If there’s one theory at the heart of Igor Pejic’s new book, “Blockchain Babel: The Crypto Craze and the Challenge to Business,” it is that when it comes to using blockchain technology to remake the banking business, neither the financial institutions looking to maintain their dominance nor the FinTech firms trying to topple them understand each other, or how much they need each other.
On Wednesday, Abra said its app will use the Bitcoin blockchain and smart contracts technologies to support fractional investments in stocks and exchange-traded funds (ETFs). Abra already offers the ability to “invest” in 50 fiat currencies and over 30 cryptocurrencies. This app is also very bad and we really love talking about it.
Auto manufacturer Ford Motor Company and battery maker LG Chem announced on Jan. 16 that they are joining forces with a major Chinese mining firm on a pilot project to use IBM Blockchain technology to trace the origin of the mineral cobalt used in batteries. More than half of the world supply of cobalt is mined in the war torn Democratic Republic of Congo, where illegally mined minerals and diamonds often fund brutal militias, and child labor and hazardous working conditions are common.
On Jan. 7, digital exchange DX.Exchange, based and regulated in Estonia, began offering investors the ability to trade digital tokens backed by shares in 10 NASDAQ-listed stocks, including Apple, Amazon, Facebook, and Microsoft. And in October, crowdfunding platform Indiegogo sold tokenized shares of the St. Regis Aspen Resort to SEC-accredited traders.