Mitsubishi Launches Blockchain Platform for Metal Trading

Mitsubishi Launches Blockchain Platform for Metal Trading

The metals and minerals subsidiary of Mitsubishi has launched a blockchain platform to digitize metal trades.

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The metals and minerals resource trading subsidiary of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has launched a blockchain platform named ECO for precious metals trading.

Developed by Mitsubishi in partnership with the American blockchain company Skuchain, the platform is built on top of Skuchain’s EC3 platform for blockchain-based supply chain management and finance.

According to the official announcement, ECO will ease metal trades between counterparties by generating, managing and executing invoices and trade confirmations. 

For the start, Mitsubishi will only bring its “most valued customers” on the platform but it plans to soon expand and implement ECO to cover a wider portion of its supply chain system. 

Using the ECO platform, trading parties will be able to sign trade documents and upload them on the blockchain. They can then share the signed documents with others in real-time and hide any commercially sensitive information that they do not want to reveal.

The company said it will be adding more features to ECO in the future to solve other crucial supply chain challenges in the metal trading industry.

Mitsubishi Group has been proactive in the blockchain space.  Cointelegraph recently reported that Mitsubishi’s financial subsidiary Mitsubishi UFJ Group, or MUFG, was collaborating with LayerX to promote digitization for companies and government agencies. It was also reported last month that the financial giant is planning to launch its own stablecoin.

Earlier this year, the company was included in the Singapore government’s 16-company alliance to drive trade digitization through the use of blockchain technology.


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The metals and minerals subsidiary of Mitsubishi has launched a blockchain platform to digitize metal trades.

Metal Pay’s New Blockchain Allows Bank and Payment Platform Integration

Metal Pay’s New Blockchain Allows Bank and Payment Platform Integration

Metal Pay, with its new mainnet blockchain Proton, makes different banks and payment platforms compatible with each other, as well as the digital asset world.

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Proton, a new delegated proof-of-stake blockchain from crypto payment solution Metal Pay, allows digital asset and fund transfers across multiple channels. 

„It’s a Blockchain that’s integrated into your bank,“ Metal Pay CEO Marshall Hayner told Cointelegraph. „It’s a universal network for payments.“ As long as payment platforms integrate the Proton blockchain, customers can send payments across non-native platforms, according to Hayner. 

Proton allows compatibility across platforms

At present, aside from Metal Pay, payment platforms often run as siloed entities, facing difficulties when users want to interact across services. If, for example, one person wants to send money to a friend on PayPal, both parties would need to hold PayPal accounts and operate within the walls of that one platform. 

„The craziest part is that it doesn’t require any one platform,“ Hayner said of Metal Pay and its Proton blockchain. Hayner explained further:

What Proton is, is a highly scalable blockchain smart contracting platform, but what’s really different and unique about it is this concept of fiat funding sources and linked identity.“

Metal Pay touts names instead of wallet address characters 

Users of platforms that integrate with Proton’s blockchain can make a wallet showing a verified name in place of current crypto wallet addresses that tout lengthy strings of numbers and letters, explained Bitcoin millionaire Erik Finman, who has been working with Metal Pay. 

Finman said Bitcoin (BTC) involves a „really complicated address that nobody can remember, and that’s great for what it’s good for,“ although Metal Pay offers the simplicity of a username instead. 

Metal Pay allows for a number of payment avenues meshed into one location, instead of the siloed, incompatible experience other payment solutions face. „This allows you to link multiple funding sources from the blockchain itself,“ Finman said of the Proton blockchain — the glue that brings all the separate payment systems together.

Finman compared the experience to a decentralized Facebook login, adding:

But instead of it linking your social media profile information in a centralized way, this kind of links your funding sources in a decentralized way, so it’s just a very easy back end.“

Proton also has its own Proton (XPR) asset, with which customers can pay for wallet address creations, among other uses. Metal Pay also plans on releasing wrapped assets on the Proton blockchain, such as wrapped Bitcoin and wrapped Ethereum, blending crypto transactions directly into the equation.   

Wrapped coins have picked up steam over the past two years, making Bitcoin compatible on other platforms and applications. The market saw Ethereum-wrapped Bitcoin (WBTC) launch in 2019, giving users a way to trade BTC on decentralized exchanges. 


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Metal Pay, with its new mainnet blockchain Proton, makes different banks and payment platforms compatible with each other, as well as the digital asset world.

Bitcoin’s Youngest Millionaire Launches Crypto-Based ‘Libra Killer’

Bitcoin’s Youngest Millionaire Launches Crypto-Based ‘Libra Killer’

Crypto payment app Metal adds first non-native cryptocurrencies

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Cryptocurrency payment app Metal has launched as a full version in what creators say will dominate the market over Facebook’s Libra.

In a social media post Aug. 19, Erik Finman, who co-founded Metal together with former QuickCoin co-founder, Marshall Hayner, confirmed users could now send and receive a range of cryptocurrencies. 

‘Libra killer’ will challenge Facebook with crypto

Metal functions as a P2P payment app, and now supports various tokens including Bitcoin (BTC) and Ether (ETH). Previously, the only payment option supported by the app was its own in-house token, Metal (MTL).

“We’re going to finally bring crypto to the People — in ways that Facebook Libra only wishes they could,” Finman, who himself rose to fame as the world’s youngest Bitcoin millionaire, summarized.  

He continued that the offering would ultimately destroy Libra, Facebook’s digital currency platform which has yet to see the light of day. 

Big name companies interested in crypto payments

As Cointelegraph reported, the project has run into multiple regulatory hurdles throughout the world, an issue which has not deterred Facebook from gathering nodes to run it. Some of the biggest names in finance, such as PayPal and MasterCard, have agreed to pay $10 million for the privilege.

This week further saw news that major cryptocurrency exchange Binance was preparing Venus, another crypto-focused competitor for Libra.

Metal’s debut meanwhile comes a month after a form of partnership with crypto-based social network, Steemit. Along with adding the latter’s native token, Steem (STEEM), Metal allowed Steemit to add content to its app. 

“We also allowed Steem to take over the Discover section in the Metal Pay app — a first for us — where we linked to tons of interesting content to familiarize our users with the Steem blockchain and its publishing platform, Steemit,” officials wrote in a blog post at the time.


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Crypto payment app Metal adds first non-native cryptocurrencies

Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes

Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes

Wheaton Precious Metals will use Blockhead Technologies’ blockchain platform STAMP to boost internal processes

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Precious metals streaming company Wheaton Precious Metals (WPM) will use blockchain technology to facilitate its metal accounting processes, mining.com reported on June 12.

WPM has reportedly hired software company Blockhead Technologies to deploy its blockchain-based platform STAMP to streamline metal accounting processes. Specifically, the platform purportedly enables its users to track and source certification into mining value chains. By using the platform, WPM aims to boost data management processes and conduct data analysis.

WPM is one of the world’s largest precious metals streaming companies. In the fourth quarter of 2018, WPM reportedly generated nearly $110 million in operating cash flow, bringing total operating cash flow for the year to over $475 million. The company produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.

Some other major producers and consumers of metals around the world have also integrated blockchain into their internal processes. In April, Volkswagen joined a blockchain-powered scheme to ensure the cobalt used in lithium-ion batteries for its electric vehicles is responsibly sourced.

In January, IBM partnered with MineHub Technologies to deliver a blockchain solution that will improve supply chain management in the mining and metals industry. The product is set to “increase the level of automation, reduce reliance on intermediaries and increase the speed at which goods are transferred from miners to end buyers.”

As reported last September, Hong Kong-based jewelry retailer Chow Tai Fook reportedly put records of some of its diamonds on a distributed leger developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly enable the retailer’s customers to ascertain the origin and authenticity of gems sold in its T Mark-branded stores.


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Wheaton Precious Metals will use Blockhead Technologies’ blockchain platform STAMP to boost internal processes