GiddyUp Posted November 14, 2018 Share Posted November 14, 2018 I'm interested to hear what the community thinks about this - competition or not? $5 Trln FX Settlement Giant CLS to Launch Blockchain-Based Netting Service ‘Within Days’ By Marie Huillet 2 hours ago https://cointelegraph.com/news/5-trln-fx-settlement-giant-cls-to-launch-blockchain-based-netting-service-within-days "Forex exchange (FX) settlement giant CLS will launch its IBM blockchain-powered netting service within “a matter of days,” according to Chief Strategy Officer (CSO) Alan Manquard. The CSO made the announcement at the IBM Think Tank conference in London Nov. 14, as reported by tech news source Computer Business Review (CBR). CLS Group, which reportedly settles on average $5 trillion in payment instructions daily, is a U.S. FX settlement service supplier with high-profile members that include Goldman Sachs, JPMorgan, Barclays, and Citigroup. A netting service entails offsetting and determining the value of multiple positions or payments that are due to be exchanged between parties, accounting for factors such as the currency volatility caused by differences in time zones. In such cases, the service is used to fix the remuneration a given party is owed." xWelfare 1 Link to comment Share on other sites More sharing options...
Chris_Reeves Posted November 14, 2018 Share Posted November 14, 2018 (edited) Interesting stuff. I don't know enough to comment but settlement and Hyperledger appear to show signs of competition. Edited November 14, 2018 by Chris_Reeves Link to comment Share on other sites More sharing options...
mandelbaum Posted November 14, 2018 Share Posted November 14, 2018 They made some investments in R3 back in may also. https://www.reuters.com/article/us-blockchain-banks/fx-settlement-provider-cls-invests-in-blockchain-consortium-r3-idUSKCN1IV2LO Babelly and GiddyUp 2 Link to comment Share on other sites More sharing options...
kenrino Posted November 14, 2018 Share Posted November 14, 2018 (edited) ibm is definitely competition Edited November 14, 2018 by kenrino xWelfare 1 Link to comment Share on other sites More sharing options...
bloopi128 Posted November 15, 2018 Share Posted November 15, 2018 I wonder if this is related to stellar, I remember they launched their usd stablecoin with stronghold. xWelfare 1 Link to comment Share on other sites More sharing options...
titi2018 Posted November 15, 2018 Share Posted November 15, 2018 (edited) 2 hours ago, bloopi128 said: I wonder if this is related to stellar, I remember they launched their usd stablecoin with stronghold. https://cryptoinsider.com/ibm-stellar-challenging-ripple-payments/ Edited November 15, 2018 by titi2018 Link to comment Share on other sites More sharing options...
GiddyUp Posted November 15, 2018 Author Share Posted November 15, 2018 21 hours ago, mandelbaum said: They made some investments in R3 back in may also. https://www.reuters.com/article/us-blockchain-banks/fx-settlement-provider-cls-invests-in-blockchain-consortium-r3-idUSKCN1IV2LO Interesting, wish we knew the terms of the R3 settlement... some comments from the article: "Around a year ago R3 said it had completed the first two tranches of its fund-raising round, securing $107 million from more than 40 financial and technology companies, including Bank of America Corp (BAC.N), SBI Holdings Inc, HSBC Holdings Plc (HSBA.L), Intel Corp (INTC.O) and Temasek Holdings." "R3 launched in September 2015 with the backing of nine large investment banks, and its membership has grown to over 80 financial institutions." "The company has developed a type of blockchain called Corda and is testing it with various of its members." “We look forward to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions,” Alan Marquard, chief strategy and development officer at CLS, said in an emailed statement. "While the R3 consortium has been growing, several banks have departed, including JPMorgan, Goldman Sachs Group Inc (GS.N), Banco Santander SA (SAN.MC) and Morgan Stanley (MS.N)." Sorry, this won't paste as a link... https://www.xrpchat.com/topic/28530-sbi-kitao-ceo-reveals-the-plan-for-lauching-sbi-r3-asia/?do=findComment&comment=605190 xrpmommy and cryptoxrp 2 Link to comment Share on other sites More sharing options...
cryptoxrp Posted November 18, 2018 Share Posted November 18, 2018 (edited) On 11/15/2018 at 5:23 AM, bloopi128 said: I wonder if this is related to stellar, I remember they launched their usd stablecoin with stronghold. ...but this USD stablecoin is as weak as the USD itself. The USD is a fluctuating currency walking on its last legs and pretends to be the currency countries must use. Many countries want to get rid of it. It is evident that XRP is the knight in shining armor with all the essential next generation functionality. It will be the ‘international coin of choice’. Edited November 18, 2018 by cryptoxrp Link to comment Share on other sites More sharing options...
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