The cryptocurrency market remains range-bound with a slight bullish bias as Bitcoin (BTC) continues to consolidate above $40,000. While preparing this report, Bitcoin was trading at $41,884, an increase of 2.90% in the last 24 hours. Ether (ETH) has gained 4.40% to trade at $2,964. XRP was trading at $0.8488, up 7.30% in the past 24 hours.
Major altcoins, which have gained ground in the last 24 hours, include Cosmos (ATOM, $28.06, 1.20%), Shiba Inu (SHIB- $0.00002332, 4.40%), Terra (LUNA- $95.03, 1.90%), Polygon (MATIC- $1.49, 2.80%), EOS (EOS-$2.39, 10.6%), IOTA (IOTA-$0.7537, 3.10%), Stellar (XLM-$0.2038, 5.40%), VeChain (VET, $0.0517, 5.30%), Avalanche (Avax- $88.26, 5.2%), ChainLink (LINK-$15.38, 7%), Uniswap (UNI, $9.65, 4.80%), Polkadot (DOT, $19.16, 3.16%), Binance Coin (BNB- $401.89, 3.90%), Cardano (ADA, $0.9251, 6.80%), Dogecoin (DOGE, $0.1211, 2.4%), Near (NEAR- $11.14, 5.3%), Bitcoin Cash (BCH, $341.39, 6%), Tezos (XTZ-3.28, 1.70%), Internet Computer (ICP, $17.19, 4.20%) and Solana (SOL, $90.33, 3.30%).
Government level initiatives
Jamaican residents who signed up for JAM-DEX, to receive J$2,500
Nigel Clarke, Jamaica’s Minister of Finance, has revealed that the initial 100,000 residents who signed up for the CBDC (central bank digital currency), referred to as JAM-DEX, will receive J$2,500 (~$16) in the form of a deposit. The CBDC will be minted at the start of April.
The digital currency rollout is one of the steps towards the digitization of Jamaica’s economy. Notably, the CBDC underwent a five-month successful trial program started in August 2021 by the Bank of Jamaica. The CBDC was created by Irish startup firm eCurrency Mint and runs via the Fintech Regulatory Sandbox. Notably, the Bank of Jamaica (BoJ) does not use blockchain for the initiative.
Specifically, the BoJ has clarified that the JAM-DEX uses a hybrid model (a combo of retail and wholesale CBDC) and is exclusively created for domestic use. Hence, the BoJ will distribute the CBDC to commercial banks and other licensed deposit-taking institutions (DTIs) for further redistribution in the retail market. The CBDC, being a legal tender, is pegged to fiat cash on a 1:1 basis. A digital wallet to store the CBDC will be automatically provided to bank account holders.
Private sector initiatives
Three additional banks joined the USDF Consortium
The USDF Consortium revealed the inclusion of three more banks, namely ConnectOne, Amerant Bank, and Primis Bank, that will utilize the blockchain network for tokenization of bank deposits. The process of tokenization paves the way for interbank transfers on a 24×7 basis. The interoperable tokens are issued by FDIC-insured banks.
The objective of USDF is to facilitate quicker and cost-effective transactions that are compliant with the rule of law. Earlier in January, the consortium was established by New York Community Bank (NYCB), FirstBank, NBH Bank, Synovus Bank, and Sterling National Bank. The co-founders and entities behind the creation of the consortium are community banking group JAM FINTOP and Figure Technologies, the developer of the Provenance blockchain, which is utilized by the network. Including the new additions, aggregate assets administered by consortium member banks have eclipsed $200 billion.
Currently, the members of the consortium are expected to have a minimum of $1 billion in assets. The condition is going to be relaxed in the future. Notably, two out of three new members have about $8 billion in assets. Specifically, Primis has about $3.50 billion. Piper Sandler is also anticipated to assist in bringing new banks to the consortium.
Stripe launches services for crypto-related businesses
Stripe, which facilitates online payments, has rolled out services focused on firms related to the crypto business. This includes cryptocurrency exchanges, wallet providers, and non-fungible token (NFT) marketplaces.
The latest cryptocurrency-centered tools and API (application programming interface) offered by Stripe enables businesses to support fiat deposits for crypto and remit payment in local fiat currencies. Furthermore, Stripe also provides KYC (know your customer) solutions and many more fraud prevention tools to cryptocurrency companies.
Four years ago, high transaction charges and price fluctuations forced Stripe to discontinue support for Bitcoin payments. In 2021, the company assembled a crypto team and signed up Matt Huang as one of its directors. Notably, Huang co-founded Paradigm, a Web3 investment firm. This gave a hint of Stripe’s plan to re-enter crypto payment processing services. With the exponential rise in cryptocurrency transaction volumes, Stripe is interested in grabbing a market share. The growth of the crypto sector can be understood from the fact that Visa processed $2.50 billion worth of crypto-based transactions last year.
Also, cryptocurrency exchange FTX is collaborating with Stripe. The former will utilize Stripe’s latest cryptocurrency payment services and also its onboarding and identity verification KYC tools.
TrusTrace launches blockchain-powered platform to track supply chains
Tech firm TrusTrace has unveiled a unique blockchain-powered platform for tracking supply chains. German sportswear company Adidas, which had provided valuable inputs during the development of the platform, named TrusTrace Certified Material Compliance, has started using it to achieve sustainability goals in the coming years.
With 8% of overall greenhouse emissions, the impact of the global fashion industry is nearly 400% higher than the airline industry on the environment. A lack of oversight and unrestrained ‘greenwashing’ by large corporations only worsens the environmental damage. In this regard, TrusTrace Certified Material Compliance intends to battle false data and enhance transparency and tracking ability within the global fashion sector.
The solution offers a plethora of data regarding a textile’s material makeup and supply chain dealings. This includes assessment of material waste, the origin of the product, the proportion of certified and non-certified material content. Therefore, brands can showcase their compliance with domestic and global standards and regulations.
TrusTrace built its technology utilizing a combo of AI, IoT, blockchain, and software automation. This paves the way for an almost real-time update of garment data and also the guarantee that the details are traceable, unalterable, and transparent.
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.
