DBS adopts DeFi protocols for FX and government securities transactions, Union Bank of Philippines launches BTC & ETH Custody & Trading

Source: Adobe Stock / Walterericsy

Get your daily digest of crypto-asset and blockchain-related news – by investigating stories that fly under the radar in today’s crypto news.

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Banking news

  • Financial Services Group DBS announced that it was “one of the first banks in the world” to test trading foreign exchange (FX) and government securities using authorized decentralized finance (Challenge) liquidity pools on a public blockchain through Project Guardian, a collaborative initiative with the financial industry that seeks to explore the economic potential and value-added use cases of asset tokenization. According According to the press release, the transaction included the outright purchase and sale of Singapore government securities (SGS), Singapore dollars (SGD), Japanese government bonds and Japanese yen (JPY).
  • Digital Asset Management Technology METACO announced that Union Bank of the Philippines is live on METACO’s flagship platform, Harmonizeto launch a pilot program for Bitcoin (BTC) and Ethereum (ETH) custodial and trading services for certain retail clients, said A press release. UnionBank is one of the largest universal banks in The Philippinesand he obtained an encryption license under the supervision of the Bangko Sentral of the Philippines (BSP), he added.

DeFi News

  • DeFi infrastructure company CLOTH announced the launch of testnet from CANVAS Loginthe Layer 2 scaling solution designed in collaboration with starwarea company focused on ZK-rollup technology and scaling the Ethereum blockchain. By according to the press release, the service will allow users to transact DeFi without paying high and unpredictable gas costs while benefiting from Ethereum security. Types of transactions include investments, exchanges, and transfers (payments).
  • Flowa suite of decentralized computing services and blockchain-as-a-service solutions, announced the launch of jet pack 2.0a system update that allows easier and cheaper deployment of decentralized applications (dapps) on the Flux decentralized cloud, said A press release. Jetpack 2.0 brings a variety of new features, including an improved registration and management process for dapps, as well as direct payment and fiat settlement services, he added.

Stablecoin News

  • DetroitXa major payment institution approved by the Monetary Authority of Singapore (MAS), announced that she would pilot a series of stablecoin applications for the Singapore Fintech Festival (SFF) 2022. A press release indicates that, through collaborations with partners such as IDEMIA, The HBAR Foundation, MasterCardand Carboneed.EarthStraitsX focused on increasing payment efficiency, with on-chain and offline programmability ensuring interoperability, driving financial inclusion, and enabling sustainable, energy-efficient transactions.

Regulatory News

  • US-based blockchain infrastructure platform Paxos has obtained a license as a major payment institution from the Monetary Authority of Singapore. It aims to hire 130 people but could hire up to 180, according to Bloomberg, citing Paxos co-founder and Paxos Asia CEO Rich Teo.

Exchange news

  • Crypto trading platform MEXC announced that it had entered into a cooperation with Coinbase jointly fulfill cryptocurrency privacy and security obligations under the TRUST Network (TRUST) of Coinbase, an alliance of crypto exchanges, said the press release.

Game News

  • oasisan environmentally friendly blockchain optimized for gaming, announced that it has formed a strategic partnership with YGG Japana block chain gaming guild, to promote blockchain video game the development and growth of the ecosystem Japan, said an announcement. The partners will provide global game developers with access to networking opportunities and local market marketing resources aimed at Japanese gamers, he added.

Web3 News

  • Deutsche Telekom and T-Mobile United States has teamed up to launch the third edition Challenge for innovators and disruptors to compete for a prize on the best public blockchain protocol solutions for Web3, says a press release. This year, the two companies are also partnering with four web-focused companies3: Celo, firewall, the graphicand Chain link. The submission period is now open and six winners will share €600,000, roughly the same in US dollars, and an all-expenses-paid trip to Bonn, Germany.
  • The Web3 Domain Alliance was formed today as a new coalition that aims to promote the technological advancement and interoperability of Web3 domain registries and improve the Web3 user experience, said the press release. The alliance will seek to prevent malicious phishing attacks, malicious actors impersonating Web3 “top-level domains” (W3TLDs), cybersquatting, and Web3 domain collisions. The group includes Unstoppable Domains, bonfida, Tezos Domains, Polka dot naming system, Hedera, Sycoinand klaytn.domains.
  • Metaverse Open Alliance (OMA3), an association based in Zug, Switzerland, announcement open membership in its first working groups during the Web Summit. Participants understand Animoca brands, Alien worlds, Dapper Laboratories, Metametaverse, Metaverse SPACE, SuperWorld, The sandbox, Uplands, Voxels, Unstoppable Domainsand Women.


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