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Thai bank Kasikornbank Pcl is reportedly forging a path in the digital asset funding options for businesses. Bank’s co-president Pipit Aneaknithi told Bloomberg in an interview, “We’re advising some clients to issue tokens for fundraising,”
Thai bank’s crypto advisory for fundraising
This is another bold step for the Thai bank after acquiring the licensed digital asset exchange Satang Corp. in October. The development marks the integration of a traditional financial institution into crypto trading. This is especially rare as regulators are taking a cautious approach to carve out a crypto framework after some high-profile collapses in the industry.
Meanwhile, Kasikornbank, or K-Bank has established specialized divisions for blockchain and virtual token custodial services. The lender placed Aneaknithi “in the forefront of the re-formation of bank-wide digital strategy.”
Thai lender sees potential in digital tokens
Aneaknithi told the paper, “We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared to traditional platforms.”
The bank’s focus on digital assets comes as Aneaknithi emphasized the cost-effectiveness of token issuance compared to conventional loans or share sales. He also envisions companies offering yield-bearing tradable tokens.
Meanwhile, Thailand is set to overhaul its income tax laws from January 1, 2024. This revision will affect earnings from cryptocurrency trading, offshore accounts, and international stock brokerages.
Despite the upcoming rules, cryptocurrency leader Binance began operations in Thailand in November. Binance Holdings forayed into the Southeast Asian region after a partnership with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Thai Securities and Exchange Commission last month to start its crypto exchange services in the country.
Huawei’s recent strategic partnership with Thailand’s Ministry of Digital Economy and Society marks another pivotal step in Thailand’s digital initiatives. The MoU marks an alliance under its ‘Cloud-First policies’ to prioritize digital transformation and AI technology adoption in Thailand.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Treasury Department didn’t wait long enough after the debt ceiling deal and decided to start offering Treasury bills immediately. The US Treasury to auction $173 billion in short-term Treasury bills on June 5 to start rebuilding its depleted cash balance, with $1 trillion in T-bills expected by the end of the third quarter. As a result, Bitcoin and the broader crypto market remain under selling pressure.
Bitcoin, Crypto Falling As US Treasury Start $173B T-Bills Auction
According to the U.S. Treasury Department auction schedule, it will auction $173 billion in Treasury bills on June 5. Three treasury bills of 13-week, 26-week, and 44-day worth $65 billion, $58 billion, and $50 billion, respectively to be auctioned today.
Cash reserves in the US Treasury General Account fell to $22.89 billion on June 1 from $635.99 billion in March. Risky assets such as crypto are vulnerable to higher volatility and weaker returns as higher Treasury yields and a strong US dollar will put pressure on Bitcoin and other cryptocurrencies.
The US Treasury is expected to issue $1 trillion in T-bills by the end of the third quarter. It will drain US dollar liquidity from the financial market, increasing the risks of a recession.
The US Treasury yields are already rising, with the U.S. Dollar Index (DXY) breaking above 104 to a high of 104.35 today. Meanwhile, the US stock market futures hint at a flat opening on Monday amid oil and natural gas prices jumping over 2%.
Also Read: Multichain Resumes Cross-Chain Bridges, MULTI Price Soars 40%
BTC Price to Fall Below $26,000
BTC price fell 2% in the past 24 hours, with price currently trading at $26,761. The 24-hour low and high for Bitcoin are $26,712 and $27,407, respectively. Also, ETH price slips to the previous support level after rising above $1900 last week. The price trades at $1870, down 2% in the past 24 hours.
The market dynamics now depend on the US Federal Reserve monetary policy decision on June 14. The CME FedWatch Tool shows a 76% probability of the Fed keeping its policy rate unchanged. Fed Chair Jerome Powell and other Fed officials also hinted at a “skip” in June.
Also Read: Here’s Why Terra Luna Classic (LUNC) Price Skyrocketed 35%, More Rally Ahead
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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