Video Source: CNBC Television on YouTube
The cryptocurrency market remains range bound with Bitcoin (BTC) inching towards $30,000. While preparing this report, Bitcoin was trading at $29,160, up 0.10% in the past 24 hours. Ethereum (ETH) has lost 0.70% to trade at $1,828. XRP was trading at $0.6193, reflecting a loss of 1% in the same period.
Major cryptocurrencies, which have gained ground in the last 24 hours, are ChainLink (LINK – $7.34, 2.4%), Stellar (XLM, $0.1412, 0.80%), and Bitcoin Cash (BCH, $238.15, 4.70%).
Major cryptocurrencies, which have lost ground in the last 24 hours, are Avalanche (Avax- $12.45, -2.10%), Binance Coin (BNB – $242.12, -0.60%), EOS (EOS – $0.7186, -2.30%), Shiba Inu (SHIB, $0.00000892, -4.80%), Solana (SOL, $23.08, -1.30%), Cardano (ADA, $0.2905, -1.50%), Polkadot (DOT, $4.95, -1.60%), VeChain (VET, $0.01741, -2.60%), and IOTA (IOTA – $0.1691, -0.40%).
Government Level Initiatives
SABIC Adopts Circularise’s Blockchain Passport for Emission Monitoring
Saudi Arabia’s Aramco-owned chemicals manufacturer SABIC, which commands a market cap of $69 billion, has chosen the digital product passport system of blockchain firm Circularise. The passport paves the way for SABIC to monitor direct and indirect emissions and employs blockchain to also track ‘Scope 3’ CO2 emissions within its environment, including its supply chain. The information will also be retained for future processing. SABIC will start testing the blockchain solution in the weeks ahead.
This is not the first major customer for Circularise. The company already has partnerships with big firms, specifically in the chemicals industry. This includes Asahi Kasei, Philips Domestic Appliances, Covestro, Domo Chemicals, Mitsubishi Chemicals, Marubeni, Neste, and Porsche.
Private Sector Initiatives
A&G Funds Introduces Crypto Fund Emphasizing Financial Assets
A Spain-based private bank’s subsidiary, A&G Funds, has unveiled a proactively administered crypto fund that will mainly invest in financial assets such as exchange-traded notes or offerings instead of straight away buying cryptos.
The Spanish regulator CNMV has issued a warning regarding the offering, highlighting the significant risks associated with cryptocurrencies. These risks are attributed to their high volatility, multifaceted nature, limited transparency, and custody uncertainty, all of which may potentially lead to a complete wipeout of investment.
CACEIS, a subsidiary of Credit Agricole, serves as the designated depositary for the fund, with auditing responsibilities entrusted to PwC. The fund’s allocation allows for Bitcoin and Ethereum to individually comprise 35% or more of the portfolio. Nevertheless, it is required that at least 50% of the holdings possess a distinct exposure to cryptocurrencies.
Deloitte and Chainalysis Partner for Enhanced Blockchain Analytics
Deloitte and Chainalysis have formed a partnership in which customers of both firms will utilize the latter’s blockchain analytics software and information. Users will have the opportunity to benefit from the synergistic combination of Chainalysis software and solutions, along with the expertise of Deloitte’s highly skilled consulting personnel.
Chainalysis has entered into collaboration with Deloitte’s blockchain and digital assets practice. This partnership will encompass a wide range of activities, including risk assessment, scrutiny, and compliance efforts such as anti-money laundering (AML) and know-your-customer (KYC) procedures.
Chainalysis has a spectrum of clients, including several government customers, banks such as BNY Mellon and Barclays, payment providers such as Square and Worldpay, cryptocurrency exchanges, and many other digital asset companies.
Tim Davis, Deloitte’s Advisory Blockchain and Digital Asset practice lead, stated “Deloitte remains dedicated to providing our customers with expert guidance on risk administration, the utilization of analytics, and adherence to regulatory compliance as the adoption and expansion of digital assets persist.”
Miscellaneous
Worldcoin The Digital Token for Payments and AI Equity
Worldcoin, the recently launched cryptocurrency co-founded by Sam Altman, CEO of OpenAI, recorded a highly successful debut, with the crypto token hitting a high of $5.29 on Binance after starting from a low base price of $0.15.
The distinguishing aspect is the use of a digital gadget—an Orb device—to achieve the biometric iris scan and create a distinct “World ID” to guarantee “fairness and prevent duplication.”
The concept of Worldcoin was conceived in 2020 by its co-founders, namely Alex Blania, Sam Altman, and Max Novendstern. Their mission revolved around the broad availability of a novel digital token, with the primary objective of promoting its acceptance as a convenient means of payment. Additionally, they also envisioned the notion of fairly distributing gains realized through artificial intelligence.
Sam Altman believes that Worldcoin can tackle income inequality, specifically within the framework of generative AI’s revolutionary impact on the economy. Specifically, he foresees Worldcoin as having a positive impact on universal basic income (UBI), a social welfare initiative that offers financial assistance to everyone in the world. According to the ChatGPT creator, the distinctive World ID feature offered by Worldcoin has the potential to effectively mitigate instances of fraudulent activity during the implementation of Universal Basic Income (UBI).
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