The cryptocurrency market remains range bound as Bitcoin (BTC) continues to hover around $30,000. While preparing this report, Bitcoin was trading at $30,375, down 0.60% in the past 24 hours. Ethereum (ETH) had lost 0.50% to trade at $1,870. XRP was trading at $0.4713, reflecting a decline of 0.70% in the same period.
Major cryptocurrencies, which have gained ground in the past 24 hours are Bitcoin Cash (BCH, $283.34, 2.60%), ChainLink (LINK – $6.26, 0.30%), IOTA (IOTA – $0.1807, -0.30%), and Shiba Inu (SHIB, $0.00000750, -0.60%).
Major cryptos, which have lost ground in the past 24 hours, are Solana (SOL, $21.75, -1.30%), Cardano (ADA, $0.2876, -2.10%), Stellar (XLM, $0.0959, -1.20%), VeChain (VET, $0.01890, -0.70%), Avalanche (Avax- $12.98, -2.20%), Binance Coin (BNB – $244.10, -2.10%), EOS (EOS – $0.7186, -2%), and Polkadot (DOT, $5.14, -2.80%).
Private Sector Initiatives
Honda Motors Collaborates with Gryfyn and Animoca Japan for Blockchain-Powered Fan Engagement
Animoca Brands Corporation Ltd backed Gryfyn, and Animoca Japan have partnered with Honda Motors to improve fan engagement throughout Honda’s several motorsport events and communities. The partnership will capitalize on blockchain technology and Gryfyn’s safe digital wallet solution to set up distinct and interactive experiences for fans, beginning with the Honda Indy 200 at Mid-Ohio this month.
Gryfyn, an entity created through collaboration between Animoca Brands and Hex Trust, provides a custodial crypto wallet that allows users to safely access digital experiences, administer digital assets, and link with their favorite brands.
Animoca Brands Japan, a strategic associate firm of Animoca Brands, is a key player in digital recreation, blockchain, and gamification.
The collaboration will improve motorsport experiences for Honda fans by providing unique digital and physical prizes via an innovative fan engagement plan. Attendees of the Indy 200 can look forward to an engaging and enjoyable interactive experience, featuring a captivating activation. This activation will provide an opportunity for fans to receive complimentary gifts from Honda.
Swiss Banking Association and Major Banks Collaborate on Tokenized Swiss Franc Initiative
The Swiss Banking Association (SBA) is organizing a tokenized deposit venture with the backing of a dozen banks. The intention is to roll out a tokenized Swiss Franc. The banks are BCV, InCore Bank, Credit Suisse, VZ Depotbank, Entris Banking, Julius Baer, Hypothekarbank Lenzburg, PostFinance, Sygnum, UBS, Vontobel, and Zürcher Kantonalbank.
Three months ago, the banking association came up with a document on the above subject. The paper highlighted numerous potential trajectories, including standardized tokens to facilitate interoperability or a joint token with distinct reserves. Even though the association supported the latter plan, the banks have not reached a conclusion.
The SBA stressed that the platform will be both compliant and scalable. Therefore, it has begun meaningful discussions with regulators and other blockchain ventures in the country.
South Korea Approves ‘Act for the Protection of Virtual Asset Users’ Safeguarding Crypto Investors
South Korea’s National Assembly approved the crypto investors’ protection bill, named “Act for the Protection of Virtual Asset Users”. The legislation ensures the safety of crypto investors through distinct rules for crypto custody segregation and mitigation of unfair trading processes. Furthermore, the legislation hands over powers to regulators for overseeing and initiating enforcement actions against cryptocurrency companies. The legislation becomes effective in July 2024.
As per the market watchdog FSC (Financial Services Commission), the legislation complies with the principle of the same risks, same activity, and same rules.
The next stage will encompass the issuance and distribution of tokens, including the necessary disclosures. Concerning asset protection, the legislation includes a compulsory ban on the mixing of business assets with customers’ assets. The law also requires a portion of the assets to be retained offline in cold wallets.
In addition, service providers must possess insurance or mutual aid coverage, or alternatively, maintain a reserve fund that can be utilized to adequately compensate users in the unfortunate occurrence of hacks or other operational failures. It is a requirement for cryptocurrency companies to maintain transaction records for a period of 15 years. Deposits and withdrawals cannot be arbitrarily restricted without valid justification.
Furthermore, there are limitations on the trading of cryptocurrency assets that are issued by the provider. The consequences for violating the regulations encompass potential imprisonment for a minimum duration of one year, or alternatively, monetary penalties ranging from three to five times the illicit profits obtained.
Miscellaneous
Palm NFT Studio and Candy Digital Merge to Expand Licensed NFT Ventures
Web3-focused company Palm NFT Studio and Digital collectibles company Candy Digital have revealed a merger deal, leading to the formation of an entity that intends to broaden licensed non-fungible token (NFT) ventures spanning sports, art, entertainment, and culture.
The merged entity would continue to operate under the banner of Candy Digital. The firm intends to develop digital experiences for sports franchises such as Major League Baseball (MLB), World Wrestling Entertainment (WWE), and NASCAR, in addition to entertainment behemoths such as Warner Bros. Discovery and Netflix.
The major financial stakeholders in Candy Digital are Michael Novogratz’s digital asset firm Galaxy Digital and entrepreneur Gary Vaynerchuk. Notably, Microsoft’s venture fund M12 and Warner Bros. have also funded Palm NFT Studio. Following the merger, Candy Digital’s CEO, Scott Lawin, will reign over both firms. Likewise, Palm NFT co-founder and CEO Daniel Heyman will perform the role of Candy Digital’s president.
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.
