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Akamai and MUFG Announce Joint Venture for Blockchain-Based Online Payment Network

Vlad Poptamas

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Akamai Technologies, Inc. (NASDAQ: AKAM), the intelligent edge platform for securing and delivering digital experiences, and Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world’s leading financial groups, today announced an expansion of their relationship through the establishment of a joint venture, the Global Open Network, Inc. (GO-NET) and their plans to offer a new blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness.

GO-NET is the result of more than three years of close collaboration between Akamai and MUFG.  Both Akamai and MUFG will be investors in GO-NET, which is expected to make the new payment network available in Japan during the first half of 2020. GO-NET aims to provide a comprehensive set of services, including support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions.

Critical to the joint venture will be Akamai’s innovative Blockchain as a Service solution, which will leverage its globally distributed Intelligent  Edge Platform to power the online payment network. Akamai’s Blockchain solution is proven to be capable of processing more than one million transactions per second at under two-second latency per transaction, which is orders of magnitude faster than existing solutions. In addition, transactions executed on the platform will be secured and accelerated by Akamai’s market-leading cloud security and performance offerings, which positions it extremely well as a robust enterprise platform for real-time transactions at scale. MUFG, as one of the world’s leading global financial groups with a long history and excellent reputation for trust, will provide extensive know-how of financial services and expertise in business development to bring sustainable growth and success to the joint venture.

“This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs,” said Dr. Tom Leighton, CEO and co-founder of Akamai. “The collaboration between MUFG and Akamai over the last three years has demonstrated what is possible when industry leaders join forces to solve a challenging problem. Akamai and MUFG are committed to delivering innovative solutions at a level of security, scale and responsiveness never before achieved.”

“Financial services need to embrace digital innovation to meet greater demands for security, capacity and efficiencies, and to serve evolving market and consumer needs,” said Hironori Kamezawa, Group CDTO of MUFG and CEO of GO-NET. “MUFG has high expectations for our joint venture with Akamai. Our goal is to enable rapid innovation in digital payment services, leveraging a transformative platform, with built-in security, hyper-scale and efficiencies. GO-NET aims to expand the payment network business to a global scale, and enhance the services to support diverse payment ideas in the upcoming IoT era.”

Throughout their collaboration, Akamai and MUFG have drawn upon their experience as leaders in their respective industries. Akamai has leveraged its decades of experience in developing and deploying distributed systems at global scale, along with market-leading performance and security services, in building the Blockchain as a Service technology. MUFG has leveraged its vast presence and expertise in providing financial services at a global scale. The new payment network is expected to offer differentiated services with improved scalability, reliability, performance and security.

 

SOURCE Akamai Technologies, Inc.

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Blockchain

Chainalysis Launches First Actionable Real-Time Alerts for Suspicious Transactions Across 15 Cryptocurrencies

Alexandru Marginean

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Chainalysis, the blockchain analysis company, today announced the launch of suspicious cryptocurrency transaction alerts in Chainalysis Know Your Transaction (KYT), the real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions. It is the first compliance alerts solution available across 15 cryptocurrencies.

Chainalysis KYT alerts are designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources.

“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices,” said John Dempsey, VP Product, Chainalysis. “Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies.”

Chainalysis KYT has always provided real-time transaction monitoring for large volumes of cryptocurrency activity to identify high risk behavior, and now alerts are generated whenever a transfer involves a risky counterparty and crosses a value threshold. Alert levels include Severe, High, Medium, and Low, and are based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount. Alerts are available for all 15 cryptocurrencies supported by Chainalysis, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies coming soon.

With alerts functionality built directly into the user interface and API, cryptocurrency businesses and financial institutions can keep track of, investigate, or take action on risky transfers. Additionally, customers can customize risk parameters based on their own business policies to help allocate resources accordingly.

“As a New York Trust company we are required to monitor transactions on and off our platform,” said Michael Breu, Gemini’s Chief Compliance Officer.  “Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini’s own compliance policies, help us meet our regulatory obligations.”

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Blockchain

For the First Time, Huobi Token Is Now Usable as an eCommerce Payment Method

Alexandru Marginean

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Photo Source: www.cryptonewsz.com
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Huobi is pleased to announce that Huobi Token (HT) can now be used to purchase art, apparel, hardware, event tickets and more from the eCommerce and crypto news platform FomoHunt. This marks the first time HT can be used for eCommerce by the general public.

While HT can be used for all merchandise on the site, offerings at FomoHunt also now include exclusive Huobi-branded merchandise.

“Our partnership with FomoHunt allows us to do two big things at once,” said Helena He, Head of Global Operations. “First, it’s a big step in expanding HT’s usefulness outside our direct ecosystem and making it more accessible to the general public. Second, it gives members of our community direct access to Huobi-branded merchandise, which is something many have repeatedly been asking for.”

FomoHunt co-founder, James Lawrence, expressed optimism about the new partnership.

“Being able to work directly with Huobi is an amazing opportunity. We are working together to allow our community users to use Huobi Token and make real-world purchases for clothes, art, FomoHunt subscriptions, event tickets, and even mining hardware. FomoHunt looks forward to future collaborations with Huobi.”

Huobi has made developing HT a priority over the past eight months. For example, Huobi Prime and Huobi FastTrack, Huobi’s innovative premium coin launch platform and its new coin listing program, which respectively launched in March and June this year, both use HT as their main token of exchange. In July, Huobi implemented a series of tiered trading fee discounts for users based on HT holdings.

Founded in 2018 as an alternative to the disparate information found across the internet, FomoHunt is a discovery portal into the world of blockchain projects, founders, events, products, and news. FomoHunt aims to provide an easy and streamlined portal for blockchain newcomers and experienced veterans with unrivalled project information and up to date information.

To learn more about Fomohunt, go to: https://www.fomohunt.com/marketplace/

To learn more, contact media@huobi.com

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Blockchain

Fiat Withdrawals Available With TUSD and PAX

Alexandru Marginean

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Stablecoin partners facilitate fund transfers to personal bank accounts easily.

Crypto.com, the pioneering payments and cryptocurrency platform, is pleased to highlight two fiat withdrawal solutions via TrueUSD (TUSD) and Paxos Standard (PAX) stablecoins for Crypto.com App users.

Crypto.com has recently entered a partnership with TrustToken and Paxos Standard for Crypto.com Chain, which will allow merchants to get paid in USD.

As an extension to this partnership, Crypto.com App users can now redeem their TUSD or PAX 1-to-1 against USD, which will be wired directly to their personal bank accounts. This is an appealing use case for App users who want to monetize their crypto gains, holdings, or Crypto Credit loans.

To redeem stable coins against USD, users can do so via the TrustToken or Paxos Standard platform. For further instructions, please click here.

Kris Marszalek, Co-founder and CEO of Crypto.com said, “The team is committed to making efficient fiat withdrawal available to customers. As we work on more traditional solutions, we are pleased to share two important supporting solutions from our stablecoin partners.”

Tory Reiss, Co-Founder of TrustToken said, “We are excited to be deepening our collaboration with the Crypto.com team. Finding a reliable way to move fiat on and off their platforms continue to be a headache for crypto companies. At TrustToken, we are continuing to double down on this use case by building out strong compliance practices and adding additional payment rails.”

Scott Simpson, VP of Strategic Partnerships of PAXOS said, “We believe that building a vibrant ecosystem for PAX is crucial for increasing use in consumers’ daily lives. Our partnership with Crypto.com makes it easier for consumers to benefit from their crypto holdings and were excited to make this important functionality live.”

DISCLAIMER: THE STABLE COINS AND USD REDEMPTION IS HANDLED AND PROCESSED BY TRUSTTOKEN OR PAXOS STANDARD, CRYPTO.COM IS NOT RESPONSIBLE OR LIABLE FOR ANY DISPUTE ARISE FROM SUCH ARRANGEMENT.

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