The cryptocurrency market has turned slightly bullish as Bitcoin (BTC) rallied yesterday. While preparing this report Bitcoin was trading at $26,750, up 0.10% in the past 24 hours. Ethereum (ETH) inched up 0.10% to trade at $1,635. XRP was trading at $0.5070, reflecting an increase of 2.30% in the same period.
Major cryptocurrencies, which have gained ground in the past 24 hours, are Avalanche (Avax- $9.12, 0.90%), EOS (EOS – $0.5727, 2%), ChainLink (LINK – $6.66, 6.80%), Solana (SOL, $19.81, 3.70%), Cardano (ADA, $0.25318, 2%), VeChain (VET, $0.0177, 1.70%), Polkadot (DOT, $4.10, 0.10%) and Bitcoin Cash (BCH, $217.87, 2.20%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are IOTA (IOTA – $0.1478, -1.50%), Shiba Inu (SHIB, $0.00000727, -0.10%), and Binance Coin (BNB – $216.45, -0.60%).
Government Level Initiatives
Thailand’s Pheu Thai Party’s 10,000 Baht Blockchain Stimulus Plan
The Pheu Thai Party, the chief of Thailand’s latest coalition party, intends to implement its policy of handing out 10,000 baht ($285) to every person aged between 16 and above at the beginning of next year. The economic stimulus will be offered in the form of a digital “utility token” powered by blockchain and the utilization of a digital wallet.
Earlier, Pheu Thai deputy secretary-general Paopoom Rojanasakul stated that, along with stimulus, one of the motives is to unveil a countrywide blockchain-powered financial payment solution. The party’s website also indicates its support for a central bank digital currency (CBDC).
Instead of offering cash, the aim of the Thai blockchain handout is to foster domestic firms by limiting its use to less than four kilometers from home. And citizens can use the token to purchase food, medicine, and water. The token cannot be used for any online payments. Additionally, it cannot be redeemed for cash and will lose its validity in six months. As the payment will be based on national identities, any valid ID card can be used to receive a code and does not necessitate a mobile phone.
Private Sector Initiatives
LSEG Announces Groundbreaking Blockchain-Powered Private Markets Exchange
The London Stock Exchange Group (LSEG) intends to establish a blockchain-powered exchange aimed at private markets. The platform will facilitate the tokenization of traditional assets instead of crypto, while aiming to support cross-border digital asset trading.
Arguably, the report points out that LSE’s blockchain platform would be the first renowned stock exchange to roll out end-to-end trading and settlement utilizing the technology. This is because the Swiss exchange SIX has already been running the SIX Digital Exchange (SDX) for the last two years, including a regulated digital central securities depositary (CSD).
According to Murray Roos, chief of capital markets at the LSE Group, there are issues in cross-border trading involving buyers and sellers of various nationalities and offering a stock registered in a different jurisdiction.
AsiaNext, a Singapore-headquartered joint venture between SIX and Japan’s SBI, also intends to offer international trading. Currently, the platform facilitates only cryptocurrency trading.
Miscellaneous
Lufthansa’s Uptrip App to Collect Travel Memories with NFTs and Earn Airline Rewards
In April, Lufthansa unveiled a rewards application called Uptrip that offers Lufthansa NFTs so that travelers can gather cards matching destinations visited by them. The tokens linked with the cards—photos of places—are retained on the polygon (public) blockchain.
The offer is big as Lufthansa owns multiple enterprises, including Swiss Air, Austrian Airlines, Edelweiss Air, Eurowings, and Brussels Airlines. The airline’s loyalty program, Miles & More, has 38 million members.
Currently, even with a soft launch, the Uptrip app has 20,000 users. The cards include images of aircraft, cities, or something unique. Some of them are NFT-linked, including Nike-owned RTFKT luggage. However, it is not particularly about Lufthansa NFTs. Other general benefits offered are airline rewards, including miles, Wi-Fi access, and vouchers for the business lounge, with specific rewards for concluding collections.
Emirates NBD’s Innovation Fund Invests in Trade Funding Platform Komgo
State-owned bank Emirates NBD revealed that its Innovation Fund had acquired a stake in trade funding platform Komgo. The Swiss firm was initially a blockchain partnership between nine key banks and high-profile energy commodities companies. Nevertheless, it has broadened its spectrum of operations to facilitate trade funding solutions by taking over Canada’s GlobalTrade Corporation (GTC) in the final leg of 2022.
Komgo claims that it currently processes roughly $1 billion worth of transactions per day on behalf of 220 corporations and banks. Along with Geneva, the firm has offices in Singapore, London, Paris, Toronto, and Houston.
Emirates is the first Middle Eastern bank to invest in the firm. The latest to join the trade funding platform is Qatar National Bank (QNB).
Emirates NBD is the second bank to acquire a stake in the final three months after Santander Corporate and Investment Banking (Santander CIB) acquired a stake in Komgo in June.
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