Container ship outside Hong Kong

Blockchain and trade finance have always seemed like natural partners, and a company based in India is taking another stab at cracking the code.

Persistence has built the back-end infrastructure for a trade finance system that will allow small and medium-sized buyers to more easily find financing for commodities purchased from sellers, traveling between the main trade hubs of Asia, places like Singapore, Hong Kong and Dubai, among others.

The startup closed a $3.7 million token round led by Arrington XRP, along with Alameda Research and South Korean stablecoin company Terra, among others. The backers are purchasing the Persistence token, or XPRT, which is set to be released sometime late this year or early next year, once macroeconomic conditions appear to be stabilized, said Persistence CEO Tushar Aggarwal.

Related: Boardroom Raises $2.2M for Blockchain Governance Toolset

“Commodity trading is a notoriously difficult industry to penetrate,” Aggarwal told CoinDesk in an interview, noting that other firms like Perlin and Centrifuge have already entered this space.

Persistence’s advantage, Aggarwal said, lies less in its technology than in its business-development strategy.

To build an application that would appeal to companies outside of the blockchain industry, Persistence settled on Tendermint as its base layer, after investigating both Ethereum and Waves.

“A big focus of ours is the institutional folks. On the institutional side we tried to abstract away some of the complexity,” Aggarwal said.

Related: Dapper Labs Raises $18M in Token Sale for NFT-Centric Flow Blockchain

Read more: Cosmos Gains Traction in India Amid Broader Crypto Resurgence

The specific trade finance platform was built as a separate application atop Persistence, called Comdex. That platform was turned over to a third party that already has access to the trade finance industry. Invoices get turned into non-fungible tokens (NFTs) that can then be collateralized to back

(Bloomberg) — Stock investors are taking heart from India’s efforts to re-open its economy, even as the nation continues on a trajectory to overtake the U.S. as the country with the most coronavirus cases.

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The S&P BSE Sensex’s has rallied almost 12% since hitting a more than two-month low on Sept. 24, the best performance among the world’s national equity benchmarks, according to data compiled by Bloomberg. It is less than 2% away from wiping out its losses for the year.

A Jefferies Financial Group Inc. model tracking economic recovery last week showed activity in India is already at 93% of pre-Covid levels. The nation is set to further relax restrictions on gatherings of people and allow schools, multiplexes and entertainment parks to reopen in some areas from Oct. 15.

“A higher-than-expected level of economic reopening, coupled with various steps from policy makers, creates an upside risk for GDP and earnings estimates, said Sameer Kalra, a strategist at Mumbai-based Target Investing. “There is a good chance that third-quarter GDP shows a recovery and then the Sensex hits a record by December,” he said.



chart, line chart: India's earnings estimates have risen from this year's low in July


© Bloomberg
India’s earnings estimates have risen from this year’s low in July

The Sensex capped its best week since early June on Friday as the central bank signaled more policy easing ahead and announced a slew of liquidity steps to support the economy. In the past few days, data showing a mild improvement in some economic indicators and optimism over earnings results from a few major firms have also helped boost investor sentiment.

Maruti Suzuki India Ltd., the biggest carmaker, posted its highest monthly sales in two years in September as an end to a nationwide lockdown prompted dealerships to stock up ahead of a festive season.

“India has started to outperform EM more

(RTTNews) – Indian shares look set to open higher on Monday, with positive global cues on the back of stimulus hopes and earnings optimism likely to help underpin investor sentiment.

There is some cheer on the economic front as data showed that India’s exports grew by an annual 5.27 percent in September on the back of a jump in iron ore trade, farm products and pharmaceuticals.

Industrial output data for August and CPI inflation figures for September will be released later today, while WPI inflation data for September will be out on Wednesday.

Reports on the balance of trade data for September and foreign exchange reserves for week ended October 9 will be released on Thursday and Friday, respectively.

Financials could be in focus today ahead of the Supreme Court hearing on loan moratorium issue. The Reserve Bank of India has filed an affidavit before the apex court saying that a loan moratorium exceeding six months could impact credit behavior of borrowers and increase the risks of delinquencies post resumption of scheduled payments.

Asian markets are rising this morning while the yuan fell as much as 0.7 percent against the dollar after the People’s Bank of China has scrapped a requirement for banks to hold a reserve of yuan forward contracts.

Biden’s lead in national polls also helped drive surging yuan gains. Gold eased on dollar strength while oil prices dropped for a second straight session after a ten-day oil workers’ strike in Norway was resolved late last week.

U.S. stocks rose on Friday to end the session at their best closing levels in over a month after President Trump said he would like to see a “bigger stimulus package than either the Democrats or Republicans are offering.”

Trump’s comments came amid reports that the White House was planning to

By Swati Bhat

MUMBAI, Oct 9 (Reuters)The Reserve Bank of India assured bond markets on Friday that it stands ready to take whatever measures are necessary to ensure adequate liquidity in the banking system, sparking a sharp rally.

The RBI said it will conduct on-tap long-term repo operations, open market purchases of bonds and special open market operations (S-OMOs), and also provide the increased held-to-maturity limit to banks until March 2022 versus March 2021.

“For the bond market, this is like an early Diwali and just as the March policy (decision) was termed a bazooka, there is enough today to light up some fireworks,” said Arvind Chari, head of fixed income and alternatives at Quantum Advisors, referring to the Hindu festival of lights which falls next month.

The benchmark 10-year bond yield IN057730G=CC dropped as much as 10 basis points to 5.92% on Friday. The measures were announced alongside a monetary policy committee decision.

The MPC kept rates on hold as predicted while keeping policy stance accommodative to help pull the coronavirus-ravaged economy out of its worst slump in four decades.

Bond markets have been stressed in recent months by the government’s record 12 trillion rupee ($164.16 billion) borrowing program and higher borrowing requirements by states.

“In order to impart liquidity to state development loans (SDLs) and thereby facilitate efficient pricing, it has been decided to conduct OMOs in SDLs as a special case during the current financial year,” RBI Governor Shaktikanta Das said, adding these and other measures should ease fears about illiquidity.

Market participants had complained of a lack of clarity on what measures the RBI would take, amid fears the government could further increase borrowing in the last quarter if revenues remained weak.

“We look forward to cooperative solutions for the borrowing programme for