The cryptocurrency market remains bearish, with Bitcoin (BTC) hovering around $30,000. While preparing this report, Bitcoin was trading at $29,093, reflecting a loss of 4.70% in the last 24 hours. Ethereum (ETH) had lost 9.70% to trade at $2,089. XRP was trading at $0.4097, reflecting a loss of 19.4% in the past 24 hours.
Major altcoins, which have lost ground in the last 24 hours, include Terra (LUNA- $94.17, -93.40%), Binance Coin (BNB- $270.27, -14.40%), Cardano (ADA, $0.5124, -17%), Internet Computer (ICP, $7.24, -30.2%), Avalanche (Avax- $31.65, -27.50%), EOS (EOS-$1.40, -17.20%), VeChain (VET, $0.0302, -21.90%), Polkadot (DOT, $9.06, -18.80%), ChainLink (LINK-$6.99, -17.60%), Bitcoin Cash (BCH, $194.25, -14.25%), Solana (SOL, $48.96, -25.6%), Stellar (XLM-$0.1268, -12.70%), Cosmos (ATOM, $10.79, -19.40%), Polygon (MATIC- $0.6713, -22.80%), Tezos (XTZ-$1.83, -12%), Shiba Inu (SHIB-$0.00001218, -23.50%), IOTA (IOTA-$0.2925, -23.5%), Dogecoin (DOGE, $0.0863, -19.30%) and Uniswap (UNI, $4.97, -17.10%).
Government level initiatives
The BSP to trial a CBDC by the end of the year
A wholesale central bank digital currency (CBDC) is planned to be trialed in the Philippines by the Bangko Sentral ng Pilipinas (BSP) in the fourth quarter of 2022, as per the latest statement by its Governor Benjamin Diokno. Notably, the central bank revealed its intention to develop a CBDC in November 2021.
Diokno stressed that the CBDC initiative, named Project CBDCph, has roped in multiple large banks but did not reveal the names. The central bank intends to sign up more banks. A wholesale CBDC facilitates only quick settlements between banks and cannot be used by consumers or business establishments. As per the BSP, in 2020, digital payments represented more than 20.10% of monthly retail transactions in the country, an increase from 10% two years back.
As per Diokno, a wholesale CBDC can aid in minimizing issues in trans-border money transfers and equities securities payments, while increasing intra-day liquidity. The Governor acknowledged that the BSP’s medium- to long-term strategy would be heavily influenced by what it learns from the trial.
Diokno further stated that the central bank is in touch with Singapore and also the Bank for International Settlements (BIS) for the CBDC ventures.
Private sector initiatives
Banco Galicia and Brubank now offer crypto through their banking apps
Argentina’s largest privately held bank, Banco Galicia, and Brubank, a digital bank (or Neobank), have started offering cryptos through their banking apps, in addition to other products.
Currently, customers of Galicia will be able to invest in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and stablecoin USDC. The crypto service offered by Galicia is aided by Lirium, a Liechtenstein headquartered firm.
Users will be able to invest small sums of money in cryptos but are forbidden to withdraw or transfer elsewhere. The crypto can be sold only to the bank again. Another important aspect to consider is that Argentine laws do not offer protection to cryptos held in a wallet.
GSBN conducts Proof-of-Concept
The Global Shipping Business Network (GSBN) conducted Proof-of-Concept (PoC) for its blockchain network integrated with trade funding platforms. Other participants in the trial included the Bank of China (Hong Kong), DBS Bank, and HSBC. Following the completion of the PoC, GSBN intends to conduct real-time trials.
GSBN is a non-profit network established in Hong Kong and backed by COSCO Shipping lines, Hutchison Ports, Hapag-Lloyd, SPG Qingdao Port, OOCL, the Shanghai International Port Group (SIPG), and PSA International.
GSBN does not intend to offer a trade funding platform by itself. On the contrary, the trade funding platforms such as eTradeConnect and Contour for Letters for Credit will utilize data fed to the GSBN network. Both the trade funding platforms mentioned above require details about the loading time of cargo on a ship. That is the reason for giving such importance to the bill of lading. The data provided in the electronic bill of lading (eBL) will be accessed by the GSBN network.
Shinhan Bank signs a contract with Cross Angle
South Korea-headquartered Shinhan Bank has stated that it had inked an agreement with Cross Angle, which operates the crypto rating platform Xangle. Shinhan Capital is also acquiring a stake in the startup.
Xangle offers audit reports and analysis of blockchain ventures, including filtering of on-chain information. The platform also offers a Credibility Rating, which certain cryptocurrency exchanges utilize to determine whether a cryptocurrency should get listed. Shinhan Bank aims to utilize Xangle’s abilities to create novel services that bring together financial and digital asset information and also to identify pioneering blockchain enterprises.
Furthermore, under the partnership deal, both firms will co-develop and unveil crypto-linked facilities on both platforms.
Shinhan Capital, an associate firm of Shinhan Financial Group, took part in Xangle operator CrossAngle’s Series B investment round that got funding of more than KRW 17 billion (~$13.70 million).
Shinhan is among the most active South Korean banks in the crypto and blockchain domain. The bank owns a stake in Korea Digital Asset Trust (KDAC), a digital asset custodial company.
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.
