Category Archive : Thailand

Digital securities platform ADDX raises $58 million

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ADDX, a Singapore-based trading platform for digital securities, announced a $58 million pre-Series B funding round this morning.

New shareholders in the business include SET Venture Holding, a subsidiary of the Stock Exchange of Thailand; UOB; Hamilton Lane; and Krungsri Finnovate. No valuation was disclosed.

The money will go toward growing the company and geographic expansion, according to a press release. ADDX has several initiatives in the pipeline, including some aimed at bridging the gap between traditional finance operators and those in digital assets.

The firm uses blockchain technology to fractionalize investments in privately held shares, hedge funds, bonds, and other asset classes.

ADDX has been granted licenses by the Monetary Authority of Singapore (MAS) for the issuance, custody and secondary trading of digital securities.

It has raised around $120 million to date, a big chunk of which came in a $50 million Series A round in January 2021. Singapore Exchange and Heliconia Capital, a subsidiary of the sovereign wealth fund Temasek, are shareholders in the firm.

“ADDX is on a mission to democratise the private markets,” said Oi-Yee Choo, CEO of ADDX, in a statement. “The new shareholders aren’t just capital partners, but strategic partners too. They have much to contribute in the form of expertise, ideas, market experience and business networks, and ADDX looks forward to adding value to their businesses in return.”

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SBI Offers Real-Time Xpress Credit Loans on YONO

The State Bank of India (SBI) has announced that its personal loan product for salaried customers, called Real-Time Xpress Credit (RTXC), will be available through its YONO bank app, a report from IBS Intelligence said Monday (May 23).

Customers will be able to access RTXC from anywhere, the report said.

The service will be 100% paperless and digital, the release said. It added that by using RTXC, central and state government and defense salaried customers won’t have to visit the branch to get a loan, and everything from credit checks, eligibility, sanction and documentation will be digital.

“We are pleased to introduce Real Time Xpress Credit (RTXC) Loan facility for our eligible salaried customers on YONO,” said Shri Dinesh Khara, chairman of SBI. “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process.”

See also: India’s SBI Latest Bank to Bar Payments to Crypto Exchanges

Last year, SBI cut off payments made with its Unified Payments Infrastructure to crypto exchanges, PYMNTS wrote, with several Indian banks doing the same around that time.

As of September last year, SBI bank customers weren’t able to transfer funds via the UPI to buy crypto, including big names like Bitcoin.

The decision could have made other banks less willing to accept crypto merchants for onboarding onto their UPI platforms, but the National Payments Corporation of India (NPCI) said it wouldn’t block payments to crypto companies using UPI.

Instead, the NPCI said banks should make their own decisions on how to handle the issue.

As with many crypto regulations, crypto companies and advocates objected. Wazirx, one of the biggest crypto exchanges in the country, came out against the decision, saying the company was trying to meet with SBI and talk about alternatives, adding that this would affect “millions” of people.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL…

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Davos Jumps Into Metaverse; Bankers Blast Crypto

The World Economic Forum’s (WEF’s) first live meeting in two years kicked off on Sunday (May 22), and the cryptocurrency industry is out in force.

The annual gathering of world leaders, central bankers, business titans and cultural influencers is an important event for the crypto industry, in large part because WEF was an early adopter in taking the world of digital assets seriously and giving it access to, and a hearing in front of, an influential global audience.

That worked both ways, and Davos, Switzerland, is now a place where the crypto world is taken very seriously indeed.

Which goes a long way to explaining why the WEF unveiled a new partnership with Microsoft and Accenture to build a “Global Collaboration Village” in the metaverse.

The Monday (May 23) announcement by WEF founder and CEO Klaus Schwab that the organization “is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action,” certainly has the sweeping grandeur metaverse true believers tend to use when extolling its virtues as the future of social media, of socializing, and even of marketing and commerce. Mark Zuckerberg’s Meta, for example, recently predicted that the immersive virtual world we are promised will be a $3 trillion reboot of the internet.

See also: What’s a Metaverse, and Why is One Having a Fashion Show?

And while the 3D metaverse is still in its early days, Accenture CEO Julie Sweet said it nonetheless has the potential to redefine how people work. And for his part, Schwab is betting that it “will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges.” And extend the WEF’s influence footprint, of course.

Then there’s the WEF’s new Defining and Building the Metaverse initiative, aimed at creating governance and policy rules of the road for metaverses in order to “create an equitable,…

Read more at www.pymnts.com

Bankers at WEF see the need for caution and speed on central bank digital currencies

The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction.

Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central banks are considering a CBDC, there is little practical experience with them. The Thai National Bank began proof-of-concept programs in 2018. Its mBridge project began as an experiment in establishing a cross-border wholesale payment corridor with the Hong Kong Monetary Authority and has grown to include the Bank of China, the United Arab Emirates and the Bank for International Settlements. Cross-border transactions using traditional banking technology can take days to complete, while CBDC transactions are much faster.

Suthiwartnarueput said the use of blockchain technology can have unintended consequences. It is good for transparency, he said, but anonymity affects scalability. There is risk in a CBDC’s design because smart contracts require that the handling of every situation be specified ahead of time. He cited the current sanctions on Russia as an example of a potential challenge to CBDC design. The Thai central bank is looking at a “limited pilot” for a retail CBDC in the fourth quarter of this year.

International transactions between persons, especially remittances from workers located in other countries, which make up a market of $48 billion per year, are one of the most pressing use cases for CBDCs. Suthiwartnarueput said CBDCs can carry out such transactions at 50% less expensive and 68% faster than current money transfer technology. Currently, the average fee for a transfer of this type is 6.3% of the transaction sum.

Related: WEF 2022: Crypto remittances must have allure of cash without regulatory constraints — Jeremy…

Read more at cointelegraph.com

IMF, Bank of France officials believe more CBCDs will emerge in next three to five years

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The Governor of the Bank of France François Villeroy de Galhau said that the world might see a strong central bank digital currency emerge in the next three years.

Galhau was asked during a panel at the World Economic Forum in Davos on Monday whether in five years’ time there would be “a central bank digital coin” being used on the daily basis (whether wholesale or retail) that would become “a superior system.”

“We have several experiments which are not very far from that. They are not yet generalized but they could be, let’s say in the next three years,” he replied, not specifying what those were. “It will go quicker on the wholesale side I guess because it raises less sensitive questions.”

The managing director of the International Monetary Fund (IMF) Kristalina Georgieva chimed in, stating that in the next five years CBCDs “would be quite present in the world.”

The panel did acknowledge existing projects like the Bahamas Sand Dollar, Nigeria’s eNaira and China’s digital Yuan. Other guests included the governor of the Bank of Thailand Sethaput Suthiwartnarueput and Credit Suisse chairman Axel Lehmann.

During the discussion, Georgieva seemed to address the recent collapse of the Terra network, saying: “When somebody promises you 20% returns on something that is not backed by any assets, how would we call normally call this thing? We would call it a pyramid.”

She also argued that people should not be quick to classify everything in the “digital money” world in a negative way.

Speaking on stablecoins, she said: “Some of them deserve the name because they’re backed by assets. And when they’re backed by assets one two one they’re really stable. (…) I do feel for the people who lost money because part of the reason they lost money is not really being well educated on this new investment world.”

The IMF managing director urged people to not miss out on the importance of the wider digital asset space, arguing that if properly regulated it could…

Read more at www.theblockcrypto.com

Salim Group and WIR Group tie-up for metaverse venture

Salim Group has partnered with Southeast Asia technology company WIR Group to develop a metaverse platform that will help both parties maintain their business leadership and competitiveness while driving the development of the metaverse platform in Indonesia. According to Axton Salim (pictured right), executive director of Salim Group, the adoption of the metaverse platform will allow it to explore “potentials and business opportunities that [were] unimaginable before”. 

Michel Budi Wirjatmo (pictured left), president director of WIR Group, added that the borderless metaverse world will not only improve business efficiency and effectiveness, but it will also bring fresh opportunities. However, specific ways are needed to navigate users in interacting and benefiting from the opportunities in the metaverse. 

“With our expertise and experience in building and developing metaverse technology since 2009 to complete thousands of projects in the US, GermanySpainNigeriaSingaporeMalaysiaThailandthe Philippines, and Myanmar, WIR Group is confident in assisting the industry, including Salim Group, to enter and explore the metaverse world, to make innovations and breakthroughs, and to optimise every opportunity,” he added.

The metaverse is certainly on most companies’ radar these days. According to a Qlik study titled “Data Literacy: The Upskilling Evolution”, over 99% of C-suite executives believe that they will hire new roles in the next 10 years, such as chief metaverse officer, chief automation officer, head of gamification, and immersion counsellor. At the same time, 85% believe that it will be important to have a chief metaverse officer in charge of employee and customer experiences that straddle digital and virtual realms. 

Additionally, 86% of respondents believe that having a metaverse experience designer, responsible for employee and customer experiences that straddle virtual and physical realms, and who ensures data…

Read more at www.marketing-interactive.com

Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

KNS (KUB Name Service) is a registration domain service provider on Bitkub Chain. KNS (KUB Name Service) was developed by a professional team to solve the pain point from the users including transferring to invalid address (user error) and user interface (contract address confusion). 
 
By applying KNS (KUB Name Service), the users can register the domain contract address name via digital wallet address, which they can determine the domain name themselves and indicate their true ownership. This creates a new user experience on the blockchain interface and reduce the users error (transfer to invalid address). 

At this press announcement, the users can freely register their own domain and use those names on NFT marketplace and Dice Kingdom game to let everyone has real ownerships without consent from any entity and reduce the error from transferring to invalid contract address. At the end of the press, Chatchavan Suriyayanyong, CEO of Dice Kingdom, said that KNS (KUB Name Service) project will be tentatively launched in June 2022.

Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

Read more at www.nationmultimedia.com

Bitcoin Wallet Market 2022 by Keyplayers and Vendors:Xapo, ANXPRO, Wirex, Blockchain, CEX.IO, General Bytes, ItBit, Circle, Airbitz, 37coins, LocalBitcoins

New Jersey, United States,- Mr Accuracy Reports published new research on Global Bitcoin Wallet covering micro level of analysis by competitors and key business segments (2022-2029). The Global Bitcoin Wallet explores comprehensive study on various segments like opportunities, size, development, innovation, sales and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists both qualitative and quantitative detailing.

Some of the Major Key players profiled in the study are Xapo, ANXPRO, Wirex, Blockchain, CEX.IO, General Bytes, ItBit, Circle, Airbitz, 37coins, LocalBitcoins

Get PDF Sample Report + All Related Table and Graphs @: https://www.mraccuracyreports.com/report-sample/381635

Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Bitcoin Wallet market. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market.

Global Bitcoin Wallet Market Segmentation:

Bitcoin Wallet Segmentation by Type:

Web Version, PC App, Mobile App, Other.

Bitcoin Wallet Segmentation by Application:

SME, Large Enterprise

Key market aspects are illuminated in the report:

Executive Summary: It covers a summary of the most vital studies, the Global Bitcoin Wallet market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.

Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Bitcoin Wallet market, the years measured and the study…

Read more at thedailyvale.com

Why crypto tax is the first step to regulation of virtual currency

It was not so long ago when Budget 2022’s treatment of cryptocurrencies effectively left the industry in a deep cleft. Anticipating major consequences from the tax decision on virtual assets, more than half of the interested investors believed that levying such high taxes will as good as drive crypto-businesses into the arms of other crypto-friendly nations such as Dubai, Singapore, even Thailand. Many even feared that the hefty tax on the sector could cause it to operate covertly and relocate any future, creative, layer 2 products to other countries.

I would be wrong to say that such fears have been quelled since February 1, when Nirmala Sitharaman, India’s Finance Minister, first proposed a flat tax rate of 30 percent on income from virtual assets without any exclusions or deductions. The debate is still raging. With investors divided, there is still a great confusion in the market regarding whether one should or shouldn’t participate in the new-age asset class, especially considering the excessive volatility of crypto tokens.

I believe that, even with the increased tax rate, the crypto market will expand.

Crypto tax is the first step to crypto regulation

When involvement from individuals who had been sitting on the sidelines because of the 2018 delegitimization eventually comes to the forefront, the clarity in the taxing process will prove to be a significant first regulatory step towards wider adoption.

Even though the taxes are high, there is greater transparency in cryptocurrency dealings now than there were earlier. This transparency will undoubtedly aid investors in their quantitative decision-making process, giving a much-needed structure and stability to their crypto portfolios. That is to say, any positive action from the government at this time must be taken on the chin.

Moreover, investors can still profit from holding crypto in the wake of budget statements. As the budget declaration has lifted virtual assets to a new level of importance in…

Read more at www.freepressjournal.in

What Is Blockchain? – The Defiant

Over the last decade, blockchain has become integrated into the daily vernacular. For a good reason — thanks to Bitcoin, blockchain technology has been implemented across numerous industries.

Having proven itself with Bitcoin, blockchain is likely to become the key technology behind many central bank digital currencies (CBDCs). The question then is, what is so innovative about blockchain technology?

What Problems Does Blockchain Solve?

At a basic level, blockchain is nothing more than a type of database. Every time one accesses an online account, such as Twitter, Google, or Facebook, one links up to a database. As the word implies, every database is a set of information, which is organized in a logical order.

Databases make it easier to manage and update sets of information. What sets blockchain apart as a database technology?

  1. Blockchain is a distributed database. Computers in a network — nodes — run identical copies. Therefore, if one copy on a node is compromised in any way, the blockchain network’s redundancy ensures it will continue to run. 
  2. Nodes sync to update the database. If some nodes give an erroneous record that doesn’t match up with the rest of the nodes (51%), the record is dismissed. 
  3. Blockchain forms the database in a chronological order. Because each data block is time-stamped, it creates a chain. This has the effect of creating immutability. If a particular data block were tampered with, a new chain would branch out, effectively creating a false database that is dismissed by the network. 
  4. Added data blocks are individually encrypted through the hashing method. Simply put, hashing transforms one value into a string of characters of fixed length. Using the same formula that produces the hash, any data of arbitrary size is then transformed into a fixed-size data set. Therefore, hashing is not only useful to validate data, but to store it in such a way that doesn’t reveal the original input. 

Beginners Guide to Crypto in 2022

Given these key…

Read more at thedefiant.io