Daily crypto news alerts for today, 12th December, 2020.
🗞The largest bank in Singapore confirmed the launch of a cryptocurrency exchange
The largest bank in Singapore, DBS Bank, owned by the DBS Group holding, announced the launch of its own cryptocurrency exchange. Institutional clients and accredited investors will have access to it.
The DBS Digital Exchange platform supports Japanese Yen, Singaporean, US and Hong Kong dollars for exchange for Bitcoin, Ethereum, Bitcoin Cash and XRP.
The exchange will also offer Digital Custody Services and the ability to tokenize securities or other assets. The Singapore Stock Exchange will receive a 10% stake in DBS Digital Exchange.
Information that the bank is planning to launch a crypto exchange appeared at the end of October. The press release was later removed from the site, and DBS said the initiative was under development.
Recall that the subsidiaries of the Swiss stock exchange SIX Swiss Exchange and the Japanese financial conglomerate SBI Holdings announced the creation of a blockchain platform for institutions in Singapore.
🗞Sweden to explore digital currency transition in two years
The Swedish government will study the possibility of the country's transition to a digital currency.
Financial Markets Minister Per Bolund said the study is expected to be completed by the end of November 2022. It will be chaired by the former Chairman of the Riksbank Finance Committee, Anna Kinbert Batra.
For the first time, Sweden's plans to launch a digital currency became known in 2016. In February 2020, the central bank, together with the consulting firm Accenture, began testing the e-krona. The parties signed a partnership agreement last year.
In October, Riksbank Governor Stefan Ingves said the decision to issue the digital krona should be made at the political level.
From the government's point of view, Bolund believes that "it is imperative that the digital payments market operates securely and is accessible to all."
“Depending on how the digital currency is designed and what technologies are used, it can have great consequences for the entire financial system,” the minister stressed.
Cash use in Sweden fell to its lowest level amid a pandemic that has accelerated the phase-out of banknotes and coins, according to the Riksbank. Less than 10% of payments in the country are made in cash.
Recall that Deutsche Bank analysts believe that central bank digital currencies (CBDCs) will replace cash in the long term. The Bank for International Settlements believes that banknotes and coins will remain in demand.
🗞Suzhou digital yuan tests use wallets from six banks
The six largest Chinese commercial banks will provide digital yuan testing (DCEP) wallets during the Suzhou red envelope lottery, CLS reported.
Applications from Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China (ICBC), and Postal Savings Bank of China will provide various options.
Users of all banking wallets will have access to the online retailer JD.com.
Lottery winners who choose the ICBC wallet will be able to spend DCEP on Meituan bike rental services and DiDi Chuxing taxi aggregator. The application from Bank of China can be used in the Chinese video hosting Bilibili.
The Suzhou authorities will repeat the experience of Shenzhen, which distributed 50,000 "red envelopes" to the population in October. The lottery winners received 200 digital yuan each, which they had to spend within a week.
In an experiment in Suzhou, residents will test DCEP's offline transfers to each other by touching smartphones to recreate the experience of transferring cash.
As a reminder, the People's Bank of China has partnered with more than 20 companies, including Meituan, DiDi, and Huawei, to participate in the actual digital yuan test.
🗞Online Bank Revolut has expanded the list of supported cryptocurrencies
British fintech startup Revolut has added support for four additional cryptocurrencies in its banking app.
Some clients from the European Economic Area were able to buy EOS, OMG Network (OMG), 0x (ZRX) and Tezos (XTZ) tokens.
The Revolut app can also convert fiat money to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Stellar (XLM).
The company said it has expanded the list of supported cryptocurrencies in response to demand from users.
In March, the startup entered the American market, but only Bitcoin and Ethereum remain available for US customers.
In September, Revolut opened the possibility of buying cryptocurrencies to users in Australia.
Earlier it became known that the startup was interested in obtaining a banking license in the United States.
🗞Indian banks resumed servicing cryptocurrency companies and traders
India's leading banks have opened up the possibility for customers to use their bank accounts to buy digital currencies, and have also resumed serving cryptocurrency exchanges.
According to The Economic Times, citing a source familiar with the situation, the largest banks in India, including State Bank of India, ICICI Bank, HDFC Bank and Yes Bank, again began to serve cryptocurrency traders and investors, as well as cryptocurrency companies, including exchanges ... Gaurav Dahake, founder and CEO of Bitbns Exchange in Bangalore, said:
“Previously, banks were cautious even after India's Supreme Court overturned the Central Bank's ban on serving cryptocurrency companies in March. But over time and the rise in the price of BTC, many more customers began to require them to open an account designed for cryptocurrency trading, and banks began to meet them. "
Sumit Gupta, CEO of CoinDCX cryptocurrency exchange in Mumbai, has confirmed that his exchange has partnered with several banking partners to create and develop business services since the Supreme Court overturned the central bank's ban.
The CEO of cryptocurrency exchange WazirX, Nischal Shetty, said that banks themselves began to turn to cryptocurrency companies and offer them working capital or other financial services. However, an employee of one of the banks, who wished to remain anonymous, told The Economic Times that his bank is still wary of cryptocurrency exchanges and so far serves only a select few companies.
Recall that in the summer, local blockchain experts circulated a bill on social networks that would presumably ban the use of cryptocurrencies in India.
🗞Insurance company MassMutual invested $ 100 million in bitcoin
Massachusetts Mutual Life Insurance has invested $ 100 million in BTC and $ 5 million in a share in the authorized capital of New York Digital Investments Group (NYDIG).
According to the press release, both investments give MassMutual a direct entry into the cryptocurrency industry. NYDIG is one of the fastest growing institutional cryptocurrency investment companies with $ 2.3 billion under management. NYDIG provided MassMutual with the opportunity to invest $ 100 million in BTC.
MassMutual told the Wall Street Journal that it is committed to a "measured but meaningful" impact on the emerging digital world. The company's rich history, founded in 1851 and with a large customer pool, can have a major impact on the perception of BTC among ordinary investors.
The life insurance company has become another institutional player to join the Bitcoin investment. Institutional investors have poured $ 429 million into crypto funds and other exchange-traded products over the past week, according to CoinShares. The total value of crypto assets under management has reached $ 15 billion.
NYDIG recently raised $ 150 million to launch two new cryptocurrency funds. The money was received from three institutional investors. In addition, the private German bank Hauck & Aufhauser recently announced plans to launch a cryptocurrency fund in January 2021. The HAIC Digital Asset Fund will target institutional clients.
