The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) struggles to hold above the $45,000 level. While writing this article, Bitcoin (BTC) was trading at $47,138, an increase of 0.90% in the last 24 hours. Ether (ETH) was trading at $3,950, up 0.40% in the same period. XRP has lost 3.60% to trade at $0.8642.
Major altcoins, which have gained ground in the last 24 hours, include EOS (EOS-$3.28, 0.60%) and IOTA (IOTA-$1.09, 2.60%).
Major altcoins, which have lost ground in the last 24 hours, include Tezos (XTZ-4.14, -1.70%), Solana (SOL, $171.18, -4.70%), ChainLink (LINK-$18.55, -2.30%), Dash(DASH-$126.82, -1.60%), Cosmos (ATOM, $21.73, -1.90), Uniswap (UNI, $14.43, -3.20%), Stellar (XLM-$0.2575, -1.80%), Cardano (ADA, $1.24, -1.10%), VeChain (VET, $0.792 -2.20%), Bitcoin Cash (BCH, $432.32, -0.60%), Polkadot (DOT, $23.96, -3.30%), Dogecoin (DOGE, $0.1678, -1.70%), Internet Computer (ICP, $21.68., -4.70%) and Bitcoin SV (BSV-$123.32, -0.70%).
Private sector initiatives
Ubisoft creates digital platform Quartz
Ubisoft has created Quartz, a digital platform that enables gamers to have exposure to non-fungible tokens (NFTs) utilized in Ubisoft’s games. These NFTs, dubbed Digits, are the gaming firm’s foremost crypto assets to be integrated into its high-definition games. The Beta NFT rollout is exclusive to PC gamers of Tom Clancy’s Ghost Recon Breakpoint.
Digits focuses on a domain of the NFT gaming business that has significant promise but has yet to be embraced by several gaming firms: the development of crypto assets that are likely compatible with the company’s games. That is something that Baptiste Chardo, Ubisoft’s Blockchain Product Director, said clearly.
Digits, according to Ubisoft, are similar to accessories that gamers could buy to outfit their avatars in games. Ubisoft highlighted that possession of the Digits would not affect the game’s level of play. Rather than that, they empower gamers to customize their characters. Additionally, players may liquidate their Digits at any moment.
Ubisoft is making a concerted effort to prevent speculation from inflating the NFT prices. To purchase an NFT, the player must attain XP Level 5 in the game and be at least 18 years old. The Quartz platform is not yet accessible globally, but Ubisoft intends to expand into other territories.
Pontoro to use the blockchain to securitize private loans
California based company Pontoro intends to utilize the blockchain to securitize private loans provided by banks for infrastructure projects. The company intends to commercialize its operations in the final quarter of next year. Notably, Pontoro successfully raised $6 million in its seed funding round, backed by Ulu Ventures, in partnership with Franklin Templeton, Neva Sgr, venture capital fund of Banca Intesa Sanpaolo, Bloccelerate, and many more. Banca Intesa Sanpaolo is a top infrastructure lender.
Utilizing blockchain to tokenize infrastructure assets is regarded as a method to deliver alternative asset classes to new groups of investors. Nevertheless, instead of targeting retail investors, Pontoro intends to provide access for institutional and recognized investors.
Pontoro’s CEO Antonio Vitti regards tokenization as a way to gain access to accredited investors, who continue to play a significant role in the adoption of blockchain.
The use of blockchain technology will enable trading on Alternative Trading Systems (ATS) in the years to come.
Vitti stressed that the blockchain solution would use only fiat currency and will be hosted on the permissioned Ethereum blockchain that runs on PoA (proof of authority) protocol.
HSBC and Wells Fargo to use blockchain platform to settle Forex trades
HSBC and Wells Fargo have agreed to use a blockchain-powered platform to settle Forex (FX) trades involving multiple major currencies. To begin with, the banks intend to settle bilateral trades of currencies such as the USD, CAD, EUR, and GBP. Other currencies will be joining the list in the months ahead. Notably, the banks aim to process about a hundred contracts per week in the initial stages and systematically step up the number of trades processed.
The banks will also explore the use of commercial bank funds rather than central bank funds. Three years ago, HSBC unveiled its FX Everywhere platform, which was used for intra-bank settlement. The platform has successfully processed about three million intra-bank transactions worth $2.50 trillion.
The platform ensures real-time transparency while facilitating payment versus payment (PvP) transactions to reduce costs and also avoid settlement risks.
Miscellaneous
Avast has taken over Evernym
Avast, a Czech-based worldwide supplier of digital safety and privacy tools, has taken over Evernym, a pioneer in the creation of self-sovereign and decentralized identity technologies. The acquisition’s conditions have not been published.
Everynym was formed in 2013 and runs the IATA Travel Pass. The company also established or co-founded the Decentralized Identity Foundation, the Good Health Pass Collaborative, and the Sovrin Foundation, among other initiatives.
Avast boasts of having more than 435 million internet users and wants to launch Evernym-aided solutions in 2022. The transaction is slated to finalize in mid-December, although no financial specifics have been disclosed.
The firm secured $8.5 million in a preliminary funding round conducted four years ago. Furthermore, the tech firm also raised $8 million via Series A financing in 2019, led by Barclays. If a firm with the scale of Avast agrees to offer the technology, this might be a watershed moment for decentralized identification. Numerous other businesses have copied the concept, but unlike Evernym, they have not always adhered to the ideals of real privacy protection.
Self-sovereign identification empowers users to retain total control over their personal information, which, if broadly accepted, might avert scenarios such as the Equifax leak.
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.
