The cryptocurrency market remains range bound with a slight bearish bias as Bitcoin (BTC) hovers around $27,000. While preparing this report, Bitcoin was trading at $27,545, down 0.70% in the past 24 hours. Ethereum (ETH) had lost 0.90% to trade at $1,833. XRP was trading at $0.4292, a decline of 0.90% in the same period.
The major cryptos, which have gained ground in the past 24 hours, are Cardano (ADA, $0.3670, 0.30%), Tezos (XTZ, $0.9095, 0.30%), Binance Coin (BNB – $314.05, 0.10%), VeChain (VET, $0.01947, 0.30%), Polkadot (DOT, $5.43, 1.60%), Bitcoin Cash (BCH, $114.54, -5.40%), Solana (SOL, $20.73, 0.10%), ChainLink (LINK – $6.55, 0.40%), and Avalanche (Avax- $15.42, 0.30%).
The major cryptos, which have lost ground in the past 24 hours, are Shiba Inu (SHIB, $0.00000895, -1.20%), IOTA (IOTA – $0.1792, -0.30%), Stellar (XLM, $0.0889, -0.40%), and EOS (EOS – $0.9117, -1.30%).
Private Sector Initiatives
AntChain Makes Blockchain Interoperability Solution Open Source with AntChain Bridge
AntChain has made its blockchain interoperability solution, AntChain Bridge, open source. AntChain is a portion of Ant Group which owns Alipay, which is China’s largest wallet payment app.
Interestingly, the core permissioned AntChain blockchain is purely a proprietary blockchain. Several blockchains in China are available freely as open source, including FISCO BCOS, backed by Huawei and WeChat founder Tencent, Xuperchain owned by search engine Baidu and retailer JD.com’s JD Chain.
The AntChain Bridge source code published on GitHub and related illustrations indicates that it is interoperable with Ethereum-compatible chains through the Solidity smart contract language. As per the company, the solution backs the newly unveiled global standard for cross-chain transactions rolled out by the Institute of Electrical and Electronics Engineers (IEEE).
The initiative endorses that blockchain is a multichain world and Antchain cannot stay aloof.
One of the biggest launches using AntChain’s technology is Trusple, a small business trade funding solution that certain global banks have adopted.
MUFG Pilots Cross-Blockchain Settlement for Digital Securities with DataChain
Japan’s biggest bank MUFG has completed the piloting of a cross-blockchain solution for the settlement of digital securities using a stablecoin, with DataChain as the interoperability technology provider.
For years, the bank has been working on the creation of Progmat, a blockchain framework for digital securities. Nevertheless, a main requisite is to facilitate settlement which will be carried out via stablecoins. Therefore, MUFG created Progmat Coin as a framework to back stablecoins from several regulatory issuers. As stablecoins and other digital assets could prevail on multiple blockchains, there is a requirement for a cross-chain settlement solution.
Tatsuya Saito, a VP at MUFG and future CEO of Progmat, noted that in order to handle Real World Assets (RWA) on multiple chains, including utility tokens (NFT), security tokens, and stablecoins, there is a need to establish the worldwide standard for tokenizing RWA, and the firm will cooperate with Datachain to begin initiatives that promote this trend.
The piloting of the delivery versus payment(DvP) transactions utilized a stablecoin issued on the Progmat Coin framework based on R3’s Corda enterprise blockchain. DataChain provided the technology for interoperability features.
Google Cloud Partners with Polygon Labs to Boost Web3 Adoption
Google Cloud has entered into a multi-year partnership with Polygon Labs to promote web3 adoption. Under the agreement, Google Cloud will offer a completely managed node hosting service for Polygon blockchain and also its scaling solution. Notably, last year, starting with Ethereum, Google introduced its Blockchain Node Engine. The intention is to deploy nodes quicker and include safety features.
Polygon, which uses proof of stake protocol, is popularly referred to as the Ethereum sidechain. However, it is involved in several initiatives, including the layer 2 offering such as Supernets and zkEVM.
For the past two years, Polygon’s transaction dataset has been accessible in the Google Cloud Marketplace. The data can be further studied using BigQuery.
Mastercard Launches Crypto Identity Solution for Cross-Border Transactions
Mastercard has launched a cryptocurrency identity solution, named Mastercard Crypto Credential. The solution aids compliance in cross-border transactions between the US, the Caribbean, and Latin America.
For the aforesaid cross-border transactions, the main issue is to find a suitable person to send the crypto as wallet addresses are not easy to operate. The second challenge is compliance. Mastercard has pulled together its identity-evaluating experience and the crypto compliance skills it achieved in taking over Ciphertrace.
Currently, the Crypto Credential is partnering with four wallets, namely Lirium, Bit2Me, Mercado Bitcoin, and Uphold. It intends to aid developers across several blockchains, beginning with Avalanche, Aptos, Solana, and Polygon.
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.
