London Interbank Offered Rate (LIBOR) to Use Ethereum Blockchain Technology
The London Interbank Offered Rate (Libor) is the rate of which leading backs borrow funds from other banks in London, according to Macro Trends. Further, the rate is based on an average interest rate. The leading banks include Barclays, Royal Bank of Scotland, UBS, and Deutsch Bank.
A recent Forbes report, which can be read here, indicates that the Libor, which is backed by two American companies, announced that it will be using the ethereum blockchain. The report indicates that there is also Ameribor, which is supported by the American Financial Exchange and Cboe Futures, and that it will use a permissioned version of ethereum and two tokens to do the same as Libor.
Richar Sandor, AFC CEO, shared in the report that a great deal has been learned about the new and exciting technology and that the blockchain has the potential to transform electronic trading and financial markets. Further, he stated that AFX is committed to stay at the forefront of technology.
Currently, AFX, which was founded in 2015, has 150 members, while Cboe Futures is part of the legacy of Cboe Global Markets, which was founded in 1973. In addition, earlier this year, Ameribor was announced and it began trading using the traditional technology. AFX is also planning to mint two non-fungible tokens for parties to a transaction, and it differs from bitcoin, which is fungible.
For more information on the Forbes report you can go to the following link: https://www.forbes.com/sites/michaeldelcastillo/2019/11/19/libor-competitor-advised-by-former-cftc-chairman-chris-giancarlo-mints-2-ethereum-tokens/#79190bc3dc82