Standard Chartered Bank (Hong Kong) Limited (SCBHK), the international cross-border bank, is making strides in the world of blockchain as it explores the operational and risk management benefits of tokenised deposits to support the settlement of tokenised assets. This move has been made possible following partnerships signed with Mox Bank Limited, Mastercard and Libeara. Together, the companies have successfully completed a proof-of-concept (POC) pilot to drive fintech innovation and develop the tokenised assets market in Hong Kong. The pilot will be completed under the Hong Kong Monetary Authority (HKMA)’s Fintech Supervisory Sandbox. Mary Huen, chief executive of SCBHK Mary Huen, chief executive officer, Hong Kong, Standard Chartered, said: “The tokenisation of real-world assets and the potential use of different forms of tokenised currency is integral to the future of the financial industry. “SCBHK is keen to stay at the forefront of tokenisation and drive fintech development in Hong Kong. Together with our partners, we share the objective of catalysing the adoption of tokenisation in financial assets. “This POC developed around tokenised carbon credits and tokenised deposits is a testament to how SCBHK supports sustainable finance innovation in Hong Kong’s digital economy.” The POC pilot As the first live test of the Mastercard Multi-Token Network (“MTN”), the POC used the following test scenario to explore how this could work in the context of carbon credits: A Mox client wants to buy a carbon credit to offset his/her personal carbon usage. Therefore, they deposit the funds for this in his/her Mox bank account. Mox requests SCBHK tokenise the desired carbon credit using Libeara, a tokenisation platform incubated by SC Ventures. Through the Mastercard MTN, the client’s deposit is also tokenised and an atomic swap is initiated between the two tokenised instruments.  The result is a transparent, real-time transaction between SCBHK and Mox. Consequently, the end client receives access to a tokenised version of their carbon credit. This can be held in a digital wallet, or in this scenario, used to offset his/her carbon footprint. Utilising Standard Chartered’s extensive global network and the strong collaboration between its various business arms, this POC demonstrates the Bank’s strategic approach to pool the collective expertise from its partners and drive innovative digital finance solutions. Building trust in tokenisation and blockchain SCBHK supports the development of digital assets in Hong Kong. It does so through a variety of key projects, including Project mBridge, Project Ensemble, and the HKMA’s e-HKD Pilot Program. Together with its partners, SCBHK continues to explore the possibilities of digital asset-related technologies and contribute to Hong Kong’s development as a digital asset hub. Most recently, Libeara has extended its footprint to Hong Kong to better support tokenization projects in the region.   Helena Chen, managing director, Hong Kong and Macau, Mastercard Mastercard has a wider commitment to helping everyone understand and trust blockchain technology. Especially concerning how it can be used to address pain points and build more efficient systems. This includes working with a range of partners in Hong Kong and around the world. Working with others, Mastercard will deploy innovative technologies to benefit businesses that are looking to exchange value safely and securely. Helena Chen, managing director, Hong Kong and Macau, Mastercard said: “To unlock the full potential of blockchain technology, continuous collaboration, testing, exploration, and development of innovative use cases are needed to bring real value to businesses and also interoperability across the industry. “Using the Mastercard MTN, Mastercard and its partners are developing real-world applications that reshape how consumers and businesses connect, interact, and transact.” The post Benefits of Tokenised Deposits Explored in Hong Kong as Proof-of-Concept Pilot Launched appeared first on The Fintech Times.
California-based Avidbank has tapped CorServ to help launch a new credit card program for the bank’s commercial customers.
Executives at the Canadian bank, which recently took a major provision for potential fines, say they're working to shore up anti-money laundering controls. At the same time, they're preparing employees and investors for an expensive slog as they work to satisfy U.S. officials.
Pump.fun said its smart contracts are safe and impacted users will receive “100% of the liquidity” that it previously had within the next 24 hours.
Mastercard has welcomed five new firms to its Start Path startup programme specifically for firms in the cryptocurrency and blockchain space.
Spain's Iberpay and Santander have signed up as the first participants in the European Payment Council's new OCT Inst scheme for faster international account-to-account payments.
American open banking account-to-account payment fintech Aeropay has raised $20 million in a Series B funding round led by Group 11.
Bitcoin Reclaims $64K, XRP Eyes $104 by 2040, BlockDAG Impresses with $26.8M Presale and New Payment Methods Cryptocurrency markets are buzzing with activity as Bitcoin and XRP make headlines. Bitcoin has reclaimed the $64,000 mark, showing signs of stability and reduced risk, while XRP demonstrates resilience with potential for significant growth. However, BlockDAG Network is rapidly gaining attention with its strategic advancements. Celebrating its CoinMarketCap listing at Piccadilly Circus and introducing eight new payment options, BlockDAG has positioned itself as a more accessible and promising investment, backed by a successful $26.8 million presale and an expedited roadmap. Bitcoin’s Price Surge to $64,232: What It Means for Investors Bitcoin (BTC) has inspired hope by reclaiming the $64,000 level and maintaining stability over the past 24 hours. Furthermore, positive news from the derivatives market shows improved health, with Funding Rates resetting after a price drop, suggesting reduced leverage. Additionally, Open Interest as a percentage of market cap has also fallen below 2%, indicating lower leverage and reduced risk, which is positive for BTC’s long-term health. However, Coinglass data shows more traders are taking short positions against BTC than long positions. Moreover, BTC was trading at $64,232.57, up 1.37% in the last 24 hours, though trading volume decreased by 11.18%. Despite the price increase, many holders remain unprofitable, with a declining MVRV ratio indicating they are waiting for profitability. This could be positive in the short term as holders retain BTC until prices rise further. However, a declining Long/Short difference, with more short-term holders (“paper hands”), could influence BTC’s price movement amid market volatility. Could XRP Hit $104 by 2040? XRP stands out as a contender aiming for transformation. For instance, analysts predict XRP could reach $104 by 2040, a path filled with both challenges and opportunities. Despite market fluctuations, XRP has shown resilience. Specifically, a recent 3% price increase during a mini-bull trend hints at recovery. Over the past year, XRP has seen a 13% gain; however, it lags behind Bitcoin, Solana, and Dogecoin, which have soared over 100%. Nonetheless, analysts remain optimistic about XRP’s future, envisioning it hitting $104 by April 2040. Projections range from a conservative $96 to an ambitious $121, with an average estimate of $104.62, suggesting significant growth potential. Several factors drive XRP’s growth. Resolving legal issues with the SEC is crucial, potentially boosting its adoption in the U.S. financial sector. Moreover, XRP’s partnerships, such as with Japan’s SBI Group and Hash Key DX, are expanding its reach, especially in China, enhancing its role in global commerce. Innovations like the automated market maker (AMM) on the XRP blockchain are also increasing its utility and appeal to investors. BlockDAG Surpasses Competitors with Enhanced Investor Accessibility BlockDAG’s recent promotion at Piccadilly Circus to celebrate its CoinMarketCap listing and the integration of eight new payment options marks a significant advancement in its visibility and usability. These developments enhance investor convenience and, as a result, position BlockDAG ahead of competitors with less diverse payment solutions, making BDAG coins easier to invest in. Furthermore, the success of BlockDAG’s strategy is reflected in its recent presale, which raised over $26.8 million, demonstrating strong community confidence and highlighting the anticipation of its future potential. This early success provides a solid foundation for BlockDAG’s growth and makes it an attractive investment option with its increased payment options. Additionally, BlockDAG has updated its roadmap, announcing a mainnet launch scheduled four months earlier than planned. Specifically, the roadmap includes several phases: the Launch Phase establishes BDAG’s initial value and deploys smart contracts; the Development Phase focuses on maintaining presale momentum, forming partnerships, and conducting market research; the Prelaunch Phase secures investments, refines the mainnet, and gathers feedback; and the Final Phase wraps up the presale, finalizes investments, and prepares for mining operations. Moreover, this expedited timeline boosts investor confidence and presale metrics, setting the stage for a strong market debut. As BlockDAG progresses through these phases, it aims to build a solid foundation for long-term growth and technological advancements in the cryptocurrency sector. Consequently, investor expectations are high, with projections suggesting BlockDAG could reach a valuation of $30 by 2030, supported by the presale’s impressive $26.8 million raised through the sale of 8.9 billion coins. The Last Say The cryptocurrency landscape is witnessing notable shifts. Bitcoin’s stability at $64,000 and reduced leverage reflect a healthier market environment, while XRP’s resilience and growth projections highlight its potential. However, BlockDAG stands out with its recent achievements, including a successful $26.8 million presale, enhanced payment options, and an expedited mainnet launch. These strategic moves not only increase BlockDAG’s visibility and accessibility but also position it as a strong investment choice, setting the stage for long-term growth and success. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. The post Bitcoin Surges to $64K, XRP and BlockDAG Capture Attention appeared first on The Merkle News.