Why Standard Chartered Holds Ripple (Why can Standard Chartered Bank issue Hong Kong dollars)

Why does Standard Chartered hold Ripple? Standard Chartered Bank has been focusing on investing in blockchain technology since its establishment. As one of the world’s first regulated and publicly traded custody institutions for digital assets, Standard Chartered Group manages over $6 million in total assets. In early 2018, it started accepting payments using Ripple and in mid-August of this year, it launched an investment tool called “Blockchain Revolution” that allows businesses to buy and sell goods and services on exchanges using XRP, as well as use Bitcoin, Litecoin, and other virtual tokens in other financial services.

Although the recent months have seen the rejection of Bitcoin ETF applications, the market value of Bitcoin and other new digital currencies continues to rise with the influx of more mainstream capital. These digital currencies are attracting more and more market attention.

In addition to the popular recent Dogecoin, there is another innovative technology behind Bitcoin called stablecoins.

Recently, it was announced that the “decentralized exchange on the Bitcoin network” (DEX) will officially launch by the end of 2020. At the same time, according to a report from Bitcoinist, more than half of the exchanges have stopped trading or have started supporting mixed tokens such as XMR/ETH and XRT within the last 30 days. While some people think this is a temporary phenomenon, it is not: “If the bull and bear market of 2017 was based on increased demand for BTC, then the price of Bitcoin may rise to $100-1500 in the next year.”

However, some analysts believe that this growth is driven by speculative activities, as people generally expect increased volatility to lead to decreased demand, and therefore they anticipate more sustained highs, especially considering the current macroeconomic environment. In addition, according to CoinMarketCap data, as of the end of May, more than 70% of stocks worldwide were in a parabolic state, and most stock indices were negative in the past 12 months.

Why can Standard Chartered Bank issue Hong Kong dollars

Editor’s note: This article is from Bitprint News (ID: bitcoin8btc), author: Wang Jiajian, authorized to be published by Star Daily.

Standard Chartered Bank is one of the world’s largest multinational investment banks, managing over $3 trillion in assets and billions of user funds. According to Bloomberg, Standard Chartered Bank has partnered with Hong Kong technology company and digital currency exchange SGX to develop its own central bank digital currency (CBDC) project in order to promote the digitalization of the local payment system. “In our global trade strategy, we believe that the demand for financial services from retail traders will increase, and we will provide them with better services.” Why issue Hong Kong dollars? To create a new blockchain token that can be used for daily payments, Standard Chartered Bank chose to support its remittance business on the platform with Bitcoin and other virtual currencies. The application of these new technologies to commercial activities in different countries and cross-border transfers can save costs.

According to Forbes, as more and more investors begin to understand this market, many countries including Asia are also studying how to position themselves as targets for an international payment system, especially for those without bank accounts. Although doing so may bring some regulatory barriers, it does not mean it is not a good goal, but rather shows that people are entering another field – because it is a very important work – and change is possible. (Translated from the original article source on WeChat public account @ChainNews) Standard Chartered Bank has launched its own stablecoin, StableX. As the first crypto product supported by the US Federal Deposit Insurance Corporation, Standard Chartered Bank announced plans to establish an independent custodian organization to manage and safeguard its clients’ private and public keys. Standard Chartered’s USDT reserves currently account for only a small portion of its circulating shares (10%), and it may become part of the interbank settlement network for instant peer-to-peer transfers in the future if there is more demand or other uses. Therefore, while these efforts have proven to be disruptive, there are still significant risks: they will not be completely resolved if any major issues or challenges occur, and it is likely that they will be affected if any unexpected incidents occur (for example, security events such as hacking). However, as long as there are mitigating risk safeguards in place to protect user privacy and the legitimate rights and interests of stakeholders, their money cannot always be kept offline. Once ownership is transferred to private wallets, only the holders can send and receive funds to and from other participants through this process, rather than just transferring between central counterparties. Therefore, if someone attempts to tamper with or disrupt certain transaction records, such as money laundering, it is usually considered a dangerous behavior.