The crypto market remains directionless, with Bitcoin (BTC) struggling to hold above $40,000. While preparing this report, Bitcoin was trading at $42,013.92, down 0.70% in the last 24 hours. Ether (ETH) was trading at $3,131, a decrease of 0.90% in the same period. XRP had lost 0.50% to trade at $0.7448.
Major altcoins, which have gained ground in the past 24 hours, include Terra (LUNA- $81.50, 1.90%) and Cosmos (ATOM, $38.71, 1.30%).
Major altcoins, which have lost ground in the last 24 hours, include Binance coin (BNB- $469.24, -0.20%), Cardano (ADA, $1.35, -10.20%), Solana (SOL, $136.46, -3.20%), Polkadot (DOT, $24.52, -2.70%), Dogecoin (DOGE, $0.1644, -1.40%), Avalanche (Avax- $83.56, -2.60%), Shiba Inu (SHIB- $0.00002768, -1.80%), Polygon (MATIC- $2.05, -2.40%), Near (NEAR- $16.47, -6.70%), IOTA (IOTA-$1.06, -2.80%), EOS (EOS-$2.77, -3.10%), Bitcoin Cash (BCH, $370.83, -3.10%), Internet Computer (ICP, $26.38, -8.80%), Tezos (XTZ-3.92, -4.20%), VeChain (VET, $0.07144, -3.90%), Stellar (XLM-$0.2474, -3.10%), ChainLink (LINK-$21.70, -5.80%), and Uniswap (UNI, $15.36, -4.30%).
Private sector initiatives
USDF launches bank-promoted stablecoin
The USDF Consortium has officially introduced a bank-promoted stablecoin that is interoperable among a chain of FDIC-protected (insured) banks. Each USDF on the blockchain is pegged to a US dollar and redeemable at any of the banks in the consortium. Additionally, transfers are allowed only to wallets that have gone through KYC procedure with one of the banks. Notably, the term USDF was initially mentioned last September, but the banks specifically avoided the usage of the term stablecoin.
The consortium is made up of five founding members, namely New York Community Bank (NYCB), FirstBank, NBH Bank, Synovus Bank, and Sterling National Bank. Figure Technologies, which was established by the Provenance Blockchain, and community banking group JAM FINTOP are also members of the consortium. The solution minimizes transacting costs and enables real-time bank inter-bank remittances. Notably, the blockchain platform is also programmable.
Member banks must be FDIC insured, have a minimum of $1 billion worth of assets, have an acceptable credit rating, and have employees dedicated to ensuring compliance with Bank Secrecy Act and anti-money laundering regulations. Membership dues range from $20,000 to $50,000, based on the size of the bank.
Visa partners with ConsenSys
Visa has partnered with Ethereum scaling solution provider ConsenSys to assist central bank digital currency (CBDC) platforms fill the gap with conventional financial institutions. In a blog post, Catherine Gu, Visa’s chief of CBDC, explained that clients would ultimately be able to utilize their CBDC-supporting Visa card or digital wallet in any place where Visa is accepted.
Gu further stated, “CBDC, if effective, has the potential to pave the way for financial inclusion and make government expenditures more productive, focused, and safe – an alluring proposal for legislators.”
As per Gu, Visa’s CBDC Payments Module was designed as a springboard to a driveway for CBDCs to current payment channels. She further stated that banks and other institutions would be able to integrate their current framework with the module.
Visa stated that its cryptocurrency teams would begin collaborating with central banks on trial and model scenarios in the second quarter.
Lega Serie A joins hands with Socios
Lega Serie A, the first division football of Italy, has entered into a partnership with Socios blockchain platform for rewarding sports fans worldwide. With the deal in place, Socios will be the official partner of Lega Serie A and the main sponsor of the Supercoppa Frecciarossa and Coppa Italia Frecciarossa Finals.
The partnership is yet another step forward on Socios’ already considerable prevalence in the Italian sports sector in the form of collaboration with Juventus, Inter Milan, Napoli, AC Milan, FC Bologna, the Italian national team, and AS Roma.
Commenting on the partnership, Luigi De Siervo, CEO of Lega Serie A, said, “[…] With this agreement Lega Serie A proves once again to be ready to seize the opportunities offered by new markets, projected towards the future and innovation and careful to respond to the needs of fans around the world.”
Also, Alexandre Dreyfus, CEO of Chiliz and Socios, opined, “In 2021 we grew our network by over 500% and welcomed over a million new users to our platform.”
Miscellaneous
Gap introduces NFTs in collaboration with Brandon Sines
Gap is walking in the footsteps of other major brands by introducing non-fungible tokens (NFTs) in collaboration with graphic artist Brandon Sines, creator of Frank Ape (unrelated to Bored Ape Yacht Club NFTs). The series is released through a game-based online platform that will allow users to purchase collectible Gap hoodie digital artwork, as well as a special edition physical hoodie for incredibly rare NFTs.
The series comprises NFTs with four unique rarity tiers. NFTs will be distributed in decreasing order of availability. The Common hoodie, priced at roughly $8.30, will be offered without any limitation for a two-day period. The Rare NFT will cost roughly four times the price of a Common hoodie i.e., $24.90. Also, the Epic hoodie will cost $415.
Interested participants must buy both the Common and Rare NFTs in order to gain access to the Epic, which also includes physical hoodies crafted by Brandon Sines. Additionally, at the conclusion of the event, the firm has planned a One of a Kind Auction featuring exclusive Sines digital art and a real hoodie.
Gap is collaborating on the initiative with ecologically friendly blockchain Tezos. As a consequence, all NFTs are sold in Tez, the blockchain’s native currency. Therefore, the price may fluctuate on the day of the sale. Furthermore, there is a need for buyers to utilize a unique cryptocurrency wallet, which several crypto enthusiasts may not be acquainted with.
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