Thailand’s SCB Neglects Ripple for Lightnet on Cross-Border Payments from South Korea to Thailand
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2 Wochen ago
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According to SCB, the new cross-border payments services will satisfy the demand for better international fund transfers.
Siam Commercial Bank (SCB) has neglected Ripple to join forces with fintech firm Lightnet on a new cross border payments from South Korea to Thailand. Before now, SCB partnered with Azimo to open a new payment corridor between Europe and Thailand, using RippleNet. Notably, SCB did not highlight its reasons for neglecting Ripple on the same cross-border payments services.
SCB Partners with Lightnet, Neglects Ripple
In a recent announcement, Thailand’s oldest bank, SCB, revealed its new partnership with the Lightnet Group. The ancient bank said that the new deal is part of its effort to continually develop its financial technology capabilities.
Per the announcement, SCB will begin to receive cross-border payments from South Korea to Thailand. The payments would be made through one of Lightnet’s business partners Sentbe. Also, SCB will use its PromptPay service and distribute instant money to over 25 banks in Thailand.
In addition, the new business partnership offers swift and secured transactions with extremely low cost. According to SCB, the new cross-border payments services will satisfy the demand for better international fund transfers.
SCB and Lightnet’s Executives Comment on New Partnership
SCB payment product solution and management executive VP, Mr. Srihanath Lamsam, commented on the company’s effort to satisfy high demands for cross-border payments. He noted:
“This cooperation will allow SCB to extend the scope of its international fund transfer services effectively via Lightnet’s networks and channels. We expect that this new service model will help raise the service experience bar for seamless cross-border transfers for our customers and serve the growing demand for better cross-border remittances.”
Also, Mr. Tridbodi Arunanondchai, Lightnet Group vice chairman and group CEO, expressed his pleasure with the collaboration. He said the company is focused on offering a secured, low-cost, efficient, and fast financial services using the Stellar-based blockchain. He further mentioned that the new service would be available to both Lightnet and SCB customers. Now, transferring money from South Korea to Thailand would be easier and convenient for Lightnet and SCB’s customers.
Furthermore, Lightnet Group’s vice chairman and Group CEO revealed the company’s expansion plans. In the announcement, the VP said that Lightnet is planning to integrate more business partners across other countries in the near future. He added that the company hopes to expand and develop its financial services to Southeast Asia.
Speaking further, Mr. Tridbodi Arunanondchai said that Lightnet had secured $31.2 million in a Series A financing round. As the vice-chairman noted in the recent announcement, some of the participants in the investment round are Uni-President Asset Holding and UOB Venture Management. Others include Signum Capital, Seven Bank, Hashkey Capital, DU Capital, Hopeshine Ventures, and Hanwha Investment and Securities.
After the financing round in January, the company said the secured funds would be used to strengthen Lightnet’s investment on the Stellar Network and develop a future financial mobility network.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.
Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.
The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.
Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.
Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.
RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run
The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.
Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.
As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
How low could XRP go? Watch these price levels next
Published
6 Stunden ago
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Dezember 29, 2020
By
XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading.
The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.
In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.
Where will the XRP price go next?
The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.
On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”
Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds. https://t.co/izreZvgHNl
As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.
Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.
Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:
“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”
In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.
The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.
What happens next?
Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.
Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:
“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”
In the initial exploit, the attacker liquidated over 11,700 coins on the 1inch decentralized exchange aggregator after inflating the token supply according to data from the Ethereum wallet explorer Nansen. In total, the rogue actor drained more than $5 million from the project as of press time.
Cover Protocol released addressed the incident in a message posted on its Discord group, stating:
“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”
According to the Cover Protocol team, the issue only affected the token supply with funds held in “claim/noclaim” pools still safe. The project says it is investigating the incident.
The attack caused a massive decline in the COVER token price, falling by more than 97% while also eliciting negative comments from a cross-section of the crypto community on social media. Back in November, Cover was one of the DeFi protocols to merge with Yearn.Finance.
Monday’s incident makes the Cover the latest DeFi project to suffer a malicious exploit in a year ridden with opportunistic profiteering attacks against numerous protocols.
As previously reported by Cointelegraph, the spate of DeFi hacks throughout the year stand out as one of the major disappointments in the crypto space for 2020 with data manipulation deemed as being easy to accomplish on many projects.
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