In a strategic collaboration, cryptocurrency exchange Binance joined forces with Japan’s largest bank, Mitsubishi UFJ Trust and Banking Corporation (MUTB), with the aim of exploring the issuance of stablecoins in Japanese territory.

On September 25, Binance Japan announced a joint initiative that aims to enable companies to issue yen and other fiat-backed stablecoins to drive Web3 adoption in Japan. Both entities plan to use a platform called “Progmat Coin”, which will function as a stablecoin issuance and management system in full compliance with Japanese regulations.

The Japanese bank will lead the development of the “Progmat Coin” platform as an infrastructure for the issuance of stablecoins, in compliance with Japan’s Payment Services Law, which was recently reviewed and implemented in June. This legislation gives Japanese banks and regulated cryptocurrency service providers the ability to issue stablecoins.

Although the platform will initially support the issuance of stablecoins on the Ethereum network, the possibility of expanding it to include BNB Chain is contemplated, by virtue of the collaboration with Binance, according to the company.

Takeshi Chino, CEO of Binance Japan, said in a statement that stablecoins play a critical role in the current financial landscape. In addition to providing a cheaper and faster way of settlement for companies’ cross-border trade transactions, they also simplify cryptocurrency transactions for retail investors.

According to Tatsuya Saito, vice president of products at MUFG, Japan’s stablecoin market has the potential to grow to $34 billion (5 trillion yen), which is equivalent to approximately 27% of the estimated global market size. current, which amounts to 123.7 billion dollars according to CoinGecko.

Despite increasing regulatory pressures in the West, Binance began operations in the Japanese market in August 2023, offering a total of 34 tokens.

For its part, Japan’s Orix Bank is considering plans to issue stablecoins in the country. It plans to test stablecoins backed by the yen, dollar and other currencies in October, with the possibility of launching them on the market in 2024. These stablecoins will be backed by fiat deposits and will use the Japan Open Chain blockchain, developed by the Tokyo-based company G.U. Technologies and its partners.

Japan appears to be in a strong position to implement stablecoins in its payment systems. In August, we reported that Japanese blockchain startup Soramitsu was exploring the creation of a new stablecoin exchange aimed at facilitating cross-border payments between Asian countries.

Earlier this month, the Japanese government expressed its intention to allow startups to raise public funds by issuing crypto assets and stablecoins.

K. Tovar

Source: Cointelegraph

(Referential image source: Kanchanara, Unsplash)

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La entrada Binance partners with Japanese banking giant to launch stablecoins apareció primero en Bitfinance.

Goldman Sachs is currently under investigation by the Federal Reserve (Fed) and the US Securities and Exchange Commission (SEC) due to its involvement in the last days of the ill-fated Silicon Valley Bank (SVB), which collapsed last March. , as reported on Thursday by The Wall Street Journal (WSJ).

Citing anonymous sources, the financial newspaper explained that the investigations centered on the fact that the Wall Street giant acquired a part of SVB’s share portfolio while simultaneously working with the bank on a capital-raising operation, which failed and caused the collapse of the entity.

According to the WSJ, the Fed and the SEC have requested documents related to the matter and are investigating whether the Goldman divisions in charge of each of those operations were exchanging information in an unauthorized manner.

Goldman Sachs played a significant role in SVB’s waning days, as the firm was brought in to help raise new capital and, at the same time, its stock trading division bought $21 billion worth of shares in the portfolio of bank investments at a price below market value.

Silicon Valley Bank incurred a $1.8 billion loss on that sale and immediately announced a stock issue to raise funds. These actions generated panic and led many clients to withdraw their money, which ultimately led to the bank’s downfall.

K. Tovar

Source: Bancaynegocios

(Reference image source: Mariia Shalabaieva, Unsplash)

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La entrada Goldman Sachs under investigation by the Fed and the SEC for its role in the collapse of the Silicon Valley Bank apareció primero en Bitfinance.

Bancamiga Móvil begins its journey throughout the country to bank more Venezuelans. From May 18 to Tuesday 23, Bancamiga will be present at the Petare Metro station, in Plaza El Cristo (roundhouse) and in the Giorgio building (Centro Prestigio Giorgio), headquarters of the Sucre mayor’s office, in Boleíta Sur . In his schedule, he is also scheduled to visit El Hatillo starting on May 24, reported a statement from the institution.

At the mobile agency, people will have the opportunity to learn about and purchase the products and services offered by the bank, including opening accounts with minimum requirements, changing cards, the Mastercard International Debit Card, the MasterKids card, and payment POS financing plans, in partnership with Soluciones Integrales Tecnológicas, SITCA.

In these operations, people have the possibility of opening accounts with minimal precautions: copy of the identity card and RIF, add the information.

Bancamiga reaches more corners of Venezuela

The executive president of Bancamiga, Ariel José Martínez, said that with this new initiative to get closer to Venezuelans, Bancamiga Banco Universal will go to any corner of the country.

“Bancamiga Móvil will visit schools and will be at sporting, cultural and musical events. Also in the upcoming openings of our agencies in Barrio Obrero (San Cristóbal), Mérida, Unare (Anzoátegui) and in Mercabar Barquisimeto (Lara)”.

The initiative and innovation that Bancamiga Móvil represents is a response to the needs of Venezuelans and adds 19 MRW non-banking correspondents, two associated ticket offices and one external ticket office to its 37 agencies.

The institution invites you ​​not miss the opportunity to visit the mobile unit and discover the products and services that Bancamiga offers!

With information from Bancamiga

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La entrada Bancamiga Móvil begins its journey banking more Venezuelans apareció primero en Bitfinance.

The Bank to the Future of the United States is carrying out a process to establish itself in El Salvador, and provide financial services linked to cryptocurrencies.

This was stated by the Salvadoran ambassador to the US, Milena Mayorga, who explained that the institution is waiting to obtain the necessary permits and licenses to operate.

“The company has a presence in other places, but they are interested in operating in El Salvador because of the stability that the country provides,” Mayorga assured.

At the beginning of the year, the CEO of Bank to the Future, Simón Dixon, was visiting the Central American country along with other investors, in order to evaluate the market and its possibilities.

After this visit, he and Max Keiser indicated that there is the possibility of creating a kind of “Wall Street” in El Salvador, with behavior similar to that of New York.

It is expected that this bank will start with a capital of approximately 6,000 million dollars in Bitcoin.

K. Tovar

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Source: Cointelegraph

La entrada Bank to the Future will arrive in El Salvador apareció primero en Bitfinance.

The Bank of Thailand (BOT) announced that it will soon take the development of its own CBDC to the pilot stage, which is scheduled to start at the end of 2022.

As detailed by the financial institution, the real application of this will take place within the private sector, and on a limited and controlled scale.

“The BOT will evaluate the benefits and associated risks of the pilot to formulate related policies and improve the design of the CBDC in the future,” reads part of the official BOT announcement.

This project consists of two phases; the first, a “Foundation Track” where it is planned to carry out tests with this currency in activities similar to cash as payment for goods and services, on a scale of 10,000 retail users.

The second, called “Innovation Track”, will be focused on the presentation of innovative use cases for CBDC, where both the private and public sectors will be able to present their own use cases for this.

K. Tovar

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Source: Cointelegraph

La entrada The Bank of Thailand will work on tests with CBDC apareció primero en Bitfinance.

Deutsche Bank started 2022 with rising net profit, which rose to 1.06 billion euros ($1.1 billion) in the first quarter, Germany’s largest financial institution announced.

The result is 17 % more than the 908 million dollars obtained in the previous quarter. Before taxes, the bank obtained some 1,700 million euros, four percent more than in the same period of the previous year.

“The results of all business areas are within or above expectations, and we have achieved our highest quarterly profit in nine years,” summarized the group’s CEO, Christian Sewing.

Revenue growth

Total revenue, at more than €7.3 billion, was the highest since the first quarter of 2017. “In a difficult environment, we have delivered revenue and profit growth across all core businesses,” he said. CFO James von Moltke.

The goal is to increase return on tangible equity (ROTE) to 8 % by the end of 2022, and even higher than 10 % after tax in the future.

Last year, profitability was only 3.8 percent and this despite the fact that the group, which is listed on the main German stock index (Dax), achieved its highest annual profit since 2011 with 2.5 billion euros. In the first quarter of the current year, the bank obtained a return of 8.1 %.

Source: dpa

La entrada Deutsche Bank earns more than a billion euros apareció primero en Bitfinance.

American Bank decided to partner with Bakkt Holdings Inc. in order to use its connection solutions that will allow its banking users to have a channel to buy, sell and guard the most relevant cryptocurrencies in the ecosystem such as Bitcoin and Ethereum.

The financial institution, American Bank, based in Allentown, is a community bank that aims to serve customers in the Lehigh Valley with 25 years of experience offering deposit products, loans and convenient services to meet the needs of consumers and companies.

While Bakkt Holdings Inc. is an American corporation listed on the New York Stock Exchange and operates a technology platform that enables consumers, businesses, and institutions to unlock the value of digital assets.

The alliance of both companies will allow users to satisfy their needs and interests about cryptocurrencies, as well as maximize educational materials and services of institutions to produce easy and more profitable access to cryptocurrencies for customers.

“Bakkt’s strong capabilities create an entry point for us to drive engagement with our customers and seamlessly integrate cryptocurrency into our existing digital banking platform,” said Mark Jaindl, CEO of American Bank. We are proud to say that we will be the first Lehigh Valley-based bank to offer access to cryptocurrencies.”

Users will prefer cryptocurrencies

Market research reveals that consumers prefer to access different cryptocurrencies from their current or traditional bank, and it is precisely this premise that drives the financial institution American Bank to make its alliance with Bakkt with the purpose of offering “a “simple access ramp”. access to cryptocurrencies” within their trusted banking relationship.”

The financial entity also considers that banks have little time to design and develop strategies for the adoption of cryptocurrencies or risk being left behind and not evolving with market demands.

For her part, Bakkt Chief Revenue Officer Sheela Zemlin highlighted that “savings and investment habits of consumers are constantly fluctuating, but more than ever we are seeing consumer intrigue and interest in cryptocurrency grow.”

M. Rodríguez

Source:blockchainjournal.news

La entrada American Bank ties up with Bakkt to offer cryptocurrencies apareció primero en Bitfinance.

Felipe Harboe, constituent member and former PPD senator, believes that banks have put barriers to certain financial services that are not within the traditional system because “they seek to defend their business model, which is to be the only intermediary and they have unjustly criminalized cryptocurrencies.”

According to what Harboe expressed, Chile is heading towards open banking and legislation is required to regulate the new challenges of security, protection of personal data and banking architecture, hence the importance of the proposed law called Fintech, so that financial services and technology companies can operate under a clear legal framework

According to what was expressed by the official, “if Chile really wants to make a leap to development, it cannot continue to be anchored to the business logic of the nineties. Therefore, given the volume of our market, it has to be a tremendously digitized economy and for Chile to become a center for the development of all kinds of digital instruments.”

The former senator explained: “We have had conversations with the Central Bank so that Chile has a digital regulatory ecosystem that has to do with data protection, Fintech Law, crowdfunding and cryptocurrencies. It is important that we all agree, Chilean society requires this process and I see a tremendous opportunity for development.”

Harboe recommends that within the principles established in the new Chilean constitution it should be indicated that the country “is a democratic and digital Republic”. He also considers it is important to include the promotion of “digital development in each of its operating spaces and facilitating the digital development of citizens and their intermediate bodies as a duty of the state.”

M. Rodríguez

Source: chocale.cl

La entrada Chile requires clear regulation for the financial sector apareció primero en Bitfinance.

An average of eight million tons of plastics end up each year in seas and oceans. Production has increased in recent decades, its environmental impact causes damage to ecosystems around the world and its slow degradation process accentuates the crisis. Reducing the amount of plastic in circulation and betting on its reuse are fundamental actions.

Bancamiga Banco Universal, aware of the need to work for a more sustainable world, promotes together with Plastitec Group initiatives in order for employees to learn about the importance of recycling, a process that seeks to obtain raw materials from waste, introducing them from new in the life cycle.

One of the first initiatives was to promote among its staff talks about the culture of recycling, which has served to share valuable ideas, among which we can mention the placement of containers for plastic recycling, the design of cards made with recycled material. , the promotion of commercial relations with suppliers of green conscience and the recycling of the cards of expenses or that present some type of error.

It was from Monday, May 17, International Recycling Day, that Bancamiga started the Recicla2 campaign, where it placed containers at the La Castellana Management Headquarters and in the TFC tower, in order to deposit the bottles of water or soft drinks identified with the number 1 (PET1) on the bottom of the container.

Plastitec Group is a company that promotes an integrated r-Pet production scheme, which collects, classifies, cleans and recycles single-use containers made of polyethylene terephthalate, known as PET for its acronym in English, to transform it into products that they return to the chain of consumption without affecting the planet’s environmental balance.

Patricia Pérez, Plastitec Communication and Sustainability Manager, said that everything is framed in what is known as a circular economy, a model that proposes to change the linear flow of producing, consuming and discarding to reduce-recycle-reuse. Therefore, it proposes a change in current manufacturing and consumption patterns, with the aim of achieving a sustainable lifestyle in which the amount of waste in the environment is reduced and the useful life of natural resources is extended.

She maintained that she felt “inspired” by institutions such as Bancamiga that want to participate in the construction of a sustainable business ecosystem in Venezuela, by showing not only what Plastitec does but also other organizations in the world in order to inspire its collaborators and see what ways are possible to be executed as part of the actions and sustainable objectives in the short, medium and long term.

“We are very excited about this alliance and feel that we can generate a change in the habits of employees so that the plastic bottles they dispose of are brought to the containers that the bank has installed. It is because of these small actions that the great changes in the world begin”, said Pérez.

M.Pino

With information from Bancamiga and Plastitec

La entrada Bancamiga promotes the Recicla2 campaign in alliance with Plastitec Group apareció primero en Bitfinance.