Russia’s largest bank joins blockchain trade finance platform

A subsidiary of Russia’s largest bank, Sberbank, has joined a blockchain-based platform for commodity trade finance. Sberbank Switzerland AG has signed an agreement with Swiss trade finance platform Komgo to apply its blockchain-powered trade finance service. Representatives from Sberbank Switzerland AG told Cointelegraph that the collaboration with Komgo addresses the growing digitization of trade finance. Evgeny Kravchenko, head of trade finance at Sberbank, outlined that commodity trade finance is a strategic business of Sberbank Switzerland AG. According to the executive, Russia and the Commonwealth of Independent States’ countries are the…

DeFi platform bZX sees new $8M hack from one misplaced line of code

The Fulcrum DeFi protocol developed by bZX, which had recently relaunched after a series of hacks in February forced the team to regroup, was hacked once again to the tune of about $8 million. According to the incident disclosure by bZX, the culprit is one line of code placed at the wrong location in the contract for its “iTokens,” the token representing a user’s share in the pool of supplied assets — essentially a tokenized deposit balance. A fix was quickly deployed to prevent further occurrences. As Anton Bukov, chief…

Binance CEO wants more Ethereum-based DeFi projects to join his platform

Binance CEO Changpeng Zhao welcomed more Ethereum-based DeFi projects to join the Binance Smart Chain (BSC) platform.  In a tweet discussion with another user, Zhao explained that this step would reduce the load on the Ethereum network, which will, in turn, lead to a reduction in Ethereum’s gas fees.  Zhao later stressed that Binance Smart Chain is not a replacement or competitor to the Ethereum network and that it is compatible with it. Zhao added that Binance Smart Chain provides the smart contract creators with more options: “BSC never aimed…

Renault tests blockchain platform for parts compliance

Luxury carmaker Groupe Renault tested its blockchain project aimed to ease compliance certification of vehicle components.  The project, Extended Compliance End-to-End Distributed, or better known as XCEED, grew out of Renault’s partnership with other companies to develop a blockchain supply-chain solution by sharing data. It’s built on the Hyperledger Fabric network and deployed in collaboration with IBM. XCEED tracks and certifies regulatory compliance of vehicle components.  Renault tested XCEED in its Douai plant and processed over a million documents with 500 transactions processed per second.  XCEED shares compliance Information between…

A Gov official in South Korea proposed the nation’s first blockchain voting platform

On September 11, the head of the Seocho regional government proposed a blockchain-powered voting platform for residents, and praised the recent influx of crypto-related developments across the country. According to UpDown Korea, Cho Eun-hee, who is the local government leader of one of Seoul’s most affluent districts, believes that it is the “right time” to start using blockchain technology, “so any citizen can easily propose their opinions.” The official from Seocho called on the country to take on a greater role in our “rapidly changing modern society” in the wake…

Binance crypto exchange delists its own token on Uganda platform

The world’s largest exchange, Binance, is delisting its own token for trading against the Uganda shilling (UGX). According to a Sept. 9 announcement, the Binance Uganda platform decided to delist and cease trading on all trading pairs for Binance’s native token, Binance Coin (BNB). The BNB/UGX trading pair will be officially removed from Binance on Sept. 17, while BNB deposits will be terminated on Sept. 10, the exchange said. BNB withdrawals will be still available on Binance Uganda till Nov. 6, Binance noted. Binance provided little information about the reasons…

Binance brings out platform for farming new assets

The world’s largest crypto exchange Binance unveiled the Launchpool platform on Sept. 6. According to Binance, the new platform will allow users to have securely farm new assets as well as users will get new token rewards in return for staking BNB, BUSD, and other tokens. The first project in Launchpool is the Bella protocol, where users will be able to stake their BNB, BUSD, or ARPA tokens into three separate pools to farm BEL tokens over 30 days, starting from 2020/09/09 00:00 AM ( UTC). In addition, Binance will…

Blockchain platform commercializes digital bank guarantees in Australia

The Lygon blockchain platform, which runs on IBM Public Cloud, has reportedly successfully conducted its pilot since last year with Australian banks ANZ, Commonwealth Bank of Australia (CBA) and Westpac and a group of 20 Australian businesses.  Banks are expected to issue bank guarantees in just one day once they implement Lygon compared to the current paper-based guarantees that can take a month. The three Australian banks and retailers Scentre Group and IBM are planning to expand the Lygon platform for commercial use, according to a report on Sept 1.…

Gaming platform Ultra integrates Theta Network for live streaming

Blockchain-powered gaming platform Ultra announced Sep. 3 that it will integrate Theta Network’s live streaming technology as part of its user experience. The service will allow users to see games in action before making a purchase, and earn rewards that can be spent within the ecosystem. Ultra is a game distribution platform using blockchain technology to bring new features to both players and developers. With a planned release in Q4 2020 it aims to disrupt the $160 billion gaming market by enabling gamers to play, discover, compete and socialize with…

Blockchain platform connects Indian farmers to UAE food industry

Food industry officials in the United Arab Emirates may soon have a blockchain-based supply chain to obtain agricultural products directly from India. According to an Aug. 31 report, officials in the United Arab Emirates (UAE) will be using Agriota E-Marketplace, a new platform that employs blockchain technology to bridge the gap between farmers in India and the nation’s food industry. Agriota reportedly provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders and wholesalers in the UAE. Essentially, the platform will allow Indian farmers…