The cryptocurrency market remains range-bound with a slight bearish bias. Bitcoin (BTC), the numero uno crypto in terms of market cap, remains an exception by being bullish near its all-time high of about $64,804.72. While writing this article, Bitcoin was trading at $61,814, down 1% in the past 24 hours. Ethereum (ETH) was trading at $3,791, a decrease of 2.50% in the same period. XRP was trading at $1.02, reflecting a loss of 1.20% in the last 24 hours.
Major altcoins, which have gained ground in the past 24 hours, include Dash (DASH-$189.43, 0.20%), Dogecoin (DOGE, $0.2476, 3.30%), IOTA (IOTA-$1.24, 0.1%), Internet Computer (ICP, $44.92, 2.10%), Solana (SOL, $157.50, 2.70%), Cosmos (ATOM, $31.99, -1.50%), Tezos (XTZ-6.70, 0.60%) and Polygon (Matic, $1.50, 0.50%).
Major altcoins, which have lost ground in the past 24 hours, include Bitcoin SV (BSV-$168.64, -1.60%), Stellar (XLM-$0.3814, -3.20%), Tron (TRX-$0.0989, -0.90%), Uniswap (UNI, $26.13, -0.40%), Bitcoin Cash (BCH, $614.13, -0.50%), EOS (EOS-$4.46, -0.10%), VeChain (VET, $0.1186, -2.90%), ChainLink (LINK-$25.96, -2.70%), Cardano (ADA, $2.14, -0.80%) and Polkadot (DOT, $41.07, -4.50%).
Government level initiatives
Sri Lanka approves committee to oversee digital banking and more
The Cabinet of Ministers of Sri Lanka has approved the establishment of a committee of experts from the government and business to prepare a detailed document on the Acts, Rules, and Legislation necessary to lure investments from enterprises focused on blockchain technology, digital banking, and cryptocurrency mining to enable the development of a digital business climate.
The Project Coordinating and Monitoring Minister, as per the Government Information Department, has presented the necessary suggestion at the latest Cabinet meeting. The appointed panel would be in charge of authorizing cryptocurrency mining firms to invest in Sri Lanka and enabling the Board of Investment (BOI) to take the required measures under the terms of the BOI Act No. 4 of 1978 and its associated modifications.
Private sector initiatives
R3 acquires tokenization platform, Ivno
R3, which offers enterprise-level blockchain Corda, has acquired tokenization platform Ivno, including the latter’s intellectual property and core team. Ivno’s platform facilitates the issuance of stablecoins and also the interchangeability of various settlement tokens (or bank coins).
Interestingly, Ivno’s platform is based on the Corda blockchain. The platform also makes use of smart contracts to tokenize a range of assets, including cash, collateral, and even artwork. Specifically, Ivno has been concentrating on both Corda-based tokens and also APIs to link tokens to similar platforms.
Commenting on the acquisition, Todd McDonald, Chief Product Officer of R3, said, “One of the most significant financial sector developments is the use of digital currency and tokenized liquid assets. The underpinning technology offers a chance to slash the cost of financial transactions and boost processing speeds substantially.”
He further stated that the takeover of Ivno’s top-notch platform developed using Corda would considerably expedite R3’s ability to provide enterprise-level and regulatory-compliant stablecoin issuing capabilities to clients. To begin with, the features offered by Ivno’s platform will be incorporated in the R3 Sandbox for Digital Currencies.
SEBA launches SEBA Earn
Swiss regulator FINMA governed digital asset-focused bank SEBA has rolled out SEBA Earn, a program facilitating access to permissioned decentralized finance (DeFi), cryptocurrency lending, and also staking facilities.
Furthermore, SEBA will roll out a centralized lending platform. Notably, there are numerous large decentralized and also centralized crypto lenders that operate without any regulation. Customers can deposit cryptos such as Bitcoin (BTC) and Ethereum (ETH) to generate a yield. The bank will also make money by lending crypto assets.
Commenting on the initiative, Guido Buehler, CEO of SEBA Bank, said, “It is clear that as institutional interest in digital assets accelerates, investors have a broader appetite for crypto assets, with a particular interest in earning services like staking, DeFi and centralized crypto borrowing and lending.”
He further stated that SEBA Earn, the bank’s complete digital asset earning solution, gives individual and institutional participants a holistic solution and a reputable, regulated operator to access the sector safely.
Miscellaneous
Brooklyn Nets becomes a member of Socios.com
Brooklyn Nets has become a member of the blockchain-powered platform Socios.com, which facilitates fan interactions. The New York-based NBA team is the third to join Socios network in as many days. The other two members who joined prior to Brooklyn Nets are Brazilian football club São Paulo and the Argentinian soccer team Racing Club.
Socios.com is a key player in the market for fan tokens. The group has rolled out tokens with top European clubs such as Barcelona, Paris-Saint Germain (PSG), and Manchester City. The platform even succeeded in making Manchester City pay a portion of Messi’s remuneration in fan tokens, which gave a name for Socios outside the blockchain and crypto world.
Nevertheless, in the case of the Brooklyn Nets, it is highly unlikely to have a fan token offering. Only a non-fungible token (NFT) is expected because the launch of a fan token will draw the attention of the US SEC, which generally considers cryptos as securities.
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.
