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A keiretsu refers to a Japanese business consisting of a network of various companies. Bitt was founded in 2013 to offer the technology to support an electronic financial ecosystem in the Caribbean. The additional investment will allow the company to pursue market opportunities that accelerate cryptocurrency adoption in developing countries, while the transaction provides Medici Ventures with a controlling stake in Bitt.
In other news, Cambodia’s Bakong payment infrastructure, which is based on the blockchain, has been activated, CoinDesk reported.
The implementation provides those in Cambodia with a government-supported infrastructure to transact via instant mobile payments that includes quick response (QR) codes.
Bakong is fully supported by fiat as opposed to many CBDC efforts. The National Bank of Cambodia has the system on a Hyperledger Iroha blockchain designed by Soramitsu.
On another note, cryptographic software company ConsenSys was leveraged by Société Générale – Forge for its infrastructure and knowledge, according to an announcement on Wednesday (Oct. 28).
ConsenSys will focus on central bank digital currency creation and management (CBDC), cross-ledger interoperability and delivery versus payment. Ken Timsit, Global Head of Enterprise Solutions at ConsenSys, said in the announcement, “ConsenSys is committed to advancement in the CBDC space and has assisted six central banks around the world on CBDC projects.”
Additionally, the Wyoming State Banking Board voted unanimously to provide a banking charter to Avanti Bank & Trust, which an announcement on Wednesday (Oct. 28) said gives Avanti “the same powers as domestic banks in its lines of business. approved “.
The company’s approved business plan includes cryptocurrency custody services, one US dollar tokenized by Avit, primary cryptocurrency services, and API (Application Programming Interface) supported digital banking offerings. Avanti intends to offer commercial accounts early next year.
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NEW PYMNTS DATA: HOW WE BUY – SEPTEMBER 2020
The How We Shop report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research is based on a series of studies conducted since March that looked at over 16,000 consumers on how their shopping habits and payment preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their growing appetite for online commerce and touchless digital methods, such as QR codes, contactless cards, and digital wallets, is poised to shape the post-pandemic economy.
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