Video Source: CNBC Television on YouTube
The cryptocurrency market remains range bound with Bitcoin (BTC) hovering around $25,000. While preparing this report, Bitcoin was trading at $25,745, down 0.30% in the past 24 hours. Ethereum (ETH) had lost 0.30% to trade at $1,633. XRP was trading at $0.5017, reflecting a decrease of 0.60% in the same period.
Major cryptocurrencies, that have gained ground in the past 24 hours, are IOTA (IOTA – $0.1725, 1.20%), ChainLink (LINK – $6.38, 2.20%), Binance Coin (BNB – $215.08, -0.10%), and Polkadot (DOT, $4.28, 0.30%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are Avalanche (Avax- $9.96, -0.10%), EOS (EOS – $0.5798, -2%), Shiba Inu (SHIB, $0.00000767, -0.3%), Solana (SOL, $19.69, -2.70%), Cardano (ADA, $0.2565, -1%), VeChain (VET, $0.0155, -0.90%), and Bitcoin Cash (BCH, $191.88, -0.90%).
Government level initiatives
Bank of England Outlines Key Features for Digital Pound to Drive Innovation
The Bank of England published a document explaining how the digital pound can turn into an asset, triggering innovation. Specifically, the document explains the aspects a central bank digital currency (CBDC) should carry to attain that objective.
The document highlights four methods of promoting innovation in technology, markets, data, and standard establishment. The central bank’s initiatives could spur tech adoption. In particular, the document mentions distributed ledger technology (DLT) and privacy-enhancing technology (PET) as two developments that could encourage adoption. Furthermore, the BoE believes that open-source software could aid innovation.
A CBDC necessitates the establishment of a conventional two-sided payment market or network. So, the BoE is working on a system for the digital pound.
The BoE also believes that sorting out anonymous data will offer a better insight into economic trends.
As per the prevalent plans, payment providers retain personal information. Nevertheless, the central bank is aware that a handful of large players could dominate and use the data to curb competition. Therefore, it is also looking at open banking-style data sharing for the CBDC.
EASA Launches VIRTUA Venture
The European Union Aviation Safety Agency (EASA) has begun a venture to study the use of blockchain to track approved aircraft parts and components. The VIRTUA venture involves blockchain firm SkyThread and FPT Software building the solution in partnership with the International Air Transport Association (IATA) and PwC France.
VIRTUA will study several blockchain technologies and also use scenarios for administering aircraft parts. If the system proves to be viable, there could be modifications to EU safety regulations and guidelines.
The main reason for using blockchain is to avoid the use of unapproved parts. Even though blockchain on its own cannot prevent counterfeit parts, it can be combined with other invisible tracking inks to achieve the objective.
Notably, between 2010 and 2016, fake aviation parts played a major role in almost two dozen accidents in the US. However, counterfeits are not the only issue. Several parts have restricted shelf lives, and there is a very active market for used components. Therefore, there is a need to track the supply chain of parts, which was traditionally paper-based. This paved the way for the digitization and adoption of blockchain by SkyThread and its project participants.
Private sector initiatives
EDX Markets Taps Anchorage Digital for Custodial Services
Digital asset exchange EDX has chosen Anchorage Digital for custodial services. Notably, EDX Markets, backed by Sequoia Capital, Citadel Securities, Schwab, Paradigm, Fidelity Digital Assets, and Virtu Financial, was established last year.
The firm enabled cryptocurrency trading in June, aiming at brokers and financial institutions and stressing that it is a non-custodial service. In the months ahead, the firm aims to roll out EDX Clearing, offering a central counterparty for settlement, and Anchorage will offer custodial service to the clearing division.
Anchorage received its national charter before Trump stepped down. Specifically, the license was issued a day before Brian Brooks exited as acting comptroller. Worrisomely, no fintech (crypto or otherwise) firm has been issued a national charter under the Biden administration.
DBS Bank Launches ‘DBS Betterworld’ Metaverse Game to Highlight Global Food Waste
DBS Bank revealed its plans to roll out the SandBox web3 metaverse game DBS Betterworld to underscore worldwide food waste.
Karen Ngui, Chief of Group Strategic Marketing and Communications at DBS and Board Member of the DBS Foundation stated, “DBS trusts that the metaverse can be leveraged to achieve numerous benefits.”
About 30% of food production is wasted or lost every year, as per the data published by the United Nations. To resolve these issues, DBS began an initiative three years ago, resulting in savings of 2,000 tons of food by the end of December 2022. The process reduces waste while promoting recycling and redistributing food.
Concerning the metaverse game, five Hong Kong and Singapore firms backed by the DBS Foundation were chosen for their initiatives on food waste. These firms used excess bread to brew beer, liquidate food inventories that were nearing expiration by offering it to lower-income groups, and utilize urban areas for farming activities.
Each of those activities is categorized as a challenge in the metaverse game. The platform’s Alpha Season 4, marking a transition from game to commerce will soon go live.
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