tighten their AML protections. The previous month, the U.S. FINRA issues a $10 million fine onto Morgan Stanley as it fails to comply as per AML legislation.

The next authority is RBI to hand over 30.10 million worth rupee fine to the Deutsche Bank as it fails to comply with the Indian KYC & AML laws. On the other hand, Société Générale, a French bank agrees to pay worth $95 million settling AML charges.

According to the director of global regulatory compliance at Fenergo, Laura Glynn states:

Up until now, the focus of regulators had been on the U.S. and European markets. However, we are now witnessing regulators in Asia Pacific and the Middle East markets becoming more proactive in their supervisory efforts

 

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China Turning On Blockchain, Coinbase Executive Moving Out To Stablecoin
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China Turning On Blockchain, Coinbase Executive Moving Out To Stablecoin
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China Banking Association reveals the launch of a new blockchain platform relatively for trade finance and cites that major banks have started cheering..
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Coinpedia
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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