Author: Sahil Poudel

MANTRA and Libre Capital Partner to Launch Tokenized Money Market Funds

Summary

Using MANTRA’s blockchain and Libre’s tokenization capabilities, MANTRA and Libre Capital have partnered to provide institutional and accredited customers with on-chain access to tokenized real-world asset (RWA) investments, such as money market and hedge funds.

Institutions’ Tokenized Investment Access

The partnership between UAE-based Libre Capital and Layer-1 blockchain MANTRA aims to offer tokenized investment options in hedge funds, money market funds, and private credit to MANTRA’s accredited and institutional customers. In order to increase on-chain investment access, our collaboration integrates Libre’s issuance capabilities with MANTRA’s RWA-focused blockchain.

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The Libre Gateway DeFi Solution

The Libre Gateway DeFi dApps, developed by Libre, will serve as the integration tool to allow eligible institutional investors on MANTRA access to top-tier, tokenized money market funds. This compliant access will bring institutional-grade finance to the blockchain ecosystem.

Statements from Executives at MANTRA and Libre

John Patrick Mullin, co-founder and CEO of MANTRA, highlighted the collaboration, saying it will provide users with the tools they need to grow the RWA economy. Dr. Avtar Sehra, the CEO of Libre, expressed optimism about expanding Libre’s tokenized asset offering by utilizing MANTRA’s RWA infrastructure.

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RWA Expansion with MANTRA’s Accelerator Initiative

Since MANTRA Chain’s mainnet became live in October, the network has partnered with Google Cloud as an infrastructure partner and validator. The accelerator program, which is scheduled to begin in early 2024, is intended to support MANTRA’s RWA market.

Kraken, Galaxy Digital, and Robinhood Back New USDG Stablecoin via Global Dollar Network

Summary

Paxos created USDG, a regulated stablecoin that is supported by well-known cryptocurrency companies Kraken, Galaxy Digital, and Robinhood. As a member of the Global Dollar Network, the stablecoin is expected to face competition from big heavyweights like Circle and Tether.

USDG Launch with Industry Support

Prominent crypto companies including Kraken, Galaxy Digital, and Robinhood are supporting USDG, a newly launched dollar-backed stablecoin from Paxos. According to a Nov. 5 announcement, the Global Dollar Network—a consortium of firms backing USDG—has been formed, with partners like Anchorage Digital, Bullish, Nuvei, and DBS Bank. USDG is regulated by the Monetary Authority of Singapore and backed by liquid U.S. dollar reserves.

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Compliant and Globally Expandable

USDG began operations on the Ethereum blockchain on October 31 and intends to spread to other networks as stablecoin laws change. Managed by DBS Bank in Singapore, the stablecoin is redeemable for fiat currency and is compliant with Singapore’s regulatory framework.

Addressing Market Gaps

In order to assist the stablecoin market reach its full potential, the consortium intends to solve “the lack of competition,” according to Kraken co-CEO Arjun Sethi. Sethi believes USDG will foster mainstream adoption and “accelerate new use cases” for digital assets.

Growth Driven by Consortiums

The USDG reserve yields will be used to reward consortium members, promoting worldwide adoption. Exchanges, banks, fintech companies, and payment providers are among the areas the network plans to onboard partners from, even though it is presently in an invite-only phase.

Going up against Circle and Tether

Since USDG is Paxos’s second stablecoin, it can rival well-known stablecoins like Tether and Circle’s USDC. With the planned entry of new players like Ripple with RLUSD and Stripe through its acquisition of stablecoin provider Bridge, the competition is anticipated to get more fierce.

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JPMorgan to Launch Dollar-Euro FX Settlements on Kinexys Blockchain

An overview

Using its digital token JPM Coin, JPMorgan Chase will soon launch quick dollar-euro foreign exchange settlements on its Kinexys blockchain. The bank wants to advance blockchain-based financial products and access FX revenue.

Instant Dollar-Euro FX Settlements

JPMorgan Chase & Co. is set to roll out blockchain-based foreign exchange settlements for dollar-euro transactions via its Kinexys platform. According to a Nov. 6 Bloomberg report, Kinexys—formerly known as Onyx—will use JPM Coin, JPMorgan’s dollar-pegged digital token, to process FX transactions instantly. After regulatory approval, the bank intends to launch sterling settlements.

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Generating Revenue through FX Spreads

Naveen Mallela, JPMorgan’s global co-head of Kinexys, shared the bank’s goal to open new revenue streams through FX spreads on its blockchain platform. Launched in 2020, Kinexys was designed to facilitate digital payments and streamline currency exchanges with JPM Coin, adding efficiency and speed to traditional banking services.

The Cautionary Approach of Institutional Traders

Institutional traders are still wary of blockchain’s potential despite JPMorgan’s blockchain projects. According to a recent JPMorgan study of more than 4,000 institutional traders, only 7% believe blockchain will be a valuable asset in the next three years. This outcome demonstrates the general reluctance of the industry.

JPM Coin’s Growing Achievement

In mid-October 2023, JPMorgan released a report highlighting JPM Coin’s increasing use in digital settlements and the potential of blockchain technology to transform financial infrastructure. The report indicated that JPM Coin handles more than $1 billion in transactions every day.

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Standard Chartered and Ant International Settle SGD Transaction on Blockchain

Summary

Standard Chartered and Ant International successfully completed SGD liquidity transfers via Ant’s Whale platform, enhancing cross-border transaction efficiency and transparency. The companies aim to expand their blockchain partnership in Singapore.

Blockchain-Based SGD Settlement Completed

British banking giant Standard Chartered and Ant International, a division of Ant Group, have completed an SGD-denominated liquidity transfer using Ant’s blockchain-powered Whale platform. The transaction aims to improve the transparency and efficiency of fund transfers between bank accounts, according to a Nov. 5 report by The Asian Banker.

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Enhanced Liquidity Management

The integration of Standard Chartered with Ant’s Whale platform optimizes intra-group liquidity management for cross-border transactions. Mahesh Kini, global head of cash management at Standard Chartered, highlighted blockchain’s transformative impact, stating, “The technology is revolutionizing treasury management, and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.” Kini emphasized the goal of providing real-time, transparent liquidity flows.

Expanding Collaboration to Singapore

Following successful tests in Hong Kong, Kelvin Li, head of platform tech at Ant International, revealed plans to extend blockchain-based settlements to Singapore. “We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure,” said Li.

Participation in Ensemble Sandbox Project

Both Standard Chartered and Ant International are active in the Hong Kong Monetary Authority’s Ensemble Sandbox, where they explore various tokenization use cases. Standard Chartered’s Hong Kong branch has been involved in Project Ensemble since May, working to establish industry standards for tokenized transactions with Ant International’s Whale platform supporting two use cases.

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Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

To put it briefly

The DFINITY Foundation’s 2024 Ecosystem Report highlights the growing importance of blockchain in interoperability, citing a 1,230% increase in cross-chain activity on the Internet Computer’s Chain Fusion protocol. Despite difficulties in the Web3 labor market, the study also reveals a rise in developer excitement.

Major Growth in Cross-Chain Interoperability

The Swiss-based DFINITY Foundation has reported significant growth in cross-chain activity on its Internet Computer (ICP) blockchain platform. ICP’s Chain Fusion protocol, which allows smart contracts to directly connect with other blockchain networks like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year, according to a press release. The report also shows an increase in developer excitement despite challenges in the Web3 labor market.

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The Chain Fusion Protocol’s Impact on Developer Activity

ICP’s Chain Fusion handled 2,040% more messages in the past year, in addition to the 1,230% increase in activity, suggesting a spike in developer interest and adoption. As seen by the report’s 150% rise in overall network activity and 30% growth in full-time developers on the platform, ICP is positioned as a strong development environment during a slowdown in employment in the Web3 industry.

Direct Bitcoin Integration Increases the Allure of ICP

One of ICP’s most notable characteristics is its direct interaction with Bitcoin, which enables developers to incorporate the security of Bitcoin into decentralized applications without the need for risky “bridges.” Projects like Rainbow Protocol and Tap Protocol have been able to leverage ICP’s smart contract functionality to safely and effectively expand the use cases of Bitcoin by bringing sophisticated financial applications to the network.

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exSat Network Launches Bitcoin Staking Services for BTC Holders

In brief

With the debut of staking services, Singapore-based exSat Network enables Bitcoin holders to generate yield using the native XSAT currency of the network. The service intends to improve Bitcoin’s popularity and scalability after exSat launches its mainnet.

exSat Network Launches Staking for Bitcoin Holders

Bitcoin scaling solution exSat Network, based in Singapore, introduced its staking services on Nov. 5, shortly after launching its mainnet. The new service, accessible through the exSat bridge, offers Bitcoin holders the chance to stake BTC in exchange for XSAT tokens, exSat’s native cryptocurrency.

Staking Potential and XSAT Tokens

XSAT tokens are awarded to users who stake Bitcoin via the exSat bridge; exchange listings are possible. XSAT seeks to offer yield and liquidity to its holders, creating new financial opportunities inside the exSat ecosystem, even if there is no established schedule for market listings.

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Safe Cooperation and Audits

The exSat bridge was created in collaboration with industry partners Ceffu, ChainUp, Cobo, and Cactus. To guarantee platform dependability, Blocksec conducted security checks on the bridge. ExSat is backed by 41 validators and has secured more over $488 million in total value locked (TVL) to far.

Looking for Solutions to Bitcoin’s Scalability Issues

Introduced in late October, exSat is a hybrid consensus mechanism that uses a combination of proof-of-work and proof-of-stake algorithms to address the scalability issue with Bitcoin. This architecture enhances security and promotes broader adoption by overcoming Bitcoin’s historical limitations on scalability and usefulness.

OKX exchange joined the exSat Network in September as a validator, demonstrating institutional support for exSat’s scalability objectives. Validators are required to stake at least 100 BTC and hold XSAT tokens to gain revenue rights, underscoring the network’s commitment to a secure and sustainable ecosystem.

Semler Scientific Eyes Further Bitcoin Purchases after Q3 Acquisition of 47 BTC

Summary

Medical device maker Semler Scientific plans to increase its Bitcoin holdings, with crypto reserves now exceeding 1,050 BTC. The company remains focused on further acquisitions despite a dip in quarterly revenue.

X post regarding Semlar’s Bitcoin addition

Semler Boosts Bitcoin Reserves, Eyes Further Purchases

Healthcare manufacturer Semler Scientific now holds over 1,050 BTC, valued at $71 million, after acquiring 47 BTC in Q3. CEO Doug Murphy-Chutorian emphasized the company’s dedication to growing its Bitcoin reserves, stating that Semler remains “laser focused on acquiring and holding Bitcoin” to support both innovation and growth in its healthcare sector.

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Plans for Further Acquisition

The dedication to Bitcoin was reiterated by Eric Semler, chairman of Semler Scientific, who clarified that future acquisitions will be financed by operating cash and earnings from their ATM program. He continued, indicating the company’s intention to fortify its position in the cryptocurrency market by saying, “We are looking into other financing options that will allow us to purchase even more Bitcoin.”

Financial Setback and Market Performance

Despite Semler’s obvious crypto-focused strategy, the company faced financial difficulties in Q3, as operating income fell by 20% and revenue fell 17% year over year to $13.5 million. Nasdaq shares fell 2.3% after the report, but they were still up 18% over the previous month.

Bitcoin as a “Store of Value”

Semler entered the Bitcoin market in May with a 581 BTC purchase, viewing Bitcoin as a “reliable store of value” and a preferable alternative to gold due to its digital resilience and scarcity amid global uncertainty.

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Bybit is fined $2.4 million by the Dutch Central Bank for a regulatory violation.

In brief

De Nederlandsche Bank (DNB) fined cryptocurrency exchange Bybit $2.4 million for operating in the Netherlands without requiring registration. The fine is an example of how anti-money laundering regulations are strictly enforced in order to prevent illegal financial activities in the bitcoin industry.

X (formerly Twitter) post about Dutch Central Bank

Bybit’s breach of Dutch legislation resulted in their punishment

De Nederlandsche Bank (DNB), the central bank of the Netherlands, fined Bybit €2.2 million ($2.4 million) for providing bitcoin services in the country without the necessary registration. The Anti-Money Laundering and Anti-Terrorist Financing Act requires cryptocurrency providers to register with the DNB in order to prevent illicit financial activity, and Bybit was fined on October 22 for breaking this law.

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In order to prevent illicit money transfers, registration is required

Bybit’s noncompliance, according to DNB, made it more difficult for the business to record odd transactions, which is a crucial legal requirement in the Netherlands. Given that “Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance,” DNB emphasized the dangers associated with the absence of regulatory control in the cryptocurrency sector.

Consideration of Severity and Mitigation Measures in Fine

The fine amount, according to the central bank, is indicative of the “severity, extent, and duration of Bybit’s non-compliance.” However, DNB pointed out that Bybit’s efforts to resolve the matter resulted in a minor reduction in the punishment, since the company moved its Dutch clients to SATOS B.V., a local partner that possesses the required registration to serve Dutch clients.

Bybit’s Response and Committed Adherence

In reaction to the penalties, Bybit reaffirmed its commitment to regulatory compliance and acknowledged DNB’s ruling. The firm stated in a news release that “remediation efforts were initiated in 2022 to minimize potential financial damage.” Bybit CEO Ben Zhou emphasized the company’s dedication to “responsible growth” within the EU regulatory framework, saying, “We remain committed to working closely with European regulators to build a responsible and transparent ecosystem.”

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Trump’s Lead Over Harris Narrows on Polymarket as Bitcoin Dips to $68,000

Summary

As Election Day draws closer, the contest between Donald Trump and Kamala Harris is getting closer, according to polymarket statistics. Harris’s odds have increased while Trump’s have decreased, indicating a change in the mood of the market. The reduction happens at the same time that Bitcoin falls to $68,000 due to market volatility.

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Trump Loses His Polymarket Lead

Donald Trump’s probabilities have decreased from 66.9% to 54%, according to Polymarket, a blockchain-based prediction tool, while Kamala Harris’s odds have increased from 33.5% to 46.1%. This indicates a rising mistrust of Trump’s hegemony as the November 5 election approaches.

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Harris Gains Momentum in Iowa Poll

The latest Des Moines Register/Mediacom poll reveals Harris leading Trump by three percentage points in Iowa, a significant swing from prior polls. According to pollster Ann Selzer, Harris now holds 47% of the likely voter support versus Trump’s 44%.

The Epstein Tapes Reappear

Recorded interviews with Jeffrey Epstein about his acquaintance with Trump are a new aspect in the election. As both campaigns step up their outreach, the rediscovered tapes might affect voters’ opinions.

The Crypto Positions of Candidates Vary

Trump has demonstrated his support for cryptocurrencies by taking donations in the form of cryptocurrency and endorsing laws that benefit digital assets. However, Harris has advocated for a more cautious approach, despite the backing of prominent crypto personalities like Chris Larsen, a co-founder of Ripple.

Bitcoin Dips Amid Political Uncertainty

The political environment’s volatility is mirrored in the crypto market, with Bitcoin dropping to $68,000. Ethereum has also declined, showing how investor sentiment may be affected by the ongoing presidential race.

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Pakistan Offers Legislation to Acknowledge Digital Currency

Summary

In an effort to establish a central bank digital currency (CBDC), the State Bank of Pakistan (SBP) has suggested that digital currencies be officially recognized as legal money. The framework, if implemented, will drastically change the country’s position on cryptocurrencies by giving the SBP the ability to keep an eye on digital assets and punish unapproved issuers.

X (formerly Twitter) post regarding Pakistan’s legislation

A Novel Approach to Digital Currency Recognition

To enable digital currencies to be accepted as official forms of currency, the State Bank of Pakistan has proposed changes to the State Bank of Pakistan Act. Adoption of this idea would allow the SBP to issue digital currency, which would fundamentally change the country’s view of digital assets.

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Legal Cryptocurrency Tender Status

According to the suggestion, it would be lawful for Pakistan to accept digital currencies like Bitcoin as payment methods. In contrast to the SBP’s previous cautious approach to virtual assets, legal tender status allows these digital currencies to be used for debt payments, products, and services.

Penalties and SBP Oversight for Unauthorized Issuers

The proposed framework grants the SBP the power to regulate both digital and conventional currency and includes provisions for punishing unlicensed digital currency producers. The goal of this monitoring is to further solidify the SBP’s authority over the nation’s financial system by reducing the issuance of unregulated digital currency.

Modification of Policy Concerning Dual Nationals in Executive Roles

The plan would also let dual nationals to occupy key roles within the SBP, reversing previous restrictions. In keeping with this measure are the government’s broader economic reforms aimed at modernizing Pakistan’s banking sector and attracting more expertise.

A Step Toward Digital Finance Modernization

The shift in Pakistan’s approach to digital assets supports the government’s economic goals, including projected GDP growth of 2.5-3.5%. As global finance becomes increasingly digital, Pakistan aims to keep pace by updating its regulatory framework to support a digital financial landscape.

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