Blockchain Weekly – February 14th, 2020

Blockchain Weekly features short summaries of the five biggest headlines from the world of blockchain.

Welcome to the fourth installment of Blockchain Weekly from Blockdata. To catch up on last week’s post, you can find it on the blog. We also published a market map of the banks and blockchain startups disrupting capital markets with DLT.

JPMorgan is in talks to merge Quorum with Ethereum developer Consensys [Reuters]

According to an exclusive report from Reuters, JPMorgan is seeking to merge its blockchain unit, Quorum, with Brooklyn-based Consensys, the primary developer and supporter of Ethereum. Quorum, which is a permissioned version of the Ethereum blockchain, is used by a number of corporate and consortia blockchain initiatives, including trade finance platform komgo. This news comes amid the recent announcement of restructuring at Consensys.

40 German banks apply to become regulated crypto custodians [Cointelegraph]

Recent legislation in Germany has allowed banks to apply to regulator BaFin to become custodians of cryptocurrencies like bitcoin and ether. With the application window open until the end of March, over 40 banks have already requested approval to become registered custodians of digital assets.

21 insurance firms use B3i to process reinsurance contract renewals [Ledger Insights]

B3i, a blockchain-based insurance platform owned by some of the world’s largest insurance companies, has announced that it has renewed 30 annual Catastrophe Excess of Loss (XoL) reinsurance contracts on the blockchain. B3i was originally built on Hyperledger but switched to R3’s Corda Enterprise in mid-2018.

Wells Fargo invests $5 million in blockchain analytics firm Elliptic [Cointelegraph]

Elliptic has raised an additional $5 million to build its Discovery product, a risk analysis tool that helps banks identify high-risk customers involved with cryptocurrency. This funding follows investments by Santander and Japan’s SBI Holdings.

Bitcoin lending firm BlockFi raises additional $30 million in funding [Coindesk]

BlockFi, which only 6 months ago raised an $18 million Series A round, is attempting to rapidly expand its geographic reach and product offerings. Leading the Series B investment is Peter Thiel’s Valar Ventures, along with Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Arrington XRP Capital, and HashKey Capital. Previous investors Morgan Creek Digital, Winklevoss Capital, and several others are also participating in the round.

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