Blockchain Bites: Uniswap’s Token, Kraken’s Bank, Bitcoin’s Newbies

Uniswap issued a governance token, Kraken is the world’s first crypto bank and there are more “newbie” bitcoin investors than any time in the past two years. Top shelf Crypto’s bankKraken Financial, a newly formed division of the popular crypto exchange, has become the first firm to receive a special type of charter making it a bank. On Wednesday, the Wyoming Banking Board approved the exchange’s application for a special purpose depository institution (SPDI) charter – making it a licensed bank in the state, replete with access to federal payments infrastructure and…

Bank of England talks negative interest rates in best ‘ad’ for Bitcoin

Bitcoin (BTC) is getting its best “advertisement” once more as another major central bank floats the idea of charging people to save their money. As Bloomberg reported quoting minutes of a meeting held Thursday, the Bank of England (BoE) has become the latest central bank to discuss negative interest rates. Negative rates “would drive BTC adoption” According to the results of the meeting, the BoE will enter discussions with banking regulators over negative rates, which effectively mean lending institutions, and, hence, savers must pay to store cash. The reason is…

No need for central bank digital currency in Australia says Reserve Bank

While other countries may be placing central bank digital currencies — also known as CBDCs — at the top of their agenda, Australia could buck the trend. According to a local news report on Sept. 17, the Reserve Bank of Australia’s latest payments paper has taken a cautious and sceptical line toward CBDCs as well as private-sector stablecoins. The RBA does not believe there is currently a strong policy case for issuing a CBDC in Australia, pointing to the success of the country’s efficient, real-time New Payments Platform. Moreover, while…

Major Asian bank issues credit on SCB-backed blockchain

The Asian Development Bank (ADB), headquartered in the Philippines, has settled its first letter of credit (LC) transaction using the Standard Chartered-backed Contour blockchain network. The trade was a part of ADB’s trade and supply chain program and involved Standard Chartered and the Bank for Investment and Development of Vietnam. ADB’s trade settlement also marked the first blockchain-based cross-border LC transaction between Vietnam and Thailand.  According to a Global Trade Review report, the trade involved a $50,000 plastics shipment sent from Thailand’s SCG Plastics Co Ltd to Vietnam’s Opec Plastics…

The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October

The Bahamas is gunning to become the first country in the world to roll-out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency during October. The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed ‘Sand Dollars’, is intended to drive greater financial inclusion among the remote islands within the archipelago nation. “A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really…

Bank of Thailand Completes Digital Bond Issuance With Blockchain

Thailand’s Central Bank, the Bank of Thailand has leveraged the power of blockchain technology to launch a platform for government bond savings issuance. Per an official press release, the Bank of Thailand noted that the blockchain-based platform will help to improve investor’s buying experience, improve operational efficiency, and reduce the overall cost of operations. The platform dubbed DLT Scripless Bond Project is a collaborative effort involving seven other institutions including the Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association, as well as selling-agent banks, including…

Russia’s largest bank joins blockchain trade finance platform

A subsidiary of Russia’s largest bank, Sberbank, has joined a blockchain-based platform for commodity trade finance. Sberbank Switzerland AG has signed an agreement with Swiss trade finance platform Komgo to apply its blockchain-powered trade finance service. Representatives from Sberbank Switzerland AG told Cointelegraph that the collaboration with Komgo addresses the growing digitization of trade finance. Evgeny Kravchenko, head of trade finance at Sberbank, outlined that commodity trade finance is a strategic business of Sberbank Switzerland AG. According to the executive, Russia and the Commonwealth of Independent States’ countries are the…

No one can refuse China’s digital currency, says central bank exec

China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank. In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China. According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor…

Crypto.com latest to bank on DeFi hype with Uniswap-based exchange

Crypto.com, a conglomerate dealing primarily with payments and the exchange of crypto assets, announced its foray into decentralized finance with a platform named DeFi Swap. According to its whitepaper, published on Friday, DeFi Swap is a fork of the popular Uniswap decentralized exchange.  The differences, beyond slight aesthetic changes, appear to consist in the choice of tokens, additional geographic restrictions, and notably a yield farming incentive based on CRO, the token of the Crypto.com Chain. Users who stake the CRO token with the exchange will be entitled to a reward…

Bangladesh Records First Blockchain-Based Remittance with Standard Chartered Bank

Bangladesh has recorded its first blockchain-based cross-border remittance service. The feat was made possible as a result of a partnership between Standard Chartered Bank, bKash of Bangladesh, and Valyou of Malaysia. Per the announcement as gleaned from the Daily Star, the blockchain remittance service was facilitated by the blockchain technology from Ant Group. Through the service, Bangladeshi ex-pats in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user. Standard Chartered Chief Executive Officer Naser Ezaz Bijoy: “Remittance is an important…