The cryptocurrency market remains slightly bearish with Bitcoin (BTC) hovering around $25,000. While preparing this report, Bitcoin was trading at $25,095, down 3.50% in the past 24 hours. Ethereum (ETH) had lost 5.30% to trade at $1,652. XRP was trading at $0.4800, a decrease of 7.50% in the same period.
The only major crypto, which has gained ground in the past 24 hours, is Tezos (XTZ, $0.7520, 1.90%).
Major cryptos, which have lost ground in the past 24 hours, are IOTA (IOTA – $0.1539, -2.20%), Stellar (XLM, $0.0791, -4.70%), VeChain (VET, $0.0155, -3.50%), Binance Coin (BNB – $238.01, -4.70%), Polkadot (DOT, $4.60, -0.90%), Bitcoin Cash (BCH, $103.33, -2.30%), ChainLink (LINK – $5.29, -1.40%), Avalanche (Avax- $11.42, -3.70%), Solana (SOL, $14.69, -3.70%), Cardano (ADA, $0.2614, -5.50%), Shiba Inu (SHIB, $0.00000661, -3.10%), and EOS (EOS – $0.6417, -5.80%).
Private Sector Initiatives
MUFG Plans Interoperable Stablecoins with Progmat Coin Protocol and Blockchain Partners
Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, has revealed its intention to mint and distribute stablecoins, backed by multiple banks, on several public blockchains.
In partnership with blockchain interoperability-focused Datachain and Toki, a cross-chain bridge, MUFG intends to enable seamless interoperability of these authorized stablecoins throughout several blockchains utilizing its Progmat Coin protocol.
MUFG’s blockchain-powered system has been structured mainly for the issuance and administration of stablecoin that are backed by yen holdings in a 1:1 ratio. Through the use of Progrmat Coin, the lender offers a safe solution that guarantees stability and awareness for users in the Japanese market. MUFG will capitalize on Toki’s capabilities to improve stablecoin transactions. The firm has expertise in facilitating asset transfers across several public blockchains including Ethereum (ETH), Avalanche (AVAX), Cosmos (ATOM), and Polygon (MATIC).
Notably, back in March, three Japanese banks revealed their intention to create a payment mechanism that links their stablecoins on a public blockchain while meeting legal criteria.
Nike and EA Partner to Bring .Swoosh Digital Assets to Future Sports Titles
Nike Virtual Studios and Electronic Arts have joined hands to offer digital assets developed by .Swoosh, the athletic apparel giant Nike-run Web3 marketplace, to the upcoming sports titles of EA. No particular titles have been indicated, and neither firm offered a great deal of information about what to expect; however, the products will include digital footwear and clothing.
However, the collaboration with EA appears to be living up to the assurances made by Nike last November, when its footwear line was introduced .Swoosh. Nike stated that its digital apparel could one day be worn in video games and “many more immersive experiences.”
More than $1 million worth of virtual goods, albeit with a plethora of technical problems and apparently slow sales, were sold in the latest offering by .Swoosh.
Nike intends to reveal further information about the manner in which NFTs on .Swoosh platform will be integrated into future EA Sports titles in the months ahead.
JPMorgan Partners with Indian Banks for 24×7 Interbank Dollar Trades on Onyx Blockchain
Finance behemoth JPMorgan has entered into a partnership with six top banks in India to employ the Onyx blockchain platform that facilitates interbank dollar trades. The settlement will be carried out in GIFT City, India’s financial hub (Gujarat state). The participating banks are HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., IndusInd Bank Ltd., and JPMorgan’s Indian banking division.
Without the blockchain platform, the settlement process takes several hours on weekdays. No transactions can be carried out on weekends. Nevertheless, the rollout of a blockchain-powered system will terminate these issues and guarantee transactions on a 24×7 basis.
In related developments, JPMorgan’s digital currency has gone commercial, with the bank setting up a dedicated unit for blockchain initiatives.
The trial venture began on May 5, employing JPMorgan’s Onyx Blockchain platform, following endorsement from the Global Financial Services Authority. The platform was created by JPMorgan three years ago and has already signed up Siemens as a client. Additionally, it has undergone a trial in partnership with the Central Bank of Bahrain.
Swift Partners with Chainlink and Institutions to Study Blockchain Interoperability
Belgium-headquartered Swift has partnered with cryptocurrency firm Chainlink and several other entities to study issues related to blockchain interoperability.
In particular, Swift intends to be involved in a sequence of trials to embed with several public blockchains in partnership with Chainlink and entities including ANZ Bank, BNY Mellon, BNP Paribas, Lloyds Bank, Citi, Clearstream, central securities depositaries, Euroclear, and also the SIX Digital Exchange, and DTCC.
The trials are aimed at utilizing the prevailing Swift framework, standards, and communication system to aid transfers between current platforms and private and public DLT chains. Swift pointed out the highly divided blockchain domain and the inability of financial institutions to link to every platform separately. The institution is working with blockchain firms to resolve the problem by creating an interoperability framework that facilitates access to various platforms across the world.
Looking ahead, the piloting will have three utility case scenarios. The first trial will focus on transfers between two Ethereum test net wallets. The second trial will involve testing transfers from a public blockchain to a permissioned blockchain. In the final trials, transfers between Ethereum and another public blockchain will be explored.
The study will also look at several non-technical problems, including legal compliance, trustworthiness, privacy, and accountability or remedies in transactions conducted on a public blockchain.
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.
