The cryptocurrency market remains range bound with a slight bullish bias as Bitcoin (BTC) inches toward $20,000. While preparing this report, Bitcoin was trading at $17, 215, up 0.60% in the past 24 hours. Ethereum (ETH) gained 0.70% to trade at $1,285. XRP had lost 1% to trade at $0.4026.
Major cryptos, which have gained ground in the past 24 hours, are VeChain (VET, $0.01911, 0.10%), EOS (EOS – $0.9439, 0.20%), IOTA (IOTA – $0.2161, 0.50%), Polygon (MATIC – $0.9221, 5.70%), Avalanche (Avax- $13.12, 0.90%), Solana (SOL, $13.91, 0.10%), and Tezos (XTZ, $1.02, 0.7%).
Major cryptos, which have lost ground in the past 24 hours, are Binance Coin (BNB – $297.05, -2.20%), Polkadot (DOT, $5.42, -0.70%), ChainLink (LINK – $7.58, -0.10%), Bitcoin Cash (BCH, $112.21, -1.60%), Internet Computer (ICP, $4.07, -0.10%), Dogecoin (DOGE – $0.1050, -3.20%), Cardano (ADA, $0.3172, -0.30%), Shiba Inu (SHIB, $0.00000927, -0.90%), and Stellar (XLM, $0.0890, -1.60%).
Government level initiatives
eCurrency partners with the Bank of Jamaica
eCurrency has inked a long-term collaboration agreement with the Bank of Jamaica for the countrywide rollout of its central bank digital currency (CBDC), referred to as JAM-DEX.
eCurrency initially collaborated with the central bank for its five-month retail CBDC trial, which began in August 2022. Technically, JAM-DEX was made commercially available on April 1 and the government is preparing for a countrywide rollout focused on adoption by all the banks and payment services by the end of next year. Back in June, a law was passed to make the CBDC a legal tender.
Notably, so far, 100,000 individuals have received the CBDC through a giveaway even conducted on April 1. However, it is of little use so far due to the lack of acceptance among business establishments. The boarding of merchants is slow because of the Point of Sale (PoS) hardware updates required to accept the CBDC. Even updates to ATMs are being carried out.
Private sector initiatives
Wells Fargo and HSBC FX system now support the yuan
HSBC and Wells Fargo have updated their distributed ledger technology-based FX settlement platform to support Chinese yuan (CNH) based bilateral transactions. Both banks began using the platform in 2021 and have now completed over $200 billion worth of dealings between them. Until now, all transactions were based on the USD, GBP, EUR, and CAD.
Nevertheless, HSBC has utilized the same FX Everywhere platform to conclude the settlement process with HSBC and its subsidiaries.
By employing the aforesaid DLT-based platform, the firms have shared FX transaction documents and ensured full transparency in the dealings. This has reduced the need for reconciliations. The platform allows PvP net settlement using commercial bank money instead of CLS-based settlement using central bank funds. Notably, settlement time gets reduced and risk is almost eliminated.
The platform is based on Baton System’s Core ledger while the legal framework is based on the Baton rulebook. Interestingly, the platform is not a token-based system as the DLT is directly linked to the fiat currency for performing PvP transactions.
Adidas launches blockchain-based wearable series
Adidas unveiled its initial blockchain-based wearable series on the metaverse space of the company. The Adidas Originals “Virtual Gear” series includes 16 pieces of apparel structured to be sported by virtual avatars and interoperable with the rest of the identity-centered virtual domains in web3. The series also includes three wearables from Adidas’ web3 associates, namely Gmoney, Bored Ape Yacht Club, and Punk Comics.
This release follows an earlier Adidas metaverse endeavor in partnership with the Ready Player Me app, which enabled the business to develop personality-centered avatars produced by artificial intelligence. The platform facilitates the digital avatars to be transferred across 1500 apps and games on the metaverse, highlighting the interoperability feature.
The initial series of 30,000 NFTs themed “Into the Metaverse” was released last December and garnered $23 million overnight, underlining the brand’s popularity in web3.
Miscellaneous
Circularise raises €11 million in a funding round
Netherland-based blockchain-focused firm Circularise has raised €11 million from a funding round headed by Brightlands Venture Partners, Asahi Kasei, 4impact Capital, and Neste. Notably, 4impact Capital already owns a stake in Circularise. Two years ago, the company received €1.50 million in funding from the European Commission under the EU Horizon 2020 program.
Circularise is already involved in several ventures with renowned firms such as Asahi Kasei, Covestro, Domo Chemicals, Marubeni, Mitsubishi Chemicals, Neste, Philips Domestic Appliances, and Porsche. The startup company employs blockchain for two of its supply chain solutions. One of them is product passports, which employs Smart Questioning technology powered by Zero Knowledge Proofs for interacting without sharing data, position, or identity, to offer provenance and carbon footprint evaluations throughout distribution chains. For instance, it is possible to query about the carbon footprint of an item without revealing all the suppliers in the logistics chain.
The second solution achieves mass balancing. Several manufacturing processes utilize inputs that are difficult to identify. One method to assess the recycled proportion is to explain that X percentage of the total weight is comprised of recycled materials. Notably, in September, Circularise joined hands with ten enterprises including Shell, Philips, and Marubeni for a mass balancing venture.
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