The cryptocurrency market continues to remain range-bound with a bearish bias. Bitcoin (BTC) is still struggling to cross the $4,000 level. That keeps the major altcoins on a losing streak. In the past 24hrs, Ethereum (ETH), Ripple (XRP), EOS, TRON, IOTA, Stellar (XLM), and Monero (XMR) have lost between 0.5% and 2%. However, there is a possibility of a sharp reversal from these levels as news has emerged that big-money players are steadily increasing their holdings by taking advantage of lower prices.
According to Diar, Grayscale Bitcoin Investment Trust (GBTC) presently holds more than 200,000 BTC on behalf of its institutional investor clients. The figure represents 1% of the 17.4 million BTC currently in circulation. Furthermore, the holding makes Grayscale the top institutional level BTC investor.
Notably, big investors, or ‘whales,’ have been quietly accumulating Ethereum as well. The high net worth investors have bought more Ether in 2018 than any other year in the history of cryptos. These large investors now hold 20 million ETH or roughly 20% of the total ETH in circulation.
Government level initiatives
United Arab Emirates free zone
Free zone for financial activities within the United Arab Emirates (UAE) capital has completed the first stage of its blockchain-based Know Your Customer (KYC) project. The Abu Dhabi Global Market’s (ADGM) regulatory body, the Financial Services Regulatory Authority (FSRA) and the “Big Four” audit firm, KPMG, have published appraisal reports of the venture’s “successful” first stage to deliver critical takeaways for members of the financial sector.
The review report states that a blockchain-based system was able to “radically simplify” the KYC process with its “immutable audit trail, seamless and secure data sharing” capability. The system could also facilitate individual clients to decide how their personal information is shared in accordance with data protection (GDPR) law.
Signet
The Department of Financial Services of New York (NYDFS) has approved Signature Bank’s blockchain-based digital platform, referred to as Signet. The information was disclosed by Maria Vullo, superintendent of NYDFS. The authorized system supposedly utilizes blockchain technology to permit the bank clients to “transfer ‘Signets’ to make payments with no transaction fees, at any time of the day, year-round.”
The blockchain-based Signet platform facilitates funds “to be transferred in real-time between two commercial clients of Signature Bank, eliminating any dependence on a third party.” Notably, Signet went through a “comprehensive and rigorous review” and needs to confirm with “significant regulatory conditions.”
Private sector initiatives
Medici Ventures
Overstock.com’s blockchain venture arm Medici Ventures has invested $2.5 million in GrainChain, an agricultural blockchain project. The investment gives a 10% equity stake in the project to Medici Ventures. The acquisition is anticipated to enable GrainChain to expand its market share in Central and South America.
GrainChain, established in 2003, has created a blockchain-based system that facilitates supply chain parties to monitor the harvest distribution process. The platform enables producers, sellers, and buyers to set up smart contracts to secure funds throughout the process of grain distribution.
GrainChain claims that its system offers a platform, which enables small- and medium-scale farmers to carry on their business outside their immediate circle and avoid intermediaries.
Itau Unibanco
Itau Unibanco, the largest private bank in Brazil has collaborated with the UK bank, Standard Chartered, to create a blockchain platform for small loans. International banking services are provided by both the Latin American banking group and Standard Chartered Bank.
Both these financial institutions have successfully completed a proof of concept (PoC) for the aforementioned platform based on Corda Connect, developed by blockchain startup R3 based in New York. Moreover, Itau and Standard Chartered, in association with the US banking giant Wells Fargo, have issued a $100 million to assess the performance of the platform.
Auchan
French multinational retail giant Auchan is planning to implement the blockchain solution of TE-FOOD in five more countries. The blockchain solution, which enhances the transparency of the history of the product, was initially deployed in Auchan’s Vietnam branch.
After the successful 18-month test of TE-FOOD’s blockchain tool in Vietnam, Auchan, which operates in 17 countries, intends to deploy the product’s traceability solution in Italy, Portugal, Spain, France, and Senegal.
The blockchain-powered retail monitoring system tracks selected categories of products from the farm to the table and records data on food quality and related logistics. Auchan consumers can check the history of products via their smartphones by scanning the QR codes of the products and accessing factual data recorded on FoodChain.
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