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Singapore's Largest Bank DBS Launches 'Token Services' for Blockchain-Based Banking
DBS Bank, Singapore’s largest by assets, has launched "DBS Token Services," a suite of blockchain-based products aimed at institutional clients. The services integrate tokenization and smart contract capabilities with DBS’s existing banking infrastructure. The offering includes Treasury Tokens for optimizing liquidity, Conditional Payments for enhancing workflows, and Programmable Rewards for managing digital voucher programs. These solutions, built on a permissioned blockchain, enable companies to streamline operations, enhance resilience, and improve customer engagement while maintaining compliance. DBS first introduced Treasury Tokens in August for multi-currency settlements.
US SEC advances appeal in ongoing Ripple case following earlier court ruling
The U.S. Securities and Exchange Commission (SEC) has taken the next steps in its appeal against a previous ruling in its legal battle with Ripple Labs. Late Thursday, the SEC filed a "Civil Appeal Pre-Argument Statement" (Form C) seeking to determine if the U.S. District Court for the Southern District of New York made errors in its earlier judgment, particularly regarding Ripple's sales of XRP and the involvement of Ripple's executives, Brad Garlinghouse and Chris Larsen. The SEC asked for a "de novo" review, meaning a fresh look at the legal application of the case. Ripple's Chief Legal Officer, Stuart Alderoty, responded, emphasizing that the court's ruling that XRP is not a security remains unchallenged. This appeal follows the SEC's initial appeal in early October and Ripple's subsequent cross-appeal. The case stems from the SEC's 2020 allegation that Ripple raised $1.3 billion through unregistered securities sales of XRP. Some of Ripple's sales were previously ruled not to violate securities laws, though others were considered securities. Judge Torres had also ordered Ripple to pay $125 million in fines.
BlackRock's Spot Bitcoin ETF Attracts Over $1 Billion in Inflows This Week
Spot Bitcoin ETFs in the U.S. recorded $470 million in net inflows on Thursday, with BlackRock’s IBIT leading the way, bringing in $309 million and surpassing $1.07 billion for the week. In total, the 12 funds have accumulated $1.85 billion in inflows so far, driven by favorable macroeconomic conditions and declining interest rates. Ether ETFs also saw significant inflows, with $48 million on Thursday, marking their largest daily increase this month. Bitcoin’s price rose 1.06% to $67,944, reflecting growing investor interest as the U.S. election approaches.
Trading Desk Insights
Bitcoin is currently poised for another bullish surge. Initially, the cryptocurrency attempted to breach the $68,400 threshold late Thursday but retracted to approximately $67,500 by Friday morning. However, momentum is building, propelling Bitcoin to its highest levels in several months.
In the meantime, the ETHBTC pair exhibits a downward trajectory. Adopting a contrarian approach, traders might consider going long on ETH and short on BTC to capitalize on the potential catch-up effect. Should the market resume a robust upward trend, ETH is expected to outperform BTC significantly.
Dogecoin has seen a notable uptick following entrepreneur Elon Musk's discussion of his proposed "Department of Government Efficiency" (D.O.G.E) at a Pennsylvania town hall. Consequently, DOGE surged over 30%, reaching $0.134 for the first time since July, surpassing broader market gains.
Turning to cryptocurrency ETFs, investor optimism is on the rise. This past week, Bitcoin ETFs attracted $470.5 million, predominantly through Blackrock, while Ethereum-focused funds, spearheaded by Fidelity, drew $48.4 million. Notably, Bitcoin ETFs have surpassed $20 billion in total net flows for the first time, with a record $2.1 billion inflow over five consecutive sessions, absorbing about 48 days’ worth of mined supply, around 450 BTC daily. By comparison, it took gold ETFs nearly five years to achieve similar milestones. Total assets under management for Bitcoin now stand at $65 billion.
Elsewhere in financial markets, stock futures climbed on Friday, buoyed by strong Netflix earnings, as investors aimed to conclude the week on a positive note.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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