The cryptocurrency market remains range bound with a slight bearish bias as Bitcoin (BTC) struggles to hold above $23,000. While preparing this report, Bitcoin was trading at $21,729, up 0.10% in the past 24 hours. Ethereum (ETH) had lost 0.50% to trade at $1,500. XRP was trading at $0.3662, a decrease of 1.70% in the same period.
Major cryptos, which have gained ground in the past 24 hours, are Avalanche (Avax- $17.47, 0.30%), Bitcoin Cash (BCH, $124.0, 1.60%), Dogecoin (DOGE – $0.0817, 0.40%) and ChainLink (LINK – $6.63, -1.10%).
Major cryptos, which have lost ground in the past 24 hours, are VeChain (VET, $0.0227, -2%), EOS (EOS – $1.02, -0.30%), IOTA (IOTA – $0.2270, -1%), Internet Computer (ICP, $5.34, -2.70%), Stellar (XLM, $0.08434, -0.10%), Binance Coin (BNB – $290.61, -5.80%), Polkadot (DOT, $6.09, -0.60%), Cardano (ADA, $0.3563, -1.20%), Tezos (XTZ, $1.04, -2.30%), Solana (SOL, $20.76, -0.30%), and Shiba Inu (SHIB, $0.0000123, -2.80%).
Private sector initiatives
DekaBank chooses Metaco Harmonize for digital asset management
Germany-headquartered DekaBank has chosen the platform of Metaco Harmonize for digital asset custody and management. DekaBank, which manages €363 billion worth of assets under management, touts itself as the securities firm for Germany-based savings banks. Notably, DekaBank is also the founder of SWIAT, a DLT tokenization ecosystem that established an association with LBBW and Standard Chartered. Interestingly, Standard Chartered is also one of the early investors in Metaco.
Metaco’s Harmonize backs both cryptos and digital securities, a domain that is advancing quickly in Germany because of the latest permissive rules. Other top banks to employ Metaco solutions include Citi, BNP Paribas, Societe Generale FORGE, and DBS Bank.
Andreas Sack, Product Owner of Digital Assets Custody at DekaBank “METACO is the ideal match for DekaBank to construct safe, compliant and futuristic new services.”
LACChain and ChromaWay complete successful property registry trial
The Inter-American Development Bank (IDB) has been a pioneer in blockchain technology, with its IDB Labs establishing the LACChain public permissioned blockchain network covering Latin America (LATAM) and the Caribbean.
Being a development bank, the prime goal of LACChain is to back blockchain applications that affect everyday lives. In this regard, enterprise solution provider ChromaWay revealed that it has successfully finished a property registry trial with LACChain utilizing a permissioned variant of the Chromia blockchain.
The LAC PropertyChain intends to enhance the openness of property documents and simplify the paper-centered registration procedure to improve trustworthiness. A scarcity of trust creates issues, minimizes activity, and higher benchmark interest rates for mortgages.
The trial complied with Peruvian regulations, but Bolivia and Paraguay are also studied in the addendum.
Intain launches tokenized finance marketplace on Avalanche blockchain
Intain has launched a new solution called IntainMARKETS on the Avalanche blockchain. This solution will enable financial offerings to be tokenized and sold on a marketplace.
Intain already owns a solution called IntainADMIN that handles asset-backed securities like mortgage-backed securities. WSFS Bank and UMB are customers of Intain and use its Paying Agent services. Intain has now also gained a new customer, Wilmington Trust.
They transferred their admin tool to the Avalanche blockchain, which is a permissioned network that allows Intain and its customers to control access to the network and monitor transactions. The validators are selected by network participants, and they must be licensed.
The use of a public token is not necessary for the subnet. Asset-backed securities are complex financial products that are divided into numerous tranches based on investor risk appetite, with a security time cycle that can last between seven and fifteen years. As a result, it can be difficult to track and document them, and using a conventional approach can be costly.
Miscellaneous
WMG and The Sandbox organize DJ talent competition in metaverse
Warner Music Group (WMG) has teamed up with The Sandbox to organize a DJ talent competition in the metaverse. The World’s Biggest Demo Drop (WBDD) is an extensive DJ talent competition hosted by Spinnin’ Records, a prominent digital-music brand of WMG. The two-week contest, which concluded on February 8, welcomed DJ talents from all over the world to demonstrate their abilities. The winner’s tracks will be launched by Spinnin’ Records and will also release NFTs with LGND Music, another partner of WMG.
The event announcement was made a year after Warner Music announced its partnership with The Sandbox to host virtual events. The Sandbox is a decentralized digital world with low-resolution, voxel-based graphics that includes real estate and amusement park features. Many companies have teamed up with the metaverse to use this platform to enhance engagement with their customers.
The Sandbox metaverse features a digital world that showcases popular hip-hop artist Snoop Dogg, complete with NFT air drops and in-world events.
Universal Music, one of the major competitors of Warner Music Group, has become heavily involved in Web3. Through a partnership with Genies, a company that creates virtual avatars, Universal has provided digital identities to many of its artists to enhance their engagement on digital platforms.
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.
