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Swiss wholesale CBDC pilot kicks off in alliance with central, commercial banks

The Swiss National Bank (SNB), six commercial banks and the SIX Swiss Exchange will work together to pilot the issuance of wholesale central bank digital currencies (CBDCs) in the nation, officially known as the Swiss franc wCBDC.The pilot project dedicated to wholesale CBDC, named Helvetia Phase III, will test the

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Project mBridge reveals details of its workings ahead of MVP, commercial debut

The Bank for International Settlements (BIS) released a colorful and fact-filled Project mBridge update on Oct. 31. The publication combines technical and promotional discussions in a shift of tone as the project prepares to become a minimum viable project for commercial launch next year.The update gathers a significant amount of

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Animoca Brands to Receive $50M from Saudi Arabia’s NEOM to Build Web 3.0 Services with Commercial Application

NEOM is set to pump $50 million into Animoca Brands as Animoca supports the region’s Web 3.0 and tech goals as part of Saud’s 2030 vision. Hong Kong-based game developer and venture capital company Animoca Brands Corporation Ltd has announced a strategic partnership with Saudi Arabia’s NEOM Investment Fund. The two

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Solana-based Clockwork to shutter, citing ‘limited commercial upside’

The developers behind Solana-based smart contract automation project Clockwork is set to turn off key infrastructure for the protocol at the end of October, citing “limited commercial upside."In a series of X (Twitter) posts on Aug. 27, Clockwork founder Nick Garfield Garfield said he and the team will stop active

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Dubai lures AI, Web3 enterprises with 90% subsidized commercial licenses

Dubai has started offering commercial licenses to artificial intelligence (AI) and Web3 businesses at a 90% subsidy as it works to create the largest cluster of new-age tech companies in the Middle East and North Africa (MENA) region. The Dubai AI and Web 3.0 Campus — an aspiring tech hub —

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Meta to release commercial AI tools to rival Google, OpenAI

Meta plans to release a commercial version of its artificial intelligence (AI) model aiming to reach wider usage, according to a Financial Times report.The report contained details from sources close to Meta, who said that although the company released its own large language mode (LLM) for researchers and academics called LLaMa earlier this

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South Korea’s largest commercial banks exploring security token platforms

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied NongHyup Bank revealed that the leading banks in South Korea, including Industrial Bank of Korea, Shinhan Bank, and Woori Bank, have joined its consortium for security token offerings. The consortium has also witnessed the participation of other

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Digitalization won’t displace commercial bank money any time soon: Moody’s

Digitalization is shaping the future of money, but traditional central bank money housed in commercial banks will remain dominant, Moody’s predicted in a new report. Essentially, trust trumps efficiency, it said after surveying a wide range of emerging or potential forms of money.The monetary landscape is becoming fragmented, Moody’s said, but

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