28 September

“As the U.S. dollar runs rampant, its strength has come at the expense of trading partner currencies, notably the euro, pound and Japanese yen. The pound’s disintegration gathered pace this week as GBP/USD hit its lowest on record at nearly $1.03.

With the United Kingdom’s central bank, the Bank of England, avoiding interventions so far, nerves are showing as purchasing power takes a double hit from currency weakness and inflation at 4-year highs. Trade volume for the GBP/BTC pair on exchanges Bitstamp and Bitfinex, usually worth a combined $70 million per day, hit a giant $881 million on Sept. 26.

The United Kingdom will get orange-pilled very quickly given GBP volatility. When a fiat currency is threatened, investors start to favour Bitcoin.”

See Also: ‘There Are No Safe Havens’ When the Dollar Is Strong, Veteran Trader Says

The European Union (EU) recently agreed to new laws to enable innovative ways to trade stocks and bonds using the blockchain, by easing requirements to use brokers and use a separate securities depositary – and the trial is set to start in March 2023.

A significant number of market participants expressed interest in operating a DLT MI [market infrastructure] under the DLT Pilot.

ESMA cited interest from trading floors and settlement infrastructure, both new players and incumbents, from inside and outside the bloc. Proponents say the new systems, allowing trading of tokenized securities could prove more transparent and efficient, helping cut out the middleman from financial-market trading.

See Also: US Fed Chair Powell Urges Caution on Regulating DeFi
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“No-fee trading platform Robinhood (HOOD) is releasing the beta version of its Web3 wallet, allowing users to swap assets on its Polygon-based non-custodial wallet.

Robinhood has been steadily making advances in bolstering its crypto products and moving away from its original “walled garden” approach over the past year. The wallet will allow users to trade over 20 cryptocurrencies supported by decentralized exchange (DEX) aggregator 0x, without fees. The wallet will also allow users to connect to dapps and earn yield on assets.

See Also: Robo-Advisor Betterment Partners With Crypto Exchange Gemini to Offer Customized Crypto Portfolios

Set to launch later this year, decentralized data platform Space and Time will integrate with Microsoft Azure. ‘We want to build a more mature, enterprise-secure data warehouse from the start.’

Space and Time combines on-chain and off-chain data in a trustless environment that supports enterprise-scale analytics. The startup is also developing a novel cryptographic protocol called proof of SQL that would allow blockchain applications to rapidly generate analytical insights in a decentralized, low-cost and secure way.

Holiday noted that Microsoft is also a major traditional gaming player through its Xbox business, which could help Space and Time build the gaming database for Web3.”

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“A project involving multiple Asian central bank digital currencies (CBDC) has been badged a success, facilitating over $22 million in foreign-exchange transactions. The trial used a custom-built distributed-ledger technology platform, is supported by central banks from China, Hong Kong, Thailand and the United Arab Emirates.

A statement issued in November said that Goldman Sachs, HSBC, Societe Generale and China’s six biggest state-owned lenders are among the 20 commercial banks involved in the project, known as mBridge.”

See Also: Russia aims to use CBDC for international settlements with China: Report
See Also: French Central Bank CBDC Projects Aim to Manage DeFi Liquidity, Settle Tokenized Assets

“Luxury auction house Christie’s is launching an on-chain platform for non-fungible token (NFT) art, becoming the first global auction to facilitate fully on-chain sales.

The new platform, called Christie’s 3.0, was created in partnership with blockchain data firm Chainalysis, NFT minting platform Manifold and metaverse builder Spatial. The entire auction process, including all pre-and-post sale transactions, will be carried out on the Ethereum blockchain.

The platform’s inaugural sale will take place on September 28 and will include nine NFTs by artist Diana Sinclair in a collection titled Phases.”

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