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VISA has launched a platform for P2P corporate transfers on blockchain; cryptocurrency exchanges are waiting FATF recommendations. Nasdaq is going to launch service for cryptocurrency index tracking.
The corporate transfer system based on Visa B2B Connect blockchain became immediately available on 30 markets. According to the company, it will be possible to use it already on 90 markets by the end of 2019. The system allows corporate clients to make real-time transfers without delay. The funds will arrive instantly from the account to the account, which cannot be achieved via usual correspondent bank accounts.
Software development was initially carried out in collaboration with Chain, the blockchain startup. At the time this company appeared, VISA had invested $ 30 million in its development. However, it was then decided to partially switch to ready-made technologies by Hyperledger Fabric. Moreover, Visa B2B Connect is not fully created on blockchain technology; the last-mentioned is used to solve certain highly specialized issues.
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It is expected that on June 21, the Financial Action Task Force on Money Laundering will publish recommendations for monitoring cryptocurrency trading floors. In this regard, Eric Turner, the Head of Messari Inc., reported that the document could significantly complicate the exchanges work. Most likely, FATF would recommend introducing mandatory identification for customers with an account of more than $ 1,000.
Jeff Horowitz of Coinbase noted that the new rules would lead to more direct trade, bypassing public markets. Eventually, this will simply transfer a significant portion of transactions into the shadow economy. John Roth of Bittrex is confident that the new rules can destroy the entire industry.
A new Nasdaq/CryptoCompare Aggregate Crypto Reference Prices service will appear on one of the largest platforms in the world. It offers institutional investors to get information on cryptocurrency prices. For this reason, quotes from 150 trading platforms are monitored; what is more, the system already stores data from 2013. In addition, the service contains a number of cryptocurrency indices, which will help Nasdaq customers to analyze market situation.
The project was launched in conjunction with CryptoCompare analytical service, which already supplies data for Thomson Reuters Eikon and Bloomberg Terminal. Expanding the use of global cryptocurrency indices will make stock trading more stable and secure. Charles Hayter, CryptoCompare CEO, said that it is reliable information which is the basis for market transparency.