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Oversea-Chinese Banking Corporation (OCBC Bank) is mulling creating a crypto exchange, the bank’s CEO Helen Wong said in an interview with Bloomberg Television today. “We are looking at it and seriously there are some work being done in the bank,” Wong said, adding that the bank wants to address customer needs “in a safe manner.” At the end of last year, Singapore-based OCBC had $121 billion in assets under management, making it the second-largest bank in Southeast Asia. OCBC rival DBS launched a crypto exchange in December 2020. DBS Vickers, the bank’s brokerage arm, received a license to offer crypto…
India plans to tighten regulation of cryptocurrencies to deter investors from holding them though the government is unlikely to follow through with an earlier plan to ban private digital coins, according to two sources familiar with the discussions. Instead, it could allow only those that have been pre-approved by the government to be listed and traded on exchanges — an intentionally cumbersome process, said the sources, who asked not to be named as the discussions are private. “Only when a coin has been approved by the government can it be traded, else holding or trading it in may attract a…
Swiss Exchange’s new digital trading and settlement arm will issue a bond to show how blockchain can benefit mainstream securities and not just the cryptoassets it was originally intended for, the exchange said on Thursday. The Swiss Digital Exchange (SDX) will be the first fully regulated market infrastructure to issue a digital bond and use distributed ledger technology (DLT) for settlement, said SDX CEO David Newns. The bond in SIX Group AG would have a total volume of 150 million Swiss francs and mature in 2026, with the offering oversubscribed several times, SIX said. Two-thirds of the bond will be…
Binance’s U.S. unit may raise a “couple hundred million” dollars in a funding round set to close in a month or two and the global cryptocurrency exchange has also decided on a new headquarters, its chief executive Changpeng Zhao said on Friday. Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said the firm’s U.S. affiliate has the option to go for an initial public offering (IPO) using rival Coinbase as an example, and that he was not ruling out listing the parent company in future. “I think it’s a couple hundred million dollars,” Zhao, who is also known as…
Bitcoin’s back, baby. The best-known and largest cryptocurrency has gained more than 130% in pandemic-ravaged 2020 and in November surpassed four separate $1,000-point barriers within a four-day span, going from $15,000 to $18,000. It’s a surge reminiscent of its wild ride in 2017-18, when it rose by 1,375% to within a whisker of $20,000 before falling by 70%. Some credit the rise to greater acceptance by Wall Street linchpins, including PayPal, which said in October it would allow customers to access cryptocurrencies, and some prominent money managers, with macro investor Paul Tudor Jones buying the coin as a hedge against potential inflation.…
Oversea-Chinese Banking Corp. is considering whether to set up a crypto exchange as Southeast Asia’s second-largest lender seeks to respond to customer needs, Chief Executive Officer Helen Wong said. “We are looking at it and seriously there are some work being done in the bank,” Wong told Haslinda Amin in a Bloomberg Television interview Friday, when asked whether the bank would consider offering crypto services as some of its competitors are doing. Wong said it’s worth studying crypto technology due to its potential to boost efficiency, although the bank won’t rush into the sector just because of its popularity. “If you…
Copper.co, which helps financial institutions trade cryptocurrencies, is in talks with investors to raise funds that would value it at around $3 billion, according to people familiar with the matter. The company — which last month hired Philip Hammond, the U.K.’s former Chancellor of the Exchequer, as a senior adviser — is in talks with investors including Tiger Global, SoftBank Group and Accel to participate in the $500 million funding round, the people said, asking not to be identified as the talks are private. The sides haven’t finalized the deal, they said. Representatives from Copper, Tiger and SoftBank declined to…
With higher inflation and more modest stock gains likely looming ahead in the new year, Anastasia Amoroso, chief investment strategist at iCapital Network, says investors should be looking at 2021’s standout asset class: cryptocurrencies. “The 60/40 portfolio is just not going to be enough to beat inflation and deliver returns,” Amoroso said Thursday on “Bloomberg Markets. “The thing you might want to do is peel a little bit from the 60 and allocate to something like cryptocurrencies, because if the portfolio has a chance of beating inflation, you have to have hypergrowth in the portfolio.” Amoroso noted that cryptocurrencies have…
Former US Secretary of State and Democratic presidential candidate Hillary Clinton has become the latest politician to air their worry about cryptocurrencies and their potential impact on countries. She claimed that cryptos have the power to destabilize nations and their currencies. She made this statement while speaking via video at a panel discussion held today as part of the Bloomberg New Economy Forum in Singapore. Clinton stated that cryptocurrencies have the potential to undermine the US Dollar as the global reserve currency. Clinton added that “One more area that I hope nation-states start paying greater attention to is the rise…
On November 17, a report disclosed that the leading non-fungible token (NFT) marketplace, Opensea, is “fielding new investment offers” according to two unknown sources familiar with the matter. The investment could propel Opensea’s valuation by six times to a $10 billion market valuation, according to the sources. During the first week of November, the popular NFT marketplace Opensea surpassed $10 billion in all-time sales, according to statistics from dappradar.com. At the time of writing, dappradar.com metrics indicate Opensea’s all-time sales equate to $11.11 billion today. According to a report published by theinformation.com’s Kate Clark and Berber Jin, Opensea is fielding…