Thailand's Largest Commercial Bank Retracts Statement on Using XRP ‘Soon’

Francisco Memoria

Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has recently retracted a statement made via the microblogging platform Twitter on it using XRP in the near future. Responding to another user, it clarified there are no plans to use the cryptocurrency for now.

According to a now-deleted tweet from the bank’s official account, an “XRP system” was set to be announced “soon.” The bank even asked a user to keep following it on social media to keep up with new updates.

SCB's statement on XRP

Via a new tweet, the SCB noted that it was “sorry for the previous information of the previous post,” and that it currently isn’t planning on using XRP. Despite the commercial bank’s conflicting message towards XRP, it’s known it has entered several blockchain-based initiatives.

Earlier this year, the SCB partnered with Thailand’s state oil company PTT Exploration and Product Public Company to use blockchain technology for cross-border business-to-business payments in what ended up being a successful trial.

Moreover, the SCB is known for being a part of the RippleNet payment network, and for pioneering its multi-hop feature, which allows financial institutions to settle payments on behalf of others present on the network.

It’s worth noting that Thailand’s Securities and Exchange Commission (SEC) has late last year released a warning on initial coin offerings (ICOs), and that the country’s central bank is rumored to be developing its own cryptocurrency.

At press time, XRP is trading at $0.408, down 2.55% in the last 24-hour period. It’s unclear whether the SCB’s retracement affected the market, as most cryptocurrencies are down by single-digit percentages in said period.

Little-Known Cryptocurrency Pumps 500x in Four Days. Are Altcoins Back?

Colin Muller

Micro-cap altcoin Opyn yCurve Insurance (OCRV) saw a monstrous surge last week, evoking reminders from bygone eras of the cryptoasset industry.

chart.pngSource: Livecoinwatch

Between May 19 and May 23, cryptocurrency price trackers registered a price jump from $0.0055 to $2.84—or about 500x—on OCRV. The cryptocurrency appears to only be trading on the decentralized exchange Uniswap.

The unreal price fluctuation seems to have been caused by “shilling” of the coin on 4chan. OCRV itself is a token powering the Opyn platform’s DeFi insurance system.

Altcoins Return?

Such dramatic events in the altcoin space may be signalling strength in the alt market. Generally speaking, high levels of investment in altcoins signals increased risk-taking in the crypto markets, and is a sign of confidence.

rising altcoins -- still?BTC chart by TradingView

We have seen a general increase in altcoin market share since about September 2019, depicted above. This trend took a big hit in February and March of 2020, as the coronavirus spread around the globe and hit financial markets—including crypto markets.

In a general sense, the trend seems to have remained intact, consistently rising from 5 to 8% in the six months depicted. The flip side is Bitcoin's dominance, which if rising signals a reluctance for risk taking (and often a falling Bitcoin price). This had been consistently ebbing since last September, but now seems stuck in the mid-60s.

In a decimated global economy, nobody quite knows what to expect from the cryptoasset industry. With some hints of altcoin strength, though, the prospects remain interesting.

Featured Image Credit: Photo via Pixabay.com