Institutional Crypto Lending Platform Receives Gibraltar DLT License

The GFSC awarded an in-principle DLT provider license in late 2018.

Fully collateralized crypto-to-crypto lending platform Lendingblock has received a distributed ledger technology (DLT) provider license from Gibraltar Financial Services Commission (GFSC), reports Crowdfund Insider on Aug. 15.

The accreditation brings the institution-focused platform one step closer to launch.

New capital lending model for digital assets

Providing collateralized lending and borrowing reportedly allows Lendingblock to support short-term trading, hedging and working capital needs. This mirrors traditional financial markets, which the company aims to reinvent with a better model to service the digital asset lending market.

To this end, it recently created the first Global Digital Assets Lending Agreement, hoping to establish a new benchmark and crypto industry standard.

Actively seeking regulatory approval

Gaining regulatory approval was an essential step for the company, involving a detailed and extensive process in collaboration with the GFSC. Lendingblock CEO Steve Swain explained the company’s regulatory philosophy:

“We always put the needs of its institutional clients front and centre, so it was important for us to take the proactive step in becoming a regulated entity.”

Lendingblock continues to work with other global regulators to meet regulatory requirements in all jurisdictions in which it operates.

Gibraltar’s regulatory environment

Gibraltar has been making strides to encourage crypto and blockchain businesses to its shores, and a clear regulatory structure is part of that. Minister of Commerce, Albert Isola, said of the DLT provider license:

“It is 18 months since the DLT regulatory framework came into effect and we have seen a growing number of excellent companies and startups come to Gibraltar and work within this regulated framework.”

Earlier this month, Gibraltar awarded its first DLT license to a local cryptocurrency exchange.

Insurance Broker Marsh Pilots Blockchain-Based Digital Placement Platform

Per a Sept. 24 press release, the Risk Exchange platform aims to ensure a more transparent and secure digital placement and enables users to receive real-time information and feedback on the placement and binding process.

Leading insurance broking and risk management firm Marsh has piloted a blockchain-based digital placement platform.

Insurance placement is the purchase of an insurance product or the renewal of an existing product.

First participants in the pilot

As part of the pilot, commodity chemical company Dow Inc. and domestic appliance manufacturer SharkNinja will bind United States trade credit policies with finance and insurance corporation AIG and insurance company Euler Hermes. During the process, the parties will receive real-time status updates and notifications. Nick Robson, global credit specialties leader at Marsh JLT Specialty, commented:

“Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables. By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.”

Marsh’s proof of insurance platform

In April, Marsh revealed its plans to roll out its proof of insurance (POI) blockchain platform based on Hyperledger Fabric technology to American commercial clients. The platform is designed to provide more certainty of insurance coverage as well as speed up business processes.

Following the proof-of-concept, Marsh expanded its partnership with IBM to provide blockchain POI to more clients through the Salesforce platform in September 2018.

Ingenico Partners with Pundi X to Unlock Android-Based Crypto Payments

French payment firm Ingenico has partnered with Singapore-based crypto startup Pundi X to enable its customers to receive payments in crypto using smartphones.

Pundi X has integrated its point-of-sale payment gateway (XPOS) into Ingenico’s mobile portable POS solution APOS A8, the firm announced on Nov. 12. Through this partnership, merchants around the world using Ingenico’s Android-based APOS A8 will now be able to accept a wide number of crypto as payment options.

Transactions will be processed directly through Pundi’s XWallet mobile app

Specifically, installing the XPOS module on an Ingenico POS terminal will enable payments in cryptocurrencies including Bitcoin, Ether (ETH), Binance Coin (BNB), NEM (XEM), QTUM and other cryptos supported by Pundi X payment ecosystem.

Transactions with Ingenico’s APOS A8 solution and Pundi’s XPOS module will be processed directly through Pundi’s XWallet mobile app or physical multi-currency crypto card, XPASS, Ingenico said. The firm also noted that POS devices will automatically provide conversion rates between fiat and cryptocurrencies at retail outlets.

Pundi X drives adoption in crypto and blockchain industry

Marcus Low, senior VP at Asia Pacific of Ingenico Group, claimed that the new partnership is a great way to introduce cryptocurrency as a reliable global payment option.

Zac Cheah, co-founder and CEO of Pundi X, said that launching crypto payments in Ingenico’s APOS A8 devices will undoubtedly trigger more adoption to crypto and blockchain technology.

Pundi X has been actively integrating its XPOS solution to global payment tools worldwide. In August, Pundi X partnered with major Venezuelan chain Traki to implement its blockchain-based POS for crypto payments. Previously, the firm announced that its POS gateway will be soon launched in Panama, with blockchain development firm Chainzilla joining the project as a local distributor.

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