The cryptocurrency market remains bullish with Bitcoin (BTC) trying to consolidate above $30,000. While preparing this report, Bitcoin traded at $34, 758, up 2.20% in the past 24 hours. Ethereum (ETH) inched up 0.20% to trade at $1,796. XRP had lost 0.50% to change hands at $0.5532.
Major cryptocurrencies, which have gained ground in the past 24 hours, are Bitcoin Cash (BCH, $254.62, 0.40%), VeChain (VET, $0.01917, 2.40%), Shiba Inu (SHIB, $0.00000813, 9%), EOS (EOS – $0.5995, 0.90%), IOTA (IOTA – $0.1573, 1.60%), Avalanche (Avax- $10.72, 2.40%), Cardano (ADA, $0.2840, 1%), Polkadot (DOT, $4.30, 1.90%), and Solana (SOL, $32.49, 4%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are ChainLink (LINK – $11.01, -2.30%) and Binance Coin (BNB – $224.18, -1.90%).
Government Level Initiatives
China Enhances CBDC with Cross-Border Features for Hong Kong Users
China has unveiled two new features for its central bank digital currency (CBDC). The overhaul enables visitors from Hong Kong to add funds to their digital yuan wallets through the use of Hong Kong’s Faster Payment System and Visa or Mastercard accounts.
For the last three years, Hong Kong has been working to integrate the digital RMB. Nevertheless, this overhaul will pave the way for cross-border payments and also enable Hong Kong residents touring mainland China to add funds to their digital RMB wallets by utilizing Hong Kong’s Faster Payment System. The update also ensures quick transactions coupled with reduced transaction costs.
The platform has been developed and run by the Digital Currency Research Institute of the People’s Bank of China. And the FPS (Fast Payment System) is spearheaded by the Hong Kong Monetary Authority (HKMA). Trials are being carried out for the use of digital RMB wallets in Hong Kong by mainland residents.
The second feature, referred to as recharge first, use later’, enables holders of Visa and Mastercard to add funds to their digital RMB wallets, paving the way for instant payments while visiting the mainland. Even automatic recharging of the digital wallet is facilitated.
Private Sector Initiatives
HKEX Launches Synapse Platform for Streamlined Northbound Connect Post-Trade
Hong Kong Exchange and Clearing (HKEX) has gone commercially live on its smart contract platform, HKEX Synapse. It aids the post-trade procedures for Northbound Connect, which involve HKEX offering a channel for overseas investors who buy and sell stocks on the mainland Shanghai Stock Exchange. Synapse employs Digital Asset’s DAML smart contract language.
In the last four years, Northbound Connect has recorded transaction growth of 870%. Nevertheless, the prevailing post-trade procedures are complex because China processes and settles trades on the same day instead of the T+2 time frame used in Hong Kong and other jurisdictions. With several time zones, trade settles during the night for Americans.
Furthermore, several of the traditional post-trade procedures take place sequentially, implying that a postponement by any party can slow down a transaction. On the contrary, HKEX Synapse shares the information with all participants concurrently—the’single source of truth’. Therefore, the clearinghouse, domestic, and worldwide custodians all view the same information. Synapse is integrated with the DTCC framework, including its central trade matching platform, named CTM.
B4E Introduces Blockchain-Powered Logistics for Oil and Gas
Blockchain for Energy (B4E) has unveiled its logistics solution. The oil and gas extraction consortium has 13 members. Notably, Saudi Arabia’s Aramco and EQT have also enrolled as members following the rollout of the blockchain network. Other members include ConocoPhillips, Chevron, Repsol, and ExxonMobil.
The latest logistics solutions, namely the Commodity Transport Web3 Field Automation solution, automate a major portion of the transport procedures, minimizing manual assessment, slow information exchange, and mistakes.
Therefore, deliveries are confirmed utilizing the blockchain solution, and the information is available for study without delay. The platform also supports several kinds of commodities and requirements in several regions.
The Blockchain for Energy consortium is also involved in five other initiatives. In the months ahead, the consortium is also unveiling ESG, a Digital Measurement Reporting Verification (dMRV) Solution powered by blockchain, AI, and IoT.
SIX Digital Exchange Explores Private Equity Transformation through Tokenization
The SIX Digital Exchange (SDX) is negotiating with Invest Direct, a Swiss firm that offers due diligence and matchmaking facilities for private enterprises. SDX is a blockchain-powered exchange and also a central securities depository (CSD). Experts believe that tokenization will have a huge impact on the private equity domain. Notably, a survey conducted by Citi indicated that 47% of institutional investors are exploring DLT to address private equity issues.
David Newns, the Head of the SIX Digital Exchange, emphasizes that this platform facilitates greater accessibility and transparency for financial institutions, issuers, as well as professional and institutional investors, thereby fostering a heightened level of confidence in their engagement with private placements.
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.
