After hovering near $30,000 for almost ten trading sessions, Bitcoin (BTC) broke above the psychological level yesterday. While preparing this report, Bitcoin was trading at $31,563, up 6.30% in the last 24 hours. Ether (ETH) was trading at $1,986, reflecting an increase of 7.90% in the same period. XRP had gained 5.50% to trade at $0.4169.
Major altcoins, which have gained ground in the past 24 hours, include VeChain (VET, $0.03260, 5.50%), Tezos (XTZ-$2.15, 6.40%), and Uniswap (UNI, $5.61 10.60%), IOTA (IOTA-$0.3443, 3.8%) and Stellar (XLM-$0.1424, 5%).
Binance Coin (BNB- $319.32, 2.90%), Polkadot (DOT, $10.38, 1.40), Cardano (ADA, $0.5784, 16.7%), Internet Computer (ICP, $8.03, 10.30%), Avalanche (Avax- $27.80, 3.6%), EOS (EOS-$1.37, 3.80%), ChainLink (LINK-$7.42, 7.30%), Bitcoin Cash (BCH, $195.37, 3.90%), Solana (SOL, $46.81, 2.20%), Cosmos (ATOM, $10.43, 5.20%), Polygon (MATIC- $0.6545, 6.50%), Shiba Inu (SHIB-$0.00001201, 2.5%) and Dogecoin (DOGE- $0.0874, 3.60%).
Private sector initiatives
Nayms now fully regulated in Bermuda
Leading insurer Aon’s partner Nayms has gained the credit of being the world’s first fully regulated crypto-focused insurance marketplace in Bermuda.
The firm has further revealed that it now holds not only the full Digital Asset Business Act license but also the Innovative General Business Insurance license, paving the way for its associates to carry out regulated insurance business on a blockchain platform.
In its media release, Nayms stated that numerous insurance schemes offered by prominent firms, including Aon and Breach, will soon go live. Furthermore, these insurance schemes will be offered in a transparent, trusted, and tradable ecosystem. The full-fledged marketplace will also aid in the efficient transfer of risk as engagement increases.
Nayms also stated that it had launched another initiative named Crypto-native Captives. The Nayms framework is currently the only ecosystem worldwide where crypto ventures can retain treasury assets using their in-house token in a regulated captive, a solution used in conventional markets for self-insurance. The initial captive will function through Qredo, a decentralized custodial solution.
Universal Music Group signs deal with LimeWire
Talent management company Universal Music Group (UMG) has inked a deal with non-fungible token (NFT) marketplace LimeWire. The venture will pave the way for UMG artists to offer audiovisual materials, including audio albums, behind-the-scenes tape, and artwork, straightaway to collectors and patrons.
UMG administers the copyrights for its artists’ material and will offer individual rights to LimeWire to market as digital collectibles. The revenue breakup between the participating artisans, UMG, LimeWire, and creators of digital materials was not revealed.
Established in 2000, LimeWire was initially a p2p file-sharing platform utilized to distribute music, with more than 50 million monthly users at their peak. The platform had such a huge reputation that a survey conducted by NDP Group in 2009 indicated that LimeWire was used by 58% of people to download music from P2P networks.
In the US, recorded music sales declined to $7.70 billion in 2009, from $14.50 billion in 1999, and services comparable to LimeWire were primarily responsible for the decline. Furthermore, following a four-year legal fight, citing copyright violation, a US federal court directed the shutdown of the platform in 2010.
Therefore, looking at a renowned music label such as UMG collaborating with LimeWire looks illogical. But it should be noted that the platform is re-launching itself as an NFT marketplace centered on music. Last month, the platform got $10.40 million in funding through its native token (LMWR) offering to venture capital firms and prominent music personalities, including Steve Aoki.
Swift in parternship with Capgemini
Swift, which stands for the Society of Worldwide Interbank Financial Telecommunication, has entered into a partnership with the France headquartered IT company Capgemini. Across the globe, banks have been utilizing the Belgian financial messaging network for global (cross-border) fund transfers.
Swift intends to carry out the piloting of cross-border CBDC payments in partnership with Capgemini. Notably, this is Swift’s second CBDC research initiative.
Swift has also published a report on the trial conducted with the Bank of International Settlements. The CBDCs encompass economies tallying to more than 90% of the worldwide GDP.
An increasing number of central banks are scrutinizing CBDC, with nine countries utilizing their own digital currency. Prominent countries on the list include Nigeria and the island of the Bahamas.
According to a media release, Swift is developing a channel for local CBDC networks to send, intercept and translate messages for further distribution. The capability is being built on the prevailing Swift standards, framework, and authentication protocol. Swift is a worldwide financial messaging platform that links more than 11,000 financial firms in more than 200 countries.
Wembley Stadium and Secutix to launch TIXNGO
The UK’s Wembley Stadium is collaborating with Secutix to deploy the latter’s blockchain-powered mobile ticketing solution TIXNGO to safely deliver digital tickets via a distinct ticket wallet named Wembley.
The Wembley stadium, which has a capacity of 90,000, will start using the aforesaid ticketing solution from June 24, when Ed Sheeran will perform.
Utilizing blockchain technology, TIXNGO generates a distinct, encrypted, and authenticated ticket for smartphones. This avoids counterfeit tickets. The generated ticket can be downloaded, transferred, retained, or assigned to anyone at any point in time through a wallet.
Currently, the TIXNGO platform is utilized by stadiums, including the Johan Cruyff Arena (seating capacity of 55,500) in Amsterdam, the Stade de France (seating capacity of 81,000) in France. The solution was employed even by UEFA last year during European Championship.
Wembley Stadium head of event operations Paul Smyth said, “We needed a state-of-the-art mobile solution that was both safe and capable of catering to several kind of situations that we host, even some that aren’t related to sports. TIXNGO offers us with just this, making the purchasing of tickets a hassle-free and secure feel for all of our customers.”
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