Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

South Korean Shinhan Bank pilots digital currency platform with LG CNS

South Korean commercial bank Shinhan Bank has built a digital won pilot platform in collaboration with LG CNS.

Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency.

Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm LG CNS, South Korean news agency Yonhap reports Monday.

Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking institutions like Shinhan Bank act as financial intermediaries. The bank emphasized that CBDC intermediaries would be an integral part of a digital won ecosystem, stating, “If the Bank of Korea issues a CBDC, an intermediary agency will be necessary for the smooth distribution and use of digital currency.”

According to the report, Shinhan Bank’s CBDC system allows individuals and affiliates to use the issued CBDC for payments, remittances and foreign exchange transactions. The platform also divides the CBDC issuance into general funds held by individuals and government funds intended for specific purposes like emergency funding.

The report does not specify what blockchain network was used. Shinhan Bank and LG CNS did not immediately respond to Cointelegraph’s request for comment.

As previously reported, Shinhan Bank deepening its involvement in the crypto and blockchain industry. In January 2021, Shinhan Bank invested in Korea Digital Asset Trust, an industry consortium of businesses that provide digital-asset custody. The bank also participated in a $7.5 million funding round for Blocko and supported blockchain-based projects for stock lending.

Meanwhile, the Bank of Korea has been progressing apace with its CBDC. After starting digital won trials in April 2020, the South Korean central bank issued a lengthy report in February, in which it stated that crucial legal issues with digital currencies must be addressed in order to move forward. 

https://ift.tt/30wyG2e
Labels:

Comments

Post a Comment

Popular posts from this blog

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

The Congolese Mountain of Gold: Surprise Discovery in Africa Shows Metal’s Scarcity Is Hard to Prove

A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the global financial system unreported. Surprise Gold Deposits Continue to Crack the Precious Metal’s Scarcity Proposition It has always been said that the precious metal gold (Au) is scarce, and some reports even say that gold mining on earth will end by the year 2050 . Additionally, estimates also show that there’s roughly 2,500 to 3,000 tons of new gold that is accounted for and enters into the fin...
Post a Comment
Read more