The cryptocurrency market remains slightly bullish with Bitcoin (BTC) inching towards $40,000. While preparing this report, Bitcoin was trading at $37, 506, up 5.70% in the past 24 hours. Ethereum (ETH) had gained 4.10% to trade at $2,051. XRP was trading at $0.6466, an increase of 2.70% in the same period.
Major cryptocurrencies, which have gained ground in the past 24 hours, are Bitcoin Cash (BCH, $239.07, 3.50%), VeChain (VET, $0.0219, 4.70%), Shiba Inu (SHIB, $0.00000879, 4.90%), EOS (EOS – $0.7301, 5.20%), IOTA (IOTA – $0.1941, 5.10%), Avalanche (Avax- $21.15, 20.2%), Cardano (ADA, $0.3820, 7%), Polkadot (DOT, $5.59, 6.90%), Solana (SOL, $66.20, 16.50%),
ChainLink (LINK – $14.98, 5.90%) and Binance Coin (BNB – $252.86, 3.30%).
Private Sector Initiatives
Bantgo Partners With Verofax
Web3-focused startup firm BANTgo, which offers rewards for recycling, has partnered with blockchain tracking firm Verofax. The venture intends to incentivize the public to recycle old digital hardware or e-waste. Both firms are headquartered in the UAE.
After its debut, users recycling their electronics goods would receive both physical and digital rewards, including NFTs via the impact2earn scheme. The platform functions through the use of smart bins structured for e-waste collection. An in-built validation system evaluates the nature of the electronic device and the materials that can be recovered. The goods are required to be in a safe location because that kind of assessment necessitates an in-built smartphone loaded with AI to identify the nature of the goods.
Recyclers are offered a digital blockchain certificate.
Back in September, BANTgo revealed that it got enrolled in the EU-aided EIT Raw Materials Accelerator program, which includes a small amount of funding.
Sygnum Helps SaaS Lender Float Tokenize Its Portfolio
Switzerland-headquartered digital asset bank Sygnum is aiding one of the European SaaS lenders, Float, to tokenize a portion of its portfolio by employing Sygnum’s Desygnate tokenization offering.
The UK hedge fund Fasanara Capital, with $4 billion in assets under management, is a prime (or senior) lender. Alternatively, the tokens, offering a yield of 14% per annum and redeemable in 18 months, are regarded as the junior, high return, and high-risk tranche. The tokens are governed by Switzerland’s DLT regulations. The main benefit of tokenization is an improvement in liquidity. Notably, to ensure adequate liquidity, Sygnum has also established a secondary market, namely SygnEx.
As tokenization allows smaller investments, the investor base is broadened. Interestingly, Sygnum is not focused on average retail investors. Both fractionalization and secondary markets improve liquidity. The token is planned to be issued on the Polygon blockchain.
Francesco Filia, CEO and Co-Founder of Fasanara Capital, stated, “Tokenized debt markets are on the verge of mainstream adoption, and we anticipate this asset class to command USD 3.5 trillion by 2030.”
JPM Coin Handles $1 Billion Daily Transactions
JPMorgan’s Takis Georgakopoulos has revealed that JPM Coin is utilized to process $1 billion worth of transactions every day. The financial behemoth began piloting the blockchain-powered real-time payments platform four years back. It is mainly used by institutions and large enterprises, including the Siemens Treasury, which employs tokenized deposits to transfer funds between its associate firms across the globe on a 24×7 basis.
The bank also operates a blockchain-powered intraday repo platform and a new tokenized collateral administration network. Notably, at the end of June, the repo platform had handled transactions worth $300 billion.
In the beginning, JPM Coin was employed only for dollar payments but started assisting in euros in June. Georgakopoulos stated that the solution’s usage would be further widened. Interestingly, Bahrain’s ABC Bank has rolled out the JP Morgan Coin Systems platform. It began utilizing the solution for payments between Bahrain and the UK, the US, Hong Kong, and Singapore.
Miscellaneous
Nomura And Laser Digital Unveil Metaverse In The Sandbox
Nomura, in partnership with its digital assets subsidiary Laser Digital, has launched its metaverse ecosystem in The Sandbox. The unveiled experience is focused on Japan’s botanical garden, in line with the firm’s legacy and stress on sustainability.
Users would be able to interact with the avatars of senior executives and perform a maximum of 20 tasks, including growing a bonsai tree.
Jez Mohideen, the CEO of Laser Digital, expressed the company’s keen interest in delving into the possibilities of the metaverse since their establishment as Nomura’s digital asset subsidiary last year. He conveyed his enthusiasm for the new forms of engagement that this project offers and expressed the company’s anticipation of an ongoing partnership with the Digital Company as they continue to advance Nomura’s presence in the digital asset sector.
Initially, Laser Digital was focused on investing in ventures related to the digital asset domain. Of late, the firm launched its asset management division with its Bitcoin Adoption Fund, aimed at institutional investors. The firm also intends to establish a digital asset trading division.
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.
