The cryptocurrency market remains range-bound with Bitcoin (BTC) hovering above $20,000. While preparing this report, Bitcoin was trading at $20,313, a decline of 0.80% in the past 24 hours. Ethereum (ETH) fell by 2.30% to trade at $1,545. XRP was trading at $0.4545, a decrease of 1% in the past 24 hours.
Major cryptos, which have gained ground in the past 24 hours, are Polygon (MATIC – $0.9058, 4.70%), Avalanche (Avax- $18.58, 1.50%), Bitcoin Cash (BCH, $116.95, 2.30%), VeChain (VET, $0.02363, 0.70%), Internet Computer (ICP, $5.19, 0.70%), EOS (EOS – $1.14, 1%), IOTA (IOTA – $0.2540, 0.10%),
Major cryptos, which have lost ground in the past 24 hours, are Dogecoin (DOGE – $0.1326, -7.10%), Solana (SOL, $31.53, -1.80%), Binance Coin (BNB – $322.16, -0.90%), Cardano (ADA, $0.3940, -0.90%), Polkadot (DOT, $6.41, -0.20%), Tezos (XTZ, $1.41, -0.40%), Shiba Inu-(SHIB, $0.00001222, -4.10%), Stellar (XLM, $0.1090, -1%) and ChainLink (LINK – $7.66, -1.50%).
Private sector initiatives
Plaid launches Wallet Onboard
Plaid, the financial technology firm focused on banking and API services, has unveiled Wallet Onboard, which enables web3 programmers to effortlessly embed numerous kinds of self-custodial wallets in crypto platforms through a single API.
The Beta variant of Wallet Onboard functions with Ethereum-compatible platforms such as Polygon. However, there are plans to broaden the scope of functioning. Plaid has claimed that its solution will support 300 kinds of wallets, including Coinbase Wallet, Metamask, Trezor, Gnosis Safe, and Ledger.
Notably, Plaid did not develop the code completely on its own. A prevailing open-source solution WalletConnect already links to over 200 wallets and is embedded in Plaid’s platform.
The ability to link with numerous blockchain networks is a crucial requirement. Of late, Fireblocks, the transfer, custody, and settlement platform integrated WalletConnect to support the Solana blockchain.
On the contrary, solutions such as WalletConnect enable programmers to save a considerable amount of time so that they can concentrate on productive work.
Interpol establishes an office in the Metaverse
The international police department INTERPOL established its office in metaverse while conducting its General Assembly in India. The initial digital office has been primarily established for immersive training classes for forensic scrutiny.
INTERPOL Secretary General Jürgen Stock said, “For so many, the Metaverse appears to portend a conceptual future, but the challenges it highlights have always inspired INTERPOL – aiding our member nations in their battle against crime and keeping the planet, whether digital or not, secure for its inhabitants.”
The institution has established an Expert Group to guarantee fresh digital worlds ‘safe by design.’ The organization is also taking part in a World Economic Forum initiative encompassing metaverse governance adjoining Meta, Mastercard, Microsoft, JPMorgan, and several top brands, in addition to blockchain and web3 names including Decentraland and Animoca Brands.
Madan Oberoi, INTERPOL’s Executive Director of Technology and Innovation, said, “In order for law enforcement to comprehend the Metaverse, we must live it.”
It is worrying about likely metaverse crimes, including data theft, against children, ransomware, counterfeiting, harassment, and sexual assault. Another issue is that something illegal in the physical world may not be so in the digital world.
Hong Kong completes CBDC prototype development
Hong Kong has finished developing the prototype of its central bank digital currency (CBDC) under Project Aurum. The structure of the CBDC is a bit different from other retail CBDCs as it includes both a CBDC-backed stablecoin and a bank-intermediated CBDC token.
The rationale for piloting a stablecoin is that it digitally reflects Hong Kong’s cash approach, which involves issuing fiat currency notes (backed by central bank reserves) by three commercial banks.
The participants in the e-HKD project are Hong Kong Monetary Authority (HKMA) and the BIS Innovation Hub with technical backing from the Hong Kong Applied Science and Technology Research Institute (ASTR). Under the project, the central bank operates the wholesale interbank ledger while commercial banks release the CBDC. However, the CBDC is a central bank liability. Therefore, the system includes a wholesale interbank system and a retail e-wallet system.
The BIS considers the intermediated strategy as having multiple advantages. One is privacy linked because the central bank does not connect with customers not have access to their information, leaving identity, privacy, and anti-money laundering problems with the banks. Another is cyber resilience, considering the separation of roles. Nevertheless, there is a higher dependence on intermediates.
Miscellaneous
BEKB partners with SIX Digital Exchange
Berner Kantonalbank (BEKB) has joined hands with SIX Digital Exchange (SDX) and the first fully regulated financial markets infrastructure (FMI) digital asset exchange. The initial transaction by these parties is aimed at the issuance of Daura participation certificates. Before the shares get enrolled in the SDX credit default swap, participation certificates of Daura can be accessed through BEKB.
The aforesaid three firms intend to collaborate to establish a private market platform for small and medium-scale enterprises (SMEs), encompassing the issuance, trading, and custody of tokenized shares.
BEKB will gain from the real-time digital share registry of Daura. The intended platform will allow for the custody of regulated securities and enhanced transferability procedures for investors.
By issuing shares in digital form, as uncertified securities or distributed ledger technology-based securities, enterprises will find it easy to transfer them to a custodial facility run by a regulated bank.
David Newns, chief of SDX, stated: “SDX is delighted to have BEKB join our central securities depository (CSD). Both BEKB and Daura are leaders in the virtual assets domain, and both of us are creating an environment for small and medium-sized businesses.”
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