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Singapore Gulf Bank seeks $50M to fund stablecoin firm acquisition

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Gulf Bank, a leading financial institution in Singapore, has announced plans to acquire $50 million worth of stablecoins as part of its strategy to expand into the digital asset space. The initiative, unveiled on Nov. 21, aims to strengthen the bank’s presence in blockchain-based financial services and enhance its liquidity options for cross-border transactions. This move underscores the growing interest among traditional banks in leveraging stablecoins for more efficient and secure payments.

The acquisition will focus on top-tier stablecoins pegged to major fiat currencies, such as USD Coin (USDC) and Tether (USDT). Gulf Bank stated that these assets would be integrated into its payment systems to facilitate faster settlements and reduce reliance on traditional banking intermediaries. The stablecoins will also be used to support blockchain-based lending and trade finance solutions, reflecting the bank’s push to modernize its financial infrastructure.

Analysts view the move as a sign of increasing mainstream acceptance of stablecoins within the global banking sector. By incorporating stablecoins into their operations, financial institutions like Gulf Bank aim to stay competitive in a rapidly digitizing economy. However, the initiative also raises questions about regulatory compliance and risk management, particularly as governments worldwide heighten scrutiny over stablecoin usage in traditional finance.

This development aligns with Singapore’s broader commitment to fostering innovation in the digital asset space. The city-state has implemented robust regulatory frameworks to encourage blockchain adoption while ensuring market stability. Gulf Bank’s entry into the stablecoin market could serve as a blueprint for other banks in the region, paving the way for greater integration of cryptocurrencies into the global financial system.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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