According to a report by Bloomberg, Bank of Thailand released plans to allow functioning of virtual banks in the country for the first time. Financial institutions will be able to offer services by 2025. The strategy aims to boost Thailand’s economic expansion while strengthening competition. The same rules and oversight that apply to conventional commercial banks will also apply to virtual banks. Applications will be made available later in 2023 to allow virtual banks to function as financial service providers, according to the central bank’s “Consultation Paper on Virtual Bank Licensing Framework.”
Ondo Finance, a decentralized finance (DeFi) platform has introduced three products to enable stablecoin holders worldwide to make direct investments in bonds and US Treasury securities. The OUSG, OSTB, and OYHG funds could draw more than $100 billion in stablecoins that may not currently provide their owners with a return on investment. The new product from Ondo represents a growing trend in which conventional assets like bonds, real estate, and consumer credit are being moved to the blockchain. Crypto protocols like Terra and a number of others have boasted yields of over 20% in recent years, luring billions of dollars from eager investors. These items eventually failed because the business model was unworkable and frequently relied on printing token “rewards” that were worthless. Ondo’s latest offering sheds light on the emerging trend of moving conventional, so-called real-world assets (RWA) like bonds, real estate, and consumer credit to the blockchain. MakerDAO and other lending projects like Credix and Goldfinch are leading at this moment.
An NFT influencer unknowingly downloaded a petty software found via a Google Ad search result and lost a huge amount of their net worth in Non-funglible tokens (NFTs) and crypto. The NFT influencer also known as “NFT God” on Twitter, tweeted a thread explaining how his account both personal and professional got hacked. Alex (NFT God) used Google’s search engine to download OBS, instead clicked on a sponsored advertisement thinking that it was the same thing that he was looking for. OBS is an open-source video streaming software. After a few hours the attackers posted some phishing tweets on two of the operational accounts of Alex he realized that he has downloaded malware from that sponsored advertisement along with the software. According to Blockchain data, Alex’s wallet was robbed of at least 19 Ether, which at the time was valued close to $27,000, a Mutant Ape Yacht Club (MAYC) NFT, whose current floor price is 16 ETH ($25,000), and numerous other NFTs.