The Monetary Authority of Singapore (MAS) has launched a new programme called Ubin+ to test cross-border currency transactions using central bank digital currency (CBDC). Ubin+ will try to explore various use cases for CBDC, such as connectivity between CBDC and other digital assets, forex and liquidity management. MAS is the island nation’s central bank as well as financial regulatory authority.
Project Mariana, a program targeted at foreign currency and liquidity management, links MAS, with other central banks, such as Banque de France (France), Swiss National Bank (Switzerland), as well as the Bank for International Settlements (BIS) Innovation Hub Centres. The research will investigate foreign currency transactions, including the Swiss franc, euro, and the Singapore dollar.
MAS is also testing cross-border interoperability in SWIFT’s CBDC Sandbox, together with 17 other central banks and commercial institutions.
TrueFi Issues Default Notice To Invictus Capital
TrueFi, a decentralised finance (DeFi) lending protocol has issued a default notice against Invictus Capital, a crypto hedge fund, after it missed repaying a $1 million loan. The hedge fund took the $1 million loan in the form of Binance USD, without providing any collateral. The loan was due on October 30.
The loan was secured by the borrower’s high financial status and reputation, but no assets were pledged against it, complicating the recovery of losses and compensation to others who invested in the credit pool.
This is one of the latest domino effects of the Terra Blockchain collapse in May. Invictus’ parent company, New World Holding, has filed for court-ordered liquidation in the Cayman Islands.
Arweave Token Surges After Meta Integration Announcement
Meta, the parent company of Facebook and Instagram, has announced that it will be partnering with Arweave Solutions, which is a decentralised storage solution, to use the Web 3.0 platform to store non-fungible tokens (NFTs). Their native token, Arweave (AR) has surged by 61 per cent within 24 hours of the announcement.
Other Blockchain storage tokens have also simultaneously gained momentum. Filecoin has surged 13 per cent.
As Meta decides to integrate its Web 3.0 storage, it is possible that more social media platforms could follow suit. Elon Musk, owner of Twitter, has previously touted the idea of bringing Twitter on the Blockchain.
Binance CEO Aims To Bridge Gap Between Traditional Finance, DeFi
Changpeng Zhao, founder and CEO of Binance, is considering buying banks to bridge the gap between traditional banking and crypto, according to an interview given to Bloomberg.
“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things,” Zhao told Bloomberg.
