The cryptocurrency market remains range-bound with a bearish bias as Bitcoin (BTC) continues to face huge selling pressure. While writing this article, Bitcoin was trading at $47,038, reflecting a loss of 3.50% in the last 24 hours. Ether (ETH) had lost 4.90% to trade at $3,798 during the same period. XRP was trading at $0.7932, down 3.90% in the past 24 hours.
Major altcoins, which have gained ground in the last 24 hours, include Tezos (XTZ-4.47, 3.4%).
Major altcoins, which have lost ground in the last 24 hours, include Solana (SOL, $154.66, -7.90%), ChainLink (LINK-$18.03, -7.90%), EOS (EOS-$3.18, -0.80%), Dash (DASH-$127.42, -4.50%), Cosmos (ATOM, $21.79, -7.7), Uniswap (UNI, $14.21, -7.80%), Stellar (XLM-$0.2552, -4.50%), Cardano (ADA, $1.23, -6%), VeChain (VET, $0.779 -7.10%), IOTA (IOTA-$1.04, -6.50%), Bitcoin Cash (BCH, $424.72, -4%), Polkadot (DOT, $26.32, -10%), Dogecoin (DOGE, $0.1583, -4.50%), Internet Computer (ICP, $25.05, -8.40%) and Bitcoin SV (BSV-$123.25, -4.90%).
Government level initiatives
Oesterreichische Nationalbank begins work on 2nd stage of Project Delphi
Oesterreichische Nationalbank (OeNB), the central bank of Austria, has begun working on the second stage of Project Delphi, which focuses on the development of wholesale central bank digital currency (CBDC).
The initial stage was centered on trialing a blockchain platform for completing a bond deal based on a delivery versus payment mechanism. The process involved the issuance of an Austrian Treasury Bond and settlement by commercial banks on the same platform through the use of CBDC. The second stage will study advanced functionalities and business models, including non-fungible tokens and DeFi.
Johannes Duong of the OeNB was quick to underline that the experiment is exclusively for scientific purposes, with no intentions to create a wholesale CBDC, and is completely independent of the European Central Bank’s (ECB) retail digital Euro program.
The Austrian Treasury (OeBFA), the national central securities depository OeKB CSD, Raiffeisen Bank, and Erste Group Bank participated in the initial stage of Project Delphi. The venture began in October 2020 and concluded in June of this year. It has recently begun the development of the second stage, which is scheduled to be finished in 2022.
Indian Ministry of Electronics and Information Technology presents National strategy on Blockchain
The Indian Ministry of Electronics and Information Technology presented a “National strategy on blockchain” a week ago, outlining 44 application areas for the technology and outlining the scope and extent of how it may be utilized across various industries. MeitY has proposed the establishment of a National Blockchain Framework (NBF) with three sorts of players: competent technology users (application developers), technology providers or operators (infrastructure and services, Blockchain as a service), and entire technology stack developers (IP creator).
MeitY has suggested a multi-institutional approach for designing and developing the NBF, stating that institutions and their specific roles must be established. According to the report, the technology has ample use cases in education, governance, finance & banking, healthcare, logistics, cyber security, media, legal, and the power sector.
A transcript from the 52-page document reads as follows: “Involvement of innovative startups and industry would bring in the agility. Institutional mechanism within MeitY and a collaborative framework with other ministries/ departments and states may be evolved.”
The document, citing Gartner as well as other data, highlights the opportunities for blockchain applications, which are expected to hit $176 billion in corporate value by 2025 and $1.3 trillion by 2030.
MeitY said it would collaborate with different government agencies and other participants to execute the aforesaid plan and capitalize on the many benefits of Blockchain technology, including increased security, trustworthiness, and the capacity to assure tamper-free dealings.
Private sector initiatives
Adidas Originals enters the Metaverse
Adidas Originals is following in the footsteps of several consumer goods companies that have entered the Metaverse with diverse initiatives. The sportswear company has teamed with two established players in the non-fungible tokens (NFTs) domain: Bored Ape Yacht Club and Pixel Vaults Punks Comic. Besides the relationship, the company has also entered the Metaverse through an agreement with cryptocurrency-focused investor Gmoney.
Adidas Originals sparked a social media frenzy when it modified its Twitter profile photo from the company emblem to the Bored Ape image. The athletic apparel manufacturers’ latest Twitter image has an animated monkey sporting an Adidas tracksuit with Punks Comic and Gmoney logos printed on it, highlighting the newly formed collaboration.
In the meantime, the firm posted a 29-second short clip depicting three extraterrestrial apes landing on Earth. The animated animation depicts the apes arriving in a metaverse realm fashioned after the company’s brand emblem. Adidas Originals dubbed the Metaverse a “world of endless possibilities” after its latest agreement, adding that the business would become an essential player in the NFT system. Additionally, the firm updated the profile photo of its Twitter page to include a Bored Ape image. Adidas also made an announcement through their mobile application about the brand’s arrival into the Metaverse.
State Street Digital now using the Assembly blockchain platform
State Street Digital has revealed that it has started using Symbiont’s enterprise-level blockchain platform Assembly to carry out margin calculation on a real-time basis for Forex forward contract. Notably, Vanguard and Symbiont jointly developed the post-trade platform for the OTC (over-the-counter) Forex derivatives market. The transaction signifies the transition from trial to commercialization of the platform.
As per BIS (Bank for International Settlements), the value of the OTC market for Forex derivative contracts stood at $102 trillion at the end of June. Notably, $55 trillion of them are outright forwards and Forex swaps, the domain on which Vanguard’s platform concentrates.
Commenting on the initiative, Warren Pennington, Head of Vanguard’s FinTech Strategies Group, said, “The lower risk and increased speed will lead to lower costs and improved outcomes for investors.”
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