ETC Group to List Bitcoin Based ETP in Germany’s Xetra

ETC Group to List Bitcoin Based ETP in Germany’s Xetra
June 11, 2020

 

The cryptocurrency market remains rangebound with slight bullish bias. Bitcoin (BTC), which declined to $9,700 levels two days before has climbed up to hover around $9,900 level, reflecting a gain of 1.4% in the past 24 hours. Ether (ETH) has gained 2.2% to trade at $249.29. XRP, the native crypto of Ripple, has gained 0.3% to trade at $0.2024. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$4.44, 0.9%),  Stellar (XLM-$0.0789, 1.1%), Bitcoin Cash (BCH-$257.26, 0.9%), Ethereum Classic (ETC-$6.81, 0.4%), Tezos (XTZ-2.90, 0.4%), IOTA (IOTA-$0.2476, 0.4%), Monero (XMR-$69.69, 3.2%), Cardano (ADA-$0.0838, 3.9%), LEO (LEO-$1.25, 0.4%), Dash (DASH-$78.38, 1.6%), Binance Coin (BNB-$17.46, 0.3%), EOS (EOS-$2.76, 0.2%), Litecoin (LTC-$46.68, 1.5%), and Cosmos (ATOM, $3.11, 0.8%). Other major altcoins which have lost ground in the past 24 hours include OKB (OKB-$5.39, -0.7%), Tron (TRX-$0.0175, -0.2%) and Huobi (HT-$4.44, -0.2%).

 

Government level initiatives

Busan launches an identification app to validate citizen data

South Korea’s second-largest city Busan has unveiled an identification app based on a public blockchain to validate citizen data. The app was created by Coinplug, a Korean firm operating under the regulatory sandbox established by the Busan blockchain regulation-free zone. The app runs on the Metadium blockchain and its Decentralized Identifier technology.

The system allows user data to be stored on their devices, with only a cryptographic proof of data being sent to the blockchain. Through this process, a balance is created between personal data privacy and the necessity to create tamper-proof documents. Usually, the latter can be attained only by storing the data in centralized servers.

The app will facilitate citizens to access a broad range of “non-face-to-face” government services, which has become the need of the hour due to the COVID-19 outbreak.  The app also offers a cryptocurrency wallet. This feature was provided after Coinplug decided to integrate cryptocurrency payments in the country’s post offices.

 

Private sector initiatives

PlayDapp unveils a marketplace for NFTs

PlayDapp, the Korean Blockchain gaming enterprise, has rolled out a marketplace for non-fungible tokens (NFTs), paving the way for the acceptance of digital assets by the country’s multi-billion-dollar gaming sector. The novel platform, named ‘PlayDapp MarketPLAce,’ markets itself as offering free assistance for coin-to-coin trading between NFT-powered in-goods.

The creation of PlayDapp’s marketplace was headed by Koh Kwang-Wook, a founding member and former CTO of Item Bay, a leading online broking platform for in-game goods. The platform, at the time of launch, hosted digital assets from CryptoDozer and DozerBird, Ethereum powered collectible games.

In the past 24 hours, the games have lured 201 and 30 users, respectively. Through 2,132 weekly trades, CryptoDozer has carried out an asset exchange worth $610. However, only $12 worth digital assets of DozerBird changed hands in 277 trades.

Globally, Korea’s gaming sector is the fourth-largest, valued at roughly $12.1 billion two years before. The country’s gaming industry has recorded a yearly growth of at least 7% over the past decade.

 

Baseline Protocol launches a Google Sheets and Microsoft Dynamics 365 integration facility

Baseline Protocol has rolled out a facility integrating Google Sheets and Microsoft Dynamics 365. The latest facility paves the way for the maintenance of ascertainably unalterable documents using a spreadsheet in combination with ERP (enterprise resource planning) solution. Baseline Protocol, which was unveiled in March, was created through a partnership between ConsenSys, Microsoft, and EY.

Earlier this week, Baseline published a proof-of-concept, illustrating its ability to validate and confirm that several independent private databases store identical documents.

The proof has clearly shown that the strategy does not require data to be stored on a blockchain, but consistency can be validated by matching two records held separately using distributed ledger technology. Baseline utilizes Ethereum blockchain as middleware for data validation without revealing undesirable or delicate info to the public who access the network.

 

Miscellaneous

ETC Group to launch first crypto exchange-traded product on Xetra in June

ETC Group, headquartered in London, will launch its first cryptocurrency exchange-traded product on Germany’s Xetra digital stock exchange in June. In addition to the UK based traders, even Australian and Italian traders will be able to trade the asset.

The ETC Group is slated to list the Bitcoin Exchange Trade Crypto (BTCE), an exchange-traded product (ETP), on Deutsche Börse Xetra after receiving approval from regulators of German financial markets.

BTCE derives its value from the price of Bitcoin (BTC) and is also backed by the numero uno crypto. BitGo, which is functioning as a custodian for ETF Stream, is storing the digital asset in its cold storage facility.

ETC Group CEO Bradley Duke stated: “The crypto sector has been held back by concerns about complexity, accessibility and governance. With BTCE, we are transporting Bitcoin into the fold of mainstream, regulated financial markets. Investors get the benefits of trading and owning Bitcoin through a regulated security while having the optionality of redeeming Bitcoin if they choose.”

The group has clarified that it was offering BTC investments “through an ETP structure,” which is different from the usual exchange-traded fund (ETF). As per the firm, the hybrid ETP product will not confirm precisely to the definition of an ETF in the European Union as it is an instrument derived out of a single asset.

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.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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