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💥Is Ripple Ready? SWIFT, Payment Platforms To Enact Upgrade in Coming Months💥
Swift has accepted its community request to start ISO 20022
October 30, 2022
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As stated in an official announcement, global financial messaging service Swift has accepted its community request to start ISO 20022 migration in March 2023.

On Oct. 20, the ECB shared its decision to delay the ISO 20022 migration of the Eurosystem by four months, from November 2022 to March 2023. The Eurosystem consists of the ECB and the national central banks (NCBs) of the countries that have adopted the euro.

According to recent reports, the Clearing House Automated Payment System (CHAPS), a U.K.-based system that facilitates large British pound-denominated money transfers, is also set to implement the ISO 20022 standard come April 2023.

In the U.S., Fedwire has set a target of March 2025 for its transition to ISO 20022 messages, while FedNow, a new rail service developed by the U.S. Federal Reserve Banks, targets mid-2023 for its ISO 20022 implementation.

ISO 20022 is the de facto global data standard for modern payment messaging between financial institutions and payment systems.

Already adopted domestically in several countries, it is predicted that 87% of global financial transactions will be supported by ISO 20022 by 2023. This common language helps banks, financial institutions and systems realize end-to-end processing across domains and locations, necessary for interoperability.

Ripple leader in this shift

ISO 20022 is gradually becoming the global standard for the world's cross-border payment flows. Ripple has been a leader in this shift, with its RippleNet network designed from the start with ISO 20022 standards in mind.

In 2020, Ripple announced that it had joined the ISO 20022 Registration Management Group (RMG) standards body, becoming the first member focused on Distributed Ledger Technology (DLT).

The usage of ISO 20022 in cross-border payments has been limited all the while. As a result, Ripple and its RippleNet clients became pioneers in adopting ISO 20022 for cross-border payments.


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💥 Coming To Theta Drop 💥

Step into a world where humans, synthetics, and alien reptiles clash in an epic battle powered by AI. Choose your side, unlock rare synthetics, and shape the fate of Earth. Are you ready to join the fight?

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👀Ripple's University Blockchain Research Initiative (UBRI)👀

Championing blockchain research and development in academia is at the heart of Ripple's University Blockchain Research Initiative. With a mission to inspire and educate the next generation of blockchain builders, UBRI has supported:

⭐️ 1200+ research projects
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📍900 on-campus events
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✅ 60 students hired

UBRI is empowering students and faculty to shape the future of blockchain technology. And we’re just getting started:https://ripple.com/impact/ubri/

00:02:59
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

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💠 'Based Agent' enables creation of custom AI agents
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🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
IMF Podcast: Reforms amid Great Expectations: Sub-Saharan Africa’s Outlook

In This Episode:

With sub-Saharan Africa soon to have one of the largest working-age populations in the world, removing barriers to business growth and encouraging higher productivity industries will help provide the employment opportunities it needs.

But reforms don’t come easy. Wenjie Chen and Andrew Tiffin are economists in the IMF’s Africa Department and produce the Regional Economic Outlook for sub-Saharan Africa. In this podcast, they say addressing development needs while realizing reforms that create sufficient jobs will help garner public support and improve regional prospects.

https://www.imf.org/en/News/Podcasts/All-Podcasts/2024/11/13/AFR-REO-OCT-2024

IMF Podcast: Reforms amid Great Expectations: Sub-Saharan Africa’s Outlook

In This Episode:

With sub-Saharan Africa soon to have one of the largest working-age populations in the world, removing barriers to business growth and encouraging higher productivity industries will help provide the employment opportunities it needs.

But reforms don’t come easy. Wenjie Chen and Andrew Tiffin are economists in the IMF’s Africa Department and produce the Regional Economic Outlook for sub-Saharan Africa. In this podcast, they say addressing development needs while realizing reforms that create sufficient jobs will help garner public support and improve regional prospects.

https://www.imf.org/en/News/Podcasts/All-Podcasts/2024/11/13/AFR-REO-OCT-2024

🌎 LIVE UAP Oversight Committee Hearing 🛸
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BlackRock expands tokenized money market fund BUIDL to five more blockchains

Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.

BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.

Notably, BUIDL has management fees of 50 basis points on most blockchains but it’s only 20 bps on Aptos, Avalanche, and Polygon, with the lower costs subsidized by foundations associated with the blockchains.

“We wanted to develop an ecosystem that was thoughtfully designed to be digital and take advantage of the advantages of tokenization,” said Securitize CEO and co-founder Carlos Domingo. “Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”

In October Securitize integrated with Zero Hash to allow digital asset firms to use USDC to buy BUIDL and keep their funds on-chain. For some time the USDC stablecoin issuer Circle has said it stands ready to buy BUIDL funds for USDC, allowing investors to exit their investment whenever they like. On a related point, we previously explored why asset managers might want a shared stablecoin.

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🏘️Radian uses R3’s Corda DLT to smooth real estate title transfers🏘️

US mortgage and real estate service firm Radian has integrated R3’s Corda enterprise blockchain with its Titlegenius offering. The workflow system for real estate title transfers uses DLT for document storage and data transfer. Rather than a black box, it provides transparency around the title transfer process and claims to cut closing costs by an average of 25%.

Radian has a market capitalization of more than $5 billion, although mortgage insurance is its primary revenue source rather than title services.

Title transfer services typically check the history of the property to ensure there are no surprises. They are not just verifying that the seller is the true title holder, but that there are no longer mortgage or other liens against the property. They frequently provide title insurance just in case they missed something.

Once that’s done, the final deed of transfer is drafted and the transaction proceeds to closing and settlement. The process can include various parties, such as the buyer, the real estate agents, mortgage providers and lawyers. By creating a transparent workflow using DLT, all parties can get an up-to-date record of the status of the transaction.

“The title transfer process is notoriously slow and complex, and we are excited to collaborate with R3 to make this process simpler and more efficient for our clients,” said Steven Stipetich, Radian’s Senior Vice President of Title. “There are many valuable use cases for DLT in the property space like bulk refinancing – already supported by the titlegenius platform.”

Coadjute also uses Corda for real estate sales

Corda is also used by UK property technology firm Coadjute, which does something similar to Titlegenius. However, its software provides the glue to share data between different real estate software solutions used by the estate agents of the buyer and seller. Corda was incorporated into Coadjute’s software since its founding in 2018. The startup’s backers include UK banks such as Lloyds, Natwest and Nationwide.

 

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Stablecoin firm Tether plows profits into commodity trade finance

On Friday Tether, known as the operator of the largest stablecoin, reported its investment division completed its first trade finance transaction in October. It involved providing finance for 670,000 barrels of Middle Eastern crude oil worth around $45 million.

The credit granted was from Tether Investments, a company with $7 billion in equity funded by the profits of the stablecoin firmanted . Hence, it does not involve the use of stablecoin reserves. However, the Tether stablecoin was used for the payment.

“With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures,” said Paolo Ardoino, CEO of Tether.

“This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance.”

Tether‘s main stablecoin has a current market capitalization of more than $124 billion.

Tether comes out of the shadows

For years there were doubts about whether the Tether stablecoin was fully backed. The company makes out that these concerns are unwarranted. However, the New York Attorney General found that Tether misrepresented the status of the stablecoin reserves during 2018 and 2019 and banned the stablecoin from the state as part of a settlement.

During that time, Tether lent $625 million of its reserves (around a third of the total) to sister company Bitfinex exchange, which would have been insolvent without the funds. With the subsequent Bitcoin rally, Bitfinex managed to recover.

However, since Tether recently became enormously profitable earning $7 billion during the first nine months of 2024, that breach of ethics and trust seems to have been forgotten.

In another positive piece of news for Tether, the co-head of Donald Trump’s transition team is Howard Lutnick, the CEO of Cantor Fitzgerald. And Cantor looks after the $100 billion plus in Treasuries and repos that form part of Tether’s stablecoin reserves, making it an important client.

 

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