The cryptocurrency market has turned bullish with Bitcoin (BTC) inching toward $30,000. While preparing this report, Bitcoin was trading at $28,047, up 0.50% in the past 24 hours. Ethereum (ETH) had lost 1.70% to trade at $1,760. XRP was trading at $0.3859, down 1.80% in the same period.
The major cryptos, which have lost ground in the past 24 hours, are Binance Coin (BNB – $336.66, -0.60%), Dogecoin (DOGE – $0.0724, -4.70%), Shiba Inu (SHIB, $0.00001060, -4.20%), VeChain (VET, $0.0229, -7.70%), IOTA (IOTA – $0.2151, -4.40%), Stellar (XLM, $0.0879, -1%), Polkadot (DOT, $6.14, -5.40%), Bitcoin Cash (BCH, $131.77, -4.30%), Cardano (ADA, $0.3390, -2.10%), Tezos (XTZ, $1.16, -8.10%), Solana (SOL, $22.40, -1%), ChainLink (LINK – $7.20, -0.40%), Avalanche (Avax- $16.69, -6.30%), Internet Computer (ICP, $5.18, -5.90%), and EOS (EOS – $1.18, -0.20%).
Government level initiatives
Brazilian CBDC Trial Uses Public Blockchain and DvP Trades
One of the numerous Brazilian digital real CBDC (central bank digital currency) trials involved the use of a public blockchain. The trial, conducted jointly by cryptocurrency exchange Mercado Bitcoin and Stellar blockchain, mimicked delivery versus payment (DvP) trades. This means the asset and the cash were exchanged concurrently.
The trial was a portion of the LIFT Challenge, the Central Bank’s CBDC trial, studying likely usage scenarios for the digital real with nine associations. While several partakers are institutions, two crypto entities were chosen to conduct these trials, including DeFi startup Aave Labs.
The central bank’s digital real was employed as a reserve asset and pegged with a stablecoin in what seems to be the pattern for payment processing entities.
Private sector initiatives
Kaiser Partner Privatbank Joins SDX’s Central Securities Depository for Digital Assets
The SIX Digital Exchange (SDX) has revealed that Liechtenstein’s Kaiser Partner Privatbank has become a member of the SDX Central Securities Depository (CSD). SDX is a FINMA-governed central securities depository for tokenized digital assets and also runs a regulated exchange. The other four Swiss banks which are part of the CSD are UBS, Credit Suisse, Zürcher Kantonalbank, and Berner Kantonalbank.
SDX has two divisions, a web3 unit that concentrates on cryptocurrency and another that focuses on the issuance and trading of digital securities.
Currently, four securities have been released with the highlight being a CHF 300 million digital bond issuance by the UBS. It was unique because it linked the traditional SIX CSD to the SDX CSD, paving way for organizations to hold securities despite not having the framework for holding blockchain-powered assets. That is in spite of having distributed ledger as the primary method of document keeping for the UBS issuance.
SMBC Joins Digital Currency Forum to Pilot Sustainable Loans in Japan
SMBC, the second largest bank in Japan, has begun work on piloting sustainable loans as a portion of the Digital Currency Forum. The Forum is composed of 100 Japanese firms, banks, and domestic governments that are studying a range of digital currency utility scenarios, headed by startup company DeCurret.
Power trading is the topic of one of the Forum’s working groups. It had considered adopting the digital currency DCJPY to settle renewable energy trades via a blockchain trading platform.
The most recent version is a proof-of-concept for digital currency (DCJPY) loans as a sustainable linked loan centered on evidence of renewable energy trading. Eneres, an associate firm of telecoms company KDDI, runs an energy trading blockchain utilized in this trial to record renewable energy trades. This is the Forum’s initial financial services demonstration utilizing DCJPY.
As a variant of the same trial, the group is also considering building a decentralized autonomous organization (DAO).
A distinct ongoing trial for renewable power is further consumer-centered. A retail user purchases renewable energy, and along with the energy receives environment tokens that are linked to the digital currency DCJPY. Initially, this can be utilized to purchase bus tickets, but additional deals are being explored. The prominent participants in the aforesaid use case are Kansai Electric Power and Chubu Electric Power.
Audi Joins 15 Entities to Pilot Recycling of Used Car Materials in Auto Manufacturing
Audi has joined hands with 15 entities for a pilot recycling endeavor. The premium vehicle manufacturer intends to utilize recycled materials from used cars in its auto manufacturing facility without any compromise on quality. Circularise, which employs blockchain as a portion of the recycling and tracking process for digital product passports, is one of the 15 firms.
Usually, during the recycling process, extracted materials are sold to intermediates to be utilized for any suitable application. In the aforesaid case, Audi intends to utilize its own recycled materials.
In the final leg of 2022, to begin with, Audi purchased 100 used cars and disassembled them as a portion of MaterialLoop. The plastic panels were put to use immediately and it classified the rest of the car bodies were based on the composition. Finally, the company was able to produce several raw materials including steel coils with 12% MaterialLoop materials. Audi has stated that this material will be used to produce roughly 15,000 inner door components for the Audi A4.
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