The cryptocurrency market has turned slightly bullish with Bitcoin (BTC) breaking above $31,000. While preparing this report, Bitcoin was trading at $31,271, up 1.70% in the past 24 hours. Ethereum (ETH) gained 0.30% to trade at $1,956. XRP was trading at $0.4879, reflecting an increase of 1.30% in the same period.
Major cryptocurrencies, which have gained ground in the past 24 hours, are IOTA (IOTA – $0.1859, 0.20%), Cardano (ADA, $0.2973, 1.10%), and Shiba Inu (SHIB, $0.00000775, 0.50%).
Major cryptos, which have lost ground in the past 24 hours, are Stellar (XLM, $0.1052, -2.60%), VeChain (VET, $0.02037, -2.10%), Avalanche (Avax- $13.19, -0.60%), Binance Coin (BNB – $246.32, -0.50%), Bitcoin Cash (BCH, $283.47, -5.70%), ChainLink (LINK – $6.57, -0.40%), EOS (EOS – $0.7633, -1.10%), Solana (SOL, $19.42, -0.20%), and Polkadot (DOT, $5.45, -2.20%).
Private Sector Initiatives
EIB Successfully Issues SEK 1 Billion Green Bond via Blockchain Solution, So|bond
Using the so|bond blockchain solution developed by Sweden’s SEB and Credit Agricole CIB, the European Investment Bank has officially issued a SEK 1 billion green bond. The EIB has now issued four digital bonds, each of which was issued on a different platform.
The bond, redeemable in two years, is on the Official List of the Luxembourg Stock Exchange and is also traded on the Luxembourg Green Exchange. So|bond, which is based on the unique Proof of Climate awaReness protocol, was released a few months ago. The bond rewards node operators with a token, the Climate awaReness Coin, for decreasing the carbon footprint of their node.
The Credit Agricole CIB, SEB, and CACEIS now manage the nodes on the so|bond blockchain, which is a public permissioned blockchain.
Credit Agricole CIB serves as the account keeper for the issuance. According to Arnaud Delestienne, the Director of LuxSE, the bond represents a significant achievement in their partnership with EIB, as it is the initial digital green bond to be natively showcased on the Luxembourg Green Exchange platform.
Arbol and RiskStream Collaborative Launch dRe Blockchain Platform for Parametric Reinsurance
Arbol, which offers climate risk coverage solutions across the globe, in partnership with The Institutes RiskStream Collaborative, a blockchain and emerging technologies association in the insurance sector, has revealed that its smart contract platform dRe has gone live commercially.
The blockchain platform, hailed as the first on-chain data computation tool, is a turning point in the field of parametric reinsurance, claim the firms, highlighting the obvious advantages of the strategic alliance between Arbol and RiskStream announced in May.
For extreme storm catastrophe deals, an effective and transparent parametric loss computation is made possible by the smart contract-based dRe Lifecycle Dashboard. The platform starts a smart contract based on wind speed and location for exact risky scenarios using validated meteorological data from the well-known decentralised climate data ecosystem, dClimate, and Chainlink’s industry-standard decentralised oracle system. The platform automates the start of claims, notification of claims, and computation of losses, resulting in prompt payouts, straightforward data flow, and great openness.
Sid Jha, founder and CEO of Arbol, opined, “dRe is a major breakthrough in Arbol’s efforts to improve transparency and efficiency in the insurance industry.”
Fnality Conducts Connectivity Test with Adhara for Blockchain Settlements, Nears Commercial Debut
Fnality, a company specializing in blockchain settlements, has conducted a connectivity test with Adhara’s bank liquidity solutions. This marks a significant milestone in Fnality’s move toward its official debut. The blockchain settlement tokens offered by Fnality are backed by central bank deposits. So far, the firm is backed by 17 financial institutions. It is already tagged as a methodically crucial payment platform in the UK. The platform intends to go live commercially later this year.
Right from the first instance, Finality aimed to enhance bank liquidity. For the trials, Fnality offers the payment instrument, and Adhara offers the liquidity management solution. Notably, Adhara is also the tech partner of Fnality.
The global branches of Fnality’s multinational banking associates retain cash or collections of liquid assets. With blockchain, it is feasible to centrally handle liquidity. Furthermore, tokenized payments facilitate real-time settlement. Even though it looks impressive, real-time settlement necessitates a huge pile of cash to be retained all the time. Therefore, banks wish to schedule the timing of payments and net a portion of them during the day. The trial revealed that Adhara’s liquidity and digital payment platforms interoperate with Fnality’s payment solution without any hitches.
Miscellaneous
MOBI Introduces Global Battery Passport Norm to Address EV Battery Regulations and Sustainability Concerns
MOBI, the web3/DLT mobility consortium, has unveiled a global battery passport norm. As an outcome of the EU’s battery laws, which are anticipated to be ratified soon, electric vehicle (EV) batteries will be required to have a passport. Nevertheless, the standard is intended to be beneficial when other jurisdictions publish rules and regulations.
Batteries are made up of cobalt, which frequently utilizes child labor during mining, and also metals from war-torn regions. Furthermore, the positive environmental effect of EVs is strongly impacted by the manner in which a battery is manufactured and recycled. Battery passports will perform a crucial function in these facets.
The MOBI standard was drafted after receiving input from several top automobile manufacturers, namely Ford, Nissan, Honda, and Mazda. The norm does not intend to dictate the information to be included in the passport but rather how decentralization needs to be achieved. Through the creation of an open, interoperable standard, it aims to avoid vendor lock-in and single points of breakdown.
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