The cryptocurrency market has turned bearish, with Bitcoin (BTC) breaking below the lower end of the $35,000 – $40,000 range in which it was trading for the last two weeks. While writing this article, Bitcoin was trading at $32,647, down 7.4% in the past 24 hours. Ether (ETH) lost 11.4% to trade at $1,952 during the same period. XRP fell 15.7% to trade at $0.6252.
Major altcoins which have lost ground in the last 24 hours includes Cosmos (ATOM, $10.17, -11.9%), ChainLink (LINK-$18.09, -14.10%), Tron (TRX-$0.05497, -17.10%), IOTA (IOTA-$0.7728, -16.20%), EOS (EOS-$3.65, -16.90%), Polkadot (DOT-$16.37, -18.50%), Cardano (ADA-$1.23, -12.30%), Tezos (XTZ-2.57, -14.30%), Dash (DASH-$130.41, -12.90%), Bitcoin SV (BSV-$121.34, -19.70%), Binance Coin (BNB-$280.05, -15.80%), Bitcoin Cash (BCH-$466.98, -14.20%) and Stellar (XLM-$0.2496, -15.40%).
Private sector initiatives
Health Insurers establish a member-focused utility network named Avaneer Health
Multiple health insurers, including Aetna, Anthem, HCSC, and non-profit healthcare institutions such as Sentara Healthcare and Cleveland Clinic, have come together and established a member-focused utility network organization with the support of IBM and PNC Financial Services.
The project, named Avaneer Health, intends to remove inadequacies in the US healthcare system via blockchain-based solutions.
The insurers, IBM, and PNC, had earlier established the Healthy Utility Network intending to lead digital transformation in the healthcare sector. The association’s foremost ventures include claims and payment processing, health data sharing, and provider catalogs. Avaneer Health is another initiative by the consortium.
The US healthcare system has numerous issues which the aforesaid blockchain platform is anticipated to address. For example, insurers will only agree to a payout to pre-determined clinics and hospitals, which are listed in the provider catalogs. Likewise, a patient needs to check whether the ailment is covered by the insurer before going for a procedure.
Complete details regarding the platform’s capabilities are expected to be disclosed only at the 2021 HIMSS Global Health Conference & Exhibition that will be conducted in August.
Broadridge’s distributed ledger repo solution in production phase
Broadridge has announced the commercialization of its distributed ledger repo (DLR) solution. The firm rolled out a trial for bilateral repos four years ago in partnership with Natixis and Societe Generale.
Even though the enterprise did not reveal the list of organizations that have gone live on the platform, it stated that the average daily transaction volumes had hit $31 billion since the day of launch. As per SIFMA, the US repo market size, with respect to average daily outstanding balances, was $4.50 trillion last year.
A typical repo transaction takes place when a financial institution borrows cash by selling securities, mostly treasuries, and accepts to repurchase at a higher price in the weeks ahead. The process resolves short-term cash needs for one party and collateral requirements for another party.
As per the BIS (Bureau of International Settlements), there is a need for a particular kind of collateral in some markets.
DLR facilitates the contract, execution, and settlement of repo transactions on a single ledger. The core collateral securities are tokenized after locking it for a specific span of time, paving the way for the transfer of ownership utilizing smart contracts.
Settlement is carried out by triggering a payment on conventional payment rails instead of cash on a ledger. The atomic transaction ensures simultaneous transfer of payment and ownership, nullifying counterparty risk. The platform focuses on intraday, overnight, and term repos.
Mythical Games starts the prelim stage of its play-to-earn video game
Mythical Games, a video game company that has turned its attention on non-fungible tokens (NFT), has started the preliminary access stage of Blankos Block Party, a play-to-earn videogame.
Notably, Burberry, a luxury fashion firm, has collaborated with Mythical Games to have sole NFTs advertised in the game. Users spend money to purchase digital accessories related to popular video games. In this manner, a minimum of $50 billion is expended every year on digital goods.
Mythical Games is converting those digital goods into NFTs. With this, players will actually have ownership of what they are buying and can exchange it with other gamers for real cash.
Blankos Block Party is currently offering more than 100,000 NFTs for sale. Additionally, Burberry and Mythical Games have collaborated with deadmau5 – an electronic music producer, The Marathon Clothing brand, and 5 artists.
Mythical Games CEO John Linden said, “Our ecosystem introduces digital item fluidity that unlocks the value of a player’s collection and gives them the freedom of ownership; gone are the days of a player’s inventory being filled with items they never use anymore or rare collectibles they can only display.”
Miscellaneous
Banks in India establish Indian Banks’ Blockchain Infrastructure Co
Fifteen banks in India, including State Bank of India, ICICI, HDFC Bank, and Standard Chartered Bank, have established a blockchain trade funding consortium named Indian Banks’ Blockchain Infrastructure Co (IBBIC). To begin with, the association will target local Letters of Credit.
IBBIC intends to slash transaction times to few hours, from four to five days, and minimize the volume of documentation as L/C issuance is a paper-intensive process.
Nevertheless, another key problem in trade funding is fraud, which includes the use of the same documentation to raise funds from multiple lenders. The use of blockchain will prevent such fraudulent practices. Notably, the Reserve Bank of India was involved in the discussions.
The platform, expected to be launched sometime this year, is raising $10.20 million, with a contribution of $680,000 from each bank. Finacle Connect, developed by Infosys, will be the core of the platform.
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.
