The cryptocurrency market has become slightly bearish, with Bitcoin (BTC) failing, again, to stay above the $11,000 level. At the time of writing this article, Bitcoin was trading at $10,295.52, down 2.1% in the past 24 hours. Ether (ETH) has lost 5.7% to trade at $323.68. XRP has lost 4.2% to trade at $0.2232.
The only altcoin which have seen value appreciation in the past 24 hours is OKB (OKB-$6.12, 2.4%). Major altcoin which has lost value in the past 24 hours include Litecoin (LTC-$43.48, -2.3%), Bitcoin SV (BSV-$150.35, -3.7%), Bitcoin Cash (BCH-$208.93, -4.5%), Tezos (XTZ-2 -6.3%), EOS (EOS-$2.45, -4.7%), Huobi (HT-$4.50, -2.2%), Cardano (ADA-$0.0772, -6.4%), Polkadot (DOT-$4.08, -2.5%), ChainLink (LINK-$8.07, -7.8%), Cosmos (ATOM, $3.90, -8.3%), Stellar (XLM-$0.0686, -4.4%), IOTA (IOTA-$0.2366, -3.2%), Dash (DASH-$65.62, -3.9%), Binance Coin (BNB-$23.14, -4..3%), Monero (XMR-$88.51, -5.7%) Tron (TRX-$0.0249, -1.2%).
Government level initiatives
Philippines central bank looking at the option of a digital currency
The Philippines ‘ central bank is exploring the possibility of digital currency as it believes that digital tokens will minimize the utilization of fiat currency and enhance financial services. In this regard, the Governor of Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno, stated that digital tokens “expand reach and lessen costs of financial services,” in addition to minimizing the utilization of fiat money.
The Philippines is among the handful of countries exploring the possibility of introducing digital currency. The BSP has stated that it will study the viability and likely pros and cons of a central bank digital currency (CBDC). The country had already rolled out a blockchain technology-based platform to issue government-backed bonds.
USSF to use Xage Security for data security system creations
The United States Space Force (USSF), a recently established organization, and the country’s Air Force Research Lab has selected Xage Security, a blockchain-focused firm, to create data security systems. While confirming the deal, Xage Security stated that the contract involves the creation of end-to-end data security for the USSF. The firm will deploy its blockchain-focused Xage Security Fabric solution for the venture.
The integrated platform of Xage Security Fabric can safeguard all systems and eliminates single entry points, thereby preventing cyber-criminals from deleting data. It will pave the way for the USSF to authenticate the person before giving access to the system and guarantee the secure functioning of satellites, even when ground machinery goes offline, and safeguards data until the time it gets transferred to other platforms.
It is the second deal Xage Security clinched from the US Air Force. The previous contract was awarded in December last year.
The USSF was set up last December to protect space and develop military space systems. As per the University of Illinois, space systems (satellites, space ships, etc.) are framework and systems that work in unison to conduct outer space activities. As space systems are dependent on communication and geographical location, there is a dire need for transmitting data in a secure manner.
Duncan Greatwood, CEO of Xage Security, stated that the company fulfills several demanding needs of the USSF: “The USSF requires decentralized enforcement of security to establish space domain resilience and objective situational awareness––across every asset and data element. We built the Xage solution to serve the needs of complex critical infrastructure systems, and are excited to bring the Xage solution to the Space Force in the form of a blockchain-protected space system security.”
Private sector initiatives
JD.com collaborates with the People’s Bank of China
The e-commerce firm JD.com’s payment-centered subsidiary is joining hands with the Digital Currency Research Institute of the People’s Bank of China to foster the creation of mobile apps and blockchain systems that are compatible with PBoC’s upcoming central bank digital currency. The two firms will also foster the establishment of wallets that back China’s digital currency.
The mobile apps will supposedly back the digital renminbi, and they will be incorporated with JD Group’s prevailing platforms and services.
So far, China has been the leader in the CBDC (Central Bank Digital Currency) development. Several top Chinese firms such as DiDi Chuxing (China’s Uber), streaming platform Bilibili and the country’s largest wholesale platform Meituan Dianping have already partnered with PBoC in carrying out trials for the digital currency.
Miscellaneous
Wealthsimple Crypto goes live
Canada’s first regulated cryptocurrency exchange, Wealthsimple Crypto, went live yesterday. Crypto investors in all 13 provinces of Canada will be able to enroll and begin trading on cryptocurrencies.
Following the launch, Wealthsimple Crypto will facilitate the buying and selling of Bitcoin (BTC) and Ether (ETH) through the mobile app. Deposits and withdrawals are only accepted in CAD.
Notably, on August 7th, Wealthsimple Crypto received the requisite license from Canadian securities regulators. With that, Wealthsimple Crypto has become the first and only cryptocurrency exchange authorized to function in Canada by the Canadian Securities Administration (CSA).
During the beta stage, the platform was offered on an invite-only basis. Over 130,000 Canadians signed up during the beta stage. The cryptocurrency exchange will not retain any assets in its hot or cold wallets. Gemini, the US-headquartered cryptocurrency exchange founded by Cameron Winklevoss and Tyler Winklevoss, will act as the custodian for the exchange.
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.
