The cryptocurrency market remains mixed, with Bitcoin (BTC) edging towards an all-time high of $58,000 and the rest of the major altcoins in the negative region. The scenario indicates that the market is again booking profits in altcoins and re-investing in Bitcoin with hopes of another rally in the days ahead. At the time of writing, this article Bitcoin was trading at $55,752, up 3.5% in the last 24 hours.
Ether (ETH) was trading at $1,789, down 0.9% in the last 24 hours. XRP was trading at $00.4558, reflecting a loss of 3.5%.
Other altcoins, which have gained ground in the last 24 hours includes Binance Coin (BNB-$280.94, 1.5%), Dash (DASH-$232.28, 0.4%), Polkadot (DOT-$37.34, 2.3%), Monero (XMR-$219.17, 1%), Bitcoin Cash (BCH-$543.99, 3.3%), Bitcoin SV (BSV-$188.82, 1.1%) and USD Coin (USDC-$1, 0.7%).
Major altcoins, which have lost ground in the past 24 hours include Tron (TRX-$0.05127, -0.2%), Stellar (XLM-$0.4077, -0.4%), Tezos (XTZ-4.11, -2.3%), ChainLink (LINK-$29.27, -1.9%), IOTA (IOTA-$1.30, -2%), Cosmos (ATOM, $19.37, -1.8%), EOS (EOS-$3.99, -0.1%) and Cardano (ADA-$1.14, -1%).
Private sector initiatives
Demin Deal Venture collaborates with Dutch cleantech firm
The Denim Deal venture is collaborating with Dutch cleantech firm The Movement regarding blockchain tracking solution Aware. The Denim sector stares at critical environmental issues.
A recent assessment indicates that 8,000 liters of water are required to manufacture a pair of jeans. More importantly, only 63% of jeans produced across the globe get sold. Furthermore, only 0.1% of unused material is being utilized for quality apps.
The Denim Deal venture intends to resolve the problem by establishing a circular economy in the denim sector. The objective is to ensure that all supply chain members work together and use recycled fabric in denim goods sold in the Dutch market.
Participants in the Denim Deal include government departments, recycling companies, and popular brands. The members aim to use at least 5% of recycled material in every fresh pair of jeans manufactured by the Denim Deal members.
In this regard, Aware’s nanoparticle technology enables guaranteeing that the jean produced is finally made out of recycled material. In particular, Aware can track the origin of cotton utilized in production.
Moderna and IMB intends to explore COVID-19 vaccine distribution
Moderna and IBM stated that they intend to explore the COVID-19 vaccine distribution process utilizing AI, blockchain, and other technologies. The pharmaceutical enterprise aims to conduct a blockchain trial involving the tracking of the vaccine. If the trial succeeds, government and healthcare service providers will monitor a vaccine batch along the distribution chain.
Another partnership area between Moderna and IBM is for the Digital Health Pass, an app from IBM capitalizing on blockchain technology to facilitate validation of vaccination or COVID-19 test credentials.
The Stellar Development Foundation partners with FinClusive
The Stellar Development Foundation has entered into a partnership with FinClusive to develop tools facilitating “the future of banking.” Under the partnership, the firms will adopt a comprehensive strategy to pave the way for firms to effect payment using USDC Coin (USDC), a stable coin.
Furthermore, the partnership intends to implement “compliance-as-a-service (CaaS) and accounts and payments (A&P)” solutions to instill confidence among users in carrying out crypto-based dealings.
FinClusive’s blockchain-powered platform provides access to traditional payment services while complying with rules pertinent to financial crimes. Additionally, the firm’s platform also complies with KYC (Know Your Customer) and Anti-Money Laundering (AML) procedures that need to be followed compulsorily for such kinds of dealings.
The media release states: “FinClusive’s A&P application acts as a US-based on/off ramp for virtual asset transactions and offers a comprehensive and embedded CaaS solution, making it ideal as a USDC anchor for cross-border transactions while ensuring essential risk and compliance controls.”
Double-dipping a main issue faced by insurers
Double-dipping, which refers to the fraudulent process of making multiple insurance claims for a single incident, is one of the significant issues faced by insurers. Consulting firm KPMG has assessed that double-dipping fraud accounts for 5% to 10% of insurers’ payments.
To resolve the issue, IntellectEU created a ClaimShare platform that utilizes enterprise-level blockchain, R3 Corda. It also capitalizes on R3’s latest software technology, Conclave, which paves the way for confidential computing. Therefore, insurers can distribute info about claims without revealing their info.
Conclave platform enables sharing of claim-related data in an encrypted manner. The platform matches claims made with various insurers to identify multiple claims for the same incident and flag the suspicious ones.
The second insurer will be immediately informed before the payout is made. Furthermore, the first insurer can inform relevant authorities about the incident, while the second insurer’s identity remains protected. The platform has won the B3i & R3 Insurtech Global Challenge.
Miscellaneous
SCB 10X establishes a $50 Million fund for digital asset investment
In February, SCB 10X – the venture division of Siam Commercial Bank – established a $50 million fund committed to digital asset investments, DeFi (decentralized finance), and other blockchain ventures.
The investment division of Thailand’s oldest bank, founded via royal charter in 1907, has begun investing in blockchain projects.
Last week, SCB 10X took part in the $80 million Series C fundraising campaign conducted by Anchorage, a crypto custodial and digital asset platform that obtained the foremost federal digital asset banking charter of the US at the beginning of the year.
The Series C funding round was headed by GIC, Singapore’s sovereign wealth fund, with Blockchain Capital, Indico Capital, and Lux Capital investments. SCB 10X did not reveal the amount invested in the project.
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