Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Blockchain project VeChain has partnered with crypto payment services provider Alchemy Pay to allow people to use its VET token as payment in over 2 million stores in 70 countries. This comes shortly after VET was included as a supported token on the recently launched Binance Bridge 2.0, and VeChain joined the Blockchain Infrastructure Alliance (BIA), which connects industry experts and funds blockchain-related research projects. However, this slew of announcements did not result in a significant rise in VET’s price, with the token seeing a brief 4% increase before falling back to its previous price and trading sideways at $0.051.
The People’s Bank of China (PBOC) is giving away 15 million RMB ($2,276,068) worth of its central bank digital currency (CBDC) e-CNY to 130,000 Shenzhen residents today, divided into 130,000 red packets and given away by raffle via WeChat. The digital yuan can be used at almost 5,000 stores, with no minimum purchase required. This latest giveaway marks the first time the issuance of e-CNY includes all 8 pilot banks and a variety of sectors. PBOC’s latest data shows e-CNY had 261 million unique users as of end-2021, and transactions worth over 87.5 billion yuan ($13.8 billion) have been made using e-CNY so far.
The Monetary Authority of Singapore (MAS) has said its licensing process for digital asset service providers must be stringent as Singapore wants to “be a responsible global crypto hub with innovative players, but also with strong risk management capabilities”. MD Ravi Menon said the MAS maintained a “tough line” on retail crypto investing as it was “not sure it’s a good idea for retail investors to be dabbling in crypto”, adding that applicants must have strong corporate governance structures and be “familiar with money laundering (and) terrorist financing risks”. The MAS has approved only a small number of the 170 digital asset applicants it has had so far, as over 100 applicants had failed to meet the licensing requirements.
Goldman Sachs has offered its first BTC-backed loan to a borrower, allowing them to use BTC as collateral for a cash loan. A spokeswoman for the global financial institution said, “The interesting piece for us was the structure and the 24-7-365 day risk management.” This comes after Goldman, which has a dedicated digital assets department, traded its first over-the-counter BTC options to Galaxy Digital last month.
Show me the money
Over the past 24 hours, BTC and ETH both saw marginal increases, with the former rising 0.08% to $39,528.69 and the latter 0.1% to $2,920.35. Other major altcoins, however, witnessed declines: ADA was down 0.68%, SOL 1.64% and LUNA 3.39%. Similarly, meme tokens SHIB and DOGE saw a respective decrease of 1.85% and 0.93% in the last 24 hours.