The crypto market has turned bullish, with Bitcoin (BTC) breaking above the historic high of $20,000. At the time of writing this article, Bitcoin was trading at $21,761.93, reflecting a gain of 12% in the past 24 hours. Ether (ETH) has rallied 9.9% to trade at $644.50. XRP has appreciated 26.4% to trade at $0.5667.
Other major altcoins which have gained ground in the last 24 hours include USD Coin (USDC-$1, 0.1%), Binance Coin (BNB-$30.79, 4.9%), ChainLink (LINK-$13.57, 8.7%), Dash (DASH-$103.94, 8.7%), Polkadot (DOT-$5.35, 3.10%), EOS (EOS-$3.09, 8.8%), IOTA (IOTA-$0.3302, 9.90%), Tron (TRX-$0.0313, 7.7%), Cosmos (ATOM, $5.47, 4.7%), Cardano (ADA-$0.1681, 11.10%), Bitcoin Cash (BCH-$312.54, 9.20%), Bitcoin SV (BSV-$180.13, 7.4%), Monero (XMR-$158.73, 6.1%), Tezos (XTZ-2.35, 5.90%) and Stellar (XLM-$0.1890, 16.1%).
Major altcoins that have lost ground in the past 24 hours are Tether (USDT-$0.9992, -0.1%),
Government level initiatives
The Swedish government is moving forward to shift to CBDCs
The government of Sweden is moving forward with its CBDC (central bank digital currency) plans by initiating an official study of a likely shift to the blockchain-powered digital currency. The study will assess the possibility of shifting Sweden’s payment framework to a digital currency. Sweden is anticipated to transform into the first cashless society by 2023.
Per Bolund, Sweden’s minister for financial markets, stated that the government anticipates finishing the digital currency review by the final leg of November 2022. The process is headed by Anna Kinberg Batra, ex-chairwoman of Riksbank’s (central bank of Sweden) finance committee.
Bolund stressed the need to guarantee that the digital payments platform in Sweden operates securely and is “available to everybody.”
In the final quarter of 2019, Sweden announced the platform for e-krona, the government-backed CBDC. To develop the intended platform, the Riksbank joined hands with Accenture, the well-known software consultancy firm. Back in February, the country began its initial e-krona trial. The CBDC will undergo a test until February 2021.
The Monetary Authority of Singapore has approved tokenized assets
The Monetary Authority of Singapore (MAS) has given approval for Singapore’s headquartered DBS Bank for establishing an exchange for trading tokenized assets. The exchange, named DBS Digital Exchange, will serve both institutional and recognized large investors.
Furthermore, DBS Digital Exchange will offer both cryptos and other kinds of digital assets. Notably, SGX (Singapore Exchange) is acquiring a 10% stake in the Digital Exchange. Initially, cryptos such as Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and XRP will be paired with fiat currencies such as SGD, HKD, USD, and JPY, and offered for trading.
The three features offered by venture are token security offerings (STOs), digital asset custody, and cryptocurrency exchange. Interestingly, STOs will also include tokenized shares representing unlisted firms, private equity funds, and even bonds.
Private sector initiatives
Japan partners with NTT to build a security tokenization platform
Securitize Japan has partnered with NTT Data to build a security tokenization platform, which complies with regulatory guidelines. With respect to the platform intended to serve the Japanese market, the companies have detailed the domestic venture’s objective. They plan to offer the digital securities tokenization platform to its customers.
San Francisco, headquartered in Securitize, already owns a security tokenization platform and obtained investment from several top Japanese companies, including Nomura, Sony Financial Ventures SBI, and MUFG. Together, SBI and Nomura jointly own the BOOSTRY platform, which facilitates bond issuance. Furthermore, in recent times, SBI rolled out an Asia-focused cryptocurrency project in partnership with SIX.
Switzerland’s top bank completes share tokenization
Switzerland based top crypto bank Sygnum has completed share tokenization on the blockchain, a step necessary to begin the public sale. Specifically, the bank’s shares have been tokenized on the Ethereum blockchain utilizing a tailor-made tokenization platform named Desygnate.
The blockchain-powered platform has carried out the digital replica of its shares and related statutory rights and commitments over a distributed ledger platform, offering a substitute to conventional capital generation options such as initial public offering (IPO). In the final leg of November 2020, the platform is structured to be harmonious with the latest Swiss distributed ledger rule, which becomes effective in February 2021.
Mathias Imbach, the co-founder of Sygnum and CEO at Desygnate, claimed that Sygnum is the world’s leading bank to complete tokenization of its shares. “We are excited to be the first bank in the world to tokenize our shares. This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value. This includes new engagement models with our clients and partners, and ultimately providing liquidity for our trusted shareholders.”
Miscellaneous
Ether is towing Bitcoins lines by rising above $600
Ether (ETH) is towing Bitcoin’s lines (BTC), which has broken above the previous historic high of $20,000, by rising above $600. The uptrend was also fueled by CME’s (Chicago Mercantile Exchange) announcement that it will be rolling out Ether futures next year.
Tim McCourt, CME Group global chief of equity index and alternative investment products, said, “Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency.”
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.
