The cryptocurrency market remains weak with Bitcoin (BTC) struggling to hold above $15,000. While preparing this report, Bitcoin was trading at $15,807, a decline of 1.30% in the past 24 hours. Ethereum (ETH) had lost 1.70% to trade at $$1,100. XRP was trading at $0.3591, reflecting an increase of 1.70% in the last 24 hours.
Major cryptos, which have gained ground in the past 24 hours, are VeChain (VET, $0.0177, 0.20%), IOTA (IOTA – $0.2149, 3.50%), ChainLink (LINK – $5.94, 5.20%), Polygon (MATIC – $0.7981, 2.20%), Bitcoin Cash (BCH, $104.03, 0.60%), Internet Computer (ICP, $3.60, 1.40%), Dogecoin (DOGE – $0.0752, 0.80%), and Cardano (ADA, $0.3057, 0.10%).
Major cryptos, which have lost ground in the past 24 hours, are EOS (EOS – $0.8514, -1.20%), Binance Coin (BNB – $256.26, -0.20%), Polkadot (DOT, $5.17, -0.50%), Avalanche (Avax- $11.80, -0.50%), Solana (SOL, $11.68, -1.20%), Tezos (XTZ, $0.9392, -1.90%), Stellar (XLM, $0.0848, -0.70%) and Shiba Inu (SHIB, $0.00000847, -1.10%).
Government level initiatives
Sygnum is collaborating with Artemundi
Swiss-governed digital asset bank Sygnum is collaborating with investment firm Artemundi to tokenize the timeless Andy Warhol artwork, Four Marilyns, by issuing Art Security Tokens. The collaboration intends to utilize the blockchain to bring down financial limitations and democratize art investment via fractional ownership.
Currently, Andy Warhol’s Four Marilyns (Reversal), which is valued at CHF 5.70 million (~$5.80 million), has been tokenized using the Sygnum platform. Even though non-fungible tokens (NFTs) are technically distinct from each other, Sygnum’s Desygnate tokenization platform offers fractional ownership (similar to shares) of the artwork with 5000 security tokens available. This enables clients to divide the cost and risk of investment in expensive artwork by investing in tokens through Sygnum’s e-banking portal and trading in SygnEX, a secondary marketplace offered by Sygnum, which is licensed by FINMA.
In certain cases, NFT firms circumvent the law by fractionalizing an NFT and turning it into a security.
Furthermore, Switzerland has its DLT (distributed ledger technology) framework, transforming it into one of the handfuls of jurisdictions that endorse securities originally issued on a blockchain ledger. Swiss francs in the form of Digital CHF stablecoins (minted by Sygnum) are used for the settlement of the transactions.
Private sector initiatives
BlackRock to manage Circle Internet Financial’s money market fund
Circle Internet Financial, the firm behind the stablecoin USDC, has contracted BlackRock to manage its money market fund. In this regard, Circle has started moving the reserves pegged to the USDC stablecoin to a tailor-made fund set up by the latter. The fund has been registered with the US SEC (Securities and Exchange Commission).
The Circle Reserve Fund is basically a government money market fund administered by BlackRock Advisors. The necessary groundwork was laid in May when BlackRock registered the fund. Notably, Circle will be its only approved investor. The fund transfer and other formalities will complete by the end of March 2023.
However, it is a temporary arrangement as the ultimate objective is for BlackRock to move the funds into the Fed’s reverse-repo program.
The existing circulation of $43.90 billion in USDC is pegged to $44.10 billion in cash reserves and short-term US government bonds. The aforesaid fund’s portfolio will also include US Treasury bonds.
The assets will be retained at the Bank of New York Mellon and governed by the Investment Company Act of 1940, which necessitates an independent board and daily portfolio reports.
NTT Docomo partnering with Accenture
Japan’s biggest mobile telecom operator NTT Docomo is collaborating with Accenture for a top web3 initiative. The firm has also confirmed its intention to invest ¥500 billion to ¥600 billion ($3.40 billion to $4.10 billion) in the web3 industry. In this regard, the firm will establish a subsidiary in the year ahead. It aims to utilize the Astar Network, a multichain smart contract system that is one among the Polkadot blockchain’s parachains.
The financial investment will happen over a span of five to six years. It intends to take part in a range of industries by utilizing decentralized autonomous institutions (DAOs), a replacement to a corporate model, to democratize the administration of blockchain covenants. Considering that DAOs are advancing, there is a threat of replicating the faults of enterprise blockchain associations.
Nevertheless, the NTT group has wide experience in that domain and this will enable the firm to avoid the stumbling blocks. Docomo, which is establishing itself as a web enabler, is targeting four areas, namely security, cryptocurrency exchange, a blockchain wallet, and token issuances.
Miscellaneous
Sorare appoints Lionel Messi as brand ambassador
Non-fungible token-based fantasy sports platform Sorare has appointed football legend Lionel Messi as its brand ambassador. The collaboration intends to expedite Sorare’s growth. As the world starts celebrating FIFA World Cup 2022, the appointment of the most celebrated player in Argentina’s football team as the brand ambassador could not be at a better time.
Sorare is a free-to-play fantasy game powered by NFTs. Players can administer a digital team of NFTs and also purchase, sell and trade digital player cards. The French firm has recorded astonishing growth since its launch four years back.
The company successfully completed its Series B funding round for $680 million, backed by Softbank. Notably, Sorare has joined hands with more than 300 sports teams and organizations, including Serie A, Bundesliga, and LaLiga. Unconfirmed news indicates that the firm has landed an agreement with the Premier League.
Recently, Sorare, which has been concentrating on football collaborations, has broadened its sphere of activity to enter into strategic agreements with the NBA and MLB.
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.
