Anichess announces strategic partnership with esports giant Team Secret

Anichess teams up with global esports brand Team Secret to enhance competitive gaming and Web3 connections. (Read More)

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CoinEx Sponsors National Chess Event That Would Send Filipinos to Asia-Wide Tournament, Partners with Anichess

CoinEx sponsors the NCFP Chess Championships and highlights Anichess, a blockchain-based game.

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Australian stock exchange may consider listing tokenized real-world assets

The Australian Securities Exchange (ASX) is unlikely to directly list a cryptocurrency on its exchange but could consider an “appropriately-backed” tokenized real-world asset such as gold. Speaking to Cointelegraph, Dan Chesterman, the ASX’s CIO and group executive of technology and data said while there are hurdles for it to directly list a cryptocurrency the company [...]

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Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry

Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX

The post Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry appeared first on BTC Ethereum Crypto Currency Blog.

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No Blockchain for Aussie Stock Market, RBA Is "Very Dissapointed"

<p class="MsoNormal">The Australian Securities Exchange (ASX) cancelled its plans to replace the current Clearing House Electronic Subregister System (<a href="https://www.financemagnates.com/tag/chess/">CHESS</a>) with a <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_1" class="terms__main-term">blockchain</a> alternative in light of 'solution uncertainty'. Australian regulators and banking authorities expressed strong disappointment. The project has been under development for the last five years and costs more than $170 million.</p><p class="MsoNormal"><a href="https://www.financemagnates.com/institutional-forex/execution/asx-weighing-blockchain-transition-legacy-chess-system/">Since 2017</a>, the Australian Exchange has been working on a solution using <a href="https://www.financemagnates.com/terms/d/distributed-ledger-technology-dlt/" target="_blank" id="5f586236-27b9-47a7-8088-da7635d6aab2_1" class="terms__secondary-term">distributed ledger technology (DLT</a>) that would replace the 25-year-old CHESS used to manage trade settlements and record shareholdings.</p><p class="MsoNormal">Initially, the launch of the new solution based on blockchain technology was scheduled for 2020, but the project was <a href="https://www.financemagnates.com/institutional-forex/exchanges/asx-still-believes-in-blockchain-technology-but-delays-launch-to-q2-2021/">postponed</a> several times. It was explained by the need for additional testing, uncertainty caused by Covid-19 and some other impediments.</p><p class="MsoNormal">Eventually, ASX announced that it was abandoning further work on the project to reassess its design. Accenture has prepared an independent report stating that the system was too complex and the application completion rate after five years was 60%. As a result, determining the final launch time of the solution remained uncertain.</p><p class="MsoNormal"> "We began this project with the latest information available at that time, determined to deliver the Australian market a post-trade solution that balanced innovation and state-of-the-art technology with safety and reliability. However, after further review, including consideration of the findings in the independent report, we have concluded that the path we were on will not meet ASX's and the market's high standards. There are significant technology, governance and delivery challenges that must be addressed," Damian Roche, the Chairman of ASX, said.</p><p class="MsoNormal">"On behalf of ASX, I apologise for the disruption experienced in relation to the CHESS replacement project over a number of years."</p><p class="MsoNormal">ASIC and RBA Criticized the ASX Move</p><p class="MsoNormal">After the ASX's announcement, the Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) published a joint press release that called the move "a significant setback" for the Australian cash equity markets infrastructure. </p><p class="MsoNormal">"The announcement by ASX after many years of investment by both ASX and industry is very disappointing. ASX needs to prioritise developing a new plan to deliver safe and reliable clearing and settlement infrastructure. The Reserve Bank of Australia also expects ASX to maintain the current CHESS so that it continues to operate reliably and support confidence in Australia's cash equity markets," Philip Lowe, the Governor of the Reserve Bank, commented.</p><p class="MsoNormal">ASIC and RBA require ASX to ensure that the CHESS program is adequately supported to ensure the highest possible financial services standards for Aussie customers and investors. However, the regulator and the central bank want to resume work on the blockchain solution after reassessing its design. </p><p class="MsoNormal">In August 2022, ASIC <a href="https://www.financemagnates.com/forex/regulation/asic-reveals-4-year-plan-focus-will-be-on-tech-risks-and-chess-replacement/">revealed</a> its corporate plans for the next four years, focusing, among others, on supervising the CHESS replacement. The latest report may alter the institution's strategy.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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CHESS Is Available on Changelly

Changelly introduces the CHESS token, which is now available on the platform. Thereby, users can quickly and easily exchange CHESS tokens at floating rates. CHESS...

The post CHESS Is Available on Changelly appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.

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Top TVL Gainers in BSC Ecosystem in Last 7 Days

Top TVL gainers in the BSC ecosystem are ANN, BABY, JAWS, DOP. CHESS, HUNNY, HELMET, CAKE, CSS, ALPACA The top

The post has appeared first on thenewscrypto.com

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ASX Abandons Blockchain-Based System to Replace CHESS

Australian stock market operator, ASX, has abandoned its ambitious project to replace the legacy clearing and settlements system, CHESS, with a blockchain technology-based platform.

CHESS Is a 30-Year Old System

The decision to completely abandon the project was taken in a meeting on Wednesday, according to Reuters. The company will continue its work toward developing a CHESS replacement, but it will not involve blockchain or distributed ledger technology.

ASX's Project Director, Tim Whiteley, said in the meeting that the next attempt to develop a CHESS replacement would "go down the more conventional route, that is, without the focus on DLT (or) blockchain," adding "while we continue to explore all the options, certainly we will need to use a more conventional technology than in the original solution in order to achieve the business outcomes."

The exchange operator has already enhanced its eligibility criteria for its CHESS replacement Partnership Program, in which it allocated up to AU$ 70 million.

Replacing Legacy Infrastructure

ASX first announced its plans to replace the Clearing House Electronic Subregister System or CHESS with a blockchain-based system in 2016. The Aussie giant even hired a New York-based contractor Digital Asset to develop its CHESS replacement and took an ownership stake in the startup.

Initially, the new system was scheduled to be in place by 2021. However, that faced multiple delays. The earlier stance of ASX was to resurrect the blockchain-based project with a new strategy by the year-end, but now it has completely taken a new direction.

According to Whiteley, ASX's decision was fueled by the market feedback "into the implementation planning," as participants did not want a risky single-date changeover to new software.

CHESS is a 30-year-old system, and the replacement of this system with a blockchain-based system would be a significant use case of the technology behind cryptocurrencies. In late 2021, ASX said that its distributed ledger technology (DLT) as a Service platform, Synfini, was production ready. Developed on top of VMware Blockchain, the platform would be offered as a cloud service and will allow flexibility and scalability to ASX's customers as their usage grows.

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Chess Universe Partners with Immutable (IMX) for Enhanced Gaming Experience

Chess Universe introduces Play-to-Earn mechanics on Immutable (IMX), offering players exclusive rewards and web3 ownership. Discover interactive lessons, NFTs, and more in this innovative chess platform. (Read More)

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Anichess Partners with Yield Guild Games for Southeast Asia Expansion

Anichess launches its public alpha and partners with Yield Guild Games to enhance distribution in Southeast Asia, highlighting its innovative chess-based strategy game and expanding Web3 gaming. (Read More)

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Anichess Surpasses 100,000 Monthly Players in Web3 Gaming Milestone

Anichess, a Web3 chess-based strategy game by Animoca Brands, reaches over 100,000 active players within three months of its public alpha launch, marking significant growth in the Web3 gaming sector. (Read More)

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