Blockchain
TDB Becomes the First African DFI to Close a Live End-to-end Trade Finance Transaction Using dltledgers Blockchain Technology
It’s a first for an African development finance institution, a first in the trade of sugar, and the largest single-trade transaction to date to have been completed by dltledgers, the world’s largest production blockchain platform for global trade finance, via which TDB has been able to close a $22M white cane sugar trade transaction.
The journey started in Asia, where 50,000MT of white cane sugar was shipped to a buyer in one of TDB’s Member States, with Agrocorp International – a Singapore-based leading global agri-commodity trading and processing company – as the seller and trading company, and TDB as the negotiating bank.
With the parties performing their operations digitally in one single private blockchain, this transaction saved a total of 4 days – a number which could be pushed to 8 in upcoming trades. Likewise, it was paperless, and thus with a lower carbon footprint, and more secure thanks to encryption and verification technologies. It also made it possible to reduce all parties’ risks by eliminating potential errors and ambiguities in the exchange and amendment of documents.
In 2018, the world exported over $19tn and imported closer to $20tn – about 80 to 90% of which relying on some type of trade finance, whether trade credit, insurance or guarantees, such as in the case of this trade, an LC confirmation and discounting transaction.
By some estimations, the global trade finance gap is about $1.5tn, an amount expected to rise to $2.5tn by 2025. With blockchain, the digital disruption brought about in the world of trade finance has the power, not only to bridge this gap, but to boost trade exchanges, notably in Africa, where already, many are leapfrogging over old technologies and directly adopting modern ones – as it was the case with the continent’s mobile revolution.
Admassu Tadesse, TDB President and Chief Executive says that “TDB continues innovating and is keeping step with the fourth industrial revolution by embracing new digital technologies like blockchain. As we grow, just as it is the case with our clients, we need to continue delivering more for our partners and shareholders by improving the efficiency and speed of our processes while diminishing our carbon footprint, and with this, sustain our vibrant story of impact and attractive returns. With 70% of our portfolio in trade finance, this transaction is lighting up our path into the future.”
“We are thrilled to have launched our blockchain operations with our partners Agrocorp and dltledgers,” added Michael Awori, TDB Chief Operating Officer. “With this transaction, we have the potential to revolutionize how we finance cross-border trade at the Bank. Not only will it impact our bottom-line, but it will enable us to reduce processing time, be more responsive to our clients, and de-risk transactions.”
“We are delighted to see the successful execution of this Afro-Asian trade on our platform,” says Samir Neji, dltledgers CEO. “We are now establishing presence in Japan and MENA, and project to carry out $10bn worth of African trade transactions with the Asia Pacific region, including Japan by June 2020. We are confident that with TDB’s adoption of dltledgers blockchain node for African trade transactions, tens of billions of dollars will be added annually to Africa’s economy, by filling the trade finance gap using our blockchain technology, thereby bringing in transparency and trust across all parties.”
Krishna Prasad, General Manager Finance says that “Agrocorp is proud to have collaborated with TDB and dltledgers on this trade digitization initiative. The digitization of trade flows via blockchain is something that has the potential to really revolutionize the way our industry operates. This transaction has proven that sizeable flows can be digitized to avail significant savings in time when generating and sharing trade documents. This time saved can generate meaningful savings with regards to vessel discharge rates and port detention costs. The fact that this initiative was done with a prominent development bank in Africa and in Ethiopia which is an important market for us, makes it all the more special.”
SOURCE dltledgers
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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