The cryptocurrency market has turned bearish after Bitcoin (BTC) failed to consolidate above $60,000. While preparing the article, Bitcoin was trading at $51,995, reflecting a loss of 4.1% in the last 24 hours. Ether (ETH) was trading at $1.566, down 6.7% in the past 24 hours. XRP was trading at $0.4697, down 13.6% during the same period.
Other major altcoins, which have lost ground in the past 24 hours, include Bitcoin Cash (BCH-$460.58, -10.3%), Bitcoin SV (BSV-$191.38, -10.7%), Stellar (XLM-$0.3482, -12.1%), EOS (EOS-$3.63, -11.4%), Binance Coin (BNB-$241.45, -5.7%), Dash (DASH-$187, -9.6%), Polkadot (DOT-$29.28, -14.2%), Monero (XMR-$207.71, -5%), Tron (TRX-$0.0539, -9.7%), Tezos (XTZ-3.82, -7.2%), ChainLink (LINK-$24.91, -6.7%), Cosmos (ATOM, $17.26, -7.2%) and Cardano (ADA-$1.06, -4.2%).
Private sector initiatives
Carrefour working to implement blockchain technology to track goods
Supermarket chain Carrefour is working to implement blockchain technology to track textile goods. Carrefour has been a member of IBM Food Trust for the last three years and has a range of branded food products tracked using its blockchain network.
The extension to textile goods will be the top non-food product tracked using blockchain by Carrefour but will utilize the same framework.
First, the extension to textiles will be tracing 450 products, including bed linen goods and baby bodysuits, offered by Carrefour’s TEX branches in Spain and France. TEX is Carrefour’s unique textile brand.
The firm also established an extension named Tex BIO that manufactures home textiles and baby cloths using 100% certified organic cotton. The objective is to adopt blockchain in all Tex BIO product supply chains.
Consumers can gain access to data on products by scanning a QR code using their smartphones. The measure is following Carrefour’s commitment to using 100% natural raw materials for manufacturing sustainable and traceable brand products by 2030.
Crypto.com inks partnership with Visa
Crypto.com has inked a partnership deal with Visa to expedite the adoption of cryptocurrency payment systems worldwide. The partnership will also provide Crypto.com with a principal member of the Visa network in Australia.
The cryptocurrency application presently serves more than 10 million clients worldwide and offers a broad range of facilities channeled through Crypto.com Visa Card, DeFi Wallet, and cryptocurrency exchange.
The collaboration will increase the access to Crypto.com Visa Card, which was earlier offered in Canada and the US, and 31 countries in APAC and Europe.
After the platform obtains Visa principal membership, Crypto.com will start issuing the Visa Card without any intermediate in Australia.
Furthermore, Cyrpto.com will begin providing a virtual card in Europe this month, paving the way for users to start using the facilities before the rollout of physical cards. Under a new program named “Spending Power,” the firm also intends to offer fiat loans with cryptos as collateral.
The Institutes Riskstream Collaborative rolled out the 3rd version of Canopy
The Institutes Riskstream Collaborative rolled out the third version of its blockchain technology-based platform, Canopy. The earlier variant of Canopy was compatible with R3’s enterprise-level platform Corda.
With the shift to the Kaleido platform, the insurance blockchain association supports Corda while being consistent with several variants of Enterprise Ethereum, including Hyperledger Besu and Quorum.
The most significant advantage of Canopy 3.0 is the quick processing ability needed to achieve digital transformation.
RiskStream rolled out its foremost policy blockchain platform based on Ethereum in December 2017 before transitioning to Corda. Nevertheless, its initial use case, the First Notice of Loss (FNOL) for automobile mishaps, is yet to go live (planned for trial in Q3).
Riskstream’s VP Patrick Schmid claimed that it took only three weeks to establish a proof of concept (POC) for its Mortality Monitor use case that intends to expedite payouts on life insurance policies.
Kaleido provides both an enterprise Blockchain as a Service (BaaS) platform with several cloud providers, in addition to a plethora of blockchain software building tools as a portion of its SaaS product.
Miscellaneous
Grayscale Investments have launched five new crypto investment trusts
Grayscale Investments, the world’s largest fund focused on cryptocurrencies, has established five new cryptocurrency investment trusts, taking the overall product offerings to 14. The five new product offerings are:
- Grayscale Decentraland Trust Company
- Grayscale Filecoin Trust Company
- Grayscale Basic Attention Token Trust
- Grayscale Livepeer Trust
- Grayscale Chainlink Trust
The investment vehicles are now readily available for accredited investors and verified investors and will be administered in the same way as Grayscale’s other investment trusts.
Each of the beliefs above has been created with the respective cryptocurrency, i.e., Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
Grayscale’s other investment assets are based on Bitcoin (BTC), Stellar Lumens (XLM), Ethereum (ETH), Bitcoin Cash (BCH), Horizen (ZEN), Ethereum Classic (ETC), Litecoin (LTC), and Zcash (ZEC). Furthermore, Grayscale provides a Digital Large Cap Fund that offers exposure to the top cryptos by market cap.
Specifically, the inclusion of Livepeer (LPT) and Decentraland (MANA), two relatively unknown cryptos, is surprising to investors.
Decentraland is a p2p virtual reality platform hosted on the Ethereum blockchain. Within Decentraland, MANA functions as native crypto, which can be used to pay for products and services.
Likewise, the Livepeer network is also based on Ethereum and intends to create a platform for decentralized video streaming and broadcasting.
By rewarding a network of participants, Livepeer hopes to offer a cost-effective, scalable, and censorship-resistance system for video framework.
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