The cryptocurrency market remains rangebound with Bitcoin (BTC) hovering around $30,000. While preparing this report, Bitcoin was trading at $29,478, down 1.90% in the last 24 hours. Ethereum (ETH) was trading at $2,083, reflecting a loss of 1% in the same period. XRP had lost 0.80% to trade at $0.5118.
The major cryptos, which have gained ground in the past 24 hours, are Dogecoin (DOGE – $0.0912, 1.90%), Internet Computer (ICP, $6.25, 5.40%),
The major cryptos, which have gained ground in the past 24 hours, are Binance Coin (BNB – $340.81, -2.50%), Shiba Inu (SHIB, $0.00001144, -0.40%), VeChain (VET, $0.02555, -1.20%), IOTA (IOTA – $0.2249, -1.10%), Stellar (XLM, $0.1043, -2.20%), Polkadot (DOT, $6.71, -0.60%), Bitcoin Cash (BCH, $132.49, -0.80%), Cardano (ADA, $0.4351, -3%), Tezos (XTZ, $1.15, -1.50%), Solana (SOL, $24.38, -5.60%), ChainLink (LINK – $8.13, -0.40%), Avalanche (Avax- $20.80, -0.10%), and EOS (EOS – $1.21, -1.30%).
Government level initiatives
BIS Reveals Details of Project Atlas to Monitor Crypto-Asset and DeFi Information
The Bank for International Settlements (BIS) has divulged additional details about Project Atlas, which involves monitoring crypto-asset and DeFi info. The BIS Innovation Hub Eurosystem Centre is partnering with the Deutsche Bundesbank and De Nederlandsche Bank to build an open-source data solution that will initially study cryptocurrency movement on a geographic basis.
The key output will be piles of info that the rest of the central bankers can employ for economic analysis, but it intends to offer insights on both market cap and economic activity. The data will throw light on where the funds are moving to a large extent. This will pave way for additional work.
In fact, the data will clear whether crypto is genuinely employed as a low-cost option for cross-border remittances. Also, the difference in the usage of crypto in highly and less regulated jurisdictions can be studied. More importantly, it can also highlight the manner in which crypto are used to circumvent any kind of economic sanction or currency control mechanisms.
BoE: Digital Pound Won’t Have Programmability Features to Avoid Bias
While speaking at Citibank’s 10th Annual Digital Money Symposium, the BoE’s senior manager of the CBDC (Central Bank Digital Currency) division, Katie Fortune, has clarified that the digital pound will not include government-facilitated programmability features to prevent biases about government overshoot.
The programmability feature is often discussed in CBDC-related discussions.
Those who are against the programmability feature argue that CBDC, which is a government-backed digital currency, should always remain a de facto legal tender. Therefore, it should be standardized, simple, and unrestricted. On the contrary, programmability features could restrict usability and enforce rules on how individuals should spend their hard-earned cash. The BoE trusts that if these features were included in the design, they could pave way for people’s mistrust of the system.
Private sector initiatives
Komainu, Ledger, and Coinshares Launch Collateral-Free Crypto Trading Platform
Nomura-owned institutional-level digital asset custodial firm Komainu, Ledger, and Coinshares has introduced a new crypto collateral management platform that eludes the requirement of a crypto asset in the form of collateral at trading sites.
With the closure of several cryptocurrency exchanges and lending platforms, there is a huge need to segregate the collateral and trading venues. Komainu’s Connect solution employs triparty contracts in a manner comparable to traditional finance (TradFi). In that manner, when an investor performs a trading activity at any time, Nomura affirms to the trading venue that the assets are retained under custody in a distinct account. Usually, under triparty deals, the custodial carries out several add-on functions as well.
Komainu Head of Sales Darren Jordan stated: “Our latest collateral management solutions enable customers to optimize trading prospects, minimize counterparty risk, and safeguard their possessions with a regulated custodian. This is the standard for complete institutional custody services.”
Furthermore, Komainu rolled out an improved staking solution for the Ethereum Shanghai fork on April 12.
SEB and Crédit Agricole CIB Launch So|bond, a Sustainable Blockchain Bond Platform
SEB and Crédit Agricole CIB have launched a unique public blockchain-powered bond issuance platform, named so|bond. The platform intends to enhance efficiencies in the bond issuance procedures in a sustainable manner. Basically, the network is not targeting green bonds but intends to achieve eco-friendliness in operations. The platform places itself as a semi-permissioned open platform compared with several fully permissioned bank bond platforms. So|bond offers the advantages of blockchain technology, including efficiencies in bond issuances, management, and automation through the employment of smart contracts.
However, the core of the platform functions in a different manner. Some of the public blockchains employ the proof-of-authority protocol and only choose corporates to administer nodes that record data on the blockchain even though it can be accessed by the public. So|bond uses a comparable model, but uses the Proof of Climate awaReness protocol, which incentivizes node operators through a token (Climate awaReness Coin) to reduce the carbon emission.
Tech firm Finaxys, which offered blockchain technology, partnered with the SGS for carrying out sustainability audits based on a system built with APL Data Center.
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.
