Trafigura, French Bank Partner on Blockchain Oil Revolution
US oil trader Trafigura has teamed up with French bank Natixis to use Blockchain for “streamlining” its sales process. After a series of successful trials which began in November, both sides are now convinced that the technology could significantly impact on the efficiency of selling crude oil. Currently, the sales chain involves “exchanging contracts, letters of credit, inspection and other paperwork by email or fax,” the Financial Times reports. “By using Blockchain, the goal is to streamline the workflow,” Arnaud Stevens, New York head of global energy and commodities at Natixis, told....
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The Banque de France has revealed that it is opening a blockchain innovation lab as it seeks to work more with blockchain startups. In a speech [PDF] presented by Banque de France governor Villeroy de Galhau last month at the Paris FinTech Forum, and published recently, the central bank explained that more work needs to be done with the blockchain. According to Galhau, ‘the digital revolution is creating challenges but also incredible opportunities that are just waiting to be seized, whether by FinTechs themselves, by the entire financial system or by the French and European economy as a....
The Banque de France, the country’s central bank, has revealed details about a discreet blockchain experiment that was put to the test back in October 2016. In a release [PDF] late last week, the bank revealed that it had tested blockchain technology to understand the consequences of decentralizing ledger managing functions of SEPA credit Identifier, which is essentially a simplification of cross-border Euro transfers within the Single Euro Payments Area (SEPA). The experiment was conducted in partnership with Parisian Fintech startup Labo Blockchain as well as the Caisse des Dépôts et....
Two of France's left-leaning political parties are speculating that technologies like the blockchain could lead to substantial job losses in the financial sector. The comments came part of a document published last week by the Left Front and the French Communist Party entitled “Digital Revolution,” which explores the implications of Big Data, connected devices, 3-D printing and the blockchain on the power of state institutions – and how those power centers may be disintermediated by these technologies. The impact of this technology on jobs, the groups argue in the missive, could be widely....
BNP Paribas has revealed its securities services division is working on a blockchain platform that would enable retail investors to lend money to businesses via an instrument known as a mini-bond. According to Financial News, BNP Paribas Securities Services is building a distributed ledger platform that will maintain and record mini-bonds issued through the platform. For the effort, BNP is partnering with French crowdfunding startups Enerflip, Lendosphere and Lumo. The announcement is the latest that finds the French multinational bank exploring how it could use blockchain to better serve....
Spectators could not see Crypto.com’s logos during Formula One's French Grand Prix, while staff from Alfa Romeo, AlphaTauri and Alpine reportedly removed crypto-related branding. Many Formula 1 international racing teams reportedly removed or covered branding and logos from crypto-related sponsors in response to uncertainty around France’s advertising regulations.According to a Tuesday report from RacingNews365, Crypto.com’s logos were not on display during the French Grand Prix on Sunday — the crypto exchange has been a global partner with the racing series starting in July 2021. The team....