This tech giant IBM’s masterpiece took a year to complete, and which it believes can “clear and settle cross-border payments in near real-time.”

Named Blockchain World Wire, the payments platform could become the solution to the longstanding problem with cross-border payments transactions, as it promises to transact faster, and to remove unnecessary paperwork and intermediaries.

What’s more interesting is that cryptocurrencies will play a pivotal part in the success of the overall system.

According to an IBM document:

“The solution uses digital assets to settle transactions—serving as agreed-upon store of value exchanged between parties—as well as integrating payment instruction messages. It means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”

Medici Ventures, a subsidiary of Overstock that superintends the company’s investments in blockchain technology firms, has announced the launch of a digital wallet platform from its portfolio company Bitsy.com.

Medici Ventures, a subsidiary of Overstock.com, which endeavors to advance blockchain technology, has announced the beta launch of Bitsy.com, a wallet and exchange platform.

Empowering Users To Hold And Control Their Cryptocurrency
Bitsy.com was created as a secure, simple and opportune connection between cryptocurrencies and fiat currencies.

The initial beta launch of Bitsy.com will back bitcoin purchases and will soon support a few other cryptocurrencies.

Bitsy empowers users to hold their own cryptocurrencies, granting them complete control over their funds, including the ability for users to transfer or spend their altcoins. This is a distinct feature to Bitsy, in that other wallet providers do not allow users to hold their coins; instead they use derivative claims on coins owned by the provider.

The wallet is safeguarded through biometric security, which wards off instances of hacks and lost passwords. In the event that a wallet gets lost or destroyed, Bitsy has a key recovery system in place that will help retrieve the funds.

Patrick Byrne, the CEO and Founder of Overstock.com, considers Bitsy a convenient platform for Bitcoin, as it will give users that freedom that Bitcoin had initially promised. Additionally, the platform will bolster Overstock’s position in the cryptocurrency space.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” Byrne said.

The CEO added:

“This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”


source : https://news.ibinex.com/2018/09/18/overstocks-medici-ventures-announces-bitsy-com-wallet-beta-launch/

In its pursuit to cater to institutional clients, Coinbase needs some more of the “best and brightest minds” from traditional financial firms.


With its newly opened New York office, digital asset exchange unicorn Coinbase shared its plans to expand the operation to 150 employees next year, Coindesk reported September 15.
he San Francisco-based firm is planning a massive hiring spree for its recently opened office in New York next year which will multiply its 20 employees to a manpower of 150. Most of Coinbase’s local staff members were reportedly hired away from traditional financial institutions including Barclays, Citigroup, and the New York Stock Exchange.

The Coinbase New York office officially opened on September 13 to serve institutional clients. The slump in cryptocurrency prices this year has not pacified institutional demand for this asset class, the company says.

Coinbase Institutional general manager Adam White told CoinDesk:

“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy.”

In order to bridge financial services and technology, diving in to New York’s “deep pool of talent” was crucial for the company. White said that in order to do that, they need to “pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”

But Not Only In New York
Prior to the New York expansion, Coinbase has already been on a hiring spree this year. Despite the bearish market, its team continues to multiply which has now more than 500 employees worldwide. And New York is not the only office that’s drawing institutional clients and recruits.

Coinbase is also eyeing expansion into Asia and Latin America in the near future. Finance Magnates reported earlier this year that another Coinbase office opened in Japan, hiring a small team and has applied for a Financial Services Agency certification in the country.

The exchange’s target clients used to be mainly retail investors. However, head of institutional sales, Christine Sandler noted that even though Coinbase is slightly shifting direction, it would not conflict with its previous focus. Sandler believes that partnering with appropriate institutions will help the cryptocurrency ecosystem grow.

She added:

“It’s not ‘institutional or retail,’ because a lot of these institutions will be distributors.”

This move is in line with the Coinbase CEO Brian Armstrong’s vision for the future of the company. According to a recent Ibinex News report, Coinbase will host more altcoins, wherein Armstrong envisions the new altcoins can run in cooperation with equity as an alternative investment system and become the “New York Stock Exchange of cryptocurrencies.”

Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.

Source : https://news.ibinex.com/?gclid=CjwKCAjwxILdBRBqEiwAHL2R8yw2pGnhBp2oQsPlvbszF1h50dsKz4aklaXyczp7rJzCxhefYJCwghoCj3oQAvD_BwE

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