The cryptocurrency market remains bearish as Bitcoin (BTC) struggles to hold above $15,000. While preparing this report, Bitcoin was trading at $16,760, up 4.40% in the past 24 hours. Ethereum (ETH) has gained 6.40% to trade at $1,261. XRP was trading at $0.3715, an increase of 11.90% in the last 24 hours.
Major cryptos, which have gained ground in the past 24 hours, are VeChain (VET, $0.01936, 5.70%), EOS (EOS – $0.9212, 7.50%), Binance Coin (BNB – $281.40, 4.60%), Polkadot (DOT, $5.89, 5.90%), ChainLink (LINK – $6.34, 9.30%), Polygon (MATIC – $0.9440, 10.30%), Avalanche (Avax- $13.34, 8.60%), Bitcoin Cash (BCH, $103.89, 6.20%), Internet Computer (ICP, $3.97, 6.30%), Dogecoin (DOGE – $0.0875, 7.10%), Solana (SOL, $13.74, -40.40%), Cardano (ADA, $0.3350, 4.10%), Tezos (XTZ, $1.02, 6.3%), Shiba Inu (SHIB, $0.00000917, 5.20%) and Stellar (XLM, $0.0915, 7.10%).
Government level initiatives
Reserve Bank of India to start digital rupee trial on the 1st of November
The Reserve Bank of India has begun its initial wholesale digital rupee trial on November 1. A month ago, the central bank published a paper highlighting its CBDC (central bank digital currency) objectives for both retail and wholesale CBDC. The ongoing trial using wholesale CBDC is to settle secondary market trades in government bonds.
The objective is to minimize transaction charges by terminating the need for centralized third parties to guarantee settlement and slash the requirement of collateral to mitigate settlement risk. In India, the Clearing Corporation of India Limited (CCIL) is the centralized counterparty, which facilitates the settlement of government securities.
Based on the outcome of the trial, the RBI intends to pilot wholesale transactions and cross-border payments. The nine banks involved in the trial are the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The central bank intends to complete its initial closed trial for retail CBDC in a month. The primary objective is to minimize the costs of cash management.
Private sector initiatives
Google Cloud launches its own Blockchain Node Engine
Google Cloud has launched its own Blockchain Node Engine, a managed hosting service, beginning with Ethereum. Notably, Microsoft’s Azure was the first tech giant to provide such a service, with AWS (Amazon Web Services) unveiling its version three years ago. Google claims that its offering will make the process of setting up a node an easy task. It offers additional security in the form of DDoS protection and the ability to set up nodes behind a firewall.
Of late, the Cloud group stated that it would begin accepting cryptocurrency payments from some of the web3 companies via an agreement with Coinbase and establish a tailor-made digital assets group in January.
It seems that offering node service may be a unique trend, but Google has been hosting blockchain nodes for some time. Nevertheless, it was pursuing a different tactic earlier.
The firm collaborated with the network founders in the case of Hedera DLT, Flow, and Theta blockchains. Furthermore, the firm also became a member of Hedera’s governing council, which necessitates a financial commitment.
MoneyGram launches a new facility through the MoneyGram app
MoneyGram has unveiled a new facility that enables its customers to buy, sell and hold Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC) through the MoneyGram app. The payment processing company has been utilizing crypto and blockchain for a while now. Specifically, the firm has been using a crypto token, mostly XRP, for real-time cross-border payments.
At the beginning of this year, MoneyGram acquired a minority stake in cryptocurrency onramp CoinMe, a cryptocurrency exchange that is driving the latest initiative.
Commenting on the initiative, Alex Holmes, MoneyGram Chairman and CEO, said “MoneyGram incorporates cryptocurrencies throughout all of its operations. From the dollar to the euro to the yen, and so on. We perceive cryptocurrencies and digital currencies as an additional alternative for input and output.”
In addition to Coinme, MoneyGram has collaborated with G-Coin, Circle’s USDC stablecoin, and Stellar to back stablecoin payouts. MoneyGram signed its initial blockchain agreement three years ago with Ripple. Later, the blockchain company Ripple acquired a stake in MoneyGram by investing $50 million on the condition that the latter will use XRP and its platform (Ripple On-Demand Liquidity) for cross-border remittances.
Miscellaneous
McCain Foods enters the metaverse with Regen Fries
McCain Foods, the firm behind the popular McCain fries, has stepped into the metaverse through its newest offering, Regen Fries. The roll-out is part of its #SaveOurSoil campaign, a program intended to educate and interact with McCain’s youth consumers regarding the advantages of regenerative agriculture via partnerships with metaverse platform Roblox, and NFT-themed eatery, Bored & Hungry.
The utilization of regenerative farming for the production of Regen Fries potatoes is a step in McCain’s worldwide commitment to employ regenerative agricultural practices via its potato acreage by the end of this decade.
Notably, the firm’s free-to-play game, Farms of the Future, is offered on Roblox’s Livetopia, enabling participants to virtually grow potatoes utilizing the regenerative farming process while getting rewarded for using regenerative procedures. Furthermore, the Bored & Hungry restaurant will offer Regen Fries at its flagship shops in Long Beach California, and also at pop-up venues in London and Toronto during October and November.
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