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5 Top Car Makers Enter Field Trials for Automatic Blockchain Payments

A group of major automakers are about to hit the road with the first field testing of a blockchain-based vehicle identification network next month in the U.S. As reported by Nikkei Asian Review, BMW, General Motors, Honda, Ford and Renault are working with the Mobility Open Blockchain Initiative (MOBI) on integrating the system to automatically make payments on typical commuting runs without the need for cash or credit and debit cards. By assigning vehicles unique identities that …

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BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars

Five major automakers — BMW, General Motors, Ford, Renault and Honda — will start testing a blockchain car identification and payment system next month in the United States. Automakers envision self-paying cars, digital IDs Nikkei Asian Review reported on Oct. 14 that the partnership aims to test the vehicle ID system developed under the Mobility Open Blockchain Initiative. As part of the project, cars are assigned digital IDs linked to ownership, service history and a …

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Alfa-Bank, Commerzbank Pilot Cross-Border Payments on R3’s Marco Polo

Alfa-Bank and Novolipetsk Steel Company (NLMK), in cooperation with Commerzbank and Vesuvius GmbH, are piloting Russia-Germany cross-border payments on R3’s Marco Polo network. Powered by R3’s Marco Polo Blockchain Global Trade Network On Oct. 11, Alfa-Bank announced that it is launching a foreign trade finance pilot transaction, with the cooperation of NLMK, Commerzbank and Vesuvius GmbH using R3’s Corda-powered Marco Polo Network. In the announcement, Alfa-Bank described itself as Russia’s largest financial institution measured by …

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Major Chinese Bank Updates Blockchain Platform After $50 B Transacted

The China Construction Bank (CCB) officially released the second version of its blockchain trading platform, which reached 360 billion yuan ($50 billion) in cumulative transaction volume. CCB will actively promote blockchain platform On Oct. 9, Xinhua news agency reported that CCB, one of the big four banks in the People’s Republic of China, announced the release of “BCTrade 2.0,” a blockchain trade finance platform that digitizes trade and financial services between a reported 54 domestic …

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Crypto Debit Card Firm Cryptopay Launches UK Bank Transfers With British Pound

Crypto wallet and debit card service company Cryptopay now offers transfers with the British Pound (GBP) through the Faster Payments Scheme. Cryptopay revealed the development in a press release with Cointelegraph on Oct. 9, specifying that its United Kingdom-based users can now fund their accounts and make withdrawals with GBP, avoiding GBP to euro conversion charges. The release further explains: “Upon activation users will get their own sort code and account number, which means that …

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OmiseGo Joins Crypto Coalition Universal Protocol Alliance

OmiseGo, a finance-oriented scaling network for Ethereum (ETH), has become a member of Universal Protocol Alliance, a coalition of blockchain and cryptocurrency-focused firms. Targeting financial services and tax collection In a press release shared with Cointelegraph on Oct. 8, the startup revealed that it will incorporate the Universal Protocol Platform UPT utility token into its payment processing technology. By doing so, OmiseGo intends to let stakeholders to use UP stablecoins for financial services and tax …

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NBA’s Sacramento Kings to Reward Loyal Fans With Crypto Tokens

The NBA’s Sacramento Kings are the first U.S. professional sports team to develop a crypto token for fan rewards. “Fans can get those points and put them in their wallets and experience it all on the blockchain platform,” Kings CTO Ryan Montoya told CoinDesk. Further, Montoya said the token, called Kings Token, will pair with a predictive gaming platform the team has developed in anticipation of the legalization of sports betting in California (the U.S. …

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Samsung Pay Teams Up With RippleNet Member Finablr

Samsung Pay, the mobile payments service of South Korean tech giant Samsung, has partnered with payments platform Finablr, Ripple’s RippleNet member, to offer cross-border payments feature Money Transfer to its app’s users. Finablr announced the partnership on Oct. 3, claiming that the new feature “offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.”  Furthermore, United States-based Samsung Pay’s clients reportedly can use …

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Australian Startup to Offer 20% Payback on Fuel Purchases in Tokens

Australian startup Incent plans to offer a 20% payback in its INCNT token on fuel purchases at United Petrol stations for a limited time.  Incent announced in a press release published on Sept. 26 that participants will have to sign up on its platform and sync their bank accounts in order to receive the tokens. The firm also claims that the crypto asset in question is “Australia’s first cryptocurrency for all purchases at United Petrol …

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ECB Exec Says Libra Could Address Failings of Global Payments System

Facebook’s Libra has pushed central banks to consider two major issues in global payment systems, an exec at the European Central Bank (ECB) said. Benoit Coeure provided his remarks at a hearing at the Committee on the Digital Agenda of the German parliament on Sept. 25. According Coeure, an ECB board member and chair of the Committee on Payments and Market Infrastructure, global payment systems still lack access and efficiency of cross-border retail payments. As such, …

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