Search Results for: SBI

“SBI Remit partners with SBI Ripple Asia to implement Ripple’s XRP-enabled international remittance solution, extending services to bank accounts in Vietnam, Indonesia, and the Philippines. Utilising XRP as a “bridge currency”, this move aims to streamline international payments, ensuring efficient and cost-effective money transfers.”

“Japanese SBI Group, in partnership with Ripple and SBI Ripple Asia, plans to extend Ripple remittance technology to South East Asia’s banks. SBI hopes this will boost service adoption, marking a significant milestone in the crypto space.”

“India’s largest public sector bank, SBI, has integrated UPI with the Digital Rupee, enabling 300 million UPI users and 500 million merchants to enhance their digital transactions. The ‘eRupee by SBI’ application potentially fuels secure and rapid exchanges, increasing national digital currency usage in regular transactions. However, the excitement around cryptocurrencies remains muted within the Indian government.”

“Zodia Custody, a Standard Chartered spin-off, has partnered with Parity Technologies, the developer of the Polkadot blockchain. The collaboration aims to strengthen the Polkadot ecosystem with institutional backing, extending the integration of financial institutions into the blockchain network through securing digital assets.”

The United States Government Accountability Office suggests that blockchain technology could improve various programs overseen by the Small Business Administration. Potential benefits include streamlined annual reporting, improved oversight, and facilitating safe loans. However, concerns about its newness, data privacy, and potential resistance impede adoption. Despite this, blockchain’s integration may increase transparency, efficiency, and accuracy.

Singapore-based QCP Capital and Japan-based SBI Alpha Trading executed the first-ever crypto options trade without a clearing house, using bitcoin as collateral on the UK-based Clear Market. The groundbreaking transaction utilized multi-custodian collateral network and innovative risk management techniques to mitigate counterparty risks, aligning with the International Swaps and Derivatives Association’s requirements for uncleared derivatives.

Zodia Custody partners with Blockdaemon to offer crypto staking services to institutional clients, following Ethereum’s transition to a proof-of-stake system. While providing opportunities for staking rewards, concerns arise regarding potential centralization and the environmental impact of widespread staking on energy consumption and carbon emissions.

Japan’s MUFG unveils Progmat Coin, a stablecoin issuance platform supporting local bank-backed stablecoins on multiple public blockchains. The platform aims to provide a universal digital asset payment method for stablecoins, cryptocurrencies, and a Japanese CBDC while addressing potential security concerns.

The integration of Tether payment rails by Xapo Private Bank marks a new era, providing an alternative to SWIFT rails and showcasing stablecoins’ prominence in the financial sector. Blockchain adoption is recommended for India’s banks, while Binance explores partnerships with traditional financial institutions, and Layer 1 blockchain XDC Network partners with SBI VC Trade Co. Ltd.

Zodia Custody, a London-based crypto storage platform, has joined Tech Zero, a task force aiming for net-zero carbon emissions by 2030. As a member, Zodia will report its emissions annually and implement a carbon offsetting strategy, promoting a climate-conscious digital asset industry.