Features TheBitTimes.com

During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. Banking giant Hong Kong and Shanghai Banking Corporation (HSBC) have tested the use of tokenized deposit s – from issuance to transfer to redemption – with major Chinese banker Ant Group, founded by Jack Ma, in a sandbox arranged by the Hong Kong Monetary Authority. The initiative led by the banking institutions aimed to explore the potential of deposit tokenization in enabling always-on, real-time treasury fund movement between accounts held by a corporation within the HSBC network. During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. In an official communication shared with Cointelegraph, HSBC revealed that the test encompassed the issuance, transfer, and redemption of deposit tokens, adding: “It will pave the way for future research on how blockchain and tokenization ca...

Leading fintech innovator, Backed, announced on October 26 its recent integration of Chainlink (LINK) Proof of Reserve (PoR).  This strategic move offers its users a transparent and trust-minimized mechanism to validate the collateralization of their tokenized assets with the integration as well as signifying a monumental leap in reinforcing user trust.  With PoR, Backed’s users now have the capability to independently and on-chain confirm the sufficiency of collateral reserves at any given time. A necessity in ensuring the integrity of tokenized assets, as per the latest information shared with Finvold. Backed has launched its Proof of Reserves (PoR) powered by @chainlink. This means greater transparency and trust minimization for bTokens. Users can now verify collateralization on-chain, confirming token integrity and increasing usability across platforms. Learn more about our… pic.twitter.com/3KBrN2kHNi — Backed (@BackedFi) October 26, 2023 Behind t...