#CryptoCorner: Signature Bank (Nasdaq: SBNY) Partners with Prime Trust for Institutional Blockchain Solution, IBM (NYSE: IBM) Announces Blockchain-Powered "Thank My Farmer" App at CES
South Korean Presidential Commission Pushes Crypto
Point Roberts, WA and Delta, BC - January 6, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: Signature Bank (Nasdaq: $SBNY) Partners with Prime Trust for Institutional Blockchain Solution, IBM (NYSE: $IBM)Announces Blockchain-Powered "Thank My Farmer" App at CES
Stocks discussed: (NasdaqGS:SBNY) (NYSE:IBM)
New York-based commercial bank Signature Bank (NasdaqGS:SBNY) and tech-driven financial institution Prime Trust have partnered to provide "real-time payment and settlement services" to institutional clients. According to the press release, the companies will pursue this through Prime Trust's Prime Settlement Network, described as "one of the most advanced multi-asset counterparty settlement platforms in the world", leveraging Signature Bank's Signet platform, described as "a revolutionary blockchain-based digital payments platform." Whitney White, Prime Trust's Chief Operating Officer, Chief Technology Officer and Executive Trust Officer, commented:
"Forging a client relationship with Signature Bank and capitalizing on the advantages of Signet will prove valuable to our company and clients. Signature Bank has established a proven track record in the blockchain payment space and is now recognized for the outstanding services it brings to digital asset traders and exchanges. We look forward to creating new efficiencies for our clients in conjunction with Signature Bank and the Signet team."
IBM (NYSE:IBM) announced a new consumer mobile application called "Thank My Farmer" at the 2020 CES (Consumer Electronics Show) that leverages blockchain "to help increase traceability, efficiency and fairness in the coffee supply chain." The app enables consumers to trace their coffee to its farm of origin and "presents sustainability projects in coffee communities and an opportunity for consumers to support them." Raj Rao, General Manager, IBM Food Trust, said:
"This project is another example of how blockchain technology can enable a channel for real change. Blockchain is more than aspirational business tech, it is used today to transform how people can build trust in the goods they consume. For business, it can drive greater transparency and efficiency."
Business Korea reports that South Korea's 4th Industrial Revolution Presidential Commission is pushing for the government to allow financial institutions to launch cryptocurrency-related products. Among the Commission's suggestions were the listing of Bitcoin directly on the country's stock exchange, launching Bitcoin (BTC) derivatives, and introducing business licenses or guidelines for crypto-asset exchanges. A statement from the Commission reads:
"Participants in the traditional capital market such as securities firms and banks should develop and introduce domestic custody solutions to handle crypto assets so that the Korean crypto-asset custody market will not depend on foreign countries. The Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors' trade."
Sam Mowers, Investorideas
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