The cryptocurrency market remains range-bound as Bitcoin (BTC) tries to inch toward $30,000. While preparing this report, Bitcoin was trading at $27,692, up 0.80% in the past 24 hours. Ethereum (ETH) had gained 0.10% to trade at $1,643. XRP was trading at $0.5289, down 1.80% in the past 24 hours.
Major cryptocurrencies, that have gained ground in the past 24 hours, are Bitcoin Cash (BCH, $231.28, 1.10%), IOTA (IOTA – $0.1520, 1.70%), Binance Coin (BNB – $212.92, 0.30%), Avalanche (Avax- $10.07, 8.10%), ChainLink (LINK – $7.61, 1.50%), Cardano (ADA, $0.2576, 0.30%), VeChain (VET, $0.01658, 0.10%), and Shiba Inu (SHIB, $0.00000723, 0.60%).
Major cryptocurrencies, that have lost ground in the past 24 hours, are EOS (EOS – $0.5717, -0.90%), Polkadot (DOT, $4.03, -0.20%), and Solana (SOL, $23.24, -0.10%).
Government Level Initiatives
Kazakhstan’s Journey Towards a Digital Tenge
Two years ago, the National Bank of Kazakhstan (NBK), the country’s central bank, started testing its Digital Tenge (DT). Following the central bank’s digital currency (CBDC) research and consultations with stakeholders, the venture is now moving to the next stage, with widespread adoption projected to happen by 2025.
The CBDC project, which started as a central bank initiative, is now progressing with the NBK establishing the National Payment Corporation (NPC). Notably, the NPC includes the Kazakhstan Center for Interbank Settlements (KISC), which oversees the development of the CBDC and other relevant payment solutions. One of the objectives is to expedite innovation and digitization.
Furthermore, the central bank also released a document explaining the progress of its CBDC development.
To begin with, the digital Tenge work concentrated on consumer dealings and a retail CBDC. Nevertheless, over time, the central bank began studying the likelihood of interbank settlements and cross-border payments. While the retail CBDC is expected to reach the stage of commercialization, the wholesale and tokenization work is regarded as exploratory.
Private sector initiatives
Nomura’s Laser Digital Launches Bitcoin Adoption Fund with Komainu Custody
Laser Digital, a digital assets subsidiary of Nomura, has launched its Bitcoin Adoption Fund, aimed at institutional investors. Komainu will provide the digital asset custodial service to the Cayman Islands-based long-only (implying that the fund will only buy and sell) mutual fund.
Notably, Nomura cofounded Komainu as a regulated custodian five years ago, along with security company Ledger and asset manager Coinshares. Guglietta who heads the fund, was previously performing the role of Chief Scientist at Nomura. Earlier, he worked as a portfolio manager at Brevan Howard.
Asset management is the second step in Laser Digital’s plan. The firm unveiled a venture capital fund that has acquired stakes in several Web3 companies, particularly DeFi. The third division will focus on the trading of digital assets. Notably, the firm acquired Elysium, a post-trade solution for FX and digital assets.
Sony’s Metaverse Ambitions Gain Momentum with Blockchain Partnership
Meta has articulated extensive ambitions for the metaverse. However, Sony is perceived to possess a particularly advantageous position for establishing its presence within the metaverse. This advantageous position stems from its ownership of entities such as Sony Pictures (formerly known as Columbia Pictures), Sony Music, Sony PlayStation, Sony Bank, and various other assets. A week ago, Sony revealed a partnership with web3 firm Startale Labs to develop its native blockchain to leverage its assets in the metaverse.
Sony has a clear objective. The firm has stated that its blockchain can transform into the core of an international Web3 framework. The firm aims to create digital societies.
Back in June, Sony Network Communications acquired a stake in Japan’s blockchain company Startale Labs by investing $3.50 million. The firm’s CEO also established the Astar Network, a multichain smart contract platform that is among the Polkadot blockchain’s parachains.
The newly formed entity, named Sony Network Communications Labs, is doing the groundwork to set up its office in Singapore. Sony owns a 90% stake in the company. Sony Network Communications, a Japan-based holding company of the newly formed firm, acts as the technology provider for the group.
Miscellaneous
JPMorgan Joins RLN to Drive Digital Currency Transformation
JPMorgan has become a member of the Regulated Liability Network (RLN). Gary Chan, the bank’s chief of post-trade, trusts digital currency will pave the way for a huge transformation in payment mechanisms in the next five years.
Earlier in September, the UK division of the Regulated Liability Network (RLN) shared the outcome of its recent study without revealing the participants. The network intends to draw together banks and central banks to back various kinds of digital currency on the same blockchain network. This includes deposit tokens, regulated stablecoins, and central bank digital currency (CBDC).
The involvement of JPMorgan is significant for many reasons. To begin with, JPMorgan has been spearheading the study of digital currencies by banks. The financial behemoth is also involved in multiple ventures, namely Partior, JPM Coin, and public blockchain deposit tokens. Secondly, Citi began the RLN network. Notably, JPMorgan handles $10 trillion worth of payments daily, making it the numero uno player in payments. The two major reasons for JPMorgan’s RLN involvement are to achieve speedy execution and interoperability.
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