Video Source: CNBC Television on YouTube
The cryptocurrency market has turned slightly bearish with Bitcoin (BTC) declining below $29,000. While preparing this report, Bitcoin was trading at $28,588, down 2.10% in the past 24 hours. Ethereum (ETH) had lost 1.60% to trade at $1,798. XRP was trading at $0.5930, reflecting a decrease of 2.30% in the same period.
Major cryptocurrencies, which have lost ground in the last 24 hours, are ChainLink (LINK – $6.82, -2.90%), Avalanche (Avax- $11.39, -3.60%), Binance Coin (BNB – $230.29, -2.60%), EOS (EOS – $0.6363, -6.40%), Shiba Inu (SHIB, $0.00000918, -9.20%), Stellar (XLM, $0.1270, -1.80%), Solana (SOL, $23.27, -2.60%), Cardano (ADA, $0.2765, -1.70%), Polkadot (DOT, $4.69, -2.80%), VeChain (VET, $0.01697, -2.90%), Bitcoin Cash (BCH, $209.55, -8.40%), and IOTA (IOTA – $0.1559, -4.50%).
Government level initiatives
SCB and the Bank of Thailand have developed a CBDC trial app
Siam Commercial Bank (SCB) and the Bank of Thailand have created an app as part of the retail Central Bank Digital Currency (CBDC) trial venture. The trial program is restricted to a predetermined group of whitelisted participants who will be given the chance to test the CBDC SCB app available for download at the App Store or Play Store. The app facilitates adding (top-up) funds, making remittances, scanning, transferring funds, and exchanging CBDC with fiat currency.
The bank has made it compulsory to validate the documentation (KYC process) of interested participants through integration with the SCB EASY application. Participants can trial the CBDC transfer feature by utilizing My QR, which permits them to easily retail QR codes for transactions in the future. The trial venture also offers a direct customer assistance facility.
The app has been particularly structured for the whitelist group, guaranteeing its sole usage. Using the SCB EASY app, whitelist participants can exchange CBDC for equivalent fiat cash during their trial period, whenever necessary.
Private sector initiatives
Tectrex tokenizes Gloram Real Estate’s digital security on Polygon blockchain
Tectrex, a Germany-headquartered real estate tokenization platform, has completed the issuance of a digital security on behalf of Gloram Real Estate using the Polygon public blockchain. The release of the Central View bond was carried out as per the country’s digital securities regulation, eWpG, with assistance from renowned entities.
One of the partners who aided the transaction was digital asset firm 360X, which intends to commence secondary sales in the days ahead. Notably, 360X, which offers a secondary market for tokenized real estate, art, and music, is backed by Deutsche Börse and Commerzbank.
Another prominent partner is Hauck Aufhäuser Lampe Privatbank, which has performed the role of advisor for several top-notch tokenization initiatives, including the release of €60 million in blockchain bonds from Siemens a few months ago.
Similar to other tokenized issuances, the “digital bearer bond” is only offered to professional investors.
Tectrex has highlighted a notable achievement in the issuance process, which is the introduction of a shared identifier known as an ISIN for both digital security and conventional security accounts. This development enables investors to choose unique pathways based on their preferences.
MIT DCI shared PArSEC source code, enabling CBDCs via Ethereum
MIT-run Digital Currency Initiative (MIT DCI) published the source code of its study into smart contracts for central bank digital currency (CBDC)- PArSEC (Parallelized Architecture for Scalably Executing smart Contracts). As the solution is for central banks’ usage, the centralized offering is not focused on blockchain but supports Ethereum blockchain-based smart contracts.
The step of releasing the source code under the tag openCBDC is part of Project Hamilton, which was started with the assistance of the Boston Federal Reserve.
Even though the solution is touted as perfectly suitable for several central bank applications, the initiative, as a whole, is a research project and not a trial or commercially ready system.
The study intended to evaluate several advanced real-life usage scenarios for CBDC beyond remittances or payments. Some of the likely solutions include enabling FX transactions by automated market makers (AMM) on a 24×7 basis for cross-border payments. Notably, BIS Project Mariana is carrying out an in-depth study of AMMs. Additionally, MIT has highlighted the likelihood of employing AMMs for trading bonds, repurchase agreements (repos), and tokenized securities.
DAB teams up with Aventus blockchain for IoT cargo pod monitoring
Vodafone’s subsidiary Digital Asset Broker (DAB) is collaborating with the Aventus blockchain network to prepare monitoring cargo pods through the use of IoT. Notably, earlier this year, DAP was spun off by Vodafone in the form of a partnership entity with Sumitomo Corporation. Interestingly, Vodafone still retains a stake of 80% in the joint venture.
The core of DAB is a simple SIM card embedded in a gadget. It functions as a DAB SIM with the inclusion of a DAB IoT identity passport. Specifically, as a cargo pod moves around, information can be retained on the blockchain layer, with Vodafone calling it a blockchain of blockchains.
Aventus offers a blockchain solution to Heathrow Airport for administering gadgets to monitor luggage, freight, and mail. Almost 5% to 10% of cargo pods, worth about $400 million, are lost every year. The figure purely represents the damage and loss of only the cargo pods, referred to as Unit Load Devices (ULD), and not the value of lost cargo.
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.
