The crypto market is range bound as Bitcoin (BTC) struggles to stay above $20,000. During this report preparation, Bitcoin was trading at $19,559, an increase of 3% in the past 24 hours. Ethereum (ETH) has gained 3% to trade at $1,348. XRP was trading at $0.4485, up 3.90% in the last 24 hours.
Crypto which have gained ground in the past 24 hours, are Dogecoin (DOGE – $0.0610, 1.80%), Polygon (MATIC – $0.7531, 4%), Solana (SOL, $33.79, 4.60%), Avalanche (Avax- $17.38, 1.40%), Binance Coin (BNB – $284.66, 5.60%), Internet Computer (ICP, $6.07, 0.70%), EOS (EOS – $1.16, 1.5%), Bitcoin Cash (BCH, $115.07, 2.80%), VeChain (VET, $0.02297, 3.40%), Tezos (XTZ, $1.45, 1.90%), Cardano (ADA, $0.4376, 1.40%), Shiba Inu (SHIB, $0.00001121, 2.50%), Stellar (XLM, $0.1089, 0.10%) and Polkadot (DOT, $6.45, 2.80%) .
The only altcoin which has lost ground in the past day is IOTA (IOTA – $0.2967, -1%) and ChainLink (LINK – $7.80, -3.40%).
Private sector initiatives
SWIFT collaborates with Symbiont
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the leader in the messaging system employed by financial institutions across the globe, has disclosed that it is trialing a blockchain platform facilitating the transmission of financial messages in collaboration with enterprise-level blockchain solution provider Symbiont.
As per a media release by SWIFT, multiple notable firms operating in the financial realm will partner with the institution on the initiative. This includes Citigroup Inc, Vanguard, and Northern Trust. The objective of the trial program is to fuel “efficiencies in communicating major corporate transactions.” This includes mergers and dividend payments.
Currently, the SWIFT platform transmits secured data between 11,000+ firms operating in more than 200 countries, aiding to administer trillions of dollars in dealings.
Under the latest trial, SWIFT will employ Symbiont’s Assembly platform, which uses blockchain technology to support smart contracts, and “establish a network impact that capitalizes on the 11,000+ institutions linked to SWIFT across the globe.”
Overall, the objective of the venture is to boost the capability of the SWIFT platform, as per Tom Zschach, Chief Innovation Officer at SWIFT.
Broadridge Financial Solutions partners with Coinbase
Broadridge Financial Solutions has joined hands with Coinbase to provide interoperability between Broadridge Trading and Coinbase Prime and the NYFIX order-routing system of Connectivity Solutions.
Coinbase Prime offers a crypto trading platform and custodial services to administer cryptos in a single place. The platform offers integrated access to cryptocurrency liquidity through a smart order router, along with offering the buy-side with complete prime brokerage abilities.
The latest integrated solution will permit NYFIX customers to channel order flow to Coinbase Prime via industry-standard covenant, FIX.
Buy-side traders will also have access to cryptocurrency liquidity from Coinbase and trade straightaway using their OMS (order management system). This ensures regulatory compliance. The aforesaid solution is currently offered only to customers in the US, with plans to extend the facility to other regions in the months ahead.
Greg Tusar, vice president of institutional products at Coinbase, said, “Using the NYFIX order-routing system, this agreement puts extensive, multi-venue cryptocurrency liquidity on the workstations of more buy-side dealers, therefore decreasing the hurdles to entry for this expanding asset category.”
Miscellaneous
KKR to tokenize and democratize financial services
Digital assets company Securitize revealed the tokenization of an interest in KKR’s Health Care Strategic Growth Fund II. The security token was released on the Avalanche public blockchain, and Securitize Capital administers the tokenized fund. At the end of June, KKR had $491 billion in AUM (assets under management).
The tokenization of the fund is aimed at widening the spectrum of investors. The tokens were issued as per SEC regulation D 506(c). The regulation bars investment by accredited investors with a network of over $1 million or an income of over $200k. Nevertheless, similar to other tokens, the minimum investment is very less, paving the way for small retail investors.
KKR is involved in several crypto-related activities. The fund led the $350 million financing for crypto bank Anchorage and actively participated in the $650 million Dragonfly Capital crypto fund.
Dan Parant, Managing Director and Co-Head of US Private Wealth at KKR, said, “Blockchain technology has the ability to perform a significant part in the future of private investment because of its ability to minimize shortcomings and enhance ease of usage by individual investors.”
Ethereum completes the Merge protocol upgrade
The Ethereum blockchain completed the Merge protocol upgrade, implying a transition from the Proof-of-Work (PoW) security mechanism that consumes tons of energy to the highly efficient Proof-of-Stake (PoS), which slashes energy usage by over 99%.
Rather than utilizing power to address numerous mathematical issues to record transactions on the network, the PoS protocol uses the staking of ETH tokens to guarantee that only authenticated trades are recorded. Bad players are thrown out or low their tokens.
In addition to sustainability, PoS (Proof-of-Stake) establishes a fresh business model for Ethereum token holders as they now have a choice to generate a yield of about 4.50% in crypto on their staked tokens.
As per Token Terminal, Ethereum generated $1.40 billion in protocol revenues in the past six months and $7.60 billion last year. Nevertheless, the recent upgrade does not address Ethereum’s major issues. The network’s scalability issues remain unresolved, and therefore transaction charges will stay high. Rather, to resolve address scaling problems, it depends on layer 2 solutions and sidechains, which resort to batch transactions.
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.
