Tag: Bank

Bank of England to Hold UK Interest Rates Again as Manufacturing and Business Activity Falls

The market expects the UK’s apex bank to hold off on increasing or decreasing interest rates even as economic data is falling. The Bank of England (BoE) is expected to hold UK interest rates on Thursday due to recorded price pressures and a decline in economic activity. At the moment, the market is pricing a 93% chance that the apex bank will not increase or reduce rates. UK inflation came in at 6.7% in September, higher than analysts expected but unchanged from August’s figure. The BoE has increased interest rates…

Russian bank begins tracking customer crypto activities

By tracking crypto transactions, the Russian government seemingly wants to make a regulatory field for state corporations to enter the market. A Russian bank has started tracking its customers’ activities in crypto as the government desires to form regulatory conditions for state corporations to enter. In an interview with Russia’s state newspaper, Parlamenstakaya Gazeta, Russian lawmaker Anton Tkachev said the initiative is just a pilot so far, but eventually the system might be rolled out at the state level should the pilot be a success. Tkachev did not disclose the…

Kasikorn Bank Acquires Majority Stake in Satang Crypto Exchange for $103 Million

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Thailand’s Kasikorn Bank, also known as K-Bank, has successfully secured a majority 97% stake in the parent company of Satang, a prominent crypto exchange operating in the country since 2017. The acquisition, valued at 3.705 billion Thai baht ($102.8 million), was executed through K-Bank’s newly established subsidiary, Unita Capital, specializing in investments in digital assets companies, media reports said. Upon the completion of the transaction, Satang is slated to undergo a rebranding as Orbix. This transformation will be accompanied by the establishment of three subsidiary entities: Orbix Custodian, Orbix Invest…

Sam Bankman-Fried Tells Jury ‘Run on the Bank’ Felled FTX

Bankman-Fried has argued throughout his testimony that he had a vague picture of his empire’s finances in the run-up to FTX and Alameda’s collapse, and he said that by November 2022, when he tweeted, he still believed that FTX didn’t have any “hole” in its balance sheet, and Alameda still had assets in excess of liabilities. Source

Central Bank Digital Currency, or e-HKD, Could Add Unique Value, but Further Investigation Is Needed, HKMA Says

The report said the pilot found that an e-HKD could add value in three main areas – programmability, tokenization and atomic settlement – with the potential to facilitate faster, more cost-efficient and more inclusive transactions. However, the program’s 14 pilots with 16 participating firms were conducted on a small scale under a controlled environment, the report said. Source

Thailand’s Bank Acquires Local Crypto Exchange Satang

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Thailand’s Kasikorn Bank (K-Bank) expanded its presence in the digital asset space with its latest acquisition of 97 percent stakes in the parent company of local crypto exchange Satang, Coindesk reported. The deal has been inked at a valuation of 3.705 billion Thai baht ($102.8 million). Satang has been operating as a crypto exchange in the country since 2017 and offers an array of services, including custody, staking, and crypto payments. However, the spot trading volume on the exchange appears to be much less at about $430,000 in the last…

Deutsche Bank and Standard Chartered Begin Testing UDPN

As blockchain technology continues to mature, Deutsche Bank and Standard Chartered’s initiative offers a promising vision of the financial world’s future. German banking giant Deutsche Bank (ETR: DBK) and Standard Chartered’s SC Ventures have begun testing the UDPN, a system that promises to ensure seamless communication and interoperability between various digital assets, stablecoins, and Central Bank Digital Currencies (CBDCs). Deutsche Bank and Standard Chartered Now Testing the Waters These tests, according to reports, include the transfer and swapping of USDC stablecoins, setting the stage for a transformative shift in how…

Deutsche Bank Trials a SWIFT Alternative for Stablecoins

Deutsche Bank and Standard Chartered’s SC Ventures are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to talk to one another, taking an approach similar to the SWIFT messaging layer in legacy banking infrastructure. The banks are running a series of test cases, including transferring and swapping USDC stablecoins, on the Universal Digital Payments Network (UDPN), a permissioned blockchain system composed of validator nodes run by an alliance of banks, financial institutions and consultancies. The system, created by tech consultancy GFT Group and…

Deutsche Bank and Standard Chartered Ventures Test SWIFT Killer for Stablecoins and CBDCs

The UDPN’s transaction nodes are where the magic happens, being connected to currency systems and currency pools,” Schacher said in an interview. “The way to envision it is each currency needs a transaction of its own, so to speak. This could be central banks in the future, owning transactions and operating CBDCs, or other financial institutions, or any other organization that is handling digital currencies, bringing it all into a regulated environment.” Source