Blockchain Press Releases
Taiwan’s Leading Crypto Market Leader BitoGroup Partners with Digital Bank to Launch World’s First Crypto-Friendly Bank Account
TAIPEI, June 21, 2024 /PRNewswire/ — BitoGroup, the leading cryptocurrency market leader in Taiwan, today announced its partnership with Far Eastern International Bank Bankee to launch the world’s first dedicated crypto-friendly bank account. As cryptocurrency adoption by international institutions continues to grow, BitoGroup began serving financial institutions two years ago, setting a precedent as the first cryptocurrency exchange to form an alliance with financial institutions. This partnership promotes seamless integration between traditional banks and third-party payment processors. It represents a significant breakthrough for the financial market and has sparked considerable interest within Taiwan’s financial sectors. By collaborating with large institutions, BitoGroup aims to strengthen the cryptocurrency ecosystem and plays a crucial role in driving innovation in financial technology.
The world’s first dedicated bank account for cryptocurrency users is the result of three years of research and effort by BitoGroup and Bankee. This innovative service was achieved by integrating the systems and service processes of the two companies, while ensuring compliance with regulations and supervisory measures, and prioritizing user’s experience.
“Both BitoGroup and Bankee place great emphasis on the security of member assets, platform stability, and user transaction experience,” said Titan Cheng, Founder and CEO of BitoGroup., “Since the initial pilot phase, we have received positive feedback from the community. The Bankee dedicated account can be linked to BitoPro’s exchange account and set up in as little as one hour, significantly enhancing user’s convenience. During the pilot phase, the average daily transaction amount per user increased by 25%. With over one million members in Taiwan, we expect explosive growth once the service is officially launched.
Cheng emphasized that the cryptocurrency community is excited about the collaboration between exchanges and traditional financial institutions. This collaboration will positively improve user confidence in transactions and reverse the negative image of cryptocurrency scams. In the future, BitoGroup will join forces with Bankee to introduce more services, enriching the flexibility of utilizing both fiat and cryptocurrencies.
BitoPro has also partnered with Taiwan’s largest third-party payment processors, Neweb Technologies, to launch “BitoPay”, enabling 300,000 merchants and millions of members to use cryptocurrency for payments, making “BitoPay” the most widely accepted crypto payment solution in Taiwan.
BitoGroup believes that partnering with large institutions to integrate cryptocurrency use into existing operational systems is not only the best way to promote cryptocurrency usage but also fosters innovation. Initiatives such as exchanging convenience store loyalty points for digital currency, enabling cryptocurrency payments through e-commerce third-party payment services, and the recent launch of crypto-friendly accounts with Bankee, all contribute to expanding the existing ecosystem. BitoGroup’s robust blockchain infrastructure, combined with a focus on optimizing service processes through technology, will create a win-win situation for institutions, exchanges, and users.
Taiwan’s cryptocurrency industry has officially entered a new era of regulation with the establishment of the Virtual Asset Service Provider (VASP) Association. BitoGroup’s founder and CEO, Titan Cheng, has been elected as the first Chairman of the VASP Association. This close cooperation between cryptocurrency and traditional financial institutions will help strengthen the trust of regulatory authorities and financial institutions in the cryptocurrency industry, laying a solid foundation for the crypto-financial system.
About BitoGroup
Founded in 2014, BitoGroup aims to use blockchain technology to achieve the goal of inclusive finance, including assisting companies and consumers to enter the new era of Web3. The businesses of the group include BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform).
View original content:https://www.prnewswire.co.uk/news-releases/taiwans-leading-crypto-market-leader-bitogroup-partners-with-digital-bank-to-launch-worlds-first-crypto-friendly-bank-account-302178876.html
Blockchain
SPIN.FASHION joins peaq to turn 1M+ art and luxury items into next-gen phygital NFTs with smart ID tags
peaq, the layer-1 blockchain for DePIN and Machine RWAs, announces the expansion of its ecosystem as SPIN.FASHION joins to bring luxury on Web3 rails, DePIN-style. EU-compliant and serving companies like Kering, Vogue, Galeries Lafayette, and H&M, SPIN.FASHION is building an industry-leading smart-products operating system platform for minting, connecting, and selling next-generation phygital NFTs. It tokenizes real-world art and luxury objects to turn them into on-chain RWAs with 3D digital twins for immersive extended reality (XR) experiences. SPIN.FASHION offers the only end-to-end software and hardware solutions, including proprietary smart radio-frequency identification (RFID) tags enabling companies to build digital environments and interact with customers in novel ways, providing immersive product and brand experiences. The tags also enable supply-chain traceability for a tangible proof of the object’s authenticity and provenance, connecting the physical world and on-chain data through an IoT network. It will also leverage peaq to power a circular economy model at scale, aimed at making the art and luxury industry more sustainable.
From Starbucks to Nike, countless brands have flirted with NFTs, but the technology’s highest potential is undoubtedly in the art and luxury market, where authenticity is the name of the game. Working as immutable, uncensorable proofs of provenance and authenticity, NFTs grant collectors and connoisseurs the confidence that the objects of their desire — a luxury watch, a high-end car, or a coveted art piece — are no counterfeits, but valuable works of high craftsmanship. As the luxury world treads into a phygital reality, they can play an even bigger role for the industry, enabling a variety of immersive 3D experiences and interactions with the gaming industry.
SPIN.FASHION is the leading platform for minting, connecting, selling and purchasing art, luxury, and culture objects on-chain. As part of Project Horizon, an EU funding program for circularity projects, SPIN.FASHION is co-creating the framework for fully-compliant NFT-based Digital Product Passports, which will be mandatory for all textile products sold in the EU by 2030, with an estimated 62.5B DPPs for garments required globally in the next five years. SPIN.FASHION has already onboarded more than 100 brands and creators in its closed invite-only beta pilot phase and will be launched to the public with peaq as the default chain in late Q3 2024. Its platform is already home to over 80,000 digital and physical items for art and luxury enthusiasts and is set to onboard over 1M items in the next 12 months.
Leveraging peaq as the layer-1 blockchain for its platform, SPIN.FASHION will use a variety of peaq’s Modular DePIN Functions as part of its core infrastructures. It will use self-sovereign peaq IDs as the identity standard on the platform, outfitting every RFID tag — a smart tag placed on luxury and art objects and connected with their on-chain passports — with a peaq ID. It will enable creators to mint phygital NFTs on peaq and use peaq as the home for digital twins of real-world art and luxury items. It will also use peaq as the backbone of its traceability and circularity system, deploying smart contracts on peaq to enable Web3-powered luxury trade, and launch its token natively on peaq. In the future, the peaq integration may also provide the digital backbone for SPIN.FASHION-powered XR experiences.
“We are thrilled to leverage peaq’s Modular DePIN Functions to build some of SPIN.FASHION’s key functions and use it as the main chain of choice for our luxury brands, artists, and creators. On peaq, we are building the most user-friendly, sustainable, and scalable minting infrastructure for smart-products in the industry. It’s exciting to see regulation stepping in to kick off the new RWA-Based DePIN circular economy. We have been building for this vision for almost a decade, and the application of on-chain DPPs seems to be the trigger for a butterfly effect that will reshape the world,” says Lor Albrighi, Co-CEO & Founder of SPIN.FASHION.
“The luxury and art industry stands to gain a lot from joining the Web3 RWA segment, with the added benefits of greater traceability and liquidity,” says Leonard Dorlöchter, co-founder of peaq. “With its knack for innovation, EU compliance, and a vast network of industry partnerships, SPIN.FASHION is well-positioned to be the Web3 gateway for the creative community, and we are thrilled to see it build its multi-faceted platform on peaq.”
The post SPIN.FASHION joins peaq to turn 1M+ art and luxury items into next-gen phygital NFTs with smart ID tags appeared first on HIPTHER Alerts.
Blockchain Press Releases
Groundbreaking Partnership: Cross-Chain Tokens, CKB Eco Fund, and Meson Finance Launch ccBTC with 1:1 Bitcoin Reserves on CKB Main Network
HONG KONG, July 3, 2024 /PRNewswire/ — Cross-Chain Tokens (ccTokens) has partnered with the Nervos CKB Eco Fund to launch ccBTC on the CKB main network, enhancing Bitcoin liquidity within the CKB ecosystem. Backed by a 1:1 Bitcoin reserve, ccBTC is managed by Cactus Custody, a subsidiary of Matrixport. Cactus Custody is a licensed trust company in Hong Kong that adheres to strict anti-money laundering and regulatory standards while providing digital custody solutions.
Meson Finance, the official cross-chain bridge for the CKB Eco Fund, will enable seamless cross-chain circulation of ccBTC across major blockchains and BTC Layer2 networks. Meson Finance, a leading provider of cross-chain services, supports all major public chains and Layer2 networks and offers users access to assets like BTC, ETH, and stablecoins.
ccBTC leverages the advanced capabilities of Nervos CKB and RGB++ protocols to ensure secure BTC transfers within the Bitcoin ecosystem. This integration will empower decentralised applications (DApps) to utilise Bitcoin assets, including decentralised exchanges (DEX), lending platforms, algorithmic stablecoins, derivatives markets, the Lightning Network, the Nostr social protocol, and other large-scale use cases.
ccBTC is the first compliant and managed token issued on a UTXO platform outside the BTC main network. Users can publicly verify reserved addresses, balances, and transaction records in real time via the ccTokens website. To ensure transparency and reliability, the project employs a multi-party confirmation mechanism for minting, burning, and on-chain verification. The ccTokens governance model emphasises checks and balances through a multi-agency framework, role and rights segregation, and decentralisation to mitigate potential misconduct. Additionally, a blacklist mechanism supports ongoing governance and compliance.
This strategic collaboration aims to strengthen the CKB and RGB++ protocols and introduce securely managed Wrapped BTC assets to the broader Bitcoin ecosystem, revitalising dormant BTC assets.
About Nervos CKB
Nervos CKB is a pioneering BTC Layer 2 solution using the Cell model and PoW consensus mechanism to address blockchain scalability challenges. Its modular architecture separates transaction execution, consensus, and data availability.
About Meson Finance
Meson Finance is a decentralised cross-chain bridge leveraging Atomic Swap technology for seamless transfers of BTC, ETH, and stablecoins across over 50 public chains and Layer 2 networks. It offers efficient and cost-effective cross-chain services.
About Cactus Custody
Cactus Custody, a subsidiary of Matrixport, is a Hong Kong-based trust company dedicated to anti-money laundering and regulatory compliance. It provides efficient digital custody solutions. It leads in institutional-grade digital asset custody, supporting over 300 high-profile clients, including miners, exchanges, and funds.
About Cross-Chain Tokens (ccTokens)
Cross-Chain Tokens (ccTokens) are pegged tokens, each backed 1:1 by blockchain assets like BTC. These tokens enable seamless integration of various cryptocurrencies into the decentralised finance (DeFi) ecosystem. All ccTokens are fully supported and protected by qualified third-party custodians or validators.
Disclaimer
The content of this webpage is not investment advice and does not constitute an offer, solicitation to offer, or recommendation of any investment product. It is for general purposes only and does not consider your needs, investment objectives, or specific financial circumstances. Investment involves risk.
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View original content:https://www.prnewswire.co.uk/news-releases/groundbreaking-partnership-cross-chain-tokens-ckb-eco-fund-and-meson-finance-launch-ccbtc-with-11-bitcoin-reserves-on-ckb-main-network-302187856.html
Blockchain Press Releases
Peach Tech and Orient Asset Management (Hong Kong) Limited Forge Strategic Partnership to Bridge Traditional Finance and Web3
HONG KONG, July 3, 2024 /PRNewswire/ — Peach Tech Limited (“Peach Tech”) and Orient Asset Management (Hong Kong) Limited (“Orient HK”) are delighted to announce a groundbreaking strategic partnership aimed at jointly advancing the innovation and integration of traditional financial institutions with the world of Web3 digital assets in Hong Kong.
This game-changing collaboration will see Peach Tech providing top-tier advisory services and infrastructure for the tokenization of real-world assets managed by Orient HK, under the Peach Investment Fund (PIF) and Peach Investment Fund Token (PIFT). This strategic partnership marks a significant milestone for Peach Tech in transforming how traditional financial assets such as real estate can be managed and tokenized, paving the way for a more integrated and innovative financial ecosystem between TradFi & crypto in Asia.
“We are beyond excited to partner with Orient HK and bring the worlds of traditional finance and blockchain closer together,” said David Koh, Chief Operating Officer of Peach Tech Limited. “This collaboration is a major step forward in demonstrating the trust and commitment traditional finance institutions place in us to be the key enabler and bridge between TradFi, CeFi and DeFi.”
“At Orient HK, we are committed to advancing the tokenization of real-world assets,” said Zhao Guodong, Director of Orient Asset Management (Hong Kong) Limited. “Partnering with Peach Tech will accelerate our adoption of Web3 technologies and redefine the financial landscape.”
For more information, please visit:
About Peach Tech Limited
Peach Tech Limited is a leading technology and platform company with a focus on bridging the gap between traditional financial assets and blockchain technology, developing products that enhance market efficiency, transparency, and accessibility. It provides a wide range of services in the crypto and RWA space, including advisory, tokenization of real-world assets and token issuance.
About Orient Asset Management (Hong Kong) Limited
Orient Asset Management (Hong Kong) Limited, a wholly-owned subsidiary of Orient Securities International Financial Group Co. Ltd, specializes in asset management services outside of mainland China. The company offers a wide range of asset management services, including the issuance and management of private funds, public funds, fully mandated investment management accounts, and investment advisory services.
View original content:https://www.prnewswire.co.uk/news-releases/peach-tech-and-orient-asset-management-hong-kong-limited-forge-strategic-partnership-to-bridge-traditional-finance-and-web3-302187911.html
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