Crypto News Summary: DBS Adopts DeFi Protocols for FX & Government Securities Transactions, Union Bank of Philippines to Launch BTC & ETH Custody & Trading


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Crypto News Summary: DBS Adopts DeFi Protocols for FX & Government Securities Transactions, Union Bank of Philippines to Launch BTC & ETH Custody & Trading
Source: AdobeStock / walterericsy

Get your each day, bite-sized digest of cryptoasset and blockchain-related information – investigating the tales flying beneath the radar of at this time’s crypto information.


Banking information

  • Financial companies group DBS introduced that it’s “one of the first banks globally” to take a look at the buying and selling of international trade (FX) and authorities securities utilizing permissioned decentralized finance (DeFi) liquidity swimming pools on a public blockchain via Project Guardian, a collaborative initiative with the monetary trade that seeks to discover the financial potential and value-adding use instances of asset tokenization. According to the press launch, the commerce comprised the outright buy and sale of tokenized Singapore Government Securities (SGS), Singapore Dollar (SGD), Japanese Government Bonds, and Japanese Yen (JPY).
  • Digital asset administration expertise METACO introduced that Union Bank of the Philippines is stay on METACO’s flagship platform, Harmonize, to launch a pilot program for bitcoin (BTC) and ethereum (ETH) custody and buying and selling companies for choose retail prospects, stated a press launch. UnionBank is one of the most important common banks within the Philippines, and it was granted a crypto license beneath the supervision of the Bangko Sentral ng Pilipinas (BSP), it added.

DeFi information

  • DeFi infrastructure firm CANVAS introduced the testnet launch of CANVAS Connect, the Layer 2 scaling resolution inbuilt collaboration with StarkWare, an organization centered on ZK-rollup expertise and scaling the Ethereum blockchain. Per the press launch, the service will enable customers to full DeFi transactions with out paying the excessive and unpredictable fuel prices whereas benefiting from Ethereum safety. Transaction sorts embody investing, buying and selling, and transfers (funds).
  • Flux, a set of decentralized computing companies and blockchain-as-a-service options, introduced the launch of Jetpack 2.0, a system replace that permits simpler and cheaper deployment of decentralized functions (dapps) onto the Flux decentralized cloud, stated a press launch. Jetpack 2.0 brings a range of new options, together with an improved dapp registration and administration course of, in addition to direct fiat cost and settlement companies, it added.

Stablecoin information

  • StraitsX, a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS), introduced that it will be piloting a collection of stablecoin functions on the Singapore Fintech Festival (SFF) 2022. A press launch stated that, via collaborations with companions similar to IDEMIA, The HBAR Foundation, Mastercard, and Carbonseed.Earth, StraitsX centered on rising cost effectivity, on-chain and offline programmability offering interoperability, spurring monetary inclusion, and enabling sustainable and energy-efficient transactions. 

Regulation information

  • US-based blockchain infrastructure platform Paxos has secured a license as a Major Payments Institution from the Monetary Authority of Singapore. It is aiming to rent 130 folks however might rent as many as 180, in accordance to Bloomberg, citing Paxos co-founder and Paxos Asia CEO Rich Teo.

Exchange information

  • Crypto buying and selling platform MEXC introduced that it had reached a cooperation with Coinbase to collectively fulfill the privateness and safety obligations of cryptocurrency beneath the framework of Coinbase’s TRUST Network (TRUST), an alliance of crypto exchanges, stated the press launch.

Gaming information

  • Oasys, an environmentally-friendly and gaming-optimized blockchain, introduced that it fashioned a strategic partnership with YGG Japan, a blockchain video games guild, to promote blockchain gaming ecosystem improvement and progress in Japan, stated an announcement. The companions will present world sport builders entry to networking alternatives and advertising and marketing assets within the native market, focused at Japanese avid gamers, it added.

Web3 information

  • Deutsche Telekom and T-Mobile US partnered to launch the third annual T Challenge for innovators and disruptors to compete for an award on the most effective Public Blockchain Protocol options for Web3, stated a press launch. This yr, the 2 firms are additionally partnering with 4 Web3-focused firms: Celo, Fireblocks, theGraph, and Chainlink. The submission interval is now open, and 6 winners will break up 600,000 euros, or roughly the identical in US {dollars}, and an all-expenses paid journey to Bonn, Germany.
  • The Web3 Domain Alliance was fashioned at this time as a brand new coalition that goals to promote the technological development and interoperability of Web3 area registries and enhance the expertise of Web3 customers, stated the press launch. The alliance will search to stop malicious phishing assaults, dangerous actors impersonating Web3 “top-level domains” (W3TLDs), cybersquatting, and Web3 area collisions. The group consists of Unstoppable Domains, Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and
  • Open Metaverse Alliance (OMA3), an affiliation primarily based in Zug, Switzerland, introduced open membership to its first working teams at Web Summit. The contributors embody Animoca Brands, Alien Worlds, Dapper Labs, MetaMetaverse, SPACE Metaverse, SuperWorld, The Sandbox, Upland, Voxels, Unstoppable Domains, and Wivity.

Compiled by Coinbold

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