The Week in Crypto: Oct. 22-Oct. 28
UK Blockchain company admitted to E.U. payments settlement system
Setl, a UK-based blockchain startup, received a license from French financial authorities to build a securities repository. Setl will utilize a permissioned ledger, which will permit access only to pre-approved parties. The announcement provides credibility to the EU’s European Blockchain Partnership, which now has 27 member countries, including France, Germany, and the UK.
Coinbase adds first stablecoin
Coinbase users can now buy Circle’s USD stablecoin (with the exception of those in New York), the first such coin Coinbase offers on its platform. The developer, Centre Blockchain Consortium, was co-founded by Circle and Coinbase. In a post on its site, Coinbase claims the blockchain based “digital dollar” is “an important step towards a more open financial system,” while touting the programmability, efficiency of exchange, and ease of use in the crypto eco-system as reasons you should use it today. USD stablecoin is fully collateralized by US dollars, and will be available to trade in the next few weeks.
UK Government nixes Royal Mint plans for official government token
Officials at the British finance ministry have denied approval to a plan by the Royal Mint to issue up to $1 billion worth of “Royal Mint Gold” (RMG) tokens. RMG tokens were set to have been backed by gold reserves in the Royal Mint vaults, and were to be traded on the Chicago Mercantile Exchange (CME). However, CME officials were said to have backed out of the venture prior to last year’s intended launch date. The Royal Mint was then forced to find an alternative exchange to list on, but could not find one satisfactory to the ministry of finance. Said a Mint spokesperson, “Sadly, due to market conditions this did not prove possible at this time, and we will revisit this if and when market conditions are right.”