The cryptocurrency market remains range bound with a slight bullish bias as Bitcoin (BTC) managed to cross above $20,000 again yesterday. While preparing this report, Bitcoin was trading at $20,406, an increase of 0.70% in the past 24 hours. Ethereum (ETH) has gained 1.70% to trade at $1,379. XRP was trading at $0.4958, up 4.30% in the last 24 hours.
The major crypto, which has lost ground in the last 24 hours, is Dogecoin (DOGE – $0.0651, 0.20%), Polygon (MATIC – $0.8533, 1.40%), Solana (SOL, $34.41, 0.10%), Avalanche (Avax- $17.60, 1.20%), Binance Coin (BNB – $297.15, 0.20%), Bitcoin Cash (BCH, $123.61, 0.40%), VeChain (VET, $0.02411, 0.60%), Cardano (ADA, $0.4373, 0.20%), Polkadot (DOT, $6.51, 0.40%) and ChainLink (LINK – $7.93, 1.50%).
The only major altcoin which lost ground in the past 24 hours is Internet Computer (ICP, $6.10, -0.90%), EOS (EOS – $1.19, -1.20%), Tezos (XTZ, $1.46, -0.6%), IOTA (IOTA – $0.2769, -1.90%), Shiba Inu (SHIB, $0.00001154, -1.60%) and Stellar (XLM, $0.1198, 1.20%).
Private sector initiatives
Nomura names its digital assets business Laser Digital
In May, Nomura revealed the establishment of an institutional digital assets subsidiary. A week ago, the global financial services provider christened the digital assets business as ‘Laser Digital’ and also incorporated the holding firm Laser Digital Holdings AG in Switzerland. Nomura has operations in over 30 countries.
The firm offers caters to the needs of individuals, enterprises, institutions, and even government organizations through its three business divisions, namely wholesale (global markets and investment banking), retail and investment management.
By leveraging Nomura’s expertise in institutional investor businesses and worldwide customer base, Laser Digital aims to offer fresh value in the domain of digital assets to its customers. The firm has announced Steven Ashley as the Chairman and Jez Mohideen as the CEO of Laser Digital.
The company is anticipated to rapidly announce fresh services and products as it goes forward with the step-by-step roll-out of the business. The firm will concentrate on three key areas, namely Venture Capital, Secondary Trading, and Investor Products.
The initial product offering was Laser Venture Capital, which will invest in firms focused on the digital ecosystem. Specifically, the product will concentrate on Decentralized Finance (DeFi), Web3, Centralized Finance (CeFi), and the Blockchain framework.
SGSS begins serving its asset management customers
Societe General Securities Services (SGSS) has begun serving its asset management customers who are interested in offering crypto-based investment vehicles. The services include a digital asset custodial facility and also administering liabilities.
One of the initial customers is the French asset manager Arquant Capital which has unveiled two euro-based products based on Ether (ETH) and Bitcoin (BTC) derivative contracts with SGSS performing the role of fund depository.
Eron Angjele, CEO of Arquant Capital “This solution offers Arquant Capital a novel structure that enables us to grow our product and concentrate on producing value for our customers.”
Societe Generale became a noted name in the digital assets domain after its subsidiary SocGen FORGE introduced the CAST framework, a path-breaking solution for the security token sector.
For instance, its platform was employed in 2021 for the issuance of the €100 million European Investment Bank bond on the Ethereum blockchain. Of late, the FORGE subsidiary has entered into an agreement with METACO for digital asset custody.
BNP Paribas Securities Services also chose METACO and Fireblocks as tech associates for its digital asset custodial services.
Miscellaneous
Sardine receives millions after its Series B funding
Fraud detection solution provider Sardine received $51.50 million following a successful Series B funding headed by a16z. Prominent institutions that backed the venture include ING Ventures, Visa, ConsenSys, and Google Ventures, among others. Andreessen Horowitz also backed the company’s Series A funding event that amassed $19.50 million in February 2022.
Sardine’s customers include digital asset firms such as FTX and MoonPay. Financial technology-focused firms employ Sardine’s fraud detection mechanism whenever customers top up their wallets using cards or bank transfers. In the case of cards, the decline rates are high and Sardine resolves the issue. The tedious bank transfer process takes up to two days. Usually, fintech firms are ready to offer a small amount instantly, $500 for instance.
In case the bank payment turns out to be a fraud, the merchant will bear the brunt. Hence, there is a need for a robust fraud identification process. Sardine takes care of this process.
Laliga partners with Stadioplus and Vegas City Limited
Laliga, the Spain-based first division football league and one among the distinguished clubs of the world, has partnered with Stadioplus and Vegas City Limited, two metaverse-focused enterprises, to digitize a portion of its operations and to provide unique experiences on Decentraland, an Ethereum-based metaverse.
Following the initiative, Laliga intends to attract fans across the globe to fresh experiences in the digital world. The strategic collaboration with Decentraland will permit LaLiga to introduce new activities and experiences to fans.
For this initiative, LaLiga will capitalize with the aid of Stadioplus, a group devoted to linking the sports world with Web3 and the metaverse, and also Vegas City Limited, another firm focused on developing new experiences for digital domains and metaverse.
Following the initiative, LaLiga trusts to attain fresh and younger audiences who are more linked to these worlds via digital experiences. The fresh experiences will be provided in Vegas City, a space in Decentraland that conducts sports, gaming, and other entertainment-centered activities.
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.
