The cryptocurrency market remains range-bound, with Bitcoin (BTC) hovering between $60,000 and $65,000. While preparing this report, Bitcoin was trading at $61,697, down 1.70% in the past 24 hours. Ethereum (ETH) had lost 1% to trade at $2,999. XRP was trading at $0.522, a decrease of 0.70% in the same period.
Major cryptocurrencies that have gained ground in the past 24 hours are Cardano (ADA, $0.463, 4.20%), Litecoin (LTC, $82.11, 1.40%), and Cosmos (ATOM, $9.15, 1.70%).
Major cryptocurrencies that have lost ground in the past 24 hours are Solana (SOL, $144.39, -3.40%), Avalanche (Avax- $34.36, -3.10%), Polkadot (DOT, $7.01, -1.20%), ChainLink (LINK – $14.02, -0.30%), Polygon (MATIC – $0.6869, -0.80%), Hedera (HBAR, $0.1077, -0.20%), Stellar (XLM, $0.1073, 0.80%), and Immutable (IMX, $2.05, -4.30%).
Private sector initiatives
Globacap and Tokeny Redefine Asset Distribution Landscape
Globacap, a leading provider of private market workflow solutions, has recently announced a strategic partnership with Tokeny, a prominent tokenization firm backed by APEX and renowned for establishing the widely adopted ERC-3643 standard for security tokens. While Tokeny specializes in offering comprehensive tokenization services, the core of the announcement is about Globacap’s seamless integration with Tokeny’s DINO distribution network.
For Globacap, streamlining the private issuance workflow and tokenizing assets is just the initial step; ensuring broad distribution for these assets is imperative. Through the DINO network, Globacap gains access to numerous platforms supporting the ERC-3643 standard, facilitating wider reach and accessibility.
Of particular significance is the distinction between cryptocurrencies, typically functioning as bearer instruments, and securities. Here, the ERC-3643 standard plays a pivotal role. ERC-3643 not only maintains compatibility with ERC-20 but also incorporates layers of compliance measures. These measures restrict access to eligible investors and empower issuers or their representatives to retain control over the tokens despite investors’ holdings.
Laser Digital and Kelp DAO Collaborate on Re-Staking Initiative
Laser Digital, Nomura’s digital asset-focused subsidiary, has joined hands with Kelp DAO to launch re-staking in Laser’s digital funds. Furthermore, Laser Digital is the main investor in web3 gaming firm Tevaera’s $5 million fund-raising stage.
Blockchain users are well aware of securing blockchain networks such as Ethereum through the staking process. Re-staking permits the staked crypto to be reused for securing additional blockchain networks. For instance, Eigenlayer, which is secured through the aforesaid restaking process, has over $15 billion in total value locked (TVL), transforming it to be the second largest DeFi protocol after Lido, the liquid staking protocol.
Kelp DAO is a relatively customer-friendly methodology for investors to take part in Eigenlayer. It has over $850 million in TVL, with over 40,000 re-stakes. Laser states that it is offering a “robust channel for institutional investors to delve into Ethereum’s dynamic market.”
Visa and Allium Labs Unveil New Analytics Platform
Visa launched a fresh stablecoin analytics website in collaboration with Allium Labs. In this regard, Cuy Sheffield, Visa’s chief of cryptocurrency, deciphered the claims that stablecoin volumes have exceeded those of PayPal and are near Visa’s transaction volumes.
Sheffield has pointed out that a major portion of the stablecoin volumes are contributed by bots. These bots carry out crucial cryptocurrency activities such as liquidity provision, arbitrage, and market making. Nevertheless, these are not traditional settlement transactions.
According to Sheffield, bot activity removal brings down 30-day transaction volumes to $265 billion from $2.65 trillion. Nevertheless, active stablecoin users have increased consistently to 27.50 million.
Quincy Pioneers Blockchain Municipal Bond Issuance with JP Morgan on Onyx Platform
The City of Quincy, which lies on the outskirts of Boston, Massachusetts, has utilized a blockchain platform to successfully issue a $10 million municipal bond. JP Morgan acted as the underwriter for the tax-exempt bonds with a maturity period of seven years. The bond issuance was done on the JP Morgan-owned Onyx private-permission blockchain.
Notably, six years ago, JP Morgan issued a Yankee certificate of deposit on behalf of the National Bank of Canada, both physically and on the blockchain.
Nevertheless, the blockchain-based bond issuance by Quincy represents another service by Onyx Digital Assets, the digital debt service division of JP Morgan. Currently, Onyx offers tokenization solutions for intraday repo and the Tokenized Collateral Network. Furthermore, Onyx offers payment solutions through offerings such as JPM Coin. The firm also offers an interbank data sharing solution, Liink.
Rick Coscia, the strategic asset manager at Quincy, opined, “In the foreseeable future, we anticipate blockchain technology will facilitate decreased issuance expenses, improved liquidity, and shortened settlement durations.”
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.
