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💥Is Ripple Ready? SWIFT, Payment Platforms To Enact Upgrade in Coming Months💥
Swift has accepted its community request to start ISO 20022
October 30, 2022
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As stated in an official announcement, global financial messaging service Swift has accepted its community request to start ISO 20022 migration in March 2023.

On Oct. 20, the ECB shared its decision to delay the ISO 20022 migration of the Eurosystem by four months, from November 2022 to March 2023. The Eurosystem consists of the ECB and the national central banks (NCBs) of the countries that have adopted the euro.

According to recent reports, the Clearing House Automated Payment System (CHAPS), a U.K.-based system that facilitates large British pound-denominated money transfers, is also set to implement the ISO 20022 standard come April 2023.

In the U.S., Fedwire has set a target of March 2025 for its transition to ISO 20022 messages, while FedNow, a new rail service developed by the U.S. Federal Reserve Banks, targets mid-2023 for its ISO 20022 implementation.

ISO 20022 is the de facto global data standard for modern payment messaging between financial institutions and payment systems.

Already adopted domestically in several countries, it is predicted that 87% of global financial transactions will be supported by ISO 20022 by 2023. This common language helps banks, financial institutions and systems realize end-to-end processing across domains and locations, necessary for interoperability.

Ripple leader in this shift

ISO 20022 is gradually becoming the global standard for the world's cross-border payment flows. Ripple has been a leader in this shift, with its RippleNet network designed from the start with ISO 20022 standards in mind.

In 2020, Ripple announced that it had joined the ISO 20022 Registration Management Group (RMG) standards body, becoming the first member focused on Distributed Ledger Technology (DLT).

The usage of ISO 20022 in cross-border payments has been limited all the while. As a result, Ripple and its RippleNet clients became pioneers in adopting ISO 20022 for cross-border payments.


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Yes, SWIFT Is Being Upgraded To Ripple.✅

This episode covers the latest developments in crypto regulations, including the introduction of revised stablecoin legislation in the U.S., Taiwan's draft 'Virtual Asset Service Act', and the SEC's new roundtables for its Crypto Task Force. We also explore the Asia Web3 Alliance's efforts to foster US-Japan collaboration and the conclusion of the SEC's probe into Immutable.

👇You can listen to the full episode here👇
https://open.spotify.com/episode/28nrJYVRvYIIf1HUhiDxST

Courtesy of: @SMQKEDQG

00:01:31
🎉Congrats To Reggie Middleton & ALL Veritaseum Hodlers🎉

🔥 Incredible achievement by Reggie Middleton! 🎉 Being the ONLY person in the blockchain industry to win an IPR challenge and successfully defend his patent against invalidation by Coinbase and Perkins Coie (IPR2023-00751) is monumental. 🏆

This victory not only highlights the strength of his innovation but also sets a powerful precedent for protecting intellectual property in the crypto space. 💪👏

Got $VERI and Veritaseums Smart Metal with 6566 PATENTED technology? 😉 https://veridao.io/page/smartmetals/index.html

Original post: https://x.com/SovereignRiz/status/1907900785590992944

00:00:47
🚨 After Years of Building Around Proof of Stake, Is It Time to Explore Alternatives! 🚨

As blockchain networks evolve, some are questioning whether proof-of-stake (PoS) remains the optimal consensus mechanism. Stellar offers a compelling alternative with its Proof of Agreement model, designed for simplicity and performance.

🔑 Key Details:

🔹 Proof of Agreement (PoA): @StellarOrg's consensus mechanism emphasizes fast finality and low-cost transactions without relying on additional layers.

🔹 Efficiency Focus: Unlike PoS, PoA achieves consensus through a decentralized network of trusted validators, enabling rapid and energy-efficient operations.

🔹 Scalability: Stellar's model is tailored for high transaction throughput, making it ideal for #payments and other real-world applications.

🔹 Decentralization: PoA balances #decentralization with performance, offering a flexible trust model compared to more centralized systems.

💡 Why This Matters:

🔹 Performance-Driven Design: As networks prioritize speed and cost efficiency, simpler consensus mechanisms like ...

00:00:50
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
🚨 Flutterwave Launches Send App in Ghana for Seamless International Remittances 🚨

Flutterwave, a RippleNet user (messaging only), has officially launched its Send App in Ghana, enabling users to receive international remittances directly into their bank accounts and mobile wallets. This marks a significant step in enhancing cross-border payment solutions in the region.

🔑 Key Points:

🔹 Send App Features: The app facilitates international remittances, allowing recipients to receive funds directly into their bank accounts or mobile wallets.

🔹 Mobile Wallet Integration: Supported mobile wallets include MTN Mobile Money, Telecel Cash, and AirtelTigo Money, ensuring accessibility for a wide range of users.

🔹 RippleNet Messaging: As a RippleNet user (messaging only), Flutterwave leverages Ripple’s technology for efficient communication between financial institutions, streamlining remittance processes.

🔹 Focus on Ghana: The launch in Ghana aligns with Flutterwave’s strategy to expand its footprint in Africa and address the growing demand for seamless cross-border ...

👀 XRP monthly return heatmap 👀
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💥Santander(RippleNet user) secures banking licence in Canada💥

Spanish banking giant Banco Santander, a user of RippleNet, has received a banking license in Canada as part of its strategy to expand operations across the Americas. This marks a significant milestone in Santander's regional growth ambitions.

🔑 Key Points:

🔹 Canadian Banking License: The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, issued an order allowing Santander Consumer Bank to "commence and carry on business" in Canada.

🔹 Regional Growth Strategy: Santander has been actively expanding in the Americas, launching digital banking services in the U.S. and Mexico and emphasizing growth in the region under Chairwoman Ana Botin's leadership.

🔹 Longstanding Presence: Santander has operated in Canada for over 10 years, following its acquisition of Carfinco Financial Group, a car-financing firm.

🔹 Subsidiary Status: The bank applied in 2019 to become a Schedule II bank, enabling it to operate as a Canadian subsidiary with full banking ...

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CFTC Chair Nominee Quintenz Gears Up for Senate Nomination Hearing
Quintenz met with members of the Senate AG Committee this week

Welcome to the Friday edition of the Crypto In America newsletter!

We’re closing out the week with a look at CFTC Chair nominee Brian Quintenz’s meetings with Senators ahead of his upcoming nomination hearing before the Senate Agriculture Committee.

Donald Trump’s nominee to lead the Commodity Futures Trading Commission, Brian Quintenz, has started meeting with members of the Senate Agriculture Committee in a bid to secure their support ahead of the upcoming vote to advance his nomination.

While the Agriculture Committee has not yet officially scheduled Brian Quintenz’s appearance, Crypto In America has learned that efforts are underway to hold the hearing later this month.

In anticipation, Quintenz met with Committee Chairman Senator John Boozman (R-AR) in his office on Thursday where the two discussed the CFTC’s role in risk management, supporting the agriculture industry, and fostering innovation within those areas.

In a meeting with committee member Senator Chuck Grassley (R-IA) earlier in the week, the pair discussed the possibility of the CFTC gaining direct jurisdiction over digital asset spot markets, in addition to its existing authority over futures markets.

The proposal to give the CFTC more authority over regulating crypto has been raised by senior members of the Trump administration, who have expressed interest in seeing the Securities and Exchange Commission take a more focused role in regulating securities while allowing the CFTC to oversee the broader scope of the crypto market, including spot trading.

The move would require approval from Congress, particularly the Senate Agriculture Committee, which oversees the CFTC. The committee would need to authorize additional funding for the agency to take on this expanded role.

 

Cryptex Advances Efforts to Influence DeFi Policy in Washington

 

U.S. DeFi platform Cryptex is preparing to expand its presence in Washington D.C. to ensure that decentralized finance protocols are properly represented in the crypto policy discussions taking place in the nation’s capital.

This week, Cryptex launched an on-chain vote, allowing its community to decide whether funds from its DAO (Decentralized Autonomous Organization) should be allocated to support its advocacy efforts in Washington, D.C. The proposal passed with majority support, positioning Cryptex as one of the first U.S.-based DAOs to actively engage in policy advocacy at the federal level.

“The future of decentralized finance in the United States will be decided in Washington,” Cryptex founder Joe Sticco told Crypto In America. “This is not just about Cryptex — it’s about ensuring all decentralized protocols have a voice in Washington. If we don’t engage now, centralized financial institutions and legacy entities will dictate the future of the space.”

The unique nature of DeFi, with no central authority to regulate, will be a key consideration for lawmakers as they work to establish clear rules for the crypto industry. DeFi advocates are hoping that market structure legislation, currently being worked on in the House, will allow for a regulatory framework that accommodates decentralized platforms as well as centralized ones like exchanges.

 

Weekly Recap

 

Here are some of the biggest news stories this week from the intersection of Washington and Web3:

  • Paul Atkins, nominated by President Trump to serve as SEC Chair, has been approved by the Senate Banking Committee, receiving no support from Democratic members. His nomination now advances to the full Senate for a vote, which will be scheduled at the discretion of Senate Majority Leader John Thune.

  • After a 13-hour markup session, the House Financial Services Committee passed the bipartisan STABLE Act, the House's stablecoin legislation, with a 32-17 vote. Notably, six Democrats supported the bill.

  • A district judge has granted Coinbase’s request to restart litigation in its FOIA lawsuit against the FDIC after Coinbase filed a motion earlier this week alleging the agency was being uncooperative in complying with its requests for information.

  • Eliezer Mishory, Kalshi’s Chief Regulatory Officer, has transitioned to lead the Department of Government Efficiency (DOGE) at the Securities and Exchange Commission. Before joining Kalshi in 2021, Mishory was an attorney at both the CFTC and the IRS.

  • A recent report from Trammell Venture Partners reveals that Bitcoin-related startup deals surged by 50% in 2024, and a whopping 767% since 2021. The growth in 2024 can be traced to Bitcoin's rally, fueled by Wall Street’s involvement in Bitcoin ETFs and positive rhetoric from then-presidential candidate Donald Trump.

  • Crypto prices took a hit in reaction to Trump’s ‘Liberation Day’ tariffs with Bitcoin falling from around $88,000 to $82,000 following his Wednesday announcement. Crypto stocks like Coinbase and Strategy also fell sharply and are on track to end the week lower.

  • Circle, the issuer of stablecoin USDC, officially filed with the Securities and Exchange Commission to go public on the New York Stock Exchange. The company will list under the ticker CRCL and is aiming for a market valuation of around $5 billion.

Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.

If you like what you’re reading, don’t forget to subscribe!

 

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BlackRock’s Fink pumps tokenization in annual letter

Larry Fink, CEO and Chairman of the world’s largest asset manager BlackRock, touched on three blockchain related topics in this year’s annual letter. The first part of his letter was about how private markets have been out of reach for most investors and BlackRock is in the process of changing that. For the same reason, the digital assets sector often sees private assets as low hanging fruit for tokenization, as illustrated in this State Street survey.

Later he moved on to tokenization, highlighting how fractionalization can democratize access. Finally he referenced Bitcoin. On the one hand, BlackRock manages the largest Bitcoin ETF. However, his concern is more about getting control over the United States’ government debt.

“Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. Yet that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar,” he wrote.

He also shared that half of the demand for the Bitcoin ETF has been retail, and three quarters of those investors are new to iShares ETFs.

Private assets and tokenization

On the tokenization front, Mr Fink noted that the “world’s money moves through plumbing built when trading floors still shouted orders and fax machines felt revolutionary.” He was less than complimentary about payments network SWIFT saying it was like routing emails through a post office. SWIFT currently dominates cross border payments, which are seen as a major real world use case for stablecoins. And it’s worth remembering that BlackRock looks after most of the reserve assets for the second largest stablecoin issuer, Circle.

He is bullish on tokenization because he sees it as democratizing access, shareholder voting and yield. The access is because tokenization enables fractionalization, lowering the barrier to entry. Even for relatively wealthy people, lower investment amounts will allow them to diversify their investment. Of course, people can vote already, but blockchain can potentially make it easier. He had one caveat about tokenization 👉 the need for digital identity.

Despite BlackRock managing the largest Bitcoin ETF, there was a striking omission in Fink’s projections for the future of investing: cryptocurrency itself. While he outlined a shift from the traditional 60:40 split between stocks and bonds toward a 50:30:20 allocation (stocks, bonds, and private assets), cryptocurrency doesn’t fit neatly into any of these categories.

Fink acknowledged that 20% of investments already exist in private assets, currently accessible primarily to institutional investors. And he highlighted how BlackRock plans to democratize access to these investments, including infrastructure and real estate. Potentially, that could include tokenization. Yet the absence of cryptocurrency in this long-term investment framework is notable, given BlackRock’s current role as a crypto asset manager.

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Japanese banking giant SMBC plans Avalanche stablecoin – report

Sumitomo Mitsui Financial Group, the parent of Japan’s second largest bank SMBC, is planning to issue a stablecoin. It’s collaborating with Ava Labs, the founder of the Avalanche blockchain, as well as Fireblocks, according to a report from the Nikkei.

The bank will work with Japanese IT firm TIS and plans to conduct experiments in Q4 of this year or 2026 Q1, with a live issuance during the following year.

One of the primary use cases is to enable corporates to move money around the world instantly and 24/7, sidestepping Swift. While Swift payments should in theory be almost instant, in reality they tend to be delayed by foreign banks that have different opening hours and rely on the receiving bank crediting the recipient promptly. Additional intermediary banks are often involved, which are not necessary with stablecoins.

Other big US banks are already targeting this use case. JP Morgan has its Kinexys Digital Payments (formerly JPM Coin), a blockchain based bank account. And Citi launched its Citi Token Services. Both use permissioned blockchains.

While Avalanche is a permissionless blockchain, it supports permissioned chains as subnets. For example, its Spruce testnet has institutions as validators. Hence, it remains to be seen which path SMBC adopts.

SMBC’s other blockchain initiatives

Meanwhile, SMBC is also one of the backers of Progmat, the Japanese tokenization platform. It has a stablecoin issuance platform, Progmat Coin. SMBC joined the other big three Japanese banks, MUFG and Mizuho, in an ongoing stablecoin sandwich trial referred to as Project Pax.

A stablecoin sandwich refers to a situation where a stablecoin sits at the heart of a transaction, but it may look like a normal payment to the sender and recipient. The three banks plan for their clients to make trade payments in the usual way, and to use Swift messages. However, stablecoins will replace correspondent banks.

Two years ago, our sources told us that SMBC had joined Partior, the cross border blockchain payment system co-founded by DBS, JP Morgan and Temasek. Partior combines a permissioned blockchain with correspondent banking, removing the typical delays and enabling instant cross border payments. SMBC has not yet confirmed it will participate in Partior. However, the other bank we reported simultaneously – Deutsche Bank – recently said it invested in Partior, highlighting the accuracy of the report.

Hence, SMBC is adopting a multipronged approach to speed up cross border payments using blockchain.

Source

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