Bitcoin Daily: Robinhood Secures NY Money Transmission License; Harvard, Levi Strauss Team On Blockchain

Bitcoin Daily

Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. The product seeks to track stablecoins through every transaction, with the inclusion of redemption and issuance. Chainalysis COO Jonathan Levin said in the announcement, “The repeated knock against cryptocurrency is its volatility, and trust in stablecoins could lead the way to increased commercial use.” As it stands, stablecoins have more than $3 billion in market value amid their rising popularity.

In other news, Robinhood got the green light to trade seven digital currencies  such as bitcoin and litecoin, among others  in New York state, Reuters reported. The state’s Department of Financial Services also gave the go-ahead for a money transmission license for the firm. Robinhood, a brokerage platform for stocks and exchange-traded funds (ETFs), also has a crypto offering in over 30 states. In the months to come, the company plans to enable users to buy and sell — as well as store  digital currencies.

IBM has teamed up with banks and insurers to create a blockchain system for the healthcare space, according to an announcement. The collaboration includes Big Blue, along with Anthem, Aetna, PNC Bank and Health Care Service Corporation. Through the efforts, members are planning to tap into the technology for payment and claims processing, as well as other tasks. Aetna Chief Technology Officer Claus Jensen said, "Through the application of blockchain technology, we'll work to improve data accuracy for providers, regulators and other stakeholders, and give our members more control over their own data."

On another note, the public health graduate school at Harvard University, along with Levi Strauss and New America, have joined together to create a system based on blockchain, Reuters reported. Through the effort, three factories that make Levi Strauss goods in Mexico plan to use an annual worker survey enabled with blockchain technology this year. Tomicah Tillemann, the founder of New America’s Blockchain Trust Accelerator (BTA), said per the outlet, “Providing a secure, standardized, auditable and transparent platform through which worker survey data can be aggregated and analyzed will be possible with this solution."



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.