The Swiss National Bank (SNB) has revealed its plans to launch a pilot project for a wholesale central bank digital currency (wCBDC), as reported recently.
According to the SNB’s chair, Thomas Jordan, the project will commence in the near future. The wCBDC will be issued on the Swiss SIX digital exchange and will run for a limited duration.
Notably, the SIX Group operates Switzerland’s largest stock exchange.
Jordan emphasized during the Point Zero Forum in Zurich on June 26 that this initiative is not merely an experiment but an opportunity to test real transactions with market participants, as the wCBDC will hold the same value as bank reserves.
Last year, SNB governing board member Thomas Moser stated that CBDCs could integrate well with decentralized finance.
As part of Project Helvetia, the SNB previously incorporated a wCBDC into the back-office systems of five banks after successfully completing a proof of concept.
This current stance differs from the opinion expressed by SNB chief economist Carlos Lenz a year earlier, who had deemed blockchain unsuitable for CBDC and stated that Switzerland had no intention of issuing one.
Regarding retail CBDC, Thomas mentioned that caution is exercised at present, but he did not rule out the possibility of its introduction in the future.
Another SNB governing board member, Andréa Maechler, spoke at a separate event during this year’s Point Zero Forum and mentioned that the central bank does not anticipate the replacement of cash within the country.
Maechler had stated last year that SNB officials believed the risks associated with a retail CBDC outweighed the potential benefits.
In summary, the SNB’s announcement of the wCBDC pilot project on the Swiss SIX digital exchange marks a significant step towards exploring the potential of central bank digital currencies.
While the SNB remains cautious about retail CBDCs, this move showcases their commitment to innovation and testing real-world transactions with market participants.
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Hong Kong, China, June 28th, 2023, Chainwire
DWF Labs, the global digital asset market maker, and multi-stage Web3 investment firm, has further strengthened its commitment to support the growth of Conflux, the tree-graph consensus algorithm Layer-1 blockchain. Conflux has been gaining significant traction since February 2023 on the back of some key partnerships, including the signature collaboration with China Telecom announced on February 15th, with the goal of developing a blockchain SIM (BSIM) card that was first unveiled in May.
DWF Labs recently purchased $18M in CFX token, cementing the long-term relationship between the investment firm and Conflux. This follows DFW Labs buying $10M worth of CFX tokens in March 2023.
More recently, Conflux joined Hong Kong’s Web3 Institute, participated in the Singapore Digital Economy Roundtable organized by the Singaporean Government, and led the drafting of IEEE P3217, an international blockchain standard by the Institute of Electrical and Electronics Engineers. In addition, Conflux announced key partnerships including:
- Supremacy – Web3 security platform
- dappOS – an operating protocol that manages crypto infrastructures for users
- NuLink – a privacy-preserving technology that provides APIs for decentralized applications
- Smooth Labs – developing the Layer 2 solution that supports parallel execution
- Opside – a decentralized ZK-RaaS network featuring PoW of ZKP mining
DWF Labs has made significant contributions to placing Conflux on the global stage. Since then, Conflux has established ecosystem partnerships with Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with a growing list of ongoing partnerships being discussed. Conflux and DWF Labs have also co-hosted multiple events, including those organized in Hong Kong, Tokyo, and Paris.
Fan Long, Conflux Network’s Co-Founder, stated: “Conflux Network has experienced exponential growth since the start of 2023, pioneering advances in the Chinese NFT market and establishing fresh Web3 access through the BSIM card project with China Telecom. DWF Lab is one of the key supporters of Conflux. This infusion of capital not only strengthens our bond, but also acts as a catalyst for our shared ambition to expand the Conflux ecosystem. Conflux plans to leverage the raised funds to further fuel its ecosystem growth in Asia and Hong Kong, empower burgeoning developer communities, and bring an increasing number of real-world assets onto the Conflux chain.”
The Managing Partner of DWF Labs, Andrei Grachev stated: “We take great pride in our role as supporters of Conflux throughout its remarkable growth trajectory. It exemplifies our commitment to backing projects with immense potential and providing the necessary support to fill in the missing pieces of the Web3 puzzle. Our deep understanding of the crypto market has served as a compass for Conflux, allowing it to fully express its potential on the global stage. We are delighted to have played a part in Conflux’s journey towards success.”
About Conflux
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols.
Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux has collaborated with global brands and government entities in the region on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
About DWF Labs
DWF Labs is the global digital asset market maker and multi-stage Web3 investment firm, supporting portfolio companies from token listing to market making to OTC trading solutions.
With offices in Singapore, Switzerland, the UAE, Hong Kong, South Korea and BVI, the investment company DWF Labs is an affiliate of Digital Wave Finance (DWF), which consistently ranks among the top 5 trading entities by volume in the cryptocurrency world through its proprietary technology for high-frequency trading.
Contact
Melissa Tirey
[email protected]
Dubai, UAE, June 27th, 2023, Chainwire
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today launched its new ‘Nitro Spreads’ feature on its institutional Liquid Marketplace, an OTC, futures spreads and options liquidity network, allowing traders to make complex basis trades with simple one-click execution.
Basis trading is a strategy built around trading the difference between an asset’s price on two separate markets, such as spot vs. futures, and can generate returns when executed properly. It typically requires both legs of the trade to be managed simultaneously, which can be cumbersome. OKX’s Nitro Spreads automates this complex trade into one click, leveraging the platform’s superior liquidity and low latency for maximum user benefit.
Nitro Spreads is also one of the only basis trading tools in the crypto market in which the two legs of the trade are executed via a central orderbook, eliminating leg risk between markets. Before execution, traders can also select a guaranteed spread for a trade, mitigating unexpected price slippage. Trades are then matched and settled immediately.
OKX Global Chief Commercial Officer Lennix Lai said: “In the current complex market environment, institutions demand reliability, predictable returns and genuine innovation when choosing a trading venue. This is especially true in basis trading, where precision is paramount. Nitro Spreads raises the bar for the industry for efficient basis trading, and we invite institutional traders everywhere to see how it can enhance their strategies and contribute to their success.”
A variety of basis trading strategies can be executed by institutional traders through Nitro Spreads’ easy-to-use interface. Institutional traders can employ popular delta one spread strategies like calendar spreads, future rolls and funding rate farming – all in an orderbook format.
The on-demand OKX Liquid Marketplace provides access to deep institutional liquidity and a number of crypto trading strategies, including futures spreads, large options block trades or spot OTC, to run at scale. In April, OKX announced that the Liquid Marketplace exceeded USD1 billion in trading volume during the first three months of 2023.
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Contact
Press
[email protected]
HSBC, the largest bank in Hong Kong, has reportedly launched its first cryptocurrency services, marking a significant step in embracing the digital asset space.
Journalist Colin Wu revealed in a tweet on June 26 that HSBC customers can now buy and sell Bitcoin-based exchange-traded funds (ETFs).
The cryptocurrency ETFs offered by HSBC are listed on the Stock Exchange of Hong Kong, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
This move by HSBC aims to expand the exposure of local users to cryptocurrencies in Hong Kong. With a reported 1.7 million active mobile customers as of March 2022, HSBC Hong Kong is a prominent player in the region’s retail banking sector.
It is worth noting that approximately 95% of all retail transactions conducted by HSBC in Hong Kong are processed online, highlighting the increasing preference for digital services.
HSBC has also reportedly introduced the Virtual Asset Investor Education Center in conjunction with its cryptocurrency services.
The purpose of this initiative is to protect investors from risks associated with cryptocurrencies. Investors are required to read and confirm educational materials and risk disclosures before engaging in any cryptocurrency-related investments.
The Virtual Asset Investor Education Center is accessible through various HSBC platforms, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking.
Notably, HSBC has yet to respond to inquiries from Cointelegraph regarding these developments. Further updates will be provided as additional information becomes available.
This recent development aligns with reports from mid-June suggesting that the Hong Kong Monetary Authority has exerted pressure on major banks to accept crypto exchanges as clients.
The central bank and regulator specifically questioned institutions like HSBC and Standard Chartered regarding their reluctance to serve cryptocurrency exchanges.
HSBC’s introduction of cryptocurrency services may be seen as a response to these regulatory inquiries and a strategic move to stay ahead in the evolving financial landscape.
In summary, HSBC’s entry into the local cryptocurrency market in Hong Kong through the introduction of Bitcoin ETFs signifies a notable step toward embracing digital assets.
The accompanying Virtual Asset Investor Education Center aims to ensure investor protection, reflecting HSBC’s commitment to responsible engagement with cryptocurrencies.
These developments come amidst increasing regulatory scrutiny and highlight the growing acceptance and integration of cryptocurrencies into traditional financial institutions.
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Binance, a leading cryptocurrency exchange, has reversed its decision to delist several privacy coins in Europe.
The change in plans comes after the exchange revised its operations to comply with local regulations.
Binance stated that it had taken into account feedback from the community and various projects, leading to a revision in how privacy coins are classified on its platform to meet the regulatory requirements of the European Union (EU).
As an exchange registered in multiple EU jurisdictions, Binance emphasized that it is obliged to adhere to local regulations that necessitate the monitoring of transactions for listed coins.
Initially, Binance had intended to delist 12 privacy tokens, thereby preventing users in France, Italy, Spain, and Poland from buying or selling them, effective from June 26.
However, certain tokens, including BEAM, XMR, MOB, FIRO, and ZEN, remain subject to the restrictions outlined in the initial plan.
In response to Binance’s decision to retract the overall ban on privacy coins, various projects have taken to Twitter to reassure their community members. Verge Currency, for example, shared an update on June 22 confirming that it would not be delisted.
Similarly, the Secret Network also confirmed that it is among the currencies that Binance will not delist.
These developments from Binance coincide with the European Union’s efforts to establish standards for digital assets through the Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31.
With clear regulations in place, EU policymakers aim to position Europe as a hub for cryptocurrencies and digital assets. In July, the European Securities and Markets Authority plans to launch a consultation process for MiCA, allowing an 18-month timeline for the full implementation of the regulatory framework.
Players in the cryptocurrency industry, including Ripple, a cryptocurrency payments service provider, have welcomed the regulatory clarity provided by the MiCA regulations.
The move toward transparent and well-defined regulations is expected to foster growth and stability in the European crypto market.
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Huobi, one of the leading cryptocurrency exchanges, is facing an unusual situation as its co-founder, Leon Lin Li, has filed a copyright infringement lawsuit against the company.
Li claims that despite selling his majority stake to a company controlled by Chinese blockchain personality Justin Sun, his own company, X-Spo, still holds trademark rights associated with the term “Huobi Global.” He alleges that Huobi Global has been using the trademark without proper authorization.
The reason behind Li’s decision to sue his own company is not entirely clear, but it may be related to a series of heated exchanges between Li and Justin Sun last month.
In a separate development, the fate of Hodlnaut, a Singaporean crypto lending firm, will be determined in August. Hodlnaut suspended its operations last year after losing over $300 million of its clients’ assets due to the collapse of the Terra Luna ecosystem.
The firm is facing significant claims from creditors, with most of them advocating for its dissolution. However, the co-founders of Hodlnaut, Juntao Zhu and Simon Lee, want to continue operating the firm, despite the substantial loss of users’ deposits.
The company is also under investigation by Singaporean authorities for initially denying its exposure to the Terra Luna ecosystem.
Another setback in the Asian cryptocurrency market involves South Korean crypto lending firm Haru Invest.
The company announced that it would be reducing its operations and terminating a portion or all of its staff.
This decision came after Haru Invest accused its consignment operator, B&S Holdings, of engaging in fraudulent activities. The situation worsened when fellow South Korean firm Delio, which had reported over $9 billion in assets under management, suspended withdrawals due to its exposure to Haru Invest.
Haru Invest has also claimed bankruptcy and filed both a criminal complaint and civil litigation against B&S Holdings.
Meanwhile, there are signs of a comeback for the co-founders of bankrupt Singaporean hedge fund Three Arrows Capital (3AC). Kyle Davies, one of the co-founders, announced on Twitter that he and Su Zhu, the other co-founder, have launched a new venture called 3AC Ventures.
Despite their previous involvement in the downfall of 3AC due to leveraging, the new venture emphasizes risk-adjusted returns without leverage. 3AC Ventures has introduced its first investment project, called “Raiser,” which enables users to borrow funds based on their on-chain creditworthiness.
In addition to these developments, the founders of OPNX, a platform for trading claims against bankrupt crypto entities, have surprised the industry with their unexpected success.
The platform, founded by Kyle Davies and Su Zhu, has experienced a significant increase in trading volume, rising from a meager $13.64 on its debut to $34.1 million by late June.
OPNX has also filed a defamation lawsuit against venture capitalist Mike Dudas, alleging the publication of defamatory comments. The exchange has introduced “Justice Tokens” to combat defamation in the industry.
As the cryptocurrency landscape in Asia continues to evolve, these legal battles, bankruptcies, and comebacks highlight the volatile nature of the industry. While some companies face challenges and controversies, others strive to rebuild and make a mark in the market.
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The Financial Action Task Force (FATF), a UN agency committed to combating money laundering and terrorist financing, has again urged member nations to enact its “Travel Rule” to mitigate risks posed by cryptocurrencies.
Despite its introduction in 2019 and update in 2022, the rule has seen weak adoption among members, exposing potential regulatory gaps.
According to FATF, more than half of the members surveyed have not taken steps towards implementing the rule, intended to curb the anonymity of illegal crypto transactions.
These statistics indicate a significant gap in regulatory compliance, with the FATF highlighting that current non-compliance allows criminals to exploit “significant loopholes”.
In a bid to encourage wider adoption, FATF stressed the urgent need for countries to institute Anti-Money Laundering and Counter-Terrorism Financing measures in the cryptocurrency sector.
As of March 2022, only 29 of 98 jurisdictions passed the requirements of the travel rules, with only a small fraction of these jurisdictions commencing enforcement.
In the recent FATF meetings held in Paris, the members agreed to further updates to the rules.
As part of its continuous efforts to enhance compliance, FATF will publish a report on June 27, providing recommendations for member countries to close these regulatory loopholes.
The report will address North Korea’s illicit virtual asset activities, where it’s alleged that stolen funds are funneled into its Weapons of Mass Destruction program.
Other “emerging risks,” including stablecoins, decentralized finance, nonfungible tokens and peer-to-peer transactions, will also be covered.
Overall, FATF’s recent call reflects its commitment to ensuring a safer cryptocurrency environment and underscores the need for countries to take swift action to enforce regulation and prevent financial crimes.
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Istanbul, Turkey, June 26th, 2023, Chainwire
Metatime, the blockchain project building a complete Web3 ecosystem that promises users full control over their finances, identity and assets, has announced its native ecosystem token Metatime Coin ($MTC) will be listed for sale on the leading cryptocurrency exchange, Bybit. Alongside the listing, Metatime is pleased to announce that its smart contract infrastructure code has been fully audited by the independent auditing firm Hacken, completing the process with full marks.
The $MTC token, which currently has exactly 415,439 registered users, will go live on Bybit on Monday, June 26 at 10.00 UTC, at which time it will be available for anyone to buy, sell or trade. Investors who bought early during the presale will now be able to sell their $MTC, while those who missed out on early access will now be able to participate in Metatime’s growing Web3 ecosystem.
Earlier this year, Metatime witnessed enormous demand for its token, raising a total of $38 million via two pre-sales of the $MTC token on the world’s biggest crypto launchpad platforms, helping to fund its goal of onboarding millions of new users to Web3. All told, Metatime sold 100 million $MTC at 5 cents, 100 million $MTC at 6 cents, 100 million $MTC at 7 cents and then 200 million $MTC at 10 cents.
The $MTC token is currently deployed on BNB Chain but will migrate to Metatime’s own blockchain with the launch of the MetaChain mainnet on Nov. 11, 2023. For all $MTC investors, relevant information and technical assistance is available through Metatime’s support team.
The official listing of $MTC on Bybit follows the completion of a full audit of Metatime’s smart contract code by the respected independent auditor and testing firm Hacken. The report by Hacken highlighted the “exceptional performance of Metatime’s documentation, code quality, test coverage and security measures”. Metatime achieved a perfect score of 10/10 in the documentation quality category, providing comprehensive functional requirements and detailed technical descriptions. It also achieved a perfect code quality score and, furthermore, demonstrated exceptional test coverage during thorough testing of deployment, basic user interaction and system features.
Metatime’s Web3 ecosystem of products include a comprehensive blockchain network and cryptocurrency exchange, plus NFT marketplace, crypto launchpad, blockchain explorer, wallet and stablecoin. The MetaChain is powered by the Proof-of-Meta consensus mechanism which enables all users to participate in network verification and $MTC mining. Metatime’s upcoming MetaExchange will set a precedent in the industry by not assessing commissions for all trades that close at a loss, while its copytrade features will enable novices to emulate expert traders.
About Metatime
Metatime has emerged as a visionary ecosystem that builds the world of the future, designed from the start to be beneficial to everyone. By completely self-funding its technology development stages, Metatime aims to establish the world’s most comprehensive and transparent ecosystem. Through the development of blockchain-based digital products, Metatime is actively shaping the future today. Metatime continues to innovate and develop a wide range of products such as MetaChain, MetaWallet, Metatime Coin, MetaExchange, and MetaNFT, placing user needs at the forefront and designing from the ground up. By envisioning a future where blockchain becomes accessible to everyone, Metatime leads the way in spearheading the Web 3.0 transformation.
Website | Twitter | Instagram | Linkedin | Discord
Contact
Co-Founder & CEO
Yusuf Sevim
[email protected]
Estonia, Tallinn, June 26th, 2023, Chainwire
Soil, the innovative blockchain-based lending protocol, announces that it has received confirmation from the local financial markets regulator that the planned operations on the Soil Platform are compliant with the jurisdiction’s regulations. This confirmation is a significant milestone for Soil, as it confirms the validity of its business model assumptions.
Soil is building a self-balancing DeFi protocol that will bridge the gap between borrowers (traditional businesses / private debt founds) and lenders (stablecoin holders). Soil will facilitate a debt marketplace where established companies in various industries can raise funds by applying for loans from stablecoin holders.
“We hired several teams of lawyers from different countries and waited for long weeks to receive official confirmation from the local regulator that the activities planned on our Soil Platform are legal”, said Jakub Bojan, CEO of Soil. “Despite this great success, we continue to work and do our best to ensure that our project is at the forefront of the cryptocurrency market and is transparent and safe for our partners and investors around the world.”
Prioritising the need for security on the platform, Soil is not only adapting to current regulations but also to the upcoming revolutionary changes for the cryptocurrency world, namely the EU MICA regulation.
With an innovative business model and solid legal support, Soil is well-positioned to launch an innovative lending system. Soil’s actions will undoubtedly inspire confidence among the investment community and potential partners in the DeFi ecosystem.
About Soil
Soil is a blockchain-based lending protocol that bridges the gap between traditional finance and the crypto world, reshaping corporate debt and fixed-income investments. It is a debt marketplace where established companies can obtain financing, and crypto investors can lend their stablecoins to earn yield derived from Real World Assets that exist off-chain. Soil revenue model profits from fees earned by connecting lenders and borrowers and arbitrage on the cost of capital.
Contact
Jakub
[email protected]
Dubai, Dubai, June 26th, 2023, Chainwire
DWF Labs, the global multi-stage Web3 investment firm, has announced a partnership with Algorand Foundation to support the health and growth of the ecosystem built on the Algorand blockchain.
The first component of the partnership involves a $50 million ALGO token purchase agreement to, in part, provide liquidity into the Algorand ecosystem.
An additional MOU has been signed with the aim of allocating funds to support projects that are building on the Algorand blockchain in the spaces of DeFi, Art and Music, Gaming, Oracles and Bridges, and Infrastructure. Projects interested in submitting their pitch can get in contact with DWF Ventures by visiting: http://www.dwf-labs.com/algorand.
Andrei Grachev, Managing Partner of DWF Labs, shared his enthusiasm for this partnership and its potential for revolutionising blockchain innovation, as well as DWF Labs’ commitment to actively participate in the building of the Algorand ecosystem.
“We selected Algorand because of its unparalleled level of technology and security among permissionless DLTs, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure provides the speed and instant finality required for creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible manner. This partnership with the Algorand Foundation is another important step in the maturation and growth of innovation in this space,” said Grachev.
About the Algorand Foundation
The Algorand Foundation empowers a dynamic, inclusive, and borderless global ecosystem – at scale – based on the Algorand blockchain technology. Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism achieves both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
About DWF Labs
DWF Labs is a global digital asset market maker and multi-stage web3 investment firm, providing support from token listing to market making to OTC trading solutions. DWF Labs seeks to invest and support bold founders who want to build the future of Web3.
Contact
Managing Partner DWF Labs
Andrei Grachev
[email protected]