HONG KONG, July 3, 2024 /PRNewswire/ — Cross-Chain Tokens (ccTokens) has partnered with the Nervos CKB Eco Fund to launch ccBTC on the CKB main network, enhancing Bitcoin liquidity within the CKB ecosystem. Backed by a 1:1 Bitcoin reserve, ccBTC is managed by Cactus Custody, a subsidiary of Matrixport. Cactus Custody is a licensed trust company in Hong Kong that adheres to strict anti-money laundering and regulatory standards while providing digital custody solutions.

Meson Finance, the official cross-chain bridge for the CKB Eco Fund, will enable seamless cross-chain circulation of ccBTC across major blockchains and BTC Layer2 networks. Meson Finance, a leading provider of cross-chain services, supports all major public chains and Layer2 networks and offers users access to assets like BTC, ETH, and stablecoins.

ccBTC leverages the advanced capabilities of Nervos CKB and RGB++ protocols to ensure secure BTC transfers within the Bitcoin ecosystem. This integration will empower decentralised applications (DApps) to utilise Bitcoin assets, including decentralised exchanges (DEX), lending platforms, algorithmic stablecoins, derivatives markets, the Lightning Network, the Nostr social protocol, and other large-scale use cases.

ccBTC is the first compliant and managed token issued on a UTXO platform outside the BTC main network. Users can publicly verify reserved addresses, balances, and transaction records in real time via the ccTokens website. To ensure transparency and reliability, the project employs a multi-party confirmation mechanism for minting, burning, and on-chain verification. The ccTokens governance model emphasises checks and balances through a multi-agency framework, role and rights segregation, and decentralisation to mitigate potential misconduct. Additionally, a blacklist mechanism supports ongoing governance and compliance.

This strategic collaboration aims to strengthen the CKB and RGB++ protocols and introduce securely managed Wrapped BTC assets to the broader Bitcoin ecosystem, revitalising dormant BTC assets.

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About Nervos CKB

Nervos CKB is a pioneering BTC Layer 2 solution using the Cell model and PoW consensus mechanism to address blockchain scalability challenges. Its modular architecture separates transaction execution, consensus, and data availability.

About Meson Finance

Meson Finance is a decentralised cross-chain bridge leveraging Atomic Swap technology for seamless transfers of BTC, ETH, and stablecoins across over 50 public chains and Layer 2 networks. It offers efficient and cost-effective cross-chain services.

About Cactus Custody

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Cactus Custody, a subsidiary of Matrixport, is a Hong Kong-based trust company dedicated to anti-money laundering and regulatory compliance. It provides efficient digital custody solutions. It leads in institutional-grade digital asset custody, supporting over 300 high-profile clients, including miners, exchanges, and funds.

About Cross-Chain Tokens (ccTokens)

Cross-Chain Tokens (ccTokens) are pegged tokens, each backed 1:1 by blockchain assets like BTC. These tokens enable seamless integration of various cryptocurrencies into the decentralised finance (DeFi) ecosystem. All ccTokens are fully supported and protected by qualified third-party custodians or validators.

Disclaimer
The content of this webpage is not investment advice and does not constitute an offer, solicitation to offer, or recommendation of any investment product. It is for general purposes only and does not consider your needs, investment objectives, or specific financial circumstances. Investment involves risk.

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View original content:https://www.prnewswire.co.uk/news-releases/groundbreaking-partnership-cross-chain-tokens-ckb-eco-fund-and-meson-finance-launch-ccbtc-with-11-bitcoin-reserves-on-ckb-main-network-302187856.html

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HONG KONG, July 3, 2024 /PRNewswire/ — Peach Tech Limited (“Peach Tech”) and Orient Asset Management (Hong Kong) Limited (“Orient HK”) are delighted to announce a groundbreaking strategic partnership aimed at jointly advancing the innovation and integration of traditional financial institutions with the world of Web3 digital assets in Hong Kong.

This game-changing collaboration will see Peach Tech providing top-tier advisory services and infrastructure for the tokenization of real-world assets managed by Orient HK, under the Peach Investment Fund (PIF) and Peach Investment Fund Token (PIFT). This strategic partnership marks a significant milestone for Peach Tech in transforming how traditional financial assets such as real estate can be managed and tokenized, paving the way for a more integrated and innovative financial ecosystem between TradFi & crypto in Asia.

“We are beyond excited to partner with Orient HK and bring the worlds of traditional finance and blockchain closer together,” said David Koh, Chief Operating Officer of Peach Tech Limited. “This collaboration is a major step forward in demonstrating the trust and commitment traditional finance institutions place in us to be the key enabler and bridge between TradFi, CeFi and DeFi.”

“At Orient HK, we are committed to advancing the tokenization of real-world assets,” said Zhao Guodong, Director of Orient Asset Management (Hong Kong) Limited. “Partnering with Peach Tech will accelerate our adoption of Web3 technologies and redefine the financial landscape.”

For more information, please visit:

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• Peach Tech Limited
• Orient Asset Management (Hong Kong) Limited

About Peach Tech Limited

Peach Tech Limited is a leading technology and platform company with a focus on bridging the gap between traditional financial assets and blockchain technology, developing products that enhance market efficiency, transparency, and accessibility.  It provides a wide range of services in the crypto and RWA space, including advisory, tokenization of real-world assets and token issuance. 

About Orient Asset Management (Hong Kong) Limited

Orient Asset Management (Hong Kong) Limited, a wholly-owned subsidiary of Orient Securities International Financial Group Co. Ltd, specializes in asset management services outside of mainland China. The company offers a wide range of asset management services, including the issuance and management of private funds, public funds, fully mandated investment management accounts, and investment advisory services.

View original content:https://www.prnewswire.co.uk/news-releases/peach-tech-and-orient-asset-management-hong-kong-limited-forge-strategic-partnership-to-bridge-traditional-finance-and-web3-302187911.html

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CBN Governor Emphasizes Role of NBFIs in Regional Integration and Economic Prosperity

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasized the potential of Non-Bank Financial Institutions (NBFIs) within the West African Monetary Zone (WAMZ) to accelerate regional integration and promote shared economic prosperity.

Speaking at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) of WAMZ in Abuja, Cardoso highlighted the importance of monitoring trends, risks, and innovations associated with NBFIs and Other Financial Institutions (OFIs). He noted that the increasing transaction volumes of NBFIs pose significant risks to financial system stability.

Cardoso acknowledged the crucial role of NBFIs, including Fintech companies, in ensuring financial stability and specialized financial intermediation. Despite their smaller numbers compared to conventional banks, he stressed that NBFIs must adhere to global best practices.

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Represented by CBN Acting Director of the Other Financial Institutions Department (OFID), Mr. Abayomi Orogundade, the CBN governor underscored the need for fintech regulatory requirements to be tailored to foster compliance with international standards.

He called for strengthening anti-money laundering practices, enhancing supervisory capacity in cybersecurity and fintech regulation, and implementing a risk-based supervisory approach for NBFIs. Cardoso urged supervisors not to become complacent, despite the milestones achieved by the CSNBFI.

“We must continue to push forward the agenda of strengthening anti-money laundering practices, deepening supervisory capacity on cybersecurity and fintech regulation, and implementing a risk-based supervisory approach,” he stated.

Cardoso highlighted the importance of monitoring trends and risks, noting that fintech loans, though currently small compared to traditional bank credit, are growing. He explained that fintech credit is often provided via electronic platforms that connect lenders and borrowers, with some platforms acting as new types of financial intermediaries.

“In many jurisdictions, these digital firms either hold a banking license and are subject to prudential requirements or are regulated as fintech payment service firms. Innovations related to crypto or stablecoin assets have also been reported,” Cardoso added.

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Dr. Olorunshola Olowofeso, Director of the West African Monetary Institute (WAMI), noted that the outlook for WAMZ is gradually improving after turbulent years. However, he pointed out that funding challenges persist, with governments facing financing shortages, high borrowing costs, and impending debt repayments.

Olowofeso identified emerging risks to the financial system, including climate-related risks, internet disruptions, and cyber and social media threats arising from the digitization of financial services. He called on member states to develop adequate national cybersecurity strategies and appropriate regulatory and supervisory frameworks to strengthen the resilience of the financial sector.

The meeting provided an opportunity to review developments in the NBFI sub-sector within the zone for the second half of 2023 and the first quarter of 2024. It aimed to assess regulatory and supervisory challenges, share experiences, and provide relevant recommendations to the Committee of Governors of WAMZ.

Olowofeso emphasized the pivotal role of NBFIs in enhancing access to credit, offering cost-effective and reliable payment methods, and supporting economic growth. He stressed the need to strengthen the resilience of the NBFI sector to ensure stable financing and reliable payment services.

Source: thisdaylive.com

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