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Thai Regulator Cautions Public That Cryptocurrencies Are Not Legal Tender

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Bank of Thailand (BOT) issued a statement saying that it has continuously monitored the developments in use cases of digital assets as some enterprises have recently begun soliciting payments in cryptocurrencies such as Bitcoin and Ether as payment for goods and services.

The BOT has previously iterated that digital assets are not legal tender and doing so constitutes barter trade between the owner of the digital asset and the provider of goods and services, where the payer and the receiver mutually accept all risks involved.

In using digital assets as a means of payment, both the payer and the receiver may face risks such as price volatility, cyber theft, and money laundering.

BOT added that some digital assets are investment instruments, of which investors must understand the risks of holding.

The regulator stressed that it does not support the usage of digital assets as a means of payment for goods and services, a view that is consistent with many international organisations and regulators such as the International Monetary Fund (IMF), the Bank for International Settlements (BIS), and central banks of England, the European Union, South Korea, and Malaysia.

The BOT reassures the public that should the use of digital assets as a means of payment for goods and services become widespread, it will coordinate with the Securities and Exchange Commission (SEC) and other related agencies to take the necessary measures to ensure that they do not pose extensive risks to the general public or the economic and financial system.

The central bank said that it is open to feedback from relevant stakeholders and the general public on this matter, and will continue to provide updates on new developments in this area.

Siritida Panomwon Na Ayudhya, Assistant Governor of Payment Systems Policy and Financial Technology Group at Bank of Thailand

Siritida Panomwon Na Ayudhya

Siritida Panomwon Na Ayudhya, Assistant Governor of Payment Systems Policy and Financial Technology Group at Bank of Thailand said,

“The BOT recognises the importance of financial innovation and applications towards enhancing the efficiency of payment systems to support economic activities and will continue to ensure that the public receives the full benefits of innovative developments.

Currently, the BOT is developing a central bank digital currency (CBDC), as well as forming policy guidelines to regulate fiat-backed or other forms of stablecoins to provide more reliable digital payment channels for all.”

Image Credit: National News Bureau of Thailand 

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Source: https://fintechnews.sg/53191/thailand/thai-regulator-cautions-public-that-cryptocurrencies-are-not-legal-tender/

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Payments Fintech Banking Circle Chooses European Firm SIA to Provide Instant Payments

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Banking Circle, the Payments Bank for the digital economy, has chosen SIA, an established European hi-tech firm in payment services and infrastructures, controlled by CDP Equity, in order to introduce its instant payments service in Europe “connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.”

As stated in the announcement:

“Thanks to SIAnet, the ultra-fast fiber optic network infrastructure, Banking Circle enables European financial institutions and corporates to execute instant payments in less than 10 seconds with a maximum amount currently set at 100,000 euros per individual transaction, 24/7, all year long, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).”

The partnership with SIA will also enable Banking Circle clients to take advantage of the concession granted by the European Central Bank to SIA and Colt as Network Service Providers for ESMIG (Eurosystem Single Market Infrastructure Gateway).

The announcement further noted:

“Beyond TIPS, SIAnet enables all the key organizations in the European financial system to access also the platform for the settlement of large-value payments TARGET2, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS), and possibly other new services and applications.”

The high-speed, secure and low-latency network infrastructure SIAnet is developed to address the requirements of instant payments “in terms of security, reliability and performance and it represents a single access channel to the main national and international payment platforms, also including EBA Clearing’s pan-European real-time payment system RT1.”

Michael Boel, Head of Local Clearing, Banking Circle, remarked:

“Banking Circle is making cross border payments faster and more cost effective for Banks and Payments businesses, in turn enhancing the service they provide to their customers. Instant Payments is a crucial part of this and we are delighted that our partnership with SIA enables us to connect to the TIPS platform via our cloud solution.”

Michael added that they believe that being the first bank to use SIA’s network and Cloud integration options “sends a clear message that [they] are committed to getting as close as possible to central banks, Automated Clearing Houses and Clearing and Settlement Mechanisms.”

He further noted that through the partnership with SIA, Banking Circle will “deliver Instant Payments at the lowest cost possible and at the highest level of stability for our clients, and their customers.”

Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director, stated:

“Thanks to the perfect integration of our network with the major public cloud providers on the market, the new digital payment service was up and running in just a few months and is now available for all current and future Banking Circle customers.”

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Source: https://www.crowdfundinsider.com/2021/07/178253-payments-fintech-banking-circle-chooses-european-firm-sia-to-provide-instant-payments/

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Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


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According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Blockchain Startups Raised over $4 Billion in VC Funding in Q2 2021

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Most blockchain-based startups have seen funding from venture backers, despite the current cryptocurrency market downturn, recording over $4 billion in Q2 alone.

This massive venture capital backing is in keeping with the established trend of VC funding for blockchain firms as investors look to be part of the new wave of disruption associated with decentralized finance.

VC Backers Continue to Dole Out Funding for Blockchain Startups

According to CNBC on Thursday (July 22, 2021), venture capital investors seem not to worry about the volatile nature associated with the crypto market, especially with the current slump in market prices. Bitcoin, which reached an all-time high )ATH) of over $63,000 back in April, is trading within the $33,000 range, losing over 50% of its ATH. Ether price has also suffered a slump after getting to over $4,000 in May.

Meanwhile, data from CB Insights, an analytics firm, revealed that the total funds received by different blockchain companies are $4.38 billion. The figure signals a more than 50% increase from Q1 2021, and almost a ninefold growth compared to Q2 2020.

In May, major fintech company Circle received $440 million from VC backers, making it the largest venture capital funding in a blockchain company. Meanwhile, Circle is planning to go public through an alliance with a special purpose acquisition company (SPAC) Concord Acquisition Corp. The merger, if successful, will put Circle’s valuation at $4.5 billion.


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Ledger, a cryptocurrency hardware wallet, raised the second-biggest round in Q1 2021 with $380 million. According to an interview with CNBC in December 2020, the company’s CEO Pascal Gauthier noted that the cryptocurrency market was gradually maturing, with institutional investors showing interest in the emerging industry.

Speaking to CNBC, CB Insights senior analyst, Chris Bendtsen :

“At the current rate, blockchain funding will shatter the previous year-end record — more than tripling the total raised back in 2018. Blockchain’s record funding year is being driven by the rising consumer and institutional demand for cryptocurrencies. Despite short-term price volatility, VC firms are still bullish on crypto’s future as a mainstream asset class and blockchain’s potential to make financial markets more efficient, accessible, and secure.”

Institutional Investors Seek Exposure to Crypto Industry

The record inflow of funding for blockchain firms is coming from both traditional VC funds and blockchain-focused funds alike. Some asset managers are even creating blockchain venture arms for both early and late-stage funding of projects in the industry.

As previously reported by CryptoPotato in June, venture capital giant Andreessen Horowitz announced the launch of a $2.2 billion cryptocurrency fund. According to the company, the new fund would be distributed across various crypto and blockchain startups.

Blockchain Capital raised $300 million for its Fund V LP back in May, with PayPal, Visa. hedge funds, and others participating in the capital raise.

Meanwhile, the trend is continuing in Q3 2021 with massive funding deals. Recently, major cryptocurrency derivatives platform FTX secured a record $900 million in its Series B funding, causing the company’s valuation to grow to $18 billion.

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Source: https://coingenius.news/blockchain-startups-raised-over-4-billion-in-vc-funding-in-q2-2021-10/?utm_source=rss&utm_medium=rss&utm_campaign=blockchain-startups-raised-over-4-billion-in-vc-funding-in-q2-2021-10

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Cross-Border Payments Fintech Thunes Acquires Limonitek, a European Payment Service Platform

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Cross-border payments Fintech Thunes revealed earlier this week that it acquired Limonetik, a European Payment Methods Platform.

The latest acquisition by Thunes should complement the Fintech firm’s existing cross-border payments solutions by enabling companies or businesses to get paid in 70 different countries, using more than 285 local payment methods, including mobile wallets, payment by instalments (BNPL), QR code payments, and various other options. The solution will be called Thunes Collections.

As noted in a release, Limonetik is one of the “earliest” developers of an alternative payment methods platform that is “suitable for international merchants and marketplaces.” And like Thunes, the company closely works with different payment service providers (PSPs) and financial institutions.

Handling over EUR 2 billion a year, Limonetik is “trusted” by more than 14,000 merchants, marketplaces and Fintech players – which includes Deliveroo, Uber Eats, Veepee, CMA – CGM, Worldline – Ingenico, ACI, Amadeus and Natixis.

Established in Paris in 2007, Limonetik is led by CEO & co-founder Christophe Bourbier, a well-known entrepreneur and payment space professional. Today, Limonetik “counts 50 employees who will become Thunesters.”

As noted in the announcement:

“Rapid growth in cross-border e-commerce trade has made it essential for global sellers to accept payments in locally preferred methods. There are over 400 alternative payment methods, and this diversity brings integration complexity and back-office costs that Limonetik’s offering resolves with a single API integration. We believe collecting funds globally should be easy regardless of customer location.”

By joining the Thunes payment and collection networks, companies and their clients are able to send payments to – and get paid in – “even the hardest-to-reach corners of the world.” With a single, simple connection, Thunes provides fast, transparent, and affordable payments and will now also “enable more flexible ways to collect funds.”

Peter De Caluwe, CEO of Thunes, stated:

“Thunes is recognised for our far-reaching global network and brilliantly simple payments solution. We are excited to further strengthen our offering with a global collections capability made possible through the acquisition of Limonetik. We welcome the Limonetik team to Thunes, and as one, we look forward to offering a single end-to-end payment solution that connects every corner of the world and makes the global economy accessible to all.”

Christophe Bourbier, founder of Limonetik, added:

“Limonetik has been driving the transformation of collections with its platform-as-a-service (PaaS) model, while Thunes possesses a powerful global payments network. We are incredibly excited to extend our combined payments and collections solutions across the world.”

Thunes is also introducing a new brand identity, which includes a new logo and website “to better reflect its well-established market position and expanding service offerings.”

These changes have come around 4 years after Thunes’ launch and the firm’s diversification and scaling of its business while expanding its international footprint.

In May 2021, Thunes secured $60 million through a Series B growth round led by global private equity and venture capital firm Insight Partners, bringing the firm’s total funding to $130 million in just 2 years. Insight Partners’ support “enables Thunes to speed up investment in its operations, product and technology.”

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Source: https://www.crowdfundinsider.com/2021/07/178255-cross-border-payments-fintech-thunes-acquires-limonitek-a-european-payment-service-platform/

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