The cryptocurrency market remains slightly bullish, with Bitcoin (BTC) consolidating above $45,000 levels. While preparing this report, Bitcoin was trading at $47,332, up 0.40% in the past 24 hours. Ether (ETH) had rallied 1.5% to trade at $3,414. XRP was trading at $0.8658, an increase of 1.70% in the last 24 hours.
Major altcoins, which have gained ground in the last 24 hours, include Shiba Inu (SHIB- $0.00002773, 3.7%), Terra (LUNA- $107.67, 0.40%), Avalanche (Avax- $100.47, 9.90%), ChainLink (LINK-$17.49, 3.90%), Binance Coin (BNB- $448.87, 4.40%), Cardano (ADA, $1.20, 1.50%), Bitcoin Cash (BCH, $382.74, 4.20%), Solana (SOL, $122.04, 11.50%), EOS (EOS-$2.98, 4.50%), Stellar (XLM-$0.2370, 3.60%), Cosmos (ATOM, $30.57, 2.70%), Polygon (MATIC- $1.72, 4.10%), VeChain (VET, $0.086918, 24.20%), Uniswap (UNI, $12.32, 11.60%), Polkadot (DOT, $22.68, 2.90%), Dogecoin (DOGE, $0.1445, 2.20%), Near (NEAR- $14.16, 1.20%), Tezos (XTZ-3.89, 4.80%), Internet Computer (ICP, $22.46, 3.7%), and IOTA (IOTA-$0.9071, 6.30%).
Private sector initiatives
Cowen launches new digital asset unit
Investment bank Cowen rolled out its latest digital asset unit focused on institutional investors. The division will offer crypto trade and custodial solutions.
Standard Custody & Trust, a division of Polysign, built the platform for Cowen. Specifically, two technical experts from Ripple, Arthur Britto and David Schwartz, led the development team. Notably, Arthur Britto and David Schwartz co-created Ripple’s XRP Ledger. Britto established Standard and its present Vice Chairman was the ex-Vice Chairman at BNY Mellon.
In addition to the trading and custodial platform, a roadmap for launching derivatives, funding solutions, institutional DeFi, and support for NFTs was also unveiled.
Bolstered by Cowen’s unified institutional-level framework, the aforesaid business combines proven competence in conventional funding to back and help institutional customers as they develop and implement their cryptocurrency investment models.
ANZ banking completes A$30 million stablecoin trade
One of the top four banks of Australia, ANZ (Australia and New Zealand Banking), has completed a A$30 million stablecoin trade involving Victor Smorgon Group. The investment management firm made a payment to Zerocap digital asset exchange. To facilitate the transaction, ANZ minted 30 million coins and then converted them back into fiat currency.
ANZ Banking Services Lead Nigel Dobson stated that “An Australian dollar-based stablecoin released by ANZ is an initial and critical phase in allowing our clients to access the digital economy in a sound manner.”
He further pointed out that stablecoins present a unique, efficient, and straightforward method for clients to engage in dealings. In this regard, Dobson cited the use of stablecoin by Victor Smorgon Group to engage with Zerocap’s digital asset exchange and transfer funds across a decentralized network.
The Australian bank revealed that an Ethereum blockchain-based smart contract has been developed by itself and employed through the Fireblocks platform. The financial institution further pointed out that its smart contract was audited by OpenZeppelin. Also, the Fireblocks solution has been used for safe digital custody. The bank also employs transaction screening and also blockchain monitoring by using the solution provided by Chainalysis.
Avast buys SecureKey
Popular cybersecurity-focused firm Avast has bought SecureKey, a Canadian blockchain technology-based identity provider. Notably, four months before, Avast, which boasts 435 million users, acquired Evernym, a self-sovereign identity provider. The technology used by both identity firms overlaps to a certain extent. The SecureKey acquisition is expected to be completed by April.
Three years ago, SecureKey unveiled Verified me in Canada with a majority of the country’s large banks, including CIBC, RBC, TD, Desjardins, Scotiabank, and others. The intention of Verified.me is to expedite identity checks. In case a user has identity credentials with a bank, and another organization wants to confirm the identity, an authorization for verification is adequate.
Furthermore, it unveiled Government Sign-In by Verified.Me for online facilities. In October 2021, SecureKey divested the exclusive rights to utilize its intellectual property in Canada to Interac Corp. On average, SecureKey’s solution handles 200 million digital ID trades per year.
The firm joined hands with IBM to build the Verified.Me network. It utilizes Hyperledger Fabric but remains compatible with Hyperledger Indy initiatives. Indy used the code initially contributed by Evernym to offer the open-source self-sovereign identity infrastructure.
Miscellaneous
Quadrata introduces a Web3 pass
Blockchain firm Quadrata has introduced a Web3 pass by combining KYC (know your customer) and credit score from TransUnion. The pass will be utilized to determine the percentage of DeFi loans. Usually, the loaned amount (stablecoin) will be 70% to 85% of the value of the deposit in the form of cryptos such as Bitcoin and Ethereum.
However, market participants believe that over-collateralized loans are inefficient utilization of capital. In the past few months, several crypto funding firms have started offering better terms. In fact, reputed crypto-focused institutions such as Alameda Research have received several hundreds of millions from TrueFi and Maple Finance, without offering any collateral.
On the other hand, an average crypto enthusiast will not have the kind of reputation as Alameda. Therefore, in order to receive under-collateralized loans, credit rating and identity info are essential. Quadrata’s Web3 passport can offer both.
Quadrata collaborated with another blockchain firm Spring Labs, which built its ky0x Passport. Users accept to include verifiable identity, compliance, and credit data, which can be utilized in transactions. The identity and compliance info is already a portion of the passport, and the credit scoring information is in development.
Notably, TransUnion has acquired a stake in Spring Labs, and the three institutions are jointly working to include the credit score provided by TransUnion.
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.
