The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) continues to hover around $20,000. While writing this article, Bitcoin was trading at $20,422, down 0.50% in the last 24 hours. Ether (ETH) had lost 1.80% to trade at $1,087. XRP was trading at $0.3245, a decrease of $0.10% in the same period.
Major altcoins, which have gained ground in the past 24 hours, include VeChain (VET, $0.02345, 1.70%), Tezos (XTZ- $1.38, 0.70%), Uniswap (UNI – $5.31, 13.80%), Stellar (XLM-$0.1154, 2.10%), Binance Coin (BNB- $219.10, 1%), Polkadot (DOT, $7.56, 0.20), Cardano (ADA, $0.4720, 0.90%), Internet Computer (ICP, $5.67, 0.90%), Avalanche (Avax- $16.77, 1.90%), EOS (EOS-$0.9538, 1.20%), ChainLink (LINK – $6.85, 1.80%), Cosmos (ATOM, $7.27, 8%), Polygon (MATIC- $0.4884, 20%), and Shiba Inu (SHIB – $0.00001009, 2.5%) .
Major altcoins, which have lost ground in the past 24 hours, include Solana (SOL, $35.24, -0.30%) and Dogecoin (DOGE- $0.0634, -0.70%).
Private sector initiatives
VeChain partners with UFC and DraftKings
VeChain has revealed that it has entered into a partnership with UFC, the popular mixed martial arts-focused entity. Specifically, as per Sports Business Journal, the collaboration is valued at $100 million over the next five years (minimum). The firm also has also entered into an NFT deal with DraftKings, paving the way for the utilization of its tokens in fantasy games.
The blockchain and cryptocurrency industry has enabled UFC to record massive windfalls in the form of sponsorships. The largest deal until now is the ten-year collaboration, valued at $175 million, signed up in 2021 with cryptocurrency exchange Crypto.com. Following the agreements, a series of NFTs have been released in the last few months.
Another notable partnership of UFC is with DraftKings, which is now the former’s authorized “Sportsbook and Daily Fantasy Partner” in Canada and the US. The recent agreement widens the scope with the inclusion of Reignmakers UFC gamified NFTs. In simple terms, fans can start acquiring the NFTs, which can be utilized in the fantasy game later on. Until then, both physical and digital rewards are linked to UFC events.
UFC entered the blockchain arena two years ago and soon joined hands with Dapper Labs to release NFTs of spectacular moments. The NFTs were released in January 2022 under the name UFC Strike. Altogether three NFT releases were part of the UFC Strike deal. Furthermore, two years ago, UFC inked an agreement with Socios for fan tokens, which come under the category of fungible crypto tokens.
Givenchy Pafrums to release NFTs in recognition of Pride
Premium brand Givenchy Parfums intends to release non-fungible tokens in recognition of Pride (LGBT). The venture is in partnership with London gallery owner Amar Singh and Rewind Collective (digital arts collective), and the funds generated will be handed over to the LGBTQ+ organization, Le MAG Jeunes association.
The digital artwork will comprise a collection of animated portraits based on images and carry rainbow colors. Overall, 1952 copies will be offered for sale through the VeVe NFT marketplace.
NFTs can assist enterprises in creating brand awareness in the digital domain, likely unlock fresh sources of revenue, or be utilized as a “souvenir” reward in marketing campaigns. Also, NFTs can be utilized to reflect a firm’s position on social causes.
In December 2021, L’Oreal Paris unveiled an NFT-based campaign to offer more visibility to women in the digital art domain. NYX, the makeup subsidiary of the firm, is also involved in an NFT venture by partnering with The Sandbox metaverse for the celebration of Pride.
Finteum completes trial of its new intraday liquidity system
London headquartered Finteum has successfully completed the piloting of its blockchain intraday liquidity system targeted for the bank treasury. Participants in the trial included BNY Mellon treasury, Citi, Natwest, and ten more banks. Notably, Euroclear joined the trial for a non-DLT settlement.
Currently, three of the banks which took part in the trial have committed to using the platform on a commercial basis by the second or third quarter of next year. In 2021, the platform was employed to aid repo deals, in addition to intraday FX swaps. Therefore, presently, the platform is used for aiding two short-term funding processes of banks.
With surging inflation, the interest rates linked to bank liquidity have become significant. With the launch of the new platform, Finteum is confident of saving millions of dollars every year for participating banks by minimizing the liquidity buffer required.
Miscellaneous
Argus Media and S&P Global Commodity Insights by stakes in VAKT
VAKT, the blockchain-powered post-trade solution for the oil industry, has revealed that Argus Media and S&P Global Commodity Insights have acquired a stake in the platform, which has so far raised $57 million. In addition to the aforesaid prominent benchmark pricing companies, other investors in the platform include energy companies Shell and BP, Koch and Mercuria, traders Gunvor and other top banks.
The investors have an interest in the post-trade solution because of the likely tokenization of oil deals in the future.
Argus Media Chairman and CEO Adrian Binks said, “Customers of VAKT will enjoy improved data and intelligence exchanges as a result of the company’s integration with Argus’s systems and information, which has the potential to revolutionize the functioning of the energy and commodities markets.”
VAKT is performing a major role in the digitization of the industry by bringing together the wholesome ecosystem, including oil firms, brokers, traders, inspection firms, terminals, and even banks. The platform utilizes the Ethereum-based Quorum blockchain (permissioned).
The platform eliminates paperwork, including the ones related to transaction confirmations, agreements, distribution chain, and even invoicing. Specifically, the info is cryptographically confirmable, which is crucial considering the countless swindles in the commodities industry in the last few years.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
