1.Circle Declares Support for USDC Stablecoin on Algorand Blockchain
2.KPMG Launches Blockchain-Based Compliance Suite, Chain Fusion, For Institutions to Manage Crypto Assets
1.Circle Declares Support for USDC Stablecoin on Algorand Blockchain
Algorand Foundation, “a not-for-profit organization concentrated on connecting with, educating, and empowering its community to build a borderless economy on public, decentralized blockchain technology” has announced that the USD Coin (USDC) stablecoin will be launched on the Algorand (ALGO) blockchain.The announcement is published via Algorand foundation official press release on June 24, 2020.
The partnership will see Algorand and Circle promote ALGO-based USDC as a base-currency for establishments hoping to fabricate versatile financial applications on public chains.
Through this joint effort agreement, Circle will include support for digital dollar stablecoins that are interoperable with USDC. This joining will empower consumers to use Circle APIs or Circle Business Accounts to transform funds from their bank account or card network into stable tokens on the Algorand blockchain. Customers will be able to have custody and manage accounts and payments activity through Circle APIs and increase the speed, security, and throughout advantages of Algorand’s blockchain.
Jeremy Allaire, co-founder, and CEO of Circle Said:-
“Growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure,”. “The combination of USDC and Circle Platform Services with the Algorand blockchain will create a foundation for developing a wide range of scalable, secure, and compliant financial applications”.
Algorand would be the first blockchain to coordinate USDC, with additional to come in the future. USDC is the second-biggest stablecoin by market share, followed by Tether (USDT).
Circle will also offer an API empowering payments between USDC on the Algorand and Ethereum blockchain in Q3, 2020.
About USDC
USDC is the quickest developing stablecoin, upheld by hundreds of fintech companies in their items and services. With over $2.5B USDC issued to date, USDC has seen over $50B in exchange volume and settlements on public blockchains.
2.KPMG Launches Blockchain-Based Compliance Suite, Chain Fusion, For Institutions to Manage Crypto Assets
KPMG, one of the “Huge 4” proficient assistance organizations has launched a suite of analytic tools that help financial institutions to manage crypto assets called KPMG Chain Fusion (patent pending suite). The announcement is published via official KPMG advisory article post.
The new digital currency platform aims “to help oversee crypto and traditional assets over public and private blockchain networks. KPMG LLP is the U.S. member firm of KPMG International, one of the Big Four bookkeeping firms, which has in excess of 219,000 experts working in 147 countries and territories.
The new digital currency platform “empowers advanced analytics” for key use instances of cryptocurrency, including custody, wallets, “proof of reserves (asset position reconciliation), and AML transaction monitoring,” the firm outlined.
The new KPMG Chain Fusion suite is intended to allow financial technology companies to more effectively offer crypto asset services on an institutional scale.This service joins data from blockchains and regular financial systems for “business, risk and compliance objectives”.
Crypto assets function very differently compared to traditional assets with regards to technology infrastructure, operational mechanics, and natural risks. These differences translate to challenges in data management which are adequate to meet customer account management, anti-money laundering, and security requirements.
KPMG Chain Fusion is intended to quicken institutional appropriation of core abilities by leveraging trusted technology and driving worldwide service delivery to support businesses engaging with an increasing taxonomy of crypto and digital assets. KPMG Chain Fusion is a dynamic capability which quickens an association’s capacity to extend products and services while addressing new objective markets.
