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ARTICLE · 03 OCTOBER 2018

Blockchain Payments Products Advance, Investments Continue And A Bitcoin Bug Is Fixed

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Three major global banks based in the U.S., Canada and Australia recently announced that they are expanding their blockchain-based interbank payments project ...

United StatesTechnology
Robert A. Musiala Jr.
Robert A. Musiala Jr.
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Three major global banks based in the U.S., Canada and Australia recently announced that they are expanding their blockchain-based interbank payments project to include 75 more banks from around the globe. The project, named the Interbank Information Network (IIN), leverages the Quorum blockchain and seeks to compete with other emerging blockchain payment networks. In Japan this week, a major money transmitter announced a partnership with BitPesa to launch a remittance service that will allow customers to send money to Africa using the Bitcoin blockchain. The service intends to bypass banks that would typically convert yen into dollars or euros before finally converting to African currencies. Also this week, a joint venture between a Japanese firm and a U.S.-based blockchain firm announced that it received a key government registration that will allow it to continue its plans to implement a blockchain-based money transfer application.

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