12/04/2018: Biggest Stories in the Cryptosphere

blockex (37)in #bitcoin • 7 years ago

1. Santander Launches Blockchain Cross-country Payment System

Santander is set to launch a blockchain-based cross-country payment system, becoming the first international bank to do so. It now represents competition for FinTech companies such as TransferWise. The service, called One Pay FX, will be launched tomorrow in the UK, Spain, Brazil and Poland. These four countries represent half of the bank’s total FX transfers. Plans for further expansion are on the table. Executive Chairman Ana Botín stated that in the long run, customers from other banks could also be able to take advantage of the platform, which took two years to develop. The blockchain platform involved in the project has been provided by Ripple.

2. Up To $1 Billion Could Be Saved In The Housing Industry, Says Moody’s

Investment service Moody’s has released a report on blockchain. It stated that the innovative technology could improve the mortgage process by cutting costs and saving time. How the US housing sector could be revolutionised was one of the topic discussed. It was also noted that so far technological innovations have not impacted this industry in particular, but the situation could change with blockchain. Examples of aspects which could benefit from this are the tracking of loan performance and mortgages’ level of transparency. Risk management would also become more efficient. However, title transactions would be the area to benefit the most. A reduction in staff and commissions spending would lead to savings of 10/20%, which would translate in $840 million-$1.7 billion annually. Despite the positivity, it was also highlighted how at the moment, only a limited amount of data can be processed.

3. Bitcoin Surges 10%

Bitcoin has surged 10% to a two-week high, just over $7,000. On the Luxembourg-based Bitstamp exchange BTC=BTSP, it went beyond, by peaking at 14%. This growth period seems to be benefiting other cryptocurrencies as well, as Ethereum .MVETH and Ripple .MVXR also rose. However, analysts seem to be unable to determine what caused the increase. Some believe that a research paper declaring Bitcoin Halal could be one of the reasons why. Still, two industry experts affirmed that the surge initially took place on the Bitfinex exchange, and then spread to other exchanges. This has squeezed those who were shorting Bitcoin. General sentiment towards Bitcoin is improving, while the price is consolidating.

4. JP Morgan Charges Surprise Fees on Crypto Purchases, Gets Sued

Investment banking giant JP Morgan Chase has been sued for charging surprise fees on cryptocurrency purchases, following a stop to credit card transactions. The extra fees were due to the purchases being considered cash advances. According to the lawsuit, it did not only charge extra fees, but also higher interests, then refused to issue any refunds. The plaintiff is American Brady Tucker. However, the lawsuit is on behalf of a nationwide class. The accuse is a breach of the U.S. Truth in Lending Act.