Blockchain
Global retail cryptocurrency platform Luno receives in-principle approval from the Monetary Authority of Singapore (MAS)
Luno Singapore has been granted in-principle approval (IPA) from the Monetary Authority of Singapore (MAS), under the Payment Services Act (PSA), to provide Digital Payment Token (DPT) services in Singapore.
This milestone marks Luno as the first global retail-focused cryptocurrency platform in Singapore to obtain IPA from the MAS, which will enable the accessibility of cryptocurrency in a well-regulated environment that safeguards the interest of consumers.
Obtaining the IPA, which follows a robust application process, is a testament to Luno’s strong focus on compliance and its ongoing advocacy globally for the effective regulation of crypto asset services. Luno is regulated by the Securities Commission of Malaysia and is registered with the authorities in Indonesia.
“We are thrilled to receive MAS’ in-principle approval to provide Digital Payment Token (DPT) services in Singapore as a Major Payment Institution. We firmly believe that regulation brings clarity and protection to businesses and consumers, and obtaining the IPA is just one of the first few steps in our long-term commitment to the progressive and sustainable development of Singapore as a global financial hub. With this IPA, we hope to instil greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely,” said Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.
Since being founded in 2013, Luno – a global cryptocurrency platform that aims to put the power of crypto in everyone’s hands – has garnered over 10 million customers across 40 countries, with over 1 million added within the last six months. This follows a successful year that saw Luno grow its global customer base by 35% year-on-year and aims to bring cryptocurrency to over 1 billion customers by 2030.
Following Luno’s acquisition by the Digital Currency Group (DCG) in 2020, DCG further secured over USD$700 million in a secondary funding round from investors including Google’s Capital G and GIC Singapore, valuing DCG at USD$10 billion. To further align the business to our mission, Luno also recently launched Luno Expeditions, a global, early-stage investment arm to support the best fintech and crypto/web3 founders on their journeys to build the next generation of financial services.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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