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Remembering The Incredible Life of Charlotte Figi

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Market Analysis Report (24 Sep 2020)

DACOM Summit Announces CFTC Commissioner Dan Berkovitz as Keynote Speake | Winklevoss Twins’ Gemini Exchange Now Allows Buying Crypto With British Pound | Leading Crypto Payments Platform Wirex Announces Launch of $1.2 Million Crowdfunding

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Leading crypto payments platform Wirex has announced its first crowdfunding round, aimed at raising £1 million ($1.2 million) with the intention to scale-up in the coming months. 

In a press release, the fintech firm detailed it is giving customers and fans the opportunity to invest in it via the crowdfunding round, to which pre-registrations are now open. The crowdfunding round is expected to be “one of the largest and most successful campaigns” carried out by the equity platform Crowdcube.

Pavel Matveev, CEO and co-founder of Wirex, said the decision to crowdfund came at a crucial period in the company’s development. He said:

“Wirex has been making huge strides in changing the financial landscape, by making it easier for everyone to access cryptocurrency and spend it in the everyday. By offering a platform that bridges the traditional and digital economy, we are helping to encourage the mass adoption of cryptocurrency for future generations.”

Since 2014, Wirex has become a popular platform for crypto-enabled payment solutions and providing businesses and individuals an alternative to conventional finance. 

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Brazil’s Rainforests Are Getting a $182 Million Blockchain Boost

The world’s largest meat-processor aims to use blockchain technology to curb the country’s rising deforestation.

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In brief

  • A Brazilian meat-processor announced a $182 million fund on Wednesday to curb deforestation in the country.
  • The firm will invest over $44 million until 2025 and expects other companies to match funding efforts.
  • Deforestation has hit record levels in Brazil, which is facing backlash for its failure to control the concern.

Brazil-based JBS, the world’s leading firm for meat processing and packing, said Wednesday it would deploy blockchain technology to combat the rising ill-effects of deforestation by meat suppliers in South America, according to news outlet Reuters.

The firm vowed to monitor its entire supply chain using blockchain by 2025, amidst widespread concerns from environmentalists about rapidly diminishing forest cover in the country. Brazil’s meat industry, among others, is said to contribute to deforestation as meat producers clear out vast areas for cattle pasture.

So far, meatpackers in Brazil, such as JBS, have ensured they do not source meat from farms that illegally cut forests. However, such a system just monitors and measures activity from its final suppliers—leaving space for indirect suppliers (which supply to JBS’s suppliers) to evade such monitoring and eventually manage to sell their product to firms like JBS.

Brazil rainforests are facing a threat from local industries. Image: Shutterstock

But blockchain technology could present a solution for that, said JBS. It launched a $182.77 million fund yesterday to foster social and economic development in the Amazonian rainforest region, aiming to invest over $44 million in the next five years, and another equal amount from then on to 2030.

Other local and international firms are expected to join the project and contribute the remaining amount, the report noted.

The funds will allow JBS to build an expansive blockchain system that tracks every supplier on its meat supply network, both direct and indirect. “Currently, the company does not monitor indirect suppliers and no company does so. But we plan to close this gap using technology,” said JBS CEO Gilberto Tomazoni.

Tomazoni added the firm’s 50,000 direct suppliers were, however, already monitored. Meanwhile, JBS is expected to launch the system in 2021, starting in the Brazilian state of Mato Grosso. 

The development comes at a time when global meat importers, such as Norway, have threatened to pull out their investments from Brazil if the country fails to curb deforestation, noted the report.

Deforestation has remained a global concern since the last decade, with regions like the Amazonian rainforest in South America among the most affected. Data from last year showed that Amazon deforestation hit levels last seen in 2006. So, it will take a major effort to turn the situation around.

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Federal Reserve Bank reveals details about ongoing research into a potential digital dollar.

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The President of the Federal Reserve Bank of Cleveland has revealed details of the central bank’s ongoing research into a potential digital dollar. Loretta Mester emphasized that the Federal Reserve has been exploring the central bank digital currencies since before the pandemic, noting that its Board of Governors has been “building and testing a range of distributed ledger platforms to understand their potential benefits and tradeoffs.” 

“Initiatives do not signal any decision by the Federal Reserve to adopt such a currency.” 

The President noted that initiatives from regional Federal Reserve branches, including a multi-year partnership between the Massachusetts Institute of Technology (MIT) and the Boston Fed, in addition to collaboration between the Fed’s New York Branch and the Bank for International Settlements. However, Mester asserted that the initiatives do not “signal any decision by the Federal Reserve to adopt such a currency,” adding that issues related to “financial stability, market structure, security, privacy, and monetary policy all need to be better understood.” 

The President of the Federal Reserve Bank of Cleveland also noted that the COVID pandemic has resulted in significant disruptions to “crucial infrastructure” of the U.S., such as the payments sector had major changes the patterns and volume of domestic transfers.

Central banks continue to explore CBDCs. 

Mester stated the importance of “making necessary investments to ensure that the U.S. payments system remains resilient in the face of extreme stress events will need to remain a priority. Central banks across countries are currently working on national digital currencies. The People’s Bank of China is all set to become the first major central bank to issue a national digital currency dubbed DCEP (Digital Currency Electronic Payment). According to the Bank for International Settlements, the ongoing pandemic has exemplified the need for CBDCs around the world. 

Source: https://coinnounce.com/federal-reserve-bank-reveals-details-about-ongoing-research-into-a-potential-digital-dollar/

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