The cryptocurrency market remains range-bound, with Bitcoin (BTC) hovering around $37,000. While preparing this report, Bitcoin traded at $37,547, up 0.90% in the past 24 hours. Ethereum (ETH) had gained 0.80% to trade at $2,018. XRP was trading at $0.6124, a decline of 2% in the same period.
Major cryptocurrencies that have gained ground in the past 24 hours are IOTA (IOTA – $0.1856, 0.20%), Cardano (ADA, $0.3848, 0.60%), and Binance Coin (BNB – $263.59, 6.70%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are Bitcoin Cash (BCH, $227.17, -1%), VeChain (VET, $0.0212, -0.80%), Shiba Inu (SHIB, $0.00000842, -2.50%), EOS (EOS – $0.7055, -2.50%), Avalanche (Avax- $20.67, -8.50%), Polkadot (DOT, $5.24, -4.20%), Solana (SOL, $55.75, -7.10%), ChainLink (LINK – $14.31, -4.30%)
Government Level Initiatives
a2censoallows Small Investments In SMEs
Crowdfunding platform a2censo, owned by Colombia’s stock exchange, Bolsa de Valores de Colombia (bvc), facilitates individuals to invest small amounts of money to aid in funding the growth of small and medium-sized firms. The stock exchange intends to incorporate blockchain technology with funds raised through a2censo. By using the technical framework provided by MarketXM, the stock exchange will employ intelligent contracts for clearing and settlement.
a2censo is a digitally native platform unveiled four years ago that functions without utilizing third parties to save on expenses. MarketXM employs Hyperledger Fabric and Besu.
Lina Parra, the director of a2censo, expressed that “this innovative development will enable our valued clientele to experience enhanced efficiency and user-friendliness. We are firmly dedicated to fostering the expansion of Colombian businesses by providing investment opportunities through a dependable and secure platform that incorporates state-of-the-art technological solutions, now with the invaluable support of MarketXM.io.”
Financial Regulators Have Joined Singapore’s Project Guardian
The financial regulators from Switzerland, England, and Japan have joined Singapore’s Project Guardian, which is going through its second stage. In partnership with other financial institutions and the BIS Innovation Hub, the project studies digital assets and tokenization through public blockchain. The focus is Forex (FX), fixed income, and asset administration.
The Monetary Authority of Singapore (MAS) had earlier revealed that the Japan Financial Services Agency (JFSA) is joining the initiative because the first stage involved Japanese Government bonds (JGB). The UK asset manager, Schroders, is one of the participants. Therefore, including the UK’s Financial Conduct Authority (FCA) seems relevant.
As a portion of Project Guardian, UBS Asset Management carried out tokenization of money market funds. Therefore, the participation of FINMA seems to be relevant.
Sarah Pritchard, Executive Director of Markets and International at the FCA, stated, “The UK’s asset management sector, which is the second largest in the world, sees significant potential in the use of distributed ledger technology to drive innovations, efficiencies, and enhanced value for customers.”
Private Sector Initiatives
HSBC Tests Tokenized Deposits Using Ant Group’s Blockchain Technology
HSBC completed piloting tokenized deposits to facilitate an enterprise to transfer funds between its multiple accounts with the bank. The trial employed the blockchain platform of Ant Group, the holding company of China’s AliPay. The trial used the Hong Kong Monetary Authority’s (HKMA) Fintech Supervisory Sandbox.
Notably, utilizing tokenized deposits for corporate treasury management has become a common phenomenon recently. In general, huge enterprises have associate firms spread across the globe, and there is always a need for in-house movement of funds. Through tokenized deposits, funds can be transferred in real-time and even during non-banking hours. For instance, Siemens utilizes JP Morgan’s JPM Coin platform for fund transfers between associate firms.
HSBC has backed Ant Group’s blockchain treasury administration platform for the past three years. The solution facilitates the transfer of currencies such as HKD, CNY, USD, GBP, and EUR.
Commenting on the trial, Vincent Lau, Global Head of Emerging Payments, Global Payments Solutions, HSBC, stated that the financial institution is glad to use the idea of tokenized deposit to unveil futuristic treasury solutions in partnership with Ant Group.
SEBA Bank Collaborated With SGKB
SEBA Bank, a comprehensive worldwide cryptocurrency bank offering financial services tailored to the demands of the digital era, partnered with St.Galler Kantonalbank (SGKB), one of Switzerland’s largest cantonal banks, earlier this year. This collaboration will facilitate digital asset custody and brokerage services for SGKB’s clients. After a brief implementation stage, SGKB’s services have become commercially active. This collaboration represents a noteworthy advancement in establishing digital assets and cryptocurrency-related solutions within the Swiss financial market.
In 2019, SEBA Bank received its FINMA banking license, placing itself as one of the leading financial institutions to unveil digital assets to the Swiss financial sector. SEBA Bank offers customized B2B solutions to various institutions, covering private and retail banks. Notable clients include LGT Bank Liechtenstein, Bank Julius Baer, and the recently added St.Galler Kantonalbank (SGKB). SEBA, headquartered in Zug, Switzerland, offers fully regulated, institutional-quality cryptocurrency custody solutions, delivering sophisticated banking services tailored to meet the specific investment requirements of its customers in the digital asset arena.
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.
