Sept. 19th: Bank of America Joins R3’s Marco Polo
Hello everyone and welcome to This Week in Crypto. This is your daily roundup for Thursday, September 19, 2019. Bank of America joins R3’s Marco Polo network, Loom is bringing DeFi to the Tron and Binance chains, and Zap wallet is launching in-app OTC trading.
Bank of America Joins R3’s Marco Polo
Bank of America has joined R3’s Corda-powered Marco Polo Network to bring efficiencies to international trade and offer better services for clients using blockchain technology.
Geoff Brady, Head of Global Trade at Bank of America, stated “Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.” This follows the footsteps of Mastercard, who recently joined R3’s Corda project earlier this month.
Zap Wallet Launches in-App OTC
Zap Solutions is launching a dollar-denominated bitcoin buying feature inside its lightning-friendly mobile and desktop wallet. Zap founder Jack Mallers says users can link the wallet to their debit card, go through light KYC, and then buy bitcoin, sent via lightning, that’s almost instantly spendable. Anonymous users will still be able to connect the wallet to their own remote nodes via Tor.
Mallers also said that Zap is working with the payment processor BTCPay Server to eventually allow merchants to indirectly convert bitcoin payments to other currencies.
Loom Brings DeFi To Tron And Binance Chains
MakerDAO’s dai stablecoin will be implemented on the tron and binance chains in the near future through Loom Network, a Layer 2 scaling solution for the ethereum blockchain. Loom Network CEO and co-founder Matthew Campbell says interoperability with other chains has been a key vision for the Loom Network.
Dai will first join the tron blockchain following a testing period. The token will join stablecoin tether on the tron network, which is also hosted on the bitcoin and ethereum blockchains. Loom believes the addition of dai to tron could spur the development of other DeFi protocols on that protocol.
Loom says their network will operate as a Layer 1 ‘transit hub,’ shuffling funds between different protocols such as etherum, tron, or binance. Transfers between chains will be secured through multi-signature validations on the Loom Network which requires verification from three-quarters plus one of all Loom validators before transactions can be signed off.
Coinbase Explores 17 Altcoins
Coinbase is exploring support for 17 new digital assets, including Filecoin, Polkadot, and Telegram. It’s unlikely that Coinbase will add all 17 coins, as Coinbase only added two of the eight coins under consideration last month. One of them was dash, which was added to Coinbase Pro earlier this week following an investigative period.
Square Crypto “Dream Team”
And lastly, Square Crypto has hired three new developers to work on open source projects. Among them is Arik Sosman, who worked on Facebook’s Calibra wallet and at BitGo, Valentine Wallace formerly of Lightning Labs, and Google software engineer Jeffrey Czyz. The team will work on Free and Open Software (FOSS) for bitcoin’s developer base.
This has been your daily roundup from This Week in Crypto for Thursday, September 19, 2019. Be sure to support the podcast by subscribing on your favorite podcast app including Google Home and Alexa devices. Also join us on Telegram to let us know your thoughts at t.me/weekincrypto. Thanks for listening, we’ll see you next time.