The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) continues to hover around the $19,000 level. Currently, Bitcoin is trading at $19,187.50, reflecting a loss of 0.4% in 24 hours. Ether (ETH) was trading at $589.53, down 0.6% in the same period. XRP, which gained over 100% in the past one month, seems to be consolidating at $0.60 levels (XRP- $0.6064, -0.6%).
Major altcoins which have gained ground in the last 24 hours include Tether (USDT-$1, 0.1%), USD Coin (USDC-$0.9992, 0.1%), Binance Coin (BNB-$29.33, 0.1%), Bitcoin SV (BSV-$179.84, 2%) and Monero (XMR-$140.19, 2.8%).
Major altcoins which have lost ground in the past 24 hours include ChainLink (LINK-$13.05, -1.6%), Dash (DASH-$101.18, -0.4%), Tezos (XTZ-$2.25, -1.2%), Polkadot (DOT-$5.03, -1.1%), EOS (EOS-$2.96, -0.3%), IOTA (IOTA-$0.3194, -4.3%), Tron (TRX-$0.0301, -1.7%), Stellar (XLM-$0.1673, -2.7%), Cosmos (ATOM, $5.10, -1.2%), Cardano (ADA-$0.1541, -1.9%), Bitcoin Cash (BCH-$283.76, -0.3%),
Government level initiatives
BISIH completes two PoCs on CBDCs
The pros and cons of blockchain-powered central bank digital currency (CBDC) are being studied by the Bank for International Settlements and the Swiss National Bank. (BISIH), the BIS Innovation Hub Swiss Centre has finished two PoC (proof-of-concept), namely bridging prevailing payment platforms with a distributed ledger and transacting tokenized assets with a wholesale CBDC.
Referred to as “Project Helvetia,” the latest joint venture is executed by BISIH, the SNB, and Switzerland’s premium stock exchange, Six Group.
The exchange pointed out that Project Helvetia studied the technical and legal possibility of moving digital assets via issuance of a wholesale CBDC on Six Digital Exchange, the custom-made distributed crypto asset trading platform of Six Group. The latest platform is anticipated to go live soon and facilitate disbursement, buying and selling of tokens, settlement, administration, and possession of tokenized assets.
Andréa Maechler, SNB’s governing board member, stressed that the Swiss central bank does not want to overlook chances of using budding technologies to enhance the funding platform: “Irrespective of which technologies the financial markets adopt next, the safety and reliability of Swiss financial infrastructure must be preserved. If [distributed ledger technology] can deliver significant improvements in securities trading and settlement, then the SNB will be prepared.”
HKMA in the preliminary phase of trialing the digital yuan in cross-border payments
China’s central bank and the Hong Kong Monetary Authority (HKMA) are in the initial phase of trialing the digital yuan for trans-border payments, underlining another significant advancement in the launch of a central bank digital currency (CBDC).
Hong Kong Monetary Authority’s CEO Eddie Yue revealed that the HKMA is in discussion with the People’s Bank of China (PBoC) to start trialing the e-CNY.
Yue stated: “The HKMA and the Digital Currency Institute of People’s Bank of China are discussing the technical pilot testing of using e-CNY, the digital renminbi issued by the PBoC, for making cross-border payments, and are making the corresponding technical preparations.”
Yue opined that Hong Kong and mainland China tourists could immensely gain from e-CNY as it is pegged to the yuan, which is already accepted as a mode of payment in Hong Kong.
China continues to stay ahead of others in the creation of CBDC, with its digital yuan undergoing trial. Back in April, the first stage of trials was launched in four major cities. It was later extended to nine metropolitan zones.
Private sector initiatives
Henderson starts using the blockchain network GumboNet
Data Gumbo, a Saudi Aramco-aided blockchain firm, has stated that Henderson, a capital drilling equipment supplier, has begun using the former’s industrial blockchain network named GumboNet. Henderson will utilize the platform’s smart contract technology for its drilling customers and equipment facilities in the oil and gas industry.
Data Gumbo has systematically increased its range of solutions in the oil and gas industry, from water handling in fracking to geothermal drilling and transportation.
The blockchain network will pave the way for drilling contractors to prove completed work and delivered goods. The info is distributed via the GumboNet blockchain that offers transparency and definiteness.
Data Gumbo CEO, Andrew Bruce, said: “The network will enable their partners and customers to agree faster on terms, service more efficiently, and reduce risk in transactions.”
Dan Henderson, the Henderson CEO and Founder said: “We sought out Data Gumbo based on the transparency, accuracy, efficiency, and trust that their network will bring to our business’s ecosystem of sales, services, and technicians across drilling.”
The company intends to launch the blockchain-powered software solution next year.
Miscellaneous
Spotify seeking an associate director candidate
On-demand audio streaming service provider Spotify is on the outlook for a suitable candidate who can fill the post of associate director to formulate its payments handling plan and innovation division. The candidate is expected to have in-depth knowledge of cryptocurrency.
The chosen candidate is anticipated to play a significant part in executing the payments strategy, while advancing the company’s role in Facebook’s stablecoin venture Libra, which was recently rebranded as Diem. Furthermore, the associate director is expected to continuously monitor other digital assets and the wider crypto sector as a whole, which includes CBDCs (central bank digital currencies).
“You will drive further consideration of new opportunities and innovation in the emerging ecosystem of distributed ledger technology, blockchains, cryptocurrencies, stablecoins, CBDCs and other digital assets.”
As per the posting, the hired professional will work from Spotify’s London or Stockholm offices, necessitating regular travel to other offices of the company, including London and Stockholm.
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.
