The Swiss city of Lugano has taken another step in its embrace of blockchain technology by issuing a third bond on digital platforms. Valued at 120 million CHF (around $139 million), the new bond is dual-listed on the SIX Digital Exchange and the SIX Swiss Exchange. The issuance is part of Project Helvetia, the Swiss central bank’s pilot programme for wholesale central bank digital currency, and its settlement is planned for 25 November.
Since its first digital bond issuance in January 2023, Lugano has raised a total of 320 million CHF (£365 million) through blockchain technology. City officials see these moves as part of a larger mission to lead digital finance innovation, with Deputy CFO Paolo Bortolin expressing hope that Lugano’s initiatives will encourage other issuers to consider blockchain bonds.
In addition to bonds, Lugano has pioneered the use of digital currencies, including allowing Bitcoin for tax payments and introducing a Bitcoin-backed stablecoin, LUGA, accepted by over 350 merchants in the city. The city’s efforts underscore its commitment to positioning Lugano as a global centre for Bitcoin and blockchain technology.
Swiss bank UBS has successfully tested a new blockchain-based payment system, UBS Digital Cash, aimed at streamlining cross-border transactions. The pilot, which included multinational corporations and banks, processed both domestic and international payments in currencies like the US dollar, Swiss franc, euro, and Chinese yuan. This move marks a significant step in UBS’s efforts to enhance payment efficiency and transparency for its clients.
Andy Kollegger, head of UBS Institutional & Multinational Banking, emphasised that cross-border blockchain payments are a strategic priority for the bank, as they offer a more efficient and visible way to handle international transfers. The UBS Digital Cash pilot also allowed liquidity transfers between various UBS entities, demonstrating the system’s capability to improve internal cash management.
UBS plans to further develop UBS Digital Cash, which operates on a private blockchain network accessible only to authorised clients. By using smart contracts, the system automatically settles payments once specific conditions are met, providing clients with enhanced control over intraday liquidity and account buffers through real-time cash position tracking.
BNB Chain has introduced a tokenisation solution to ease entry into web3 for individuals and small businesses. The platform’s one-stop solution supports tokenising real-world assets and company shares, making it easier for users to navigate the web3 ecosystem. The initiative aims to bring tangible assets, such as property and commodities, into the digital sphere by converting them into tradable tokens.
Through partnerships with firms like BitBond and Matrixdock, BNB Chain’s business tokenisation service allows companies to issue their tokens on the blockchain. It is part of a broader effort to remove technical barriers and open up Web3 access to more people. According to BNB Chain, tokenising real-world assets is expected to be a key step in expanding Web3 use cases, particularly for small and medium-sized enterprises.
BNB Chain’s ecosystem has grown to over 4 million users, with more than 4,000 decentralised applications now running on its network. Supporting services such as carbon credits and natural hydrogen tokenisation, the chain aims to diversify its offerings and drive even greater adoption of web3 technology.
JPMorgan Chase has revealed that its blockchain-based Kinexys platform, previously known as Onyx, will soon allow instant foreign exchange (FX) settlements between the dollar and the euro. The new service is set to launch in the first quarter of 2025, with plans to extend to sterling transactions in the future, pending regulatory approval. Using JPM Coin, the bank’s digital token, the platform provides 24/7 near-instant settlements, making cross-border transactions quicker and more efficient.
The announcement, made at the Singapore Fintech Festival, highlighted Kinexys’ potential to transform international finance by enabling real-time FX settlements, even beyond traditional market hours. The platform is already handling over $2 billion in daily transactions, and the new FX capabilities could encourage more firms to adopt blockchain for global payments. Alongside reducing settlement times, Kinexys aims to increase revenue for JPMorgan through fees on FX spreads and liquidity management.
JPMorgan envisions Kinexys as a key part of a larger blockchain-powered financial ecosystem that could simplify global finance by reducing reliance on traditional banking systems. The platform’s planned expansion includes privacy measures and identity management, further supporting secure digital asset transactions as the bank aims to modernise finance with Kinexys.
Donald Trump’s 2024 election victory has led to a significant surge in Bitcoin wealth, creating over 11,000 new Bitcoin millionaires. On 6 November, the number of Bitcoin wallets holding $1 million or more reached 132,842, up from 121,061 just a month earlier. The increase follows a remarkable 7.8% rise in Bitcoin’s value within 24 hours.
The price of Bitcoin has recently broken its all-time high, now trading at $75,428, following a strong 20% gain over the past month. Trump’s commanding lead in the electoral race, coupled with renewed interest in Bitcoin, has contributed to this price surge. Analysts suggest that Trump’s pro-crypto stance may bring about a favourable regulatory shift, further boosting market conditions.
Some experts are even predicting Bitcoin’s price could soar to $250,000 by early 2025, as the market responds positively to these developments.
A South Korean detective has helped bring down a Bitcoin mining scam operation after accidentally becoming one of its targets. The scammers, who operated an illegal call centre, contacted the detective in April, unaware of his position. Realising it was a scam, the detective pretended to fall for the “high-yield” Bitcoin investment scheme, providing his details as if he was interested in investing. This move allowed police to trace the call and investigate further.
Following the detective’s lead, officers were able to track down the scam’s headquarters in Incheon, arresting 81 individuals involved. Among them were those suspected of buying leaked personal data and using fake SIM cards to contact potential victims. Nine key members, including the suspected ringleader, have been detained, while others face charges related to economic crimes and data privacy violations.
Police revealed the group had been running the scheme since October last year, defrauding at least 50 victims. They allegedly lured investors by offering small “dividends” during a free trial period, then asking for larger sums. Altogether, the group is thought to have raised over $1.6 million, promising easy profits through Bitcoin mining. Authorities have urged the public to be cautious of schemes that promise high returns with minimal effort, warning these are often fraudulent.
South Korea’s Financial Services Commission has approved a pilot programme enabling seven major banks to trial a central bank digital currency (CBDC) system. The initiative, in collaboration with the Bank of Korea and the Ministry of Science and ICT, aims to replace traditional paper vouchers with mobile-friendly CBDC tokens, making it easier for citizens to access public benefits digitally.
The pilot programme includes banks such as Kookmin Bank, Shinhan Bank, and Woori Bank, which will implement a digital voucher management platform to assess the feasibility of using CBDC deposit tokens. The goal is to allow users to store vouchers on mobile devices, potentially eliminating the need for physical wallets and enabling seamless transactions through features like QR code payments.
South Korea’s forward-thinking approach positions it as a leader in digital finance. As other countries, including Bahrain, Saudi Arabia, and the UK, explore similar CBDC developments, South Korea’s programme may offer insights that influence the global adoption of digital financial systems.
Cyprus’ financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has extended the suspension of FTX’s European branch by another six months, lasting until 30 May 2025. The continued suspension means that FTX EU remains barred from accepting new clients, providing services, or advertising, though it can still process transactions to return funds to existing clients.
The extension comes as the second anniversary of FTX’s bankruptcy filing approaches. After FTX declared Chapter 11 bankruptcy in the US in November 2022, CySEC halted FTX Europe’s license, questioning the firm’s management suitability and ensuring the protection of client assets. FTX Europe, initially acquired by FTX in 2021 for $323 million, has since been resold to its original owners for $32.7 million following legal disputes over the acquisition price.
FTX Europe’s website currently only supports balance viewing and withdrawal requests. Clients who do not withdraw funds will have their balances moved to a client-segregated account, which will be held for up to six years.
Bitcoin reached a record peak in Asian trading, rising 7% to $75,060, as anticipation grew for Donald Trump’s return to the White House. Investors are betting on a softer regulatory stance towards cryptocurrencies, which they see as more likely under a Trump administration. Early election projections showed Trump winning 15 states, while Kamala Harris captured seven and Washington, D.C., but the final result remained too close to call.
Matthew Dibb of Astronaut Capital said the market’s reaction suggests a belief that a shift in the US Securities and Exchange Commission’s attitude under Trump could remove some barriers to cryptocurrency growth. He noted that a Democrat win might have signalled a short-term setback for crypto, although perhaps not in the long run. Alongside Bitcoin, Ether also saw gains, increasing 7.5% to $2,593, though it still trails its 2021 high of $4,867.
A group of financial tech firms, including Robinhood, Kraken and Galaxy Digital, has launched a new stablecoin, USDG, through a joint initiative called the Global Dollar Network. The stablecoin pegged to the US dollar, is designed to drive stablecoin adoption worldwide while benefiting its network partners financially. The move signals a growing interest in digital assets as the industry anticipates friendlier US regulations towards cryptocurrency.
Stablecoins like USDG offer a stable alternative to volatile cryptocurrencies like Bitcoin, providing a fixed value by linking to traditional currencies such as the US dollar or euro. Issued from Singapore by the crypto platform Paxos, USDG will be managed by a governing committee of network partners. The consortium aims to establish USDG as a global stablecoin, challenging established market leaders Tether and USD Coin, which currently dominate the sector.
Despite the competition, the Global Dollar Network promises participants nearly all the rewards generated from the stablecoin, encouraging wide participation. Paxos CEO Charles Cascarilla highlighted the initiative’s goal of spurring global adoption, viewing stablecoins as essential to integrating cryptocurrency into everyday financial systems.
