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Australia Blockchain Crypto News Industries

Australian Government Reviews Digital Transformation Strategy

In a published discussion paper titled Digital Transformation Strategy 2.0, the Australian Government laid out its progress since the project was announced 2 years ago – and noted the achievement of having been able to go above and beyond what was promised in the roadmap.

“In the past two years, we have steadily delivered against that roadmap. Practical initiatives which provide benefit to people and businesses in Australia include the Digital Newborn Enrolment service, automating tax reporting for business and the National Drought Map, where farmers can access information on drought conditions and relief services.”

Blockchain To Be At The Heart Of One Of The Top Three Digital Governments

Considered bold and even unprecedented to a certain degree, the 2020 iteration of the Digital Transformation Strategy Roadmap plans to make the Aussie government one of the top three digital governments by the time 2025 rolls around.

According to minister Stuart Robert, the transformation would greatly benefit from the public and private sectors working together in order to reach this goal on time.

“If we’re going to reap the benefits of digital transformation, for all Australians, we have to keep moving…we’re going to have to innovate and we’re going to have to get the private and the public sector together perhaps in ways they’ve not done before.”

Reiterating the need for rapid progress in the technology sector due to the nature of a year like 2020, the government goes on to state in the paper that from now on, different sectors of the government should cease to be isolated from one another.

Instead, all areas should be connected to each other – as far as privacy concerns and other healthy limitations will allow it. Using blockchain, all government sectors can benefit from fast and secure transfers of information.

The paper also encourages all interested parties to leave feedback on the project, just one of the many ways the plan seeks to invest in people over the next 5 years.

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Australia Coinjar Crypto News

Yearn.Finance and Uniswap Token Now Available on Aussie exchange CoinJar

One of the leading Australian cryptocurrency exchanges, CoinJar, announced Friday it has added support for two popularly-traded decentralized finance (DeFi) tokens – Yearn.finance (YFI) and Uniswap (UNI). Going forward, the users will be able to purchase and trade these tokens in addition to other digital currencies already supported on the trading platform.

Such a development tends to bring the Australian crypto market closer to DeFi, which presently is sailing at a total assets value of US$12.7 billion.

According to the exchange, the new DeFi tokens will be automatically included in new purchases for its CoinJar ERC-20 Bundle, CoinJar DeFi Bundle, and CoinJar Universe Bundle. The inclusion of the tokens won’t affect the exchange’s bundle users. However, CoinJar noted in the announcement that they would need to unbundle and re-purchase the desired bundle to access the DeFi tokens.

Yearn.finance and Uniswap Explained

Both YFI and UNI are the governance tokens for Yearn.finance and Uniswap protocols, built on the Ethereum blockchain as ERC-20 standard tokens. Yearn.finance is among the top-ranking decentralized finance protocols developed by Andre Cronje. The protocol provides lending aggregation and yield generation while using other DeFi services, including Uniswap, Aave, and others. 

The YFI token is trading at the price of US$23,100 on CoinGecko, a cryptocurrency price tracking platform. 

Uniswap is the leading decentralized exchange (DEX), with about US$1.24 billion in assets locked. It allows the exchange of Ether (ETH) and other ERC-20 tokens on Ethereum in a decentralized manner. Unlike regular cryptocurrency exchanges, Uniswap uses Constant Function Market Makers other than order book. The governance token (UNI) was launched on September 17 and made a big run shortly after it was introduced. 

The UNI token is presently trading at US$3.21, with about -3 percent change in the 24 hours count.

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Australia Bitcoin Industries

New Zealand Builds Green Energy Plant Partly Paid For In Bitcoin

Earlier this Autumn, TYMLEZ set out to equip the town of Tyalgum in New South Wales with green energy powered by blockchain. However, it turns out they aren’t the only blockchain-conscious fans of green energy in the area.

New Zealand’s Largest Solar Power Plant

Kea Energy has started working on the construction of the largest solar power plant in New Zealand. Construction has already started on the 2.5 MW future power plant in Marlborough.  The new power plant will take advantage of the sunny area to produce about 4500 MW of electricity – enough to power around 550 households all year-’round.

In order to build the promising new power plant, Kea Energy has paired up with solar panel manufacturer Yingli Solar Australia.

Open to environmentally-conscious energy solutions and innovative payment methods alive, Yingli Solar Australia has accepted part of the payment for their solar panels in Bitcoin.

Tim Feng – the managing director of Yingli Solar Australia – stated that although New Zealand already derives 80% of its energy from environmentally-friendly energy, he and his company is glad to be able to help New Zealand reach their target of 90% green energy production by 2025.

“Economic savings for solar systems are highly predictable and proven by the financial modeling. New Zealand has 80 percent of its electricity supplied by clean energy. However, we will need to work closely with our partners to achieve the government’s target of 90 percent of electricity to be sourced from renewables by 2025.”

Kea Energy also stated their pride to be the first company in New Zealand to install a large-scale solar farm – as well as their excitement to explore innovative payment solutions with equally innovative partners.

“We are proud to be the first company in New Zealand to install a multi-MW solar farm. Our team will be executing the entire project including design, financial procurement, and installation as well as managing the grid connection process. It’s good to work with a company as innovative as Yingli Solar who is willing to look at payment transactions such as Bitcoin.”  

The electricity produced by the solar farm will help power the local grid, further reducing the environmental impact of energy consumption in the area.

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Australia

Australian Stock Market Pushes for New High as Bitcoin (BTC) Surges

As the year rounds up, both the Bitcoin and Australian stock market are seen recouping from the losses incurred during the severe times of the coronavirus pandemic. It’s clearly an exciting time for Bitcoin investors and traders as the leading digital currency is rallying to make another all-time high (ATH) at above US$20,000. Likewise, the S&P/ASX 200 has been making a big push towards the highest point recorded in February.

Aussie Stocks are Bouncing Back

On Wednesday, the S&P/ASX 200 garnered about 39.20 points from the previous level to close at the current point of 6683.3. This represents about 0.59 percent growth. During the trading hours, the index reportedly surged to about 6713 points, which was only 6.7 percent away from the highest level attained in February, before the market collapsed in March due to the pandemic.

The energy, material, and financial sectors are leading the market while other sectors like healthcare, information technology (IT), and communication were seen underperforming. Among other things, the upticks in the Australian stock market were related to the low-interest rates, the news on COVID-19 vaccines progress, including low inflation. While speaking on the development, the market analyst at Bell Direct, Jessica Amir, commented:

“Markets are really just giving us a forward look of what the future is going to look like from here on in. […] It is a pretty good day and another nine-month high, there is not much to complain about.”

Bitcoin on Pace to ATH

The leading cryptocurrency has jumped in price exponentially since the rally began in October. The cryptocurrency is pushing towards the highest level, which is slightly below the US$20,000. Presently, one Bitcoin is traded at the price of US$19,210 on Coinmarketcap, a digital currency price tracking platform. Since the year began, the digital currency has grown by over 100 percent from as low as US$9,500 in January.

Many analysts separately speculated that both the S&P/ASX 200 and Bitcoin are likely to finish at a new all-time high.However, only time would tell how true the speculations can be.

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Australia Blockchain Industries

Australia and Singapore Will Collaborate On A Blockchain Project Targeting Trade Between The Two Countries

Both Australia and Singapore are frontrunners when it comes to blockchain technology – and they’ve now come together to work on improving their trading partnership through blockchain.

Digital Economy Agreement Paves The Way

The Australian Border Force (ABF) stated that the Australia-Singapore Digital Economy Agreement (DEA) led to this project, among other improvements to trade.

Michael Outram – the commissioner for the ABF – said the ABF looks forward to close collaboration with international partner agencies on mutual border modernization programs. As a result, we can expect to see more similar partnerships in the future.

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window”.

Many financial institutions will take part in the trial run, such as the Australian Chamber of Commerce and Industry,  the Australian Industry Group. Financial institutions in Singapore such as ANZ will also take part in the trial.

The trial will be run by the ABF in tandem with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA). The trial run will attempt to integrate the ABF’s Intergovernmental Ledger (IGL) and the IMDA’s TradeTrust system for electronic trade documents.

If the trial run is successful, blockchain technology will be implemented in the Australia – Singapore trade relationship in order to reduce administrative costs – and to facilitate the transfer of relevant documents, as well as to certify the provenance of imported and exported goods across the supply chain.

This trial fits in nicely with the Australian Government’s recently announced Simplified Trade Agenda which aims to reform digital trade by streamlining compliance and documentation procedures.

The ABF will report their progress – and hopefully, their success – to the Supply Chain Working Group of the National Blockchain Roadmap.

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Australia

Australian Aquaculture Firm Raises AU$5 million in IPO Using Cryptocurrency

West Coast Aquaculture (WCA), a company based in Australia, recently announced the completion of its initial public offering (IPO), which was mostly conducted using digital currency. The development today confirmed yet another use case for cryptocurrencies. In addition to serving as a means of payment and a store of value, digital currencies can be adopted to source funding from the public, especially from investors outside the country.

WCA Completes IPO Using Tether (USDT)

Per the announcement, the aquaculture company was assisted by STAX, a fintech company, to successfully conduct the funding. West Coast Aquaculture reportedly raised a total of AU$5 million (i.e., USD 3.65 million) through the IPO. The majority of the funding (about 89 percent) was conducted using the US dollar-backed stablecoin, Tether (USDT). So, the company basically raised about AU$4.4 million (USD 3.2 million) using cryptocurrency.

The remaining funds were conducted using Australian dollars, according to the report. To be precise, West Coast Aquaculture deals in fisheries, and it has already established a presence in the Asia Pacific. Through the funding, the company intends to expand its business operations as well as improving its supply chain. Interestingly, the development reportedly makes WCA the first Australian company to source funding using a digital currency.

“We are proud to be part of this historic moment in Australian investment history. […] We hope this bold initiative helps open the door to more global investment for local companies,” the CEO and founder of WCA, Neo Ching Hoe, commented.

Crypto Adoption in Australian Capital Market

In accordance with the words of Kenney Lee, the CEO of STAX, the successfully conducted crypto IPO can “pave the way for the future of capital markets in Australia.” STAX claimed it’s the first company that supports capital raising in both the Australian dollar and digital currencies. “We are allowing access to a market which has been hard for overseas investors to get into, and it will only benefit Australian businesses longer term,” the CEO added. 

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Australia Crypto News Cryptocurrencies Investing

Pendal Group Joins The Big League Financiers Hedging Their Bets On Bitcoin

The Pendal Group – a Sydney-based investment management firm among the biggest in Australia – has recently come out in support of Bitcoin, lauding the asset’s qualities, especially when compared to government bonds.

No Longer An Asset For “The Tinfoil Brigade”

Vimar Gor – the head of Bond, Income, and Defensive Strategies at Pendal Group – iterated his support for Bitcoin and declared that the Pendal Group will be entering the crypto market via futures contracts.

In order to trade Bitcoin futures, the investment management firm is looking to join longstanding futures markets such as the CME Group Exchange and the Chicago Board Options Exchange (CBOE), among others.

In an interview for the Australian Financial Review, Vimar Gor went on to say that the currently ongoing COVID-19 pandemic has been a catalyst for greater market trends that have been around for a while – and that cryptocurrencies are in the right spot to profit from it. With official interest rates and bonds plummeting and large scale central bank QE programs doing the rounds, Vimar predicts that bond yields won’t be very fruitful in the foreseeable future.

Vimar then went on to explain that cryptocurrency has become the elephant in the room – or rather a cockroach in the room that you can’t really ignore anymore.

“Bitcoin is a cockroach that exists. They can’t ban it out of existence.

We think ultimately that government bonds will turn into a dead asset class, so we now have to imagine what it will be like for other assets classes when bonds are no longer relevant to hold in a portfolio.”

Contrary to notorious naysayers such as Peter Schiff, Vimar Gor sees a bright future for digital assets, owing to their finite supply and high demand.

Following the major investments into cryptocurrencies by companies like Square, Paypal, and now Pendal Group, it is not unlikely we will see more and more big-league financial companies hopping on the crypto train.

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Australia Payments

Australian Digital Banking Platform, Novatti, Expands Across 179 Countries By Partnering With UnionPay

Novatti, an Australian fintech company, has expanded and improved its payments network — by partnering with UnionPay, a global card payment company.

Now Novatti, a leading digital banking platform, listed in the Australian Stock Market (ASX) — has expanded its payments network service across 179 countries by partnering with UnionPay — which has 8.4 cards issued globally. Driving immense growth for the company.

“We are thrilled to be partnering with UnionPay, a leading global card payment company. Through this partnership, Novatti will drive continued growth in our payment processing business, delivering further value from our existing platforms and technology.” 

Managing Director of Novatti, Peter Cook, stated in a press release.

Only in Australia, 90 % of ATMs accept UnionPay, as well as 80 % of sale terminals, and major retailers such as Cole and Target. This association will expand Novatti’s growing list of global partners, like Visa, Google Pay, and Decta. 

Novatti Is Not The Only Improving Australian Fintech Platform 

Another Australian fintech platform that recently improved its payment services is RaleyPay — a cryptocurrency exchange that implemented a simple and efficient method by allowing their users to pay their bills or make online shop integrations with Shopify, WooCommerce & Magento, all with Bitcoin or Ethereum.

Now Australians can buy Bitcoin or Ethereum with AUD via PayID or bank transfer — or spend their cryptocurrencies on E-commerce sites.

RaleyPay converts the crypto transactions to fiat, at the moment the transaction is made. This method bridges the gap between traditional fiat and the expanding market of the crypto world.

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Australia Bitcoin Bitcoin Cash Coinbase Ethereum Litecoin

Australian Online Pet Shop Now Accepts Cryptocurrency As Payment

Pet Parlour is the first Australia pet shop to accept cryptocurrency through their partnership with digital currency exchange Coinbase. Customers can pay using Bitcoin, Bitcoin Cash, Dai, Ethereum or Litecoin.

Launching in November, Pet Parlour aims to deliver high quality pet products fast to Australian consumers. Founder Tom Sadler says,

“Our approach is unique in the Australian market. We wanted to offer our customers every possible payment solution. By offering multiple payment options we are aiming for a frictionless customers experience.”

At the moment, it looks like the pet shop mainly offers Dog products including dog food, toys and shampoo. They are supporting many brands, including the Australian Naturals range, where every product bought also supports an Australian business.

Along with accepting cryptos as payment, customers also have the option of paying via Visa, Mastercard, PayPal or Afterpay.

Developing Trend – Australian Businesses Accepting Crypto as Payment

Cryptocurrency is not yet adopted mainstream as an everyday payment option, but this trend is slowly changing as we see more Australian businesses consider accepting it.

While Pet Parlour is the first Australian pet shop to go down this route, it’s a trend we have seen emerge from other industries. South Korean electronics giant Samsung Group renewed its partnership with crypto shopping application Lolli earlier this month, providing opportunities for shoppers to earn reward points in Bitcoin when shopping for Samsung products.

Cryptocurrency is growing in popularity, and we are starting to see many online shops support them as a payment method across Australia. Previously we have also seen many Australian restaurants support cryptocurrencies as payment. With worldwide e-commerce sales also rising it has been also suggested we may see giants such as Paypal and Amazon enter the e-commerce space soon. And we also saw Mastercard announce Crypto Card Partner Program, Making it Easier for Consumers to Hold and Activate Cryptocurrencies.

This highlights the potentials of cryptocurrency becoming a legitimate form of value transfer.

Get Involved

If you’re looking to accept cryptocurrencies for your business we have a guide to help you set that up. And if you’re a customer looking to buy online with cryptocurrencies then checkout our Crypto Visa Cards review.

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Australia Blockchain Crypto News Industries

ASX Partner VMWare Releases Blockchain Software For Commercial Use

VMWare, Inc., a company providing highly scalable software solutions for enterprises of any size , has taken the decision to launch their blockchain software available for purchase. This will allow businesses to increase the security of their data silos, allowing instant blockchain-powered data transfers.

Partnered With The ASX

Ever since the launch of its beta in 2018, the VMWare blockchain has connected with a steady stream of partners.

Among them is the ASX, who in the search for an upgrade to their aging infrastructure have turned to blockchain.

According to Dan Chesterman – the Chief Information Officer of ASX – Distributed Ledger Technology (DLT) helps automate processes in a secure, accountable manner, giving it a leg up over competing technologies.

“The combination of VMware Blockchain and Digital Asset’s expertise in smart contracts and distributed ledger technology is the right partnership to help us transform and modernize Australia’s financial market infrastructure. DLT can help financial services firms transform data, preserve privacy and confidentiality, and remove manual processes that exist in the industry.”

The VMWare Blockchain’s Scalable Byzantine Fault Tolerance (SBFT) also works together with DAML in order to provide access to smart contracts ready to be used by booming enterprises and small-time businesses alike.

According to Yuval Rooz – the co-founder and CEO of Digital Asset, the company behind DAML – the smart contract tool developed by his team ensures privacy to the point where companies competing in the same field can collaborate on a distributed ledger.

Yet another partner of VMWare is none other than Accenture. David Treat, the head of Blockchain development at Accenture, also stated that blockchain allows companies to unlock the real potential of their data.

“By unlocking the real potential of data in our digital world, multiparty systems, supported by blockchain, are reshaping industries and transforming the way companies work together. It’s reshaping financial services, for example, by reimagining how transactions are executed, from payments to post-trade processing.”

After two years in post-beta development, VMWare’s blockchain solution seems poised to take the world by storm.