This Week In Crypto: What You Need To Know
The Australian Stock Exchange (ASX), and Zerocap have successfully run a pilot program for storing and trading tokenized assets on a blockchain. The new proof-of-concept trial uses the ASX’s Synfini platform, and is part of a major technical overhaul that aims to have ASX’s clearing and settlements business repurposed onto a blockchain. The idea is that developers, fund managers, and custodians can build applications that run on Synfini, which the ASX will manage on their behalf. Assets that could be tokenized and stored include bonds, property, carbon credits, in fact, anything that needs liquidity to settle
Ethereum is producing some excitement too. The final test for Ethereum’s Merge update has been successful, and the Merge itself is scheduled for 15th of September. The positive sentiment flowed through to the markets too, and ETH continued its price improvement, posting its sixth week of gains.
We have a couple of awesome webinars happening over the next couple of weeks. There’s one about Unlocking the Power of the Dacxi Wealth Platform, and another for financial professionals who want to upskill on tokenization and precious metals. You can register for one or both below.
Weekly highlights
- BlackRock launches its Bitcoin private trust, providing exposure to spot BTC.
- The Reserve Bank of Australia is going to explore the uses for CBDC in a year-long cooperative research pilot.
- Deloitte has released a report on how blockchain can be used for purchase and sale.
Bitcoin update
Bitcoin had a sporadic, but overall, positive week — up 4.93% for the week. From a weekly low of $22,668 the bulls pushed the price upward to $25,400. An upward break here could make a technical push toward $28,000.
Ethereum update
As we mentioned in the introduction above, Ethereum has moved higher, for the sixth straight week. CPI figures on Wednesday came in lower than expected, and saw an 8.31% increase in the hours following its release, with ETH briefly touching $2,000 on Saturday. Given this rapid price rally and strong overhead resistance, we might see some profit taking in the near term. ETH ended the week at $1,935 representing a 13.85% gain week on week.
News from the wide world of crypto
Reddit has partnered with FTX to tokenize its Community Points as Arbitrum-based tokens. Reddit selected the network after it tested other Ethereum L2 candidates in a competition named “The Great Reddit Scaling Bake-Off”. Reddit will utilize FTX Pay for users with insufficient ETH to pay the gas fees for minting the Community Tokens. Reddit’s Community Points will first be made available on the r/CryptoCurrency and r/Fortnite subreddits.
In celebration of International Friendship Day, Coca-Cola has launched its newest NFT collection, powered by composable smart contracts on the Polygon blockchain. These collectibles utilize a unique share-to-reveal feature where each NFT will only be visible once shared with a friend. Coca-Cola has now created more than 4,000 digital collectibles. Most of which are limited-edition NFTs commemorating different events.
How to build your wealth with precious metals
At Dacxi, we’re breaking down the barriers to investing in gold, silver, and platinum using the power of tokenization. In this insight-packed session with Ian Lowe, you’ll learn exactly what tokenization is and how you and your clients can build and protect your wealth, the smart way. Grab your spot here.
The Australian Crypto Convention: We’ll see you there!
We’re thrilled to announce our proud sponsorship of Australia’s biggest crypto event of 2022: The Australian Crypto Convention.
Join us for two unmissable days of deep-diving into the nation’s emerging digital economy, while networking amongst the largest gathering of crypto and blockchain enthusiasts, innovators, technologists, business leaders, influencers, and global leaders.
For all Dacxi community members, we’re offering a 20% discount on tickets when you use the code ‘DACDC’ at checkout. We look forward to seeing you there!
