Crypto on LYO: The Blend — World Mobile Now Available UK, US, Canada, and Australia, Australian Central Bank Highlights Benefits of CBDC, Komainu Obtains Operating License in Dubai

What happened in the crypto world in the last week? Let’s see some interesting news together!

World Mobile Is Now Available in Australia, Canada, UK, and US

World Mobile, a decentralized wireless network operator, has launched its app on Google Play for users in the United States, the United Kingdom, Australia, Canada, and Tanzania. The app’s launch follows beta tests in underserved markets like Kenya, Mozambique, Nigeria, and Zanzibar.

World Mobile aims to provide connectivity services to underserved areas and promote a blockchain-based sharing system using its proprietary token, World Mobile Token (WMT), and other Cardano-based tokens.

While the Google Play launch introduces new features, some may not be universally available due to varying regulatory frameworks in different countries. World Mobile has also partnered with AI and robotics company SingularityNET to develop and manage customer service solutions and explore AI and blockchain-based lending and credit approval services based on users’ payment history and reputation.

Australian Central Bank Highlights Benefits of CBDC for Payments and Tokenization

Australia’s central bank has concluded its Central Bank Digital Currency (CBDC) pilot to explore potential use cases for a digital Australian dollar. The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre released a 44-page report on August 23 outlining their findings.

The program identified four main areas where a CBDC could be beneficial, including facilitating complex payments and asset tokenization. The CBDC was found to enable “smarter” payments by supporting intricate payment arrangements not currently feasible with existing systems. It could also foster financial innovation, promote emerging private digital money sectors, and enhance inclusion in the digital economy.

The report noted that while a CBDC could bring advantages, other methods such as privately issued tokenized bank deposits or stablecoins could achieve similar outcomes. The pilot was structured as a real legal claim on the central bank, which raised regulatory and legal uncertainty for the pilot participants, as it was unclear whether they were merely serving as custodians or engaging in the use of a regulated financial product by holding or dealing in the CBDC The report highlighted the need for further research to fully understand the potential benefits of introducing a CBDC.

Komainu Obtains Operating License in Dubai

Komainu, a cryptocurrency custody joint venture by Nomura, Ledger, and CoinShares, has obtained an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license enables Komainu to offer its full range of custody services, including institutional staking and collateral management, to clients in Dubai via its Komainu Connect platform.

This platform allows clients to utilize their digital assets for collateralization purposes while remaining securely stored in segregated custody that can be verified on the blockchain. The move aligns with Dubai’s efforts to attract crypto-related businesses, as demonstrated by the establishment of VARA in 2022.

Komainu aims to capitalize on the growing demand for crypto-related services in the region, particularly in fund formation and exchanges. The company, formed in 2020, provides custody solutions to various entities, including exchanges, financial institutions, asset managers, corporations, and government agencies.