Monat: Oktober 2022

• DBS Bank’s pilot will involve 1000 consumers and six merchants.
• It’s part of the Project Orchid, an effort aimed at laying the technological infrastructure needed for the rollout of a digital Singapore dollar.

Singapore’s DBS, the leading lender across Southeast Asia, has introduced the country’s first Singapore dollar (SGD)-based programmable money pilot for real-world transactions.

In an announcement on Monday, 31 October 2022, DBS Bank said it would be partnering with the Open Government Products (OGP) to trial purpose-bound money-based vouchers. 

The PBM vouchers, according to the banking giant, will use tokenised Singapore dollars to enable real-world programmable money transactions with merchants.

DBS pilot part of digital Singapore dollar project

The pilot program is part of Project Orchid, an effort that’s aimed at developing the technological infrastructure key to the launch of a programmable digital Singapore dollar (DSGD). 

The Monetary Authority of Singapore (MAS) leads the Project Orchid effort, which brings together government and major payments and financial industry players.

According to Shee Tse Koon, Singapore Country Head of DBS, the pilot is a demonstration of the feasibility of programmable money and its potential benefits to the payments system – including in fostering efficiency, trust and inclusivity.

“This solution could help businesses and NGOs leapfrog into the future of money. ‘Purpose bound money’ will be immensely transformative especially when governments, businesses and individuals come together with a collective vision to adopt the use of digital money on inter-connected networks to realise a fully transparent and efficient global financial infrastructure for payments,” Koon added.

The transactions leverages the blockchain, with DBS-issued DSGD used to create the PBM vouchers. The program also relies on OGP-powered smart contract capabilities, allowing for issuance and self-executed distribution to designated recipients.

Success for the pilot could see the use of tokenised SGD rolled out to the benefit of thousands of small businesses. DBS believes more than 28,000 coffee shops, hawker centres and restaurants within Singapore will benefit.

The pilot kicked off on 27 October 2022, and will involve six merchants and up to 1,000 consumers. DBS expects the trial to run for four weeks.

The post DBS trials digital Singapore dollar with government vouchers appeared first on CoinJournal.

• SWALLOW is a new digital platform that’s looking to onboard tattoo artists and fans into the metaverse.
• The Enjinstarter-backed platform went live with over 25 partners and 100+ tattoo artists.

SWALLOW, the Web3 platform backed by blockchain-based gaming and entertainment launchpad Enjinstarter, has officially launched.

Per a press release the SWALLOW team shared, the project seeks to bring the tattoo community, from top tattoo artists to their fans and enthusiasts, to the metaverse.

The new platform will make it easy for tattoo artists to leverage Web3 technology to grow their global reach, with enthusiasts getting the best of the tattoo world for their avatars and skins.

SWALLOW aims to bring the real-world tattoo community to Web3

With this launch, metaverse-goers and the broader blockchain gaming community have a platform where they can represent themselves via tattoos and skins accessed from leading artists across the space.

The tattoo artists industry will also benefit from this by getting an avenue to expand their reach beyond their physical studios, with digital assets, Web3 and NFTs making it possible to achieve more visibility through scalable, cutting-edge technology.

Apart from becoming a hub for everything tattoos in the metaverse, SWALLOW also opens up the real-world tattoo community to the financial benefits of the new digital frontier.

According to an announcement from SWALLOW, more than 100 tattoo artists are already signed as part of the community, including Aaron Dellla Vedova whose customers include podcaster Joe Rogan. Others are Instagram star erek Turcotte and Sullen Clothing founder Ryan Smith.

SWALLOW has also partnered with more than 25 companies in the arts, entertainment and gaming sectors. These include Heavy Metal Magazine, Another1, and Polygon-based platform Bloktopia.

According to the SWALLOW roadmap, future developments includes the launch of SWALLOWnet Marketplace, staking rewards, and Genesis NFT mint. There’s also a SWOL  initial DEX offering (IDO) and SWOL staking planned for Q1, 2023.

The post Web 3 platform SWALLOW launches to bring tattoos to the metaverse appeared first on CoinJournal.