The cryptocurrency market has turned slightly bullish as Bitcoin (BTC) managed to break above the psychological level of $40,000. While preparing this report, Bitcoin was trading at $41,103, up 4.80% in the past 24 hours. Ether (ETH) has gained 5.60% to trade at $2,771. XRP was trading at $0.7936, an increase of 4.40% in the last 24 hours.
Major altcoins, which have gained ground in the last 24 hours, include Cosmos (ATOM, $28.66, 6.50%), Shiba Inu (SHIB- $0.00002252, 3.90%), Terra (LUNA- $88.03, 0.60%), Polygon (MATIC- $1.45, 6.20%), EOS (EOS-$2.09, 4.6%), IOTA (IOTA-$0.7162, 2.10%), Stellar (XLM-$0.1874, 2.80%), VeChain (VET, $0.04835, 4.50%), Avalanche (Avax- $76.52, 11.1%), ChainLink (LINK-$14.72, 6.20%), Uniswap (UNI, $9.12, 4.6%), Polkadot (DOT, $19.15, 6.0%), Binance Coin (BNB- $383.39, 3.1%), Cardano (ADA, $0.8440, 4.9%), Dogecoin (DOGE, $0.1171, 3.5%), Near (NEAR- $10.95, 8%), Bitcoin Cash (BCH, $299.23, 2%), Tezos (XTZ-3.10, 5.10%), Internet Computer (ICP, $16.43, 4.30%) and Solana (SOL, $88.20, 7.20%).
Government level initiatives
MiCA draft approved by the European Parliament
An amended draft of the Markets in Crypto Assets act (MiCA) was approved by the European Parliament last week. Notably, the word “proof of work” was excluded from the bill, which is currently being negotiated with the European Commission, the Council of the European Union, and the European Parliament.
The whole draft was approved with 31 and 23 votes in favor and against, respectively. The MiCA Act, which was initially proposed two years ago, proposes to create a legal foundation for digital assets in the EU member states by 2025. While the first draft featured specific wording that would have prohibited bitcoin as well as other proof-of-work (Pow)-based cryptocurrencies owing to energy usage worries, the section was removed after a cryptocurrency industry backlash.
The Greens and S&D parties suggested a change that would essentially outlaw energy-intensive Proof of Work (PoW) cryptocurrencies like Bitcoin. Nevertheless, Europe’s regulatory procedure is lengthy, and there are additional obstacles to overcome.
The upcoming trilogue phase involves a discussion and agreement between the European Parliament, the European Council, which represents the member countries, and the European Commission. There’s a chance that the political parties who advocated the Bitcoin prohibition might delay the trilogues and revive the aforesaid PoW topic afresh. If that unfolds, the whole Parliament will vote instead of just the Economics Committee.
Furthermore, Europe is developing a taxonomy for green initiatives, and the Bitcoin issue may arise there as well. Firms will be asked to adhere within six months, or sometime in 2022, if the law gets through the three-party discussion phase.
Private sector initiatives
LaSalle Investment Management partners with RealBlocks
LaSalle Investment Management has joined hands with blockchain-powered funds solution provider RealBlocks. Asset management firm LaSalle, the subsidiary of real estate company Jones Lang LaSalle, has $77 billion worth of assets under management.
Asset managers, in addition to fund distributors, are offered a white label solution by RealBlocks in the alternative investment domain. The firm offers an end-to-end solution beginning with investor onboarding and culminating with all features of secondary market trading and transfer. Notably, only a certain portion of its platform utilizes blockchain.
In the aforesaid case, LaSalle is yet to adopt the secondary market solution. Rather, it utilizes investor onboarding, AML and KYC, and eSigning of credentials. Initially, LaSalle targeted real investors, but soon started offering RealBlocks to institutions as well. The platform was also adopted for the worldwide employee co-investment program.
RealBlocks CEO Perrin Quarshie stated that it intends to establish a digital experience that will pave the way for expansion by asset managers and engage with investors in a better manner. The use of blockchain for secondary trading has resulted in real-time transactions as the use of digital securities creates a common record for all the participants (custodian, fund administrator, and the transfer agent).
State Street Digital signs licensing deal with Copper co.
State Street Corporation’s digital division, State Street Digital, has inked a licensing deal with institutional level digital asset custody and trading framework provider Copper co. As per the agreement, State Street Digital will capitalize on Copper. co’s technology to build and roll out digital custodial solutions where customers can retain and trade their digital assets in a safe ecosystem managed by the firm. Additionally, the digital subsidiary will use its solid framework and comprehensive expertise to aid customers to shift and sustain in the developing digital economy.
Copper.co facilitates an entry into the crypto domain for institutional investors by providing trading, custody, and settlement solutions covering 450 cryptos and over 40 exchanges.
Nadine Chakar, head of State Street Digital, said, “With the necessary mechanism in place, State Street Digital can continue providing clients with solutions for both conventional and digital assets.”
Miscellaneous
OneOf unveils its latest NFT series
OneOf, a sports and music non-fungible token (NFT) platform, has unveiled its foremost NFTs to commemorate the Grammy Awards. The animated NFTs are themed on the Grammy Awards. Additionally, one lucky winner will be offered a fully-paid tour for two to the upcoming 64th Annual Grammy Awards on April 3.
Following the initial NFT drop, OneOf is collaborating with three popular digital artists – ThankYouX, Emonee LaRussa, and Andrea Oshea – for releasing the next series of NFTs throughout March.
All of the visual artists have worked in the music and entertainment industries. Emmy-winning director Emonee LaRussa had worked with Kanye West, Lil Nas X, and Megan Thee Stallion. Likewise, Oshea had partnered with Tidal, a streaming platform, and also John Legend. Even ThankYouX has showcased her creations in museums across the globe.
The funds generated from the sale of the digital collectibles will be donated to the scholarship fund of Recording Academy, which intends to support underprivileged high school children. OneOf also offers facilities for artists to donate a portion of their income to any charity of their choice using the platform.
OneOf, which is built on Tezos, also claims itself to be a ‘green’ NFT platform. The collaboration with Grammys was revealed in November and is anticipated to last for a minimum of three years.
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