Connect with us


Banking Royal Commission: Giving Up On Banks



banking royal commission

The Australian banking royal commission was established in December 2017. Commission intended to examine the practices of financial service providers such as banks and car finance companies. It has been investigating four major banks in Australia, among others. The commission discovered many cases of malpractice.

Many Australians became distrustful since the report went public. In his comment, an economist and Blockchain Innovation Hub’s researcher Brendan Markey-Towler said this is especially problematic in Australia because almost every payment is connected to the bank. The controversy resulted in a rising number of Australians who wanted to find an alternative way to manage their own finances.

Many people seem to be happy with Mr. Crabs solution to hide all their riches under their mattresses. If that’s not really an option for you, consider cryptocurrency, peer-to-peer lending and credit unions.

So what are the options?

Dr. Markey-Towler said that technological advancement offered some alternatives. His only advice was to be smart and careful. Every choice has its advantages and flaws so everyone should choose something that suits them best.

ASIC Moneysmart’s executive Laura Higgins agrees with Markey-Towler. She declared that young people are searching for innovative ways to manage their finances. She also finds refreshing and “inspiring” that young people are looking further than traditional ways when it comes to finances. Some of the alternatives are cryptocurrency, peer-to-peer lending, and credit unions.


Dr. Markey-Tower said he believes that in the not-so-distant future we will be able to pay our usual morning coffee, for example, with a Bitcoin.

He explained that many people mistake the terms of blockchain and cryptocurrency. Cryptocurrency is actually based on the blockchain technology. According to his words, everyone in one network has a certain amount of purchasing power. When you want to transfer that purchasing power, you use that network’s related currency. And blockchain works like a bank record, tracking the amount of everyone’s purchasing power on that network.

Dr. Markey-Tower claimed that the regulations are the only thing slowing down the process of cryptocurrency becoming widely used every day. Laura Higgins agreed and added that the exchange platforms in cryptocurrency business need better regulations. Therefore, the risk is still high but will keep stabilizing as we progress further.

Peer-to-peer Lending

Instead of lending money from the bank, you may lend directly from a peer. Dr. Markey-Town stated that platforms that connect a borrower directly to a lender have recently been in demand. Laura Higgins added that ASIC regulates this matter and mostly requires licenses. Even though it seems the lenders are in favor, Higgins highlighted that this way borrowers may find a lower interest rate.

You should always ensure a few things if you’re having a peer lender for your business. The lender needs to have an Australian Financial Services License so you could be protected by law. Also, always check twice the “small letters in the bottom” and ask about the interest rate. That way you’ll protect yourself from many potential risks, for example, from an exorbitant interest rate.

Credit Unions

Higgins suggested that credit unions may be a good choice since they are as safe as banks. Customer-owned banks have different responsibilities than shareholder-owned. Since 2015, there were 4 million clients in 93 customer-owned banks. They included credit unions, building societies and mutual.

There were have been some bad experiences with credit unions due to acquisitions. Clients who exclusively want a customer-owned bank can be disappointed if the small bank merges a couple of times. Then it becomes a big one that they intended to avoid.

In the end, Laura Higgins advised always to check your financial plans now and then. Maybe they don’t suit you any more or there’s a better option somewhere else.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels


XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange



Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited ( ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub ( ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

Continue Reading


Should Crypto Projects Devote Resources to Community Growth and Marketing?



2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading


XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata



Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub ( will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release