The cryptocurrency market remains range-bound with a slight bullish bias as Bitcoin (BTC) hovers around $40,000. While writing this article, Bitcoin (BTC) was trading at $39,743.06, down 0.7% in the past 24 hours. Ether (ETH) was trading at $2,294, down 1.5% in the same period. XRP has gained 9.30% to trade at $0.7081.
Major altcoins, which have gained ground in the past 24 hours, are Dash (DASH-$150.43, 2.5%), EOS (EOS-$3.86, 1.20%), Bitcoin Cash (BCH-$506.43, 0.90%), and Bitcoin SV (BSV-$135.59, 1.1%).
Major altcoins, which have lost ground in the past 24 hours, are Binance Coin (BNB-$313.30, -0.60%), IOTA (IOTA-$0.8237, -5.20%), Cosmos (ATOM, $11.56, -1.50%), Tezos (XTZ-2.77, -3.60%), Tron (TRX-$0.0606, -1.10%), ChainLink (LINK-$18.95, -4.80%), Cardano (ADA-$1.28, -1.10%), Polkadot (DOT-$14.50, -0.30%) and Stellar (XLM-$0.2657, -0.1%).
Government level initiatives
India central bank implementing a phased strategy of its CBDC
Rabi Sankar, deputy governor of the Reserve Bank of India (RBI), stated that the central bank is adopting a ‘phased implementation strategy’ of its central bank digital currency (CBDC). Similar to many underdeveloped and emerging economies, the country is also facing the issue of financial inclusion. The country has only 582 million bank accounts in comparison with 1.21 billion mobile connections. Hence, a digital currency would pave the way for easy dealings.
The country hopes to negate the threat posed to the economy by virtual currencies with the introduction of the digital rupee. Sankar highlighted the “frightening level” of price fluctuation in the crypto market.
Sankar further stated that the digital rupee, similar to other CBDCs, will be available along with cash and other digital payment modes (United Payment Interface or UPI, for example). The Reserve Bank of India intends to roll out the CBDC for both the wholesale and retail sectors.
Private sector initiatives
Swisscom signs a deal with blockchain firm Adresta
Communication provider Swisscom has inked a deal with Swiss blockchain firm Adresta to deploy the latter’s solution on the Swiss Trust Chain. Adresta created a digital identity for watches and is supported by one of Switzerland’s biggest insurers Helvetia and also ETH Foundation (ETH Zurich University).
An alumni at ETH Zurich and Helvetia joined hands to set up Adresta in March. Additional funding was provided by the insurer.
Two years ago, Swiss watch industry exports aggregated CHF 20.50 billion (~$22.30 billion), and 70% of them were luxury watches costing a minimum of CHF 3,000 ($3,268). Some of the individual models are extremely valuable. For instance, a Rolex Daytona brand watch manufactured in 1968 was auctioned for $15.50 million four years before. Likewise, a Patek Philippe Ref. 1518 model was sold for $11 million five years back.
Unfortunately, for every original Swiss watch, there are two counterfeits. That is where Adresta’s solution will come in handy. The digital identity platform can be used to keep a track record of newly manufactured, serviced, or even secondhand watches.
The identity uses the supply chain to validate data and enables brands to interact with watch owners directly while benefiting from secondary sales. The collaboration with Swisscom’s Swiss Trust Chain will improve the product by providing highly safe certificates on the blockchain.
Wecan Comply implemented by asset management firm Julius Baer
Switzerland headquartered Wecan Group has revealed that its blockchain-powered document compliance platform, Wecan Comply, is now being used by independent asset management firm Julius Baer.
Similar to Julius Baer, there are numerous independent asset managers in the country utilizing the custodial service of private banks. The automated platform enables storing tamper-proof compliance documentation, which can be shared with custodial banks for setting up a custodial account.
Wecan Comply, which can be accessed using a standard web browser, is similar to a digital vault. Once the documents are uploaded on the platform, independent asset managers can share them with multiple custodian banks.
Regarding the adoption of Wecan Comply platform, Michel Yigit, Head Intermediaries German-speaking Switzerland, Julius Baer, said, “We can unequivocally identify with the vision of Wecan Comply and are excited to join the growing community to create value for our intermediary partners in Switzerland, facilitating efficiency gains via pioneering co-creation.”
Other prominent private banks which are using the blockchain platform in Switzerland are Geneva-based Pictet, Lombard Odier, UBP, Mirabaud, Edmond de Rothschild, Syz, and Reyl. Even renowned independent asset managers such as Swisspartners, Bedrock, and Stanhope Capital are using the document compliance solution.
Amadeus makes use of IBM’s Digital Health Pass
The leader in airline ticket distribution, Amadeus, has successfully integrated IBM’s Digital Health Pass into its digital health verification platform. Notably, Norwegian Air and AirEuropa are some of the popular airlines which are using the Amadeus platform, dubbed Traveler ID for Safe Travel. As air travel is picking up, several companies are competing to grab a share in the health certificate solution market for airlines.
Amadeus avoids delays in verifying COVID-19 health documentation, while smartly managing the entry criteria, which varies from country to country. Specifically, the platform – Safe Travel Ecosystem – resolves the issue by verifying the border rules of the destination country via a digital system at the time of online check-in.
Furthermore, it calls for health-related certificates of the passenger, either as a physical document or in digital format. IBM’s blockchain platform will validate the input data against global data from top labs, medical providers, and vaccination centers. This results in the creation of a safe digital health credential that enables the airline to make the final decision. The blockchain platform offers total passenger privacy as none of the info is stored by the airline, Amadeus, or IBM.
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.
