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Visa launches B2B Connect blockchain platform for cross-border operations

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The payment processor Visa launches a blockchain system for cross-border business payments called B2B Connect. The network will provide a unique system for managing confidential information and payments for business.

It seems that Visa, which previously closely followed blockchain space, finally plunged into this industry. The global payment giant introduced its new product, B2B Connect, a platform with distributed registries that should provide “digital identification for customers”, as well as a “simple, fast and secure way” of processing cross-border payments.

The Visa company says that the blockchain technology will help it eliminate cases of fraud that could occur when using checks, automated clearing houses or bank transfers.

It should be noted that for Visa, which mainly processes traditional payments, this is the first such experience in the field of business payments. B2B Connect plans to launch in commercial operation next year.

Preparing to launch B2B Connect from Visa also involves many different partnerships for Visa. For example, the company Bottom-line Technologies, which works with 1,200 financial institutions around the world, must provide the necessary technological infrastructure.

Visa also works closely with the IBM Blockchain Service and the Hyperledger Fabric of the Linux Foundation to launch B2B Connect.

IBM Blockchain Services general manager Jason Kelly told reporters that B2B Connect is becoming one of the most prominent examples of how blockchain transforms the payment industry.

B2B Connect – not just for corporations

Currently, it is assumed that B2B Connect will be used only by large enterprises and financial institutions, but after the commercial launch, Visa plans to significantly expand the capabilities of its service.

By and large, B2B Connect intends to eliminate any intermediaries in international money transfers, the costs of which are prohibitive. It seems that B2B Connect will significantly reduce commissions.

This Visa approach can be a shock for projects like Ripple's xRapid, trying to create similar payment networks. It is also possible that there will be similar announcements from other companies introducing new technology. However, Visa’s chances of success are very high, given that the company is a heavyweight in the payments business.

The B2B Connect ad also says that Visa has been paying close attention to blockchain technology all this time.

Publication date 12/06/2019
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Wells Fargo will launch stablecoin for internal settlements

Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise. According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens). The company has already tested the concept on transfers from the USA to Canada. The launch of the project is scheduled for 2020 […]

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Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise.

According to a press release , Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).

The company has already tested the concept on transfers from the USA to Canada.

The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.

Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.

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Wells Fargo is going to present its own stablecoin in 2020

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Wells Fargo, the fourth largest bank in the US, plans to introduce its own stablecoin in 2020, which will be used in cross-border transfers.

The press release said that the new Wells Fargo platform will create an international payment network based on distributed ledger technology. With the help of this system, as well as the Wells Fargo Digital Cash asset, payments will be made. The stablecoin being developed will be pegged to the US dollar. Initially, the network will be used for internal calculations, after which it will be integrated with other applications.

Lisa Fraser, representative of Wells Fagro, noted that DLT technology has many options for use, the company believes that it can also be successfully applied in banking. In addition, Wells Fargo Digital Cash is expected to enable the company to overcome barriers that still hindered effective cross-border payments in real time.

As you can see Wells Fargo followed the example of the bank JPMorgan Chase, which also introduced its own digital currency. It is noteworthy that back in July, Wells Fargo forbade customers to use credit cards to purchase cryptocurrency and its use in transactions.

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In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions

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is set

The volume of computing power in the Bitcoin blockchain this Monday reached a record value above 104 quintillion per second, according to Smartbit portal data.

The record was fixed after approaching the level of 100 EH / s last week and the subsequent small rollback. Before the current growth period, which began in December and accelerated in June, the previous maximum was fixed at 60 EH / s in October 2018.

As noted earlier, over the past three months , about 600,000 new ASIC miners have joined the Bitcoin network, which has led to a rapid increase in the hash rate .

Last week, another message appeared that the authorities of one of the provinces of China are taking measures to close mining enterprises on their territory.

Also today, transactionfee portal announced another record – the share of transactions in the Bitcoin blockchain using Segregated Witness (SegWit) technology for the first time exceeded 50%.

On the main Bitcoin network, SegWit was activated on August 24, 2017. The technology is aimed at solving the problems of blockchain scalability, transaction plasticity, and also allows you to implement other optimizations. After the jump to 38% last May, the spread of SegWit slowed down and until recently ranged from 40-45%.

Casa Bitcoin developer and CTO Jameson Lopp previously spoke of the proliferation of technology that responded to the congestion of the cryptocurrency network:

"Reducing the demand for transactions, improving algorithms for calculating commissions, distributing SegWit and grouping transactions have led to more efficient use of space in blocks and reduced competition for this scarce resource."

At the same time, the price of the leading cryptocurrency , having shown a steady rise in the first half of the year, has remained in a fairly narrow range over the past months and amounts to about $ 10,000.

Publication date 09/17/2019
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Name Price24H (%)
Bitcoin (BTC)
$10,209.20
-0.09%
Ethereum (ETH)
$212.56
7.95%
XRP (XRP)
$0.302446
16.19%
Bitcoin Cash (BCH)
$323.90
5.81%
EOS (EOS)
$4.10
1.58%
Stellar (XLM)
$0.065291
12.23%
Litecoin (LTC)
$75.82
4.82%
Cardano (ADA)
$0.050764
7.95%
Tether (USDT)
$1.00
-0.15%
Monero (XMR)
$74.81
-0.03%
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