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04/05/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. PwC Buys Shares Of China-Based Crypto Startup VeChain

Big Four accountancy firm PwC has purchased a small ownership interest in Chinese crypto startup VeChain, which is worth $2.7 billion. The startup specialises in “the Internet of Things (“IoT”), supply chain management and anti-counterfeiting”. The business relationship was announced by PwC Hong Kong and PwC Singapore, which both purchased shares. The former wants to employ the VeChain platform for trust-based services. PwC Asia Pacific and Greater China Chairman Raymund Chao emphasised that this collaboration is crucial, as blockchain technology will help tackle issues the giant has been dealing with for some time now, especially in VeChain’s areas of expertise.

2. 12 out of 26 Chinese Banks Have Implemented Blockchain In 2017

It has been reported that out of the 26 banks listed in China, 12 have implemented blockchain technology in 2017 — almost half of them. The banks in question disclosed the information in their annual reports. Bank of China, China Construction Bank and the Agricultural Bank of China, all state-owned commercial banks, are part of the list of banks implementing blockchain technology in their operations. Privately-held banks such as the China Merchants Bank are also on the list. The technology was used for many aspects of the banks’ operations. Examples of areas which benefited from the technology are invoices issuance, international loans, and ID authentication systems.

3. Ethiopia Partners With Cardano For Blockchain Integration

The government of Ethiopia has formed a partnership with crypto startup Cardano. The two have signed a memorandum of understanding (MOU) to integrate blockchain technology in the country’s agritech industry. Local developers will be trained as part of the accord. If everything goes according to plan, they will also start using an agritech blockchain platform, which will be provided by Cardano, by the end of 2018. The news comes following crypto exchange Binance announcing it would employ blockchain technology to help with economic development in Uganda. The objective is to bring blockchain investments into the country, as well as increasing the employment prospects of its young population.

4. Mastercard Says Decrease in Crypto Purchases Behind Decline In Q1 Growth

We previously reported on various banks deciding to stop their clients from making crypto purchases using credit cards. Mastercard has now stated that the decision caused a decline in Q1 growth. The company saw a decrease of 2% compared to Q4 of the previous year. A drop in crypto purchases was brought up as one reason. However, despite the loss, it was noted that due to the market volatility, the company would not rely on this source of profit. Indeed, corporate strategy did not include using credit cards to purchase cryptocurrencies.

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