Bitcoin

Bitcoin Daily: Ledn Rolls Out Crypto Savings Account With Genesis; China Seeks Development Of Blockchain Trade Platform

Bitcoin Daily

Ledn Inc. has unveiled the rollout of a USD Coin (USDC) savings account with the help of Genesis, according to an announcement.

Customers of Ledn will now have the ability to save and accrue interest in both bitcoin and USDC.

Matt Ballensweig, vice president of Originations for Genesis, said in the announcement, “As the digital currency lending market continues to grow, we are always exploring additional ways to satisfy institutional demand. We’re excited to begin working with Ledn and believe this will be a successful collaboration.”

The infrastructure of Ledn will offer customers an easy and accessible way to save in bitcoin and USDC, according to the announcement, and Genesis will serve as the main borrower of the cryptocurrency. Genesis has had $3.1 billion in originated loans last year.

Ledn said it is especially looking forward to bringing the offering to customers in Latin America “where given the current economic climate, demand has been surging for alternative savings solutions that are not denominated in a local currency," per the announcement.

In separate news, governing organizations in China have reportedly joined forces to create an official document that suggests the formation of a trade finance platform based on the blockchain, Cointelegraph reported.

Those that worked on the document include the China Banking Regulatory Commission, the People's Bank of China, the Foreign Exchange Bureau and the China Securities Regulatory Commission.

The groups put forward their ideas on how to best finance the Guangdong-Hong Kong-Macao Greater Bay Area’s development. They noted, per the report, that a platform would help participating financial institutions share data related to cross-border traders. The country, they said, should create a platform “under the premise of legal compliance and commercial voluntariness.”

Additionally, the groups suggested the use of big data and artificial intelligence (AI) in risk prevention, promotion and financial control.

As it stands, China is reportedly leading blockchain innovation quicker than most nations.

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