The cryptocurrency market remains slightly bearish except for Bitcoin (BTC), which remains range-bound between $55,000 and $60,000.
While writing this article, Bitcoin was trading at $55,472, down 5.8% in the last 24 hours. Ether (ETH) has lost 1.5% to trade at $3,905. XRP also came under heavy selling pressure. The native crypto of RippleNet has lost 11% to trade at $1.40.
ChainLink (LINK-$47.95, -2.4%) and Dash (DASH-$390.04, -2.1%).
Altcoins, which have lost ground in the past 24 hours, include Bitcoin SV (BSV-$342.02, -5.3%), Binance Coin (BNB-$637.95, -6.4%), Tron (TRX-$0.1269, -13.9%), Cardano (ADA-$1.63, -8.3%), Bitcoin Cash (BCH-$1,368.86, -6.2%), Stellar (XLM-$0.6423, -2.2%), IOTA (IOTA-$2.02, -11.2%), EOS (EOS-$9.15, -12.3%), Polkadot (DOT-$36.75, -11.2%), Cosmos (ATOM, $24.93, -13.9%) and Tezos (XTZ-6.15, -14%).
Government level initiatives
The National Bank of Georgia looking at launching a CBDC
The National Bank of Georgia has stated that it is looking at the option of rolling out a central bank digital currency (CBDC). The country has a population of about 4 million and a GDP of roughly $15 billion.
In a media release, the central bank revealed its plan to issue a CBDC in an attempt “to enhance efficiencies of the domestic payment system and financial inclusion.”
The NBG stated that it would be welcoming financial technology companies and other financial institutions to partake in the venture, named “Digital Gel,” based on the lari, Georgia’s legal tender (fiat currency).
The media release states, “CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society. The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”
Private sector initiatives
Dow’s subsidiary to start a trial on ChemChain
In April, Dow’s subsidiary, Dow Polyurethanes, started with a trial to utilize the ChemChain blockchain to assist in recycling mattress foam. Recyclers must have reliable data about the chemical constitution of any item that is being processed.
Therefore, through blockchain to distribute data, it is possible to pinpoint the composition at every phase of the life-cycle of the mattress.
The trial is a portion of the mattress recycling plan for Dow’s Renuva brand. Jihane Ball, director of global product safety and compliance at Dow, said, “Our engagement with recyclers and customers on circular solutions has led us to pose this crucial question. Ensuring that the necessary compositional information can be shared at every step in the value chain is critical to enable circularity at the end of product life.”
ChemChain was set up by the team backing the regulatory compliant platform Chemical and utilized the Hyperledger Fabric enterprise blockchain. The firm has agreed with Belgian chemicals firm Solvay to conduct a similar trial.
Blockchain is making inroads into recycling and circular economy in a big way. A week before, Mitsui Chemicals and IBM Japan stated that they would study blockchain for plastics recycling.
Other recyclers studying the technology are Base with its reciChain and Circularise, which has joined hands with German plastic firms DOMO and Covestro and Porsche and Marubeni.
Koda goes live at Kookmin Bank
Koda, the institutional level cryptocurrency custodial solution offered by bank Kookmin Bank (KB), Korea’s most prominent, has gone live. The platform was developed using the technology offered by blockchain developer Haechi Labs in association with Hashed.
The intention to launch the platform above was revealed in November 2020. At that time, KB had planned to launch in a year. So, commercialization of the project has happened before time. The offering links to pre-determined over-the-counter (OTC) cryptocurrency exchanges.
The platform currently aids three cryptos, namely Bitcoin, Klay (native crypto of KLAYTN blockchain), and Ethereum, with plans to include more cryptos in the future.
Clayton was developed by Korea’s most extensive social network, Kakao, and is getting ready to back a likely center bank digital currency (CBDC). In addition to safeguarding keys, Koda plans to offer staking services.
Other assets are intended for Koda in the first half of 2021. It is studying non-fungible tokens (NFTs), including gold, real estate, and art. Koda will also confirm to anti-money laundering process by continuously monitoring deposit and withdrawal addresses.
The platform also offers legal, tax advice, and accounting support in collaboration with professional service providers.
Miscellaneous
Mastercard revealed a list of six startups
Mastercard revealed the list of six startups chosen for its Start Path financial technology accelerator. Notably, Brazil’s Moeda Seeds was the only firm focused on blockchain. The other firms are Asante Financial Services, Cledara, Jifiti, SpenDebt, and Tippy.
Moeda primarily offers a blockchain payments app aimed at sustainability and social impact. The app offers cash back rewards that can be invested in Moeda social impact ventures in the future.
The app also offers an online marketplace. Whenever a user buys a product offered on the marketplace, the exact distribution of funds can be tracked.
Currently, the marketplace has only one listing, which is an artisanal beer. When the beer gets sold, 60% of the funds will reach the beer company, 20% will go to a local cooperative, and Moeda’s crypto coin will receive a 20% fee.
The firm is also developing the VVIDAA platform, facilitating family production, and supporting a coffee sustainability venture.
Similar to other accelerators, Mastercard facilitates links between startups and more giant enterprises. Each company takes part in the program for six months.
Nevertheless, Mastercard only chooses companies that have already raised seed investment and demonstrated the ability to commercialize a product.
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.
