The cryptocurrency market remains slightly bullish as Bitcoin (BTC) continues its forward march after consolidating at $20,000. While preparing this report, Bitcoin was trading at $23,337, an increase of 0.70% in the last 24 hours. Ethereum (ETH) has gained 0.1% to trade at $1,537. XRP was trading at $0.3654, down 1.2% in the past 24 hours.
The only major altcoin, which has gained ground in the past 24 hours, is Dogecoin (DOGE- $0.0698, 1.30%).
The major altcoins, which have lost ground in the past 24 hours, are Polygon (MATIC- $0.8402, -7.30%), Uniswap (UNI – $6.96, -4.40%), Shiba Inu (SHIB- $0.00001206, -0.70%), Tezos (XTZ- $1.64, -5.80%), VeChain (VET, $0.0256, -2.40%), Stellar (XLM – $0.1129, -5.70%), Polkadot (DOT, $7.48, -4.20), Cardano (ADA, $0.4947, -5.90%), Binance Coin (BNB- $258.48, -3.40%), Avalanche (Avax- $23.91, -5.20%), EOS (EOS – $1.04, -3.10%), ChainLink (LINK – $6.92, -7.40%), Solana (SOL, $41.82, -7.40%), Cosmos (ATOM, $10.02, -3.20%) and Internet Computer (ICP, $6.78, -7%).
Government level initiatives
Central Bank of Korea looking at a real-world trial of the digital won
The Central Bank of Korea (BoK) has expressed its willingness to begin a “real-world” trial of its digital won (central bank digital currency). However, the bank did not reveal whether it intends to release the token for commercial transactions after a successful trial.
The next stage of the BoK’s CBDC will involve 10 domestic commercial banks. Since the latter half of 2021, the BOK has been secretly working with companies from the private sector, one of which is a subsidiary of the internet giant Kakao, to carry out testing.
The BoK has expressed its wish to have top commercial banks join the trial in the second half of the year. As per the bank, the next phase of the multi-stage trial will be centered on remittance and payments in real-life “financial service environments.” The two major banks which are taking part in the next stage trial are Shinhan Bank and Nonghyup (NH) Bank.
The central bank is also interested in knowing that its digital KRW framework is compatible with the IT platforms of several banks and wishes to look at likely interoperability issues.
Private sector initiatives
SDX issues tokenized private shares retained by SDX
SIX Digital Exchange (SDX) has revealed that F10, a financial technology accelerator, has successfully issued tokenized private stock retained by the blockchain technology-driven central security depository (CSD) of SDX. Notably, startup firm Aequitec aided share registry and cap table facilities, while SDX enabled token issuance.
Jonathan Seiler, the CFO of F10, said that there are “obvious benefits” to completely digitizing all of the company’s connected operations, including the share registry. Improved performance and liquidity are two of the advantages that SDX anticipates for private markets.
In March, SDX initially revealed its collaboration with Aequitec. The firm is also working with another firm named Daura, which is focused on the tokenization of private stocks. Based on this business relationship, the tokenized stock can be moved to the CSD of SDX, which can then act as the secondary market.
SDX platform started its commercial operations last November with the issue of a SIX bond. Other participant banks include Credit Suisse, UBS Investment Bank, and Zürcher Kantonalbank.
Allfunds now offering blockchain-based funds transfers in Italy
Funds distribution solution provider Allfunds has begun offering its blockchain-based funds transfer facility in Italy. The development has come after the completion of a successful trial of its platform with participation from 18 firms in Italy, including asset managers, intermediates, and distributors.
Currently, Allfunds Blockchain offers two different kinds of solutions, namely the FAST data sharing and a fund tokenization solution. Notably, Allfunds Blockchain is an autonomous subsidiary of funds distribution entity Allfunds, which manages roughly $1.50 trillion in cash. The FAST service is managed by the blockchain division of Allfunds and is already commercially active in Spain.
The blockchain-based FAST data sharing platform is expected to improve the overall funds transfer process. As per the market research conducted by Allfunds, the slow rate of funds transfer is one of the main issues that need to be resolved.
Regarding the launch of the platform, Ruben Nieto, managing director of Allfunds Blockchain, said, “Because of the productivity improvements it offers to both companies and final investors, blockchain technology is especially useful as a way to solve issues related to complicated data transfer procedures. This is especially true because of its decentralized nature.”
Fijitsu and Teijin developing a platform to track recycled industrial materials
Japan headquartered Fujitsu and Teijin are jointly developing a blockchain platform to track recycled industrial materials utilized in manufacturing industries. The firms have pointed out that Europe’s law necessitates certain enterprises to implement a change in their manufacturing procedures to utilize eco-friendly frameworks and procedures.
To start with, the blockchain platform will concentrate on carbon fiber and aramid fiber – two popular polyimides (plastics) – manufactured by Teijin. Interestingly, carbon fiber is stronger than steel, and aramid is also a heat-resistant synthetic fiber.
The main issue for manufacturers utilizing recycled materials is that they require proof of origin and information related to greenhouse gas (GHG) emissions. Teijin created a process for calculating GHG emissions from stages involved in carbon and aramid fiber manufacturing. Fujitsu is offering its blockchain expertise for the development of the platform. By next year, the platform is expected to begin its commercial run.
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.
