Amazon is looking to hire a software development engineer to develop an advertisement blockchain.
Amazon works on an advertising blockchain
Amazon posted a job offer on LinkedIn for a software development engineer for its Colorado team, who is supposed to work on an advertisement blockchain. The online retail behemoth aims to grow its advertisement business by leveraging its online retail data, industry-leading cloud services, and a fast-moving startup culture. The post declares:
“Our new team in Boulder, CO is looking for a Sr Software Engineer to work within our Advertising FinTech team focused on a Blockchain ledger, billing and reconciliation systems to provide data transparency on transnational financial data.”
An important role
The chosen engineer’s role will consist of requirements analysis, lead design, implementation and deployment of core components, interfacing with engineers and program managers. The position will also be responsible for the operational support and maintenance of the systems.
Furthermore, the engineer will also “have an opportunity to define the technical and architectural roadmap for the systems.” The company noted that it prefers candidates with experience in the advertisement, financial technology and blockchain.
As Cointelegraph reported in May, Amazon has been awarded a patent for generating Merkle trees as a solution to the Proof-of-Work algorithm. Still, the exact plans of the company remain unclear.
Public enterprise blockchain platform VeChain has partnered with Autralian winemaker Penfolds to release a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform (WTP) initiative.
More specifically, the launch of Penfolds Bin 407 in July marks the beginning of VeChain’s WTP phase 2, per a press release from VeChain on Aug. 6. The bottles from this case are reportedly available at the Waigaoqiao International Alcohol Exhibition & Trading Center, D.I.G.’s Flagship Store and the Sen Lan Shang Du in Pudong New District.
As per the press release, each bottle inside Bin 407 comes attached with an encrypted NFC chip. This chip reportedly contains the bottle’s product information on a blockchain, which can be accessed with a chip reader. These details reportedly include the bottle’s provenance information, which is verified by third-party auditors.
Blockchain for wine
A number of companies are beginning to issue blockchain verification systems for wine. As previously reported by Cointelegraph, the big four audit firm Ernst & Young announced that it’s Ethereum-based blockchain solution will be used to verify the authenticity of imported European wines in Asia. This solution would reportedly be implemented on the e-commerce platform Tattoo, for use by Blockchain Wine Pte. Ltd.
Near the end of July, the Chinese alcohol wholesaler and marketer also announced that it would be using a blockchain solution to verify its products. This solution purportedly makes use of proprietary anti-counterfeiting laser recognition for certification and blockchain technology for tracking.
On a slightly different note, retail giant Overstock announced its move into blockchain-based wine futures back in Oct. 2018. Overstock reportedly also intended to fight wine fraud, but in this case by means of developing a digital trading platform for wine futures. This would reportedly result in a secure supply chain that verifies wine industry products, they said.
Overstock founder and CEO Patrick M. Byrne commented on the company’s idea, saying:
“Like any economy, the wine industry has difficulty scaling its middlemen-heavy systems in parallel with the growing demands of an increasing global market. VinX’s steps in tokenizing wine futures while allowing wine enthusiasts to know without a doubt that the bottles they purchase are filled with authentic wines will position the entire industry as a model of a new global economy that replaces old boys’ networks with frictionless trust through technology.”
Canada’s transcontinental railway, Canadian Pacific (CP), has joined the Blockchain in Transport Alliance (BiTA). CP announced its new membership in an official press release on July 31.
According to the announcement, CP is looking to support improvements in supply chain technology through blockchain technology. BiTA says that by joining the group, CP is helping them to drive global supply chain interoperability.
BiTA president Patrick Duffy also commented on the potential benefits of blockchain in the transportation sector, saying that the new tech “has the potential to smooth the transactions that occur between shippers and carriers, but it requires the active participation of transportation leaders like CP.”
The Blockchain in Transport Alliance
According to the announcement, BiTA has nearly 500 member organizations in the freight, transportation, logistics and affiliated industries. Members reportedly share a common goal of facilitating the adoption of new technology in these sectors, and work to both establish industry standards and provide education on blockchain solutions and distributed ledger technology.
As per a report by the Canadian Broadcast Corporation, Duffy expounded on the issue of transportation currently requiring multiple tracking systems, saying that more systems means more room for human error:
“When you order a pair of shoes and they’re manufactured in Vietnam, currently the information you put into the website where you order those shoes goes from a website into an ERP [a type of business management software] that’s transmitted to a manufacturer’s system … the possibilities of the number of people involved and the number of technology systems involved, it grows exponentially […] At each one of those steps there’s an opportunity for human-induced error.”
The blockchain-based decentralized internet browser Brave now allows Twitter users to tip content creators with its native Basic Attention Tokens (BAT).
Brave discussed the public launch of its token tipping service in an announcement on Aug. 1, wherein users can reportedly specify the amount they wish to tip a given Twitter account, and the recipient will receive their tip in BAT directly.
The announcement also lists a number of features associated with the tipping service, including setting up regularly recurring tips as well as a mechanism for Tweeting at a tipped creator to tell them how to claim their donation.
Brave began testing its Twitter tipping service in May on its testing and development browser version called Brave Nightly.
As detailed in the announcement, the new feature comes as new in-browser offering via Brave Rewards. Users who have opted into Brave Rewards will now see a tip option on Twitter posts when viewing Twitter through their Brave desktop browser. Brave Rewards also supports tipping on YouTube and Twitch, and will reportedly be coming to Reddit, GitHub and Vimeo.
Brave Rewards users can also earn the token by watching privacy-preserving ads or through traditional purchases.
At press time, BAT has a market capitalization of over $302 million and is trading at $0.237, down 3.4% on the day, according to data from CoinMarketCap.
Two groups seeking to promote blockchain technology in the Asia-Pacific have officially merged.
Announced July 22, the Australian Digital Currency Association (ADCA) and Blockchain Australia (BA) signed documentation that will see the two groups formally combine efforts under the BA logo and brand.
ADCA is the industry’s leading network for businesses seeking to implement blockchain solutions while BA is the industry body that represents domestic organizations participating in the crypto asset economy.
Bitcoin versus the Australian dollar via CoinDesk data.
The announcement, as well as the unveiling of the group’s new logo, took place at the Annual APAC Blockchain Conference in Sydney.
Further, the news was presented by the assistant minister for Superannuation, Financial Services and Financial Technology, the Hon. Senator Jane Hume, demonstrating government support for the merger and future developments from the Australian blockchain community.
“I’m absolutely delighted to see that ADCA and BA have decided to merge, having a consistent and united voice advocating for the responsible adoption of blockchain technology,” Hume told attendees. “We need to recognize the potential for Australian blockchain businesses to tap into the demand that’s deriving from Asia’s growing middle class.”
The official merger was hosted by the Sydney Stock Exchange (SSX) and witnessed by directors and members from both organizations.
Nick Giurietto, CEO and managing director of BA, told CoinDesk:
“Bringing the two organizations together will allow the whole Australian blockchain community to speak more clearly and consistently to key stakeholders including governments and regulators and will strengthen the connections between all parts of the Australian blockchain ecosystem.”
“The merger of our two organizations creates a stronger and more united voice,” added Adam Poulton, director on the newly formed organization’s board.
Those involved in the new organization hope the merger will open pathways for greater opportunities and advancement in the APAC region.
A team of former Royal Bank of Scotland (RBS) engineers is bringing trading and settlement of digital assets, including cryptocurrencies, to a private blockchain network originally developed for enterprise.
Revealed exclusively to CoinDesk, London-based LAB577, led by ex-RBS innovation lead Richard Crook, is rolling out its first platform offering, the Digital Asset Shared Ledger (DASL, pronounced “dazzle”). DASL is built on top of the Corda Network, the open-source blockchain system created by R3, a bank consortium that once personified the “blockchain, not bitcoin” ethos of 2015-2016.
As such, it’s a sign of how much the industry has evolved that DASL will be used to facilitate the trading of bitcoin, ether, and the like.
Crook told CoinDesk:
“Crypto is clearly converging with blockchain. We spent quite a lot of time in 2015 separating the two, to make sure we could have a conversation about blockchain, and now here we are converging the two back.”
Ether prices over the last 12 months via CoinDesk data.
LAB577 is working with prime brokerage BCB, which will park its clients’ assets, both fiat and crypto, with custodians; mirrored representations of these assets will trade on Corda, in a process known in blockchain parlance as layer 2 settlement.
(A similar arrangement is in the works to bring ethereum tokens onto the architecture R3 is building for Swiss stock exchange SIX.)
In this way, investors will be able to conduct both legs of a trade, whether fiat-to-crypto or crypto-to-crypto, on the same system, and have them settle instantly and simultaneously, instead of waiting days for a bank transfer, or minutes (sometimes hours) for a public blockchain confirmation.
BCB says it has a pipeline of clients to bring to Corda via DASL including a couple of big banks.
Oliver von Landsberg-Sadie, BCB’s founder and CEO, said his firm is already live with a couple of beta clients, settling ethereum and British pounds bilaterally in a kind of closed environment.
“It is live in the sense that it’s using the live Corda network and live Corda nodes, but not yet a released product out in the wild,” he told CoinDesk. (Crook said BCB will be migrating from its old tech stack over the coming months.)
Apart from speed, Crook said plugging a crypto prime brokerage into the Corda Network (the free, open-source version of R3’s tech) makes sense because you have to be a known legal entity to operate on that network.
Richard Crook on stage at TechXLR8, image courtesy of LAB577.
In other words, banks and financial institutions can rest assured they are meeting things like anti-money-laundering and sanctions compliance.
“DASL wants to assist those regulated financial institutions to be able to deal with digital assets,” said Crook. “It could be something they want to issue themselves like debt or equity. It could be cash. And some of them do want to handle crypto.”
For prime brokerages, a core challenge of crypto is negotiating a host of network structures, wallets, proprietary blockchain protocols and so on. Similarly, on the fiat side, a unified settlement layer is lacking, said Landsberg-Sadie. The U.K. has a leg up with its Faster Payments system, he added, but firms still have to deal with a mishmash of payments systems in different jurisdictions.
Landsberg-Sadie pointed to certain operational challenges around storing and moving crypto safely, and also accounting for it in a unified way, adding:
“What we have always been on the lookout for is something which is a credible institutional bridge and a kind of settlements layer for cash and for crypto.”
To be fair, similar sorts of off-chain settlement arrangements have been created recently. These include tie-ups between custodians and trading firms (BitGo with Genesis Trading; Kingdom Trust and OTCXN) and networks built by crypto-friendly financial institutions for their clients to trade with each other (Silvergate Bank; Signature Bank; and Prime Trust).
In the DASL solution, BCB parks crypto in cold, or offline, storage with Volt, a crypto custodian which works with insurance broker Aon. The equivalent in the fiat world is physical bank accounts, which in the case of British pounds will be BCB’s banking partner, ClearBank, said Landsberg-Sadie.
Using Corda as a settlement layer also addresses the scaling problem which has dogged the cryptocurrency industry for years, added Landsberg-Sadie. Two counterparties exchanging a bunch of litecoin, for example, would be unaffected by the transaction time of the public blockchain to settle.
“You don’t need to move the physical litecoin out of its cold storage, you can just represent these as ledger entries on Corda,” Landsberg-Sadie said.
Stepping back, settling the fiat side of trades on a blockchain instantly with cash on the ledger is an alluring proposition well beyond the crypto markets.
A lot of work is being done to bring digital fiat to distributed ledgers, with projects like Utility Settlement Coin drawing a lot of attention.
Crook, whose team started the work of building bridges between public and private blockchains while at RBS with projects like Cordite, said the likes of BCB and also SDX coming on Corda creates a rising tide which will also lift pure enterprise plays being built on the network.
“In the case of trade finance, you want to have stores of value on-chain which the Marco Polos and the TradeIXs of the world can use,” he said, referring to a Corda-based trade finance consortium. “So you can get the goods and services to flow one way across the ledger and the payment for those goods and services to flow the other way on the same ledger.”
American tech giant Seagate has entered the pilot stage of its blockchain project designed to fight counterfeit hard disk drives (HDD), Forbes reported on July 30.
This pilot is a part of the joint initiative Seagate and IBM launched last November. The project aims to help manufacturers, integrators and business partners to better authenticate the provenance of HDDs by using IBM’s Blockchain Platform.
According to Seagate’s data security research group managing technologist Manuel Offenberg, in the pilot IBM “is both the customer of these drives, as well as the technology provider for the underlying Hyperledger Fabric platform”.
Seagate’s blockchain is designed to improve the supply chain of hard drives and track products to the customers and back to the company in the event of a return.
Personal data protection
With this move, Seagate also intends to ensure that HDDs returned due to defects contain no customer personal data. Mentioning a so-called “certified erase” as a solution, Offenberg said that the company wants “to make sure that these devices have no PII [personally identifiable information] data on them,” adding:
“When a drive fills in a customer’s system and the drive comes back as part of its returns process, if we can prove that the drive was cryptographically erased, and therefore, the information is no longer on the device, then, from a risk perspective, this reverse supply chain can treat that device differently.”
Speaking further about the preliminary work with IBM, Offenberg said that the company is “involving the cryptographic identity of the device in the blockchain transaction, such that the digital trust of the product itself is part of the transaction.” According to Offenberg, Seagate is also planning to extend its partner network in the reverse supply chain.
As a recent study by the market research and consulting firm Allied Market Research shows, the global blockchain supply chain market is expected to reach over $9 billion by 2025. Among the key driving factors the study named the sector’s demand for transparency and improved security of supply chain transactions that blockchain technology could purportedly ensure.
The United States Committee on Banking, Housing and Urban Affairs has ended the hearing on “Examining Regulatory Frameworks for Digital Currencies and Blockchain” today, July 30.
Circle CEO Jeremy Allaire, Rebecca M. Nelson, a specialist in international trade and finance; and Mehrsa Baradaran, a professor of law at the University of California Irvine School of Law all testified before the committee.
Lawmakers want the U.S. to lead in blockchain
Senator Michael Crapo of Idaho began the hearing saying that cryptocurrencies and blockchain technology are inevitable and could be beneficial, further noting that the U.S. should establish itself as a global leader in this sector. Crapo concluded:
“I want the U.S. to stay at the forefront of this technology, which both has incredible potential and incredible risk.”
Sen. Catherine Marie Cortez Masto of Nevada said that she believes in the potential of blockchain, and the importance of leading in this technology over China.
Facebook’s Libra concerns many
For many lawmakers, the issue of crypto has now become synonymous with Facebook’s Librastablecoin. Sen. Sherrod Brown of Ohio pointed out that the social media giant has “proved over and over that they can not be trusted.” Brown stipulated that Facebook intends to undermine the U.S. dollar and payment systems, while hiding behind the phrase “innovation.”
Parrying Brown’s statement, Nelson said that Facebook could be a game changer for cryptocurrencies, however it has raised both regulatory and systemic concerns before it can be implemented. Nelson also stated that Facebook has changed the debate about cryptocurrencies.
Sen. Mark Warner of Virginia then asked about the literal meaning of the 1:1 backing of the Libra, wherein Allaire explained that while the first wave of these types of digital currencies were focused on establishing a global digital currency, the critical mainstream use cases for the financial services sector has needed the development of stable coins, with Libra as an example.
Allaire further noted the government’s restrictive stance towards crypto-related companies, which led them to be based overseas rather than in the U.S. Allaire said that it is necessary to regulate digital assets, however, Congress should define digital assets as a new asset class. Allair stated:
“Digital money will move frictionlessly, everywhere in the world, at the speed of the internet, hopefully with a high level of security and data protection.”
Today’s hearing is part of a recent trend of increased regulatory scrutiny toward cryptocurrencies in the U.S., following the hearings on Libra. Industry players thus tend to discuss an array of relevant issues such as identity, privacy, data security, domestic and international approaches to regulation, as well as the potential of blockchain and crypto solutions for finance in the near future.
The Philipines’ UnionBank has issued its own stablecoin, PHX, according to Filipino media outlet PhilStar Global. With the issuance, the bank also conducted the first blockchain-based transaction by a Filipino bank.
The PHX stablecoin is pegged to the Philipino peso and backed by UnionBank reserves.
“PHX is a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments,” said UnionBank Senior Vice President Arvie de Vera.
UnionBank’s blockchain transaction occurred on its i2i payment system which connects islands, institutions and individuals, per PhilStar. Three rural banks took part in the inaugural transfer.
PHX is available to all UnionBank account holders and purchasable through debits to account holders. In the long run, UnionBank plans on making PHX and i2i interoperable platforms across wallets and platforms in the Philippines and abroad.
The stablecoin and i2i system are hardly baby steps for UnionBank which has maintained a growing interest in digital assets. In February 2019, the bank launched the first two-way virtual currency ATM, largely to address remittance service demand.
Remittance services continue to set the pace for bank development of digital assets. Financial giant J.P. Morgan launched its own payment rail, JPM Coin, on its Quorum blockchain earlier this year. Global settlement network SWIFT has also upped settlement time recently in a bid to counter alternative services like Ripple.
Some 10 million Filipinos live abroad creating a large demand for remittance services. In April, Coins.phinked a deal with Western Union for direct settlement into Coin.ph wallets. Over the last few years, remittance services have grown three percent annually in the island country.
Cryptocurrency giant Ripple has partnered with Kyoto University and the University of Tokyo as part of its University Blockchain Research Initiative (UBRI). Ripple announced its new Japanese partnerships in a press release on July 30.
Emi Yoshikawa, senior director of global operations at Ripple, noted that there is high interest in blockchain within Japanese academia:
“Japan is quickly becoming a leading force in crypto assets and blockchain. The region has always been forward thinking and exploring ways to improve the current financial system […] We have seen high levels of interest from the academic community on topics around blockchain and crypto. Ripple is committed to engaging and inspiring students to become part of the workforce of the future, across areas such as blockchain, distributed computing, banking and fintech.”
The University of Tokyo will reportedly award scholarships to students doing blockchain research, and its economics department is also arranging public seminars on blockchain and settlement.
The university’s economic professors are also engaged in research on the evolving financial system, as well as frameworks for regulation and supervision for crypto assets and blockchain technology.
At Kyoto University, graduate students are conducting blockchain research in areas such as remittances by migrant workers, digital identity management for refugees and supply chain management.
University Blockchain Research Initiative
According to the announcement, Ripple provides financial resources as well as expertise and technical resources to support research. UBRI is currently partnered with 33 universities, as per the press release.
Ripple states that it believes the demand for tech solutions is growing as globalization increases and hopes that by partnering with universities, the company can help usher in a new generation of engineers, business leaders, entrepreneurs and other professionals who are blockchain literate. Eric van Miltenburg, senior vice-president of global operations at Ripple commented:
“As the industry matures, the academic community plays a pivotal role in paving the road for innovative companies and entrepreneurs leveraging blockchain technologies and digital assets.”
As previously reported by Cointelegraph, the Institute for Fintech Research at Beijing’s Tsinghua University partnered with UBRI in January. The university launched the Blockchain Technology Research Scholarship Program, a program designed for researching global blockchain regulations as well as industry development.
Rival manufacturers of blockchain smartphones, Samsung and Pundi X, appear to see the benefits of working together on crypto adoption.
Announced by Pundi X in a blog post on Monday, the firms have entered a symbiotic relationship regarding their wallet tech, with Pundi X integrating with Samsung’s Blockchain Wallet and making its XWallet available to the Galaxy S10 phone’s blockchain app options.
“This presents a unique opportunity to push blockchain technology and blockchain-based digital assets into the mainstream, reaching the millions of Samsung smartphone users around the world,” firm says in the post.
Pundi X claims the news makes it the first fintech app in the S10’s blockchain ecosystem.
S10 users adding XWallet to the Samsung Blockchain Wallet will be able to move cryptocurrencies between the two apps. Pundi X suggests that users can use Samsung’s wallet to store cryptos securely, “like a savings account,” and moving them to the XWallet “checking account” for use in payments.
Pundi X added that, with XWallet recently becoming available via XPOS – the firm’s blockchain point-of-sale device – more payment options will be on offer for S10 users as a result. XWallet is also connected with XPASS, Pundi X’s NFC-enabled crypto payment card product.
The firm said:
“The XWallet’s integration with the Samsung Blockchain Wallet thus makes Pundi X payment ecosystem available to a much wider audience, allowing the Samsung Galaxy smartphone users to not only store their ETH securely but also transfer to XWallet and spend it in a variety of shops, opening their doors to the new generation and their preferred cryptocurrencies.”
Samsung launched its S10 flagship phone back in March, revealing a bold blockchain play that saw it offer the crypto wallet alongside decentralized apps (dapps), merchant payments and other features such as blockchain signing.
Details of Pundi X’s device were aired at the Mobile World Congress conference in Barcelona in February and a launch is expected later this year. The prototype XPhone is said to be able to make callsover a blockchain.
The U.S. Department of Defense (DoD) is looking to forge a blockchain cybersecurity shield.
In a report published on July 12 titled Digital Modernization Strategy, the DoD outlined several ways to advance the nation’s digital defenses. This includes the integration of cloud and quantum computing, artificial intelligence, and improved communications through distributed ledgers.
In fact, DARPA, the research wing of the Department is already experimenting with the technology “to create a more efficient, robust, and secure platform,” to secure messaging and process transactions, reports Decrypt.
Specifically, blockchain may be deployed between units and headquarters as well as intelligence officers and the Pentagon. As part of the Digital Identity Management program, the agency may also issue a digital token that authenticates an agent’s identity.
The DoD is also experimenting with the technology to facilitate the creation of an unhackable code to secure its databases.
As part of the second Cryptographic Modernization program, in effect since 2000, the Department is replacing old hardware and cryptographic systems to meet the challenges of the improved computing power of the nation’s adversaries.
Citing the trustless, transparent, and immutable attributes of blockchain the Department writes:
“Blockchain networks not only reduce the probability of compromise, but also impose significantly greater costs on an adversary to achieve it.”
The shift from “low value to high-value work” is also part of the DoDs’ Big Data Platform (BDP), which will handle petabytes of data involved in a number of cross-agency projects. The platform “provides the ability to perform aggregation, correlation, historical trending,” and may perform pattern recognition to “predict attacks.”
Solana claims to be first web-scaled blockchain
Per the release, the funding round was led by Multicoin Capital, with participation from Distributed Global, Blocktower Capital, Foundation Capital and Blockchange VC, among several other companies.
Solana claims that the platform is the first web-scale blockchain, since they believe it to be the first solution capable of hosting applications with computational bandwidth akin to the modern internet. Per the press release, the Solana network can support 50,000 transactions per second.
“Solana is the closest thing to the ‘world computer’ blockchain developers conceptualized in the early days of crypto,” said Kyle Samani, co-founder and managing partner of Multicoin Capital. He adds that Solana will allegedly scale on the base layer without sharding, explaining:
“While many developers have proposed sharding solutions for scaling existing layer 1 solutions, they introduce a tremendous amount of complexity and create new user experience problems that are difficult to solve.”
Solana is also launching its development network, where developers can now download the dedicated software development kit and start building decentralized applications based on the new chain.
The press release also claims that Solana is the first multi-threaded blockchain and that it is optimized to run on graphics processing units processing many transactions in parallel.
“Other than Solana, all blockchains are single-threaded processors,” explains Anatoly Yakovenko, Solana’s co-founder and project lead. “That is, they can only make one state update at a time. By architecting a system designed from the ground up to support concurrent processing, and by optimizing computation for massively parallel GPUs, Solana can process 50,000 TPS across a network of 200 nodes—and it does so without creating any additional overhead in terms of UX, latency, or composability for developers.”
As Cointelegraph reported in May, Ethereum co-founder Joseph Lubin said that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months, after changing to PoS.
Bitcoin wallet and blockchain explorer provider Blockchain just launched its first exchange platform.
Blockchain’s head of retail products, TD Ameritrade alum Nicole Sherrod, told CoinDesk the custodial exchange, called The PIT, can connect to non-custodial Blockchain wallets for nearly instant transfers. Registration opens today, with the ability to trade up to 26 assets rolling out over the next two weeks.
Sherrod said that with nearly 40 million wallets already created – and an exchange matching-engine set up in London’s Equinix LD4 data center – PIT could be posed to attract more liquidity than competitors.
“That’s what market makers are looking for,” Sherrod said. “They want to co-locate [data center servers] with you, they want to directly connect to your matching engine. It’s the way it’s done on Wall Street.”
Indeed, Tom Haller, previously the chief software architect for trading systems at the New York Stock Exchange, contributed to the development of PIT’s matching engine.
Sherrod added the exchange will measure speed in “microseconds,” like traditional asset exchanges. However, an anonymous industry expert was skeptical about whether that theoretical speed with remain constant under real pressures. The source said many infrastructure dependencies are “almost impossible to model out,” so the system will only prove itself when tested by “real-world trading volumes.”
Either way, Blockchain is prioritizing diverse token offerings over margin trading options and the bitcoin software update SegWit, both of which are also on the road map.
“Beyond the 26 [assets] we already know what our phase two asset listings are going to be, as well as phase three,” Sherrod said, declining to name any assets beyond what the wallet already supports.
It remains to be seen how PIT will compete with mainstream exchanges like Binance and Coinbase, which also offer a plethora of crypto assets. Coinbase was also a wallet provider and brokerage, before it became Silicon Valley’s iconic unicorn exchange.
“We’re looking to compete on the overall client experience,” Sherrod said, adding that a new customer support team has become the second-largest division of the company as part of a broader shift to exchange services.
Mainstream exchanges are generally slow to respond to retail users when market activity spikes, so Sherrod argued that beyond speed this is another area where PIT could rival incumbents.
Only time will tell if the new revenue flows Blockchain users generate through transaction fees will justify this expansion into the heavily saturated exchange space, with fierce competition for market makers and heavily regulatory costs.
Blockchain is applying for new licenses in various jurisdictions, Sherrod said, but failed to specify which ones. In the meantime, the exchange won’t operate in any jurisdiction that requires a license, a spokesperson added.