aircarbonThe cryptocurrency market remains under selling pressure with a majority of top tokens in the negative regions. Bitcoin (BTC) continues to lose ground. The cryptocurrency has lost 2% in the past 24 hours to trade at $9,126.40. Ether (ETH) has lost over 4% to trade at $182.20. XRP has also lost 2% to trade at $0.2946.
Other major altcoins, which has dropped in the past 24 hours include EOS (EOS-$3.26, -3.9%), Bitcoin Cash ($289.41, -3%), Cosmos (ATOM-$3.08, -2.3%), Binance Coin (BNB-$19.94, -1.7%), Litecoin (LTC-$58.13, -3.3%), Cardano (ADA-$0.0416, -4.3%), Monero (XMR-$58.13, -1.8%), OKB (OKB-$2.89, -3.0%), Huobi (HT-$3.76, -1.3%), Dash (DASH-$71.80, -2.4%), Tezos (XTZ-$0.8765, -0.6%), ChainLink (LINK-$2.60, -1.0%), Ethereum Classic (ETC-$4.89, -1.1%), IOTA (IOTA-$0.2875, -3.1%), (TRX-$0.0201 -9%) and Stellar (XLM-$0.0640, -2.8%).
The only major altcoin which has appreciated in the past 24 hours is LEO (LEO- $0.9374, 0.4%).
Government level initiatives
China’s CBDC going to be the world’s first
While speaking at the Bund Financial Summit in Shanghai, Huang Qifan, VC of the China International Economic Exchange Center, asserted that the country’s forthcoming central bank digital currency (CBDC) will be the world’s first in circulation.
Qifan revealed that the People’s Bank of China has been exploring cryptocurrency for five or six years and believe that it has matured. He further stated that the People’s Bank of China would probably be the first central bank across the globe to unveil a digital currency.
Before the launch of the RMB Cross-Border Payment System (CIPS), the highly needed RMB cross-border liquidation was majorly dependent on the US SWIFT system and CHIPS. That has indirectly given huge control to the US on the global financial system. Additionally, as per Qifan, SWIFT is an old, outdated system with low efficiency. Contrary to the aforementioned facts, the digital currency (DCEP) unveiled by China’s central bank is a new encrypted digital money system developed using blockchain technology.
Qifan stated that DCEP would employ a two-level operating system, i.e., the Chinese central bank will initially convert DCEP to banks and other financial institutions before being disbursed to the public. Qifan explained the benefits of DCEP in his closing statement: “At the same time, DCEP can realize real-time collection of data such as currency creation, accounting, and flow, and provide a useful reference for the formulation of money and the formulation and implementation of monetary policy… The People’s Bank of China is likely to be the first central bank in the world to introduce digital currency.”
Private sector initiatives
The SEC has received an IPO application from Canaan to raise funds through Nasdaq Global Market
The US SEC (Securities and Exchange Commission) has received an IPO (initial public offering) application from Canaan, a mining rig manufacturer, for raising $400 million through the Nasdaq Global Market. The registration disclosure of Canaan, which was established in 2013, states that it offers “supercomputing solutions through proprietary high-performance computing ASICs.”
Canaan currently offers Bitcoin mining hardware under the brand name Avalon miner, in addition to mining machine spare parts. In July 2019, the company began leasing mining hardware.
Before filing for IPO, Canaan attempted to go public in China and Hong Kong. For the aforementioned IPO, Citigroup and Credit Suisse acts as underwriters, in addition to CMBI, China Renaissance, Tiger Brokers, Huatai Securities, and Galaxy Digital Advisors.
Canaan Inc. is the holding company of China-based Canaan Creative. The application for IPO was filed on October 28th. In its filing, the company stated “We are offering American depositary shares or ADSs. Each ADS represents Class A ordinary shares, par value US$0.00000005 per share.”
The company intends to raise $400 million through the IPO. The company has sought CAN as the ticker name for the listing. If successful, the amount raised through IPO will be used to research and develop ASICs related to AI (artificial intelligence) and blockchain algorithms and applications, widen its AI and blockchain business globally, repay debts and optimize supply chains.
Deutsche Börse Venture Network joins hands with Cashlink
The venture capital subsidiary of the German marketplace Deutsche Börse, Deutsche Börse Venture Network (DBVN), has entered into a collaboration with Cashlink, a fintech firm, for facilitating institutional investors to purchase digital securities. Following the partnership, investors transacting through DBVN will be able to finish the process of financing online using tools built using distributed ledger technology or DLT.
The digital securities will be subject to the same regulation as other traditional offerings of Deutsche Börse.
DBVN director Peter Fricke explained the benefits of the latest offering: “With this new offering from our partner, we are able to simplify the process of raising capital for startups on our network, and all within an existing regulatory framework.”
Fricke further stated that the firm would have a working relationship with Cashlink, which has been operating out of Frankfurt since 2016.
AirCarbon launches a global tokenized carbon credit trading platform
Carbon exchange AirCarbon launched a global tokenized carbon credits trading platform in Singapore.
AirCarbon, a carbon exchange, unveiled a blockchain-powered platform for trading tokenized carbon credits. The platform will facilitate companies, primarily airlines, to trade tokens representing Eligible Emission Units (EEUs) or carbon offset credits endorsed by International Civil Aviation Organization (ICAO).
Following the roll-out of the platform at the Asia Clean Energy Summit 2019, the first token symbolizing an EEU was created by Koh Poh Koon, Senior Minister in the Ministry of Trade and Industry. The UK-based fintech firm First Derivatives developed the front end of the platform.
Notably, AirCarbon is yet to receive a market operator license from the Monetary Authority of Singapore. The enterprise aims for a full-fledged roll out next year. The firm’s website elaborates its service as follows: “A Singapore regulated digital exchange focused on servicing transportation industry stakeholders’ carbon liability under ICAO’s CORSIA regime.”
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