The cryptocurrency market remains range-bound as Bitcoin (BTC) continues to consolidate its position above $45,000. While preparing this report, Bitcoin was trading at $46,629, up 1.30% in the last 24 hours. Ether (ETH) had gained 0.60% to trade at $3,515. XRP had lost 0.80% to trade at $0.8285.
Major altcoins, which have gained ground in the last 24 hours, include Terra (LUNA- $115.39, 0.40%), Binance Coin (BNB- $451.76, 1.40%), Cardano (ADA, $1.21, 2.30%), EOS (EOS-$2.85, 1.90%), VeChain (VET, $ 0.0798, 0.10%), Polkadot (DOT, $22.93, 0.10%), Dogecoin (DOGE, $0.1508, 3.80%), Near (NEAR- $17.46, 2.70%) and Internet Computer (ICP, $22.34, 1%).
Major altcoins, which have lost ground in the last 24 hours, include Shiba Inu (SHIB- $0.00002672, -0.1%), Avalanche (Avax- $96.37, -1.20%), ChainLink (LINK-$17.44, -1.50%), Bitcoin Cash (BCH, $375.80, -0.60%), Solana (SOL, $132.14, -2.80%), Stellar (XLM-$0.2337, -0.50%), Cosmos (ATOM, $30.70, -4.10%), Polygon (MATIC- $1.64, -1.70%), Uniswap (UNI, $11.74, -0.40%), Tezos (XTZ-3.90, -2.40%), and IOTA (IOTA-$0.8562, -3.70%).
Government level initiatives
Bank of Japan moves to second phase of CBDC project
The Bank of Japan has finished the initial stage of its Central Bank Digital Currency (CBDC) Proof of Concept (PoC) as per the timeline and intends to start the second phase sometime this month.
The Bank of Japan released a document explaining its strategy for CBDC in October 2020, and it started the initial stage of its PoC (proof-of-concept) last April. The first phase focused on studying the fundamental functions of a CBDC, namely issuance, distribution, and redemption.
The second stage intends to incorporate additional features in the CBDC, scrutinize the feasibility, and reveal issues in the process. Privacy protections and anti-money laundering-related features are anticipated to be incorporated in the second stage. The bank has also earlier emphasized the significance of cybersecurity for a safe CBDC ecosystem and the implementation of counterfeit deterrence software to avoid several unlawful events.
Private sector initiatives
Unilever and SAP join hands
Unilever and SAP have partnered to trial GreenToken; an SAP solution focused on the supply chain. Specifically, the token will be trialed on Unilever’s supply chain. The blockchain-powered platform will permit Unilever to monitor its international palm oil supplies, ensuring that the origins of the raw material are validated for sustainability and transparency.
Notably, brands such as Magnum, Wall’s ice cream, and cleaning products such as Comfort and Omo are owned by Unilever.
In the last two decades, palm oil production has increased by over 300%. As demand for inexpensive palm oil rises, rainforests are destroyed for palm plantations. In fact, the rapid expansion of palm cultivation in Malaysia and Indonesia is the primary reason for greenhouse emissions, destruction of rainforests, and even human rights problems.
Furthermore, even the genuinely produced palm oil is often mixed with irresponsibly produced palm oil. This makes claims of sustainable distribution chains doubtful.
The collaboration between SAP (GreenToken) and Unilever intends to resolve the aforesaid problems. The GreenToken solution runs on a Quorum enterprise blockchain, where digital twin tokens permit supply chain participants and also clients to record the quantum of sustainable material in their product. The platform also facilitates unalterable tracking of raw materials used from input to output. In the final stage, a token – detailing audit history drawn from the blockchain ledger of the product’s origin – representing the product is issued.
Notably, the GreenToken solution was earlier trialed by Mitsubishi Chemicals, Bosch, and Eastman, to track supply chains.
Bank Leumi to launch crypto services
Israel headquartered Bank Leumi is preparing to roll out cryptocurrency-related services, including trading, for its customers. In this regard, the firm’s Pepper Invest unit is collaborating with the US-based Paxos, which also offers crypto brokerage services to PayPal and stablecoin linked services to Binance and Meta’s Novi.
Leumi has specifically stated that it will facilitate buying, selling, and holding cryptos, beginning with Bitcoin and Ethereum. The rollout is conditional on regulatory approval, and Pepper will also charge relevant taxes as per government rules.
Uri Nathan, CEO of Pepper, “We are happy to be the initial bank in Israel and among the few globally to provide our clients with the ability to trade cryptos easily, securely, and dependably, without a necessity to download a cryptocurrency wallet and with complete tax complexity handled by the bank.”
Miscellaneous
Liverpool football club to release NFT series
Popular football club Liverpool is planning to release a non-fungible token (NFT) series named LFC Heroes Club. In this regard, Liverpool has partnered with a reputed auction house Sotheby’s. The series will consist of two levels of scarcity. The first level will be made up of 24 distinct NFTs representing various players. The second level will include a collection of generative NFT editions of player illustrations.
The general collection (including that of aforesaid 24 legendary heroes), offered for $75 per NFT, will be made available for three days on Sotheby’s NFT marketplace. Only after the completion of a sale, will fans be able to open the NFT of a distinct and randomly generated player’s image.
50% of the money generated from the auction will be given to the LFC Foundation, which backs charities and community ventures. Furthermore, 10% of sales from the “Heroes” line of NFTs will also be given to the foundation. Also, 10% of future royalties will also go towards the foundation.
Notably, Liverpool Foundation also intends to release its own NFT series, named LFC Foundation Heroes. These collectibles will represent avatars of extraordinary staff who have contributed immensely to the betterment of Liverpool FC’s community.
Holders of LFC NFT will receive exclusive access to an online forum conducting a host of features, including competitions, virtual hang-outs, and retail discounts.
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