Citigroup To Launch Low-Risk Crypto Product

The New York-based banking giant Citigroup will be releasing a financial product which is said to reduce risk of hedge funds and asset management firms when investing in cryptocurrencies.

The financial instrument was co-developed by Citigroup’s depository receipts services team and the capital markets origination team, and will be known as Digital Asset Receipt (DAR).

In this new financial instrument, Citigroup will issue the Digital Asset Receipt while Depository Trust & Clearing Corp will be responsible for holding the cryptocurrency assets.

The said financial product works the same way the American Depository Receipt (ADR) which allows investors in the United States to own foreign stocks that are not locally traded.

DAR will provide investors with a new way to gain cryptocurrency exposure within a familiar system.

Prime Minister Of Australia Sees Massie Opportunities In Blockchain

The newly appointed Prime Minister of Australia Scott John Morrison has recently revealed that he has spent a lot of time researching and learning about cryptocurrencies.

He has drawn the conclusion that blockchain technology is not suitable in removing the inefficiencies in the banking industry.

However, he believes that it can transform the Australian banking system specifically in the areas of Consumer Data Rights and the nation’s upcoming Open Banking Reform, in which to access customer’s data they should express consent and should only be for the purpose the customer has expressly permitted.

This positive view on blockchain technology came amidst ongoing efforts in New South Wales on releasing digital driver’s licenses before the year ends.

The project plans to do beta testing in its capital Sydney on November. This project plans to cater to over 140,00 licensed drivers in the city’s Eastern Beaches region.

Blockchain Records Accepted As Legal Evidence In China

The internet Courts in China which handles internet-related legal disputes in the country, can now accept blockchain records as legal evidence. This was announced by the Supreme People’s Court.

The High court proclaims that the Internet Courts shall recognize digital data that are submitted as evidence, if relevant parties collected and stored these data via blockchain with digital signatures, reliable timestamps and hash value verification or via a digital deposition platform which can prove the authenticity of such technology used.

Although this ruling sets a great precedent in the blockchain space in China, it is not a world’s first.

The U.S. State of Vermont signed a bill into law allowing digital records registered on a blockchain to be self-authenticating when accompanied by a written declaration of a qualified person under oath to make the certification.

The latest news on blockchain use-case confirms China’s aggressive strategy on pursuing blockchain technology.

High-end Car Retailers Now Accepting Cryptos

A Houston high-end car retailer is now accepting cryptocurrencies as a method of payment for luxury vehicles. In doing so, it has just become US’s first high-end dealership to accept crypto.

Post Oak Motors Cars sells Rolls-Royce, Bugatti and Bently which can be bought using Bitcoin and Bitcoin Cash.

The luxury car dealership is owned by hospitality mogul Tilman Feritta.

The company has partnered with Bitpay in order to enable customers to purchase luxury cars from any part of the world using the selected cryptocurrencies.

The business mogul told CNBC that Bitcoin is here to stay making the decision of his company to accept cryptocurrencies unsurprising.

Chief Commercial Officer (CCO) of Bitpay, Sonny Singh states that the decision by Post Oak Motors could not have been timed any better as there interest towards making larger purchases with Bitcoin has increased.

Kucoin Expanding To Australia

It has been confirmed by its very own CEO, Michael Gan that Kucoin will be expanding its presence in the Australian market through an investment of $3 million in Bitcoin Australia.

In what can only be described as a win-win situation, Kucoin will be able to establish a niche in the growing Australian Market while Bitcoin Australia with the new infusion of money will be expand its operations into 27 new markets in the next 2 years.

Currently the Australian Crypto Exchange is only operating in Australia, the Netherlands and Canada.

It was revealed that Bitcoin Australia is immediately targeting U.K. as part of their expansion strategy.

Kucoin is a relatively new crypto exchange based in Singapore with over 4 million accounts under its belt and around $13.1M USD in transaction volume.

Cryptocurrency adoption in Australia is booming with about 14 percent of Australians now owning crypto.

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