finance | Biz Builder Mike

Matic, which Supports Secure, Instant Crypto Transactions, Verified by Ethereum, Announces Major Updates

September 14, 2020 by bizbuildermike

Matic, a platform that aims to facilitate secure, scalable, and instant transactions that are verified by the Ethereum (ETH) blockchain network, has announced new project updates. The Matic developers claim that their project has been making steady progress after it was introduced via Binance Launchpad (the exchange’s IEO platform) in 2019.

The Matic team noted:

“Our developer ecosystem is growing rapidly, with Matic quickly becoming the go-to platform for (decentralized applications) dApps of all types. Phase 2 of our staking rollout is firmly underway and we’re becoming deeply ingrained into the (decentralized finance) DeFi ecosystem.”

The Matic project developers state that they’ve been working on supporting various DeFi solutions like @TheMahaDAO, which claims to be India’s first distributed autonomous organization that’s focused on promoting blockchain innovation in the country.

Matic’s native MATIC coin was recently listed on the Kyber Network, which serves as an on-chain liquidity protocol, allowing “decentralized” token swaps to be integrated into various applications. The Matic team also confirmed that they’re now working on staking rollout Phase 2.

They’ve also welcomed new (transaction) validators to the blockchain or distributed ledger tech (DLT network, including:

@TorusLabs (which enables “one-click logins for dApps);
@InfosysConsltng (a global advisor allowing organizations to “reimagine their future and create sustainable value leveraging disruptive technologies”);
@BCW_llc (a strategy consulting firm);
@decentralgames (developer of non-custodial virtual casinos); and
@Node_Ateam (a Cosmos, IRISnet, Terra, Kava, IOV, E-Money, Solana, BAND, Matic, and Orbit Validator).

The Matic Network mainnet went live on June 1, 2020. At the time of its launch, it had already produced 43,000+ new blocks.

On September 12, 2020, the Matic Network Developers announced the Build-n-Earn projects that qualify for grants and community voting. On September 11, the Matic team confirmed that the VR ecosystem (@Dvision_network) is onboarding to Matic in order to facilitate “the next generation of virtual experience.” Dvision is a blockchain-enabled VR content ecosystem that aims to develop a more inclusive virtual ecosystem for businesses, designers and regular end-users.

Last month, Binance-owned WazirX, an Indian cryptocurrency exchange, had announced that it will launch a DeFi project with assistance from Matic.

While it does seem like the Matic team has been quite busy since their project was listed on Binance Launchpad, it remains unclear whether these projects will provide any real value or products to customers that would actually be meaningful and useful. Most crypto projects don’t really have legitimate use cases. They mostly encourage trading in speculative tokens.

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China: WeiyangX Fintech Review

September 12, 2020 by bizbuildermike

CBIRC: Increasing Efforts to Crack Down on New Types of Illegal Commercial Insurance Activities

Recently, the Anti-Illegal Financial Activities Bureau of China Banking and Insurance Regulatory Commission (CBIRC) published an article entitled “Analysis of Illegal Commercial Insurance Activities and Regulatory Suggestions” in “Observation of Insurance Risk”.

As noted in the article, with the advancement of internet technology and third-party payment in recent years, the technical threshold for the establishment of related websites and APP platforms has been greatly reduced. This has led to the rapid development of illegal commercial insurance, and many third-party network platforms of information technology intermediary services are engaged in illegal insurance intermediary businesses. Therefore, in order to better protect the consumers, the article called for clarifying the regulatory body and regulatory standards for these new types of illegal online businesses in the future. (Source: Observation of Insurance Risk)

China’s Digital Economy Reaches ¥35.8 Trillion in 2019

On September 10^th, the Cyberspace Administration of China released the “Report of Digital China Development (2019)”.

According to the report, China’s digital economy registered ¥35.8 trillion ($5.07 trillion) in 2019, accounting for 36.2% of China’s GDP and 67.7% of GDP growth.

The structure of the digital economy continues to be optimized and upgraded, and the added value of industrial digitalization accounts for 80.2% of the digital economy. (Source: Cyberspace Administration of China)

Jniu Technology Completes ¥35 million Pre-A Round of Financing

On September 11^th, smart insurance brokerage service provider, Jniu Technology, was reported to have secured a ¥35 million Pre-A round of financing. The investment was provided by Sequoia Capital China and Eminence Ventures.

Established in 2019, Jniu empowers traditional life insurance companies’ personal insurance and insurance intermediary markets through agent operations, and help establish digital operating systems, distribution systems and supply-chain capabilities. (Source: ebrun)

Lithuania Plans to Establish Bilateral Fintech Cooperation with Hainan Province

On September 9^th, an academic seminar themed “China-Europe Digital Securities and Open Finance” was held in Hainan Resort Software Community (RSC). Officers from Hainan RSC introduced the development of the park and related policies of Hainan Free Trade Port.

The Hainan FTP will offer zero tariffs, low tax rates, simplified taxation and other policy supports for trade, investment, cross-border capital flows, transportation, and safe and orderly flow of data.

Sankauskas Andrius, Senior Commercial Counselor of the Republic of Lithuania in China, said that this is in line with the EU’s policy and the cooperation between the two sides will have a more consistent policy environment.

In April 2021, Lithuania will lead global fintech companies to come to Hainan to participate in the “Hainan Fintech Week”, and plan to establish a bilateral fintech cooperation relationship between Lithuania and Hainan. (Source: Hainan Daily)

The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.

WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth Fintech cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.

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Decentralized Exchange Aggregator 1inch Partners TRON to Integrate its Trading Protocol, JustSwap, and Other Enhancements

September 11, 2020 by bizbuildermike

1inch has teamed up with the developers of Tron (TRX), one of the largest platforms for building decentralized applications (dApps), in order to complete the integration of JustSwap and Mooniswap.

1inch provides an aggregator for decentralized on non-custodial crypto-asset exchanges with “the best prices” on the market. There are no registrations or sign-ups required to use 1inch. Its creators claim that it’s safe and secure.

The 1inch team stated:

“We’re thrilled to announce a partnership with TRON, one of the world’s most popular blockchains. … 1inch will fully integrate with JustSwap, TRON’s decentralized trading protocol for automated liquidity provision, and our automated market maker (AMM), Mooniswap, will integrate into TRON’s blockchain.”

Sergej Kunz, co-founder and CEO at 1inch, said that the integration will allow them offer “faster, cheaper service, and high-throughput scalability.” Users will also benefit from the larger developer communities of all these platforms, Kunz added.

As explained in the announcement, support of the TRON blockchain in 1inch will allow the aggregator’s users to “get the best rates” for TRON-based digital assets. The integration of Mooniswap with the TRON blockchain should enhance TRON’s decentralized finance (DeFi) ecosystem.

As noted by the 1inch team:

“Liquidity providers on the TRON blockchain will benefit from Mooniswap’s ‘virtual balances,’ which slow down price changes, preventing arbitrage traders from earning up to 100% of the swap slippages and therefore dramatically increasing liquidity providers’ earnings. Thanks to Mooniswap, TRON’s regular users will get an extra level of protection from front running attacks.”

TRON’s developers said that they expect that the integration will allow JustSwap to serve more traders or investors, while improving its price accuracy. JustSwap was launched in August 2020 and it has reportedly reached $100 million 24-hour trading volume.

TRON’s developers are planning to incentivize or reward liquidity providers (LPs) on Mooniswap with TRON’s native TRX tokens.

Founded in 2017 by Justin Sun, TRON aims to compete with Ethereum but has failed to capture a significant market share (when compared to the progress made by the Ethereum ecosystem).

TRON’s mainnet went live in May 2018, which was also around the time that the EOS mainnet was launched. In July 2018, TRON’s developers acquired BitTorrent, a decentralized solution for file-sharing. TRON’s virtual machine was launched in August 2018.

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