UK Finance Taps R3 and Quant for Financial Technology Experimentation

R3, an enterprise distributed ledger technology and servicesfirm, along with Quant, have been designated to develop the technology prototypefor the experimental phase of the UKs Regulated Liability Network (UK RLN).This initiative, spearheaded by UK Finance and supported by EY, aims toestablish a common platform for innovation across various forms of currency,including traditional bank deposits and tokenized assets.

Participants Join UK RLN for Financial Transformation

The UK RLN is a collaborative effort involving multiplestakeholders within the financial services industry, seeking to explore avenuesfor users to conduct payments, transactions, and settle liabilities in the digital market landscape. Noteworthy participants in the UK RLNinclude institutions such as Barclays, Citi, HSBC, and others,supported by advisory and technology partners like EY, Linklaters, R3, Quant,DXC Technology, and Coadjute.

R3 brings its expertise in delivering sophisticated projectsfor regulated markets, offering critical shared ledger capabilities through itsCorda platform and Digital Currency solution. Quant's role involvesfacilitating programmability and interoperability across different monetaryforms, leveraging its Overledger platform to provide orchestration and APIintegration.

Were proud to announce that together with @inside_r3 - we have been selected to produce the technology prototype for the experimentation phase of the UKs #RegulatedLiabilityNetwork, led by @UKFtweets and supported by @EYnews.#IFGS2024https://t.co/yfGvaRPVkt

Global Banks to Test Diverse Payment Use Case

The project will leverage the insights and experience ofmajor global banks and institutions to test various retail and wholesalepayment use cases, encompassing areas such as delivery vs payment, e-commerce,bond issuance, and card gateway integration. Additionally, the project willincorporate Coadjutes Home Purchasing Business Application, a property marketinfrastructure and settlement model built on R3s Corda platform.

We live in a digital age, in which people andcompanies expect digital finance to operate globally at speed, with bettersecurity and at scale - but our legacy payments and financial infrastructurehas not kept up. As the UK seeks a leadership position in financial markets,projects like the RLN highlight the central role that shared ledgers will playin this transition and offer a model we can extend to other markets, saidGilbert Verdian, the CEO and Founder at Quant.

View Details

Coinbase Adopts Apple Pay for Crypto Purchases amid Market Slowdown

To facilitate cryptocurrency purchases for UnitedKingdom-based users, the crypto exchange Coinbase has announced the integrationof Apple Pay functionality. This development allows users to buy Bitcoin andother digital assets directly through their iPhones using the Apple Payfeature.

Implementing Apple Pay Feature for Safer Transactions

According to Coinbase, enabling Apple Pay provides userswith a "more secure and private" method of purchasingcryptocurrencies. The exchange emphasized that when transactions are made usingApple Pay, card numbers are not stored on the device or Apple servers. Instead,a unique device account number is assigned, encrypted, and stored in a chipdesigned for securing payment information.

This integration arrives at a time when the cryptocurrencymarket is experiencing a slowdown in trading volume and retail interest.Coinbase recently reported decreasing crypto volumes as the market seeks newnarratives to drive prices higher. While the upcoming Bitcoin halving eventcould potentially spark price increases, the exchange acknowledged thechallenge of navigating a historically weak period for risky assets likecrypto.

Daniel Seifert, the UK Country Director at Coinbase, stated that the new integration helps make accessibility to digital assets easier inthe country. He said: We know usersalready love using Apple Pay in their daily lives, so it only made sense tobring this convenient way to pay to Coinbase as well.

JUST IN: #Coinbase integrates Apple Pay for UK users, allowing secure and private crypto purchases directly on iPhones.

Crypto Social Media Engagement Wanes despite Market Buzz

Beyond trading volume, social media engagement data indicates subdued retail interest in cryptocurrencies. LunarCrush, a socialanalytics platform, observed fewer posts related to Bitcoin, Ethereum, andother cryptocurrencies on social media platforms. Joe Vezzani, the CEO at LunarCrush, noted thatsocial interactions within the crypto space are currently lower compared toprevious bull markets, even after accounting for spam and bot activity.

View Details

Is Cryptocurrency Legal in the UK?

Over the past few years, cryptocurrency has come into the public eye more than ever, as large investment firms begin to heavily invest in blue-chip cryptocurrencies like Bitcoin and Ethereum.

View Details

FCA Registered OANDA Crypto Platform to Offer Crypto Trading in the UK

The US-based forex broker OANDA has announced its foray into thecryptocurrency trading realm in the United Kingdom with the launch of its newplatform, OANDA Crypto. The platform, registered with the countrys financialregulator, the Financial Conduct Authority (FCA), is poised to offer an arrayof cryptocurrency trading options to British investors.

OANDA Ventures into the UK Crypto Market with OANDA CryptoPlatform

The establishment of OANDA Crypto represents the culminationof last years acquisition of a majority stake in the FCA-registered crypto firmCoinpass. This strategic move positions OANDA to tap into the burgeoning cryptomarket in the UK, which has witnessed a surge in interest and participation.

OANDACrypto is set to facilitate trading in over 63 cryptocurrency pairs featuringpopular digital assets, such as Bitcoin, Ether, and Ripple. The company hasoutlined plans to incorporate additional tokens and introduce new featuresthroughout the year, catering to the evolving needs and preferences of cryptotraders.

Journey from the US to the UK and Mainland Europe

Lucian Lauerman, OANDAs Head of Digital Assets, emphasizedthe allure of the UK market, citing its high level of participation andsophisticated investor base. In an interview, Lauerman stated: What we likedabout the opportunity in the UK, when it comes to crypto, is that its becomingmore aligned with the markets where weve traditionally operated. Theregulatory bar has been set slightly higher.

Global trading firm @OANDA is opening an FCA-registered crypto division in the UK. By @IanAllison123https://t.co/KCmSVealIu

OANDAs expansion into the UK follows its existing presencein the US crypto market through a partnership with Paxos, regulated by the NewYork State Department of Financial Services. Furthermore, the company hasrealigned its operations in mainland Europe by relocating from Malta to Warsaw,Poland. This strategic move was facilitated by the acquisition of the Polish brokerDom Maklerski TMS Brokers SA, which has been rebranded as OANDA TMS.

View Details