The cryptocurrency market remains range bound with Bitcoin (BTC) moving between $60,000 and $65,000. While preparing this report, Bitcoin was trading at $63,073, a decrease of 0.50% in the past 24 hours. Ethereum (ETH) was trading at $3,453, down 1.30% in the same period. XRP had gained 0.10% to trade at $0.4776.
Major Cryptocurrencies, that have gained ground in the past 24 hours, are Polkadot (DOT, $6.43, 2.80%), Immutable (IMX, $1.61, 2.50%), ChainLink (LINK – $14.43, 1.20%) and Solana (SOL, $148.54, 0.90%).
Major Cryptocurrencies, which have lost ground in the past 24 hours, are Hedera (HBAR, $0.0766, -0.60%). Polygon (MATIC – $0.5671, 0.90%), Avalanche (Avax- $28.56, -4.70%), and Stellar (XLM, $0.0923, -0.10%).
Private Sector Initiatives
Laser Digital Completes ADGM Licensing and Expands Global Operations
Laser Digital (AD) has successfully finished its licensing procedures with the Abu Dhabi Global Market (ADGM). As a sister concern of Nomura, Japan’s largest securities broker, Laser Digital initially announced in September that it had received in-principle clearance to operate as a broker-dealer and asset/fund manager for both crypt’s and conventional assets. This approval has now been finalized.
Additionally, Laser Digital holds a license from the Virtual Asset Regulatory Authority (VARA) in Dubai, another emirate in the United Arab Emirates (UAE). The company also has offices in London and its headquarters in Switzerland.
Laser Digital employs a three-pronged plan focused on venture investment, asset administration, and digital asset trading, with the latter still pending launch. This recent licensing approval significantly enhances their operational capabilities.
Moreover, the company has recently initiated a stablecoin project in collaboration with its parent company, Nomura, and GMO Internet, whose subsidiary already issues yen and dollar stablecoins. As a whole, they intend to introduce a stablecoin-as-a-service solution.
Citi Unveils CIDAP at Citi Digital Money Symposium
At the Citi Digital Money Symposium, the bank introduced its new Citi Integrated Digital Assets Platform (CIDAP), designed to aid the entire organization. Citi is actively engaged in several digital money and tokenization initiatives.
Altin Hoxha, the platform’s lead, stated that CIDAP intends to “facilitate quick adoption of innovation and ensure compliance with regulatory regimes worldwide.”
In 2023, Citi unveiled its tokenized deposit solution, Citi Token Services, offering both a cash solution for corporate treasury administration and a trade solution. The cash solution is currently operational in the US and Singapore, allowing enterprises to move funds 24/7. On the trade aspect, Citi is trialing tokenized guarantees in collaboration with Maersk.
In terms of interbank tokenized deposit payments, Citi’s Tony Mclaughlin introduced the concept of the Regulated Liability Network (RLN), which is being piloted in the UK and US. In the US, it has been renamed the Regulated Settlement Network (RSN).
Japanese Banks Collaborate on Digital Identity Solutions
According to the Nikkei, Japan’s three major banks—MUFG, SMBC, and Mizuho—are partnering with domestic banks Fukuoka Financial and Shizuoka to develop a digital identity solution. These major banks are also supporters of the Progmat tokenization platform, initiated by MUFG.
The initiative aims to enable users to save personal information, including name, address, date of birth, and potentially a driver’s license, on their smartphones as credentials that can be securely shared. Distributed Ledger Technology (DLT) will ensure the integrity of this data.
Pending the resolution of legal problems, the consortium plans to trial the platform in the months ahead, with a potential rollout next year. The envisioned uses for these digital certificates include setting up bank accounts, offering new debit or credit cards, and establishing accounts for securities investments.
The current process of proving one’s identity in person poses a considerable limitation to signing up for fresh services. Even remote identity verification using selfies can be cumbersome. Therefore, there is a robust requirement for a digital identity solution, particularly a self-sovereign identity system where users control the sharing of their personal information.
Tencent Participates in mBridge CBDC Initiative
Tencent is one of the nine institutions participating on the Chinese side of the mBridge cross-border central bank digital currency (CBDC) initiative, which recently rolled out a minimum viable product (MVP). Tencent is the holding company of WeChat Pay, China’s largest mobile payment app, with 1.1 billion monthly active users.
mBridge utilizes wholesale CBDCs from the central banks of China, Hong Kong, Thailand, and the UAE, with Saudi Arabia joining earlier this month. The BIS Innovation Hub coordinates the venture, aiming to facilitate cost-effective and quicker cross-border payments.
Tencent’s cross-border settlements division, Tenpay Global, is a participant in the mBridge project. It trialed a usage scenario involving the receipt of trade payments for e-commerce exports.
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.
