Today, Lygon, the blockchain-based bank guarantee platform backed by three of Australia’s biggest banks, ANZ, WestpacandCommonwealth Bank of Australia, said it raised a A$12.75m ($9.4m) oversubscribed funding round. Lygon wasincorporated in late 2020, with the three banks as shareholders alongside the developer IBM and shopping mall company SCENTRE.
According to theAustralian Financial Review, ANZ led the latest round, with up to 25% of the funding coming from staff, friends and family.
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Bank guarantees are often required when organizations rent properties, ensuring that the rent will be paid even if the tenant cannot. Lygon digitizes the process, which has several advantages. It’s much faster and more efficient. In other countries, such as Italy, there have been significant problems with fraudulent guarantees where blockchain provides a solution by enabling authentication with digital signatures.
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After starting torun pilots in 2017and incorporating in late 2020, Lygonissued its first guaranteein February 2021 and now has half of the issuers signed up, with a target of 90% by the end of June.
The funding will be used to expand its activities into the insurance sector and ESG. It also plans to get involved with mining rehabilitation bonds. If a miner fails to rehabilitate the land after mining an area, the state uses the rehabilitation bond to do so.
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Asiamoney Bendigo Gives A Lesson In Community Banking
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Drop into one of our Home Centres for a coffee with an experienced home loan expert in a comfortable setting. Our specialists are ready and available after work hours and on weekends to do the heavy lifting for you, whenever suits you best.
If you have lots of small debts, like store credit cards or personal loans, you may be able to consolidate your debt under one umbrella to reduce the amount of interest you’re paying across the board. If this is something you’re considering, you can use the personal loan repayment calculator to get an estimate to help you see if the payments will work for your budget.
Pay us a visit to make deposits, transfers and withdrawals, apply for a loan or credit card and pay bills. You can also access coin counting machines at these five participating branches:
Banking On A Makeover
Any information provided is general in nature and does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you. recommends you read the applicable Terms and Conditionsbooklets and the Financial Services Guide (PDF)before deciding whether to acquire, or continue to hold, a particular product, which are available on .com or by calling 13 13 14 before deciding whether to acquire, or continue to hold the product.