Binance to Start Crypto Exchange in Thailand

Hi NoRamp Community,

Daily News:

Aave Companies is rebranding to Avara

Binance to Start Crypto Exchange in Thailand

Singapore’s Monetary Authority to Expand Wholesale CBDC Pilots

Aave Companies is Rebranding to Avara:

• Aave Companies has rebranded to Avara, a name inspired by the Finnish word for 'spacious', and will continue to manage its portfolio brands including Aave, Lens, and GHO.

• Aave Labs will continue to oversee the Aave brand, with the Aave protocol's native token (AAVE) remaining unchanged. Aave's Ethereum-based liquidity protocol currently holds a total value locked (TVL) of approximately $9.2 billion.

• Alongside the rebranding, Avara has acquired Los Feliz Engineering (LFE), integrating its team and products like the Ethereum wallet Family and the ConnectKit developer library into Avara, with LFE founder Benji Taylor joining as Senior Vice President of Product and Design.

Binance to Start Crypto Exchange in Thailand:

• Binance is set to launch a cryptocurrency exchange in Thailand through a joint venture with Gulf Energy Development's unit, Gulf Innova, targeting early next year for commencement.

• Gulf Binance, the joint venture, recently received approval from Thailand's Securities and Exchange Commission, following its earlier acquisition of licenses from the Ministry of Finance to operate as a digital asset service provider in Thailand.

• The new digital asset platform by Gulf Binance will offer exchange and broker services for cryptocurrencies and digital tokens, emphasizing security and compliance with SEC regulations. Initially, access will be by invitation, with a broader public opening planned for early 2024.

Singapore’s Monetary Authority to Expand Wholesale CBDC Pilots:

• The Monetary Authority of Singapore (MAS) plans to initiate live Central Bank Digital Currency (CBDC) wholesale pilots and is working on expanding the necessary infrastructure framework.

• MAS's strategy includes conducting wholesale market trials with CBDCs, developing a blueprint for the infrastructure needed for a digital Singapore dollar, and a live trial of a wholesale CBDC. This approach encompasses wholesale CBDCs, regulated stablecoins, and tokenized bank liabilities.

• The Project Orchid initiative will underpin the technological infrastructure for digital money transactions in Singapore, featuring a settlement ledger, a tokenization bridge for interoperability, and programmability protocols. Additionally, MAS plans to collaborate with global finance giants for wallet interoperability and conduct four tests, including tokenized bank liabilities and improving tokenized payments for supply financing with partners like Amazon and HSBC.

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