Crypto Industry News
Kasikornbank, or KBank, one of the largest banks in Thailand, began experimenting with DeFi services as part of a business expansion plan.
According to the Thai press, the exploration of the bank's decentralized finance is led by KBank's technology subsidiary Kasikorn Business Technology Group, or KBTG. Commenting on KBank DeFi's plans, the president of KBTG Ruangroj Poonpol said:
"DeFi is a key exploration for KBank this year [...] The project is being studied by KBTG as part of the second phase of the company's digital transformation program."
According to Poonpol, DeFi could be the key to improving the financial integration of people in Thailand through access to innovative financial services, adding: "With this asset-based form, DeFi can also create economic value for Thailand."
Asset-backed DeFi has regulatory hurdles given their interaction with real-world assets. Industry players such as MakerDAO's Rune Christensen have already begun to demand engagement between DeFi stakeholders and regulators if decentralized finance is to continue to mainstream.
With the adoption of DeFi, KBank is looking to expand its presence in Southeast Asia, especially in countries like Vietnam, where around two-thirds of the population is left without banking services.
Technical Market Outlook:
After the ETH/USD pair has made a new all time high at the level of $2,201, the market has been consolidating for some time now in a narrow zone between the levels of $2,098-$2,201. The next target for bulls is seen at the level of $2,500. The momentum is strong and positive, so the up trend might be continued with occasional pull-backs. The larger time frame trend is up as well and there is no indication of the up trend termination. The immediate technical support is located at the level of $2,149 and $2,084.
Weekly Pivot Points:
WR3 - $2,536
WR2 - $2,369
WR1 - $2,274
Weekly Pivot - $2,100
WS1 - $2,008
WS2 - $1,819
WS3 - $1,739
Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.
