The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) failed to stay above $30,000. While preparing this report, Bitcoin was trading at $28,806, down 4.60% in the last 24 hours. Ethereum (ETH) had lost 7.50% to trade at $1,915. XRP was trading at $0.3990, a decrease of 8.20% in the past 24 hours.
Major altcoins, which have lost ground in the last 24 hours, include Binance Coin (BNB- $288.96, -5%), Cardano (ADA, $0.4983, -12.6%), IOTA (IOTA-$0.3207, -17.7%), Internet Computer (ICP, $7.39, -13%), Avalanche (Avax- $28.84, -15.1%), EOS (EOS-$1.24, -9.40%), VeChain (VET, $0.02866, -11.70%), Polkadot (DOT, $9.34, -13.50%), ChainLink (LINK-$6.71, -12.10%), Bitcoin Cash (BCH, $183.67, -10.4%), Solana (SOL, $48.91, -13%), Stellar (XLM-$0.1242, -11.80%), Cosmos (ATOM, $9.94, -13.30%), Polygon (MATIC- $0.6160, -13.80%), Tezos (XTZ-$1.62, -11.40%), Shiba Inu (SHIB-$0.00001132, -9.3%), Dogecoin (DOGE, $0.082449, -8.30%) and Uniswap (UNI, $4.78 -12%).
Private sector initiatives
LedgerEdge goes live commercially
Blockchain-powered platform LedgerEdge, which facilitates the trading of corporate bonds, has gone live commercially. The UK-regulated platform was developed in partnership with two asset managers, global banks, and market makers. Currently, there are 45 companies in the UK Multilateral Trading Facility (MTF).
Additionally, 70 firms across the globe are using it or getting ready to use it. Notably, LedgerEdge will be competing with established firms such as Tradeweb, Bloomberg, and MarketAxess.
The bond trading firm was co-founded by David Rutter, CEO of enterprise blockchain-focused company R3, which earlier founded LiquidityEdge, the US Treasuries platform bought by MarketAxess. Obviously, LedgerEdge utilizes Corda, the enterprise-level distributed ledger technology (DLT) platform developed by R3.
The platform gives users total control over their data while distributing selective pre-trade info on a peer-to-peer basis. In general, almost all trading venues use centralized order books, which will contain data uploaded by sell-side firms. The trading platform usually sells the data. On the contrary, the LedgerEdge platform uses smart contracts to share data. While developing the platform, the company gave equal importance to both buy-side and sell-side firms even though the priorities were different for both parties.
Instagram starts trialing support for NFTs
Instagram has started trialing the support for non-fungible tokens (NFTs) on fees to aid content creators in the digital domain. A pre-chosen number of creators will be able to post their digital collectibles on the social media platform without any additional fees for posting. Similar to other popular social media apps such as TikTok and YouTube, an increasing number of content creators distribute their creations on Instagram and utilize it as their basic platform to connect with their prospective clients.
Instagram has a number of issues, one of which is the need to assist content producers so that they may monetize their work and earn a livelihood. During the trial, the chosen US-based creators and NFT holders will be able to upload the image of their assets or even forward it through a message. In the initial stage, only NFTs created using Ethereum and Polygon blockchains will be accepted. However, NFTs minted on Flow and Solana blockchain are expected to receive support in the near future.
Baton Systems processing daily transactions worth billions
In December 2021, HSBC and Wells Fargo revealed their plan to start utilizing a blockchain-powered platform that aids the former’s FX Everywhere software to conclude bilateral Forex trades. At the time of announcing the plan, HSBC had already made use of the platform to settle $2.50 trillion worth of trades on an in-house basis. The platform functions on the distributed ledger technology platform Baton Systems, and an FX settlement is yet another post-trade solution.
Baton Systems also intends to transform into a (dFMI) decentralized financial market infrastructure and is already processing transactions worth $15 billion to $20 billion per day. The reported figure also includes the volume processed by Core Collateral, another financial platform owned by Baton. Core Collateral is utilized to administer margins for the exchange-traded and cleared FX derivatives. Customers of the platform, which is linked to platforms such as ICE Clear Europe, LCH, CME, Eurex, and SGX, include Citi and JP Morgan.
As per Baton Systems’ CEO Arjun Jayaram, over 40% of worldwide margins for cleared bank derivatives are transacted through Baton’s Core Collateral platform.
Jayaram also stated that one of the top ten banks in the world would soon begin using its platform, Core Payments, for performing netted settlements.
By 2030, Jayaram intends to use Baton for creating the post-trade rails for the capital market. Additionally, over the rails, multiple smart contract-based workflows, for instance, FX, netted payments, collateral, and many more, would be running.
Miscellaneous
Italy’s Serie A league broadcasts a soccer game in the metaverse
Italy’s Serie A league has become the first league to broadcast a soccer game in the metaverse. The achievement was aided by blockchain technology-focused firm ConsenSys, blockchain-powered gaming metaverse The Nemesis, and league sponsor TIM technology. The game was between two popular teams, namely Fiorentina and AC Milan. Through one of the Nemesis metaverse rooms, the live telecast was made accessible to soccer enthusiasts in North Africa and the Middle East.
Viewers can not only watch the game but also take part in related games. Additionally, access to social channels run by Serie A was possible while going through real-time match statistics. Attendees to the game were also allowed to have their avatars wear branded T-shirts. For entry, users need to purchase an Access Ticket in the form of a non-fungible token (NFT).
Commenting on the initiative, Lega Serie A CEO Luigi De Siervo opined, “We want to be the initial football league to showcase the notion of creativity in a tangible manner. It’s similar to watching a soccer game with other spectators, when everyone is immersed in the same football experience.”
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.
