The cryptocurrency market has turned bullish, with Bitcoin (BTC) recording a new all-time peak of $47,156 in the last 24 hours. At the time of writing this article, Bitcoin (BTC) has gained 20.30% to trade at $46,036. Ether (ETH) has gained 9.7% to trade at $1,720. XRP has gained 10.5% to trade at $0.45554.
Other altcoins, which have gained ground in the last 24 hours, include IOTA (IOTA-$0.7160, 32%), ChainLink (LINK-$25.12, 4.6%), Cardano (ADA-$0.6762, 6.6%), Binance Coin (BNB-$78.66, 15.6%), Dash (DASH-$125.25, 9%), Bitcoin Cash (BCH-$480.28, 10.3%), USD Coin (USDC-$0.9976, 0.1%), Polkadot (DOT-$23.13, 20.3%), Tezos (XTZ-3.30, 1.7%), Bitcoin SV (BSV-$197.32 8.3%), Monero (XMR-$161.90, 6.9%), Stellar (XLM-$0.3886, 3.3%), Tron (TRX-$0.0425, 19.5%) and EOS (EOS-$3.55, 4.7%).
Likewise, major altcoins that have lost ground in the past 24 hours include Cosmos (ATOM, $14.17, -1.1%).
Private sector initiatives
Visa commences a trial of Crypto API
In partnership with internet-only (virtual) bank First Boulevard, Visa has commenced a trial of the former’s crypto API (application programming interface) that paves the way for the bank to offer crypto trading and custodial services. Interestingly, Visa had recently invested $40 million in Anchorage, a chartered digital asset bank. Anchorage offers custodial services. Visa hopes to roll out the services in a full-fledged manner sometime this year. That will facilitate the clients of First Boulevard to buy and sell Bitcoin.
Regarding the partnership, Jack Forestell, chief product officer, Visa, opined as follows: “With this pilot program, we want to extend the value of Visa to our neobank and financial institution clients by providing an easy bridge to crypto assets and blockchain networks.”
APG becomes a member of the blockchain energy platform
Austrian Power Grid (APG) has become a member of the blockchain energy balancing platform Equity. Other members of the platform include Swissgrid, Germany and Netherland based TenneT, and Italy’s Terna. The collaboration intends to resolve the disparity between the supply and demand of sustainable energy sources.
The phrase “energy transition” refers to economies shifting to sustainable energy sources from fossil-based energy. One of the main issues in the transition is the fluctuation in energy supply, for example, solar and wind. Renewable source-based energy won’t be able to meet a sudden increase in demand.
Therefore, power grids need to spend a considerable amount of money to ensure no disequilibrium between demand and supply. The country aims to generate 100% of its power consumption through renewable sources by 2030.
The platform provided by Equity facilitates small and large firms in the renewable energy sector to generate and store energy that can be later used to ensure grid stability. The platform utilizes batteries, a blockchain platform to stabilize power grids, and electric vehicles, paving the way for household and commercial power providers’ involvement in the energy trading arena.
The unused power supply can be stored in batteries and channeled whenever renewable sources are not able to fulfill demand. The entire process of releasing power to the grid by the household or commercial firm can be tracked using blockchain technology.
PayPal allows its clients to buy and sell cryptos
Back in October 2020, PayPal started facilitating its clients to buy and sell cryptos. During a quarterly earnings call last week, PayPal President and CEO Dan Schulman affirmed that clients would be able to utilize their cryptos to settle for purchases at vendor locations from next month. Over 29 million merchants are connected to the PayPal network, but crypto buying and selling are only facilitated for US residents.
In the months ahead, PayPal intends to start facilitating crypto purchases by clients outside the US. Furthermore, the Venmo app will also offer crypto-related features in the weeks ahead. Schulman revealed that PayPal had a tremendous response to the crypto-related facilities, specifically concerning engagement. Crypto investors logged into their PayPal account at least twice a week to track crypto prices.
Regarding the initiatives taken by PayPal in the crypto space, Schulman said, “We are already working with the regulators and central banks to reimagine and shape the next-generation of the financial system as consumers no longer want to handle cash. We all know the current financial system is antiquated.”
Rio Tinto rolls out START
Renowned mining enterprise Rio Tinto has rolled out START, a blockchain technology powered sustainability system focused on aluminum.
With the roll-out of START, Rio Tinto intends to facilitate the tracking of metal sourced from mines. Using the transparent blockchain-powered immutable tracking platform, consumers will validate how responsibly the company sources aluminum. Rio Tinto will ensure that aluminum sold by the company carries the sustainability label.
Rio Tinto Aluminum CEO Alf Barrios said, “START is a significant step forward for the aluminum industry as the first offering of this kind, setting a new standard on transparency, traceability and responsible production from mine to market.”
Notably, through its Mining and Metals Blockchain Initiative (MMB), the World Economic Forum has unveiled a Carbon Tracking Platform in recent times. The platform boasts of world-class enterprises such as Glencore, Anglo American, Tata Steel, etc.
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.
