Global financial messaging service SWIFT will trial live transactions of tokenised assets and digital currencies in 2024, aiming to accelerate their integration into the financial system. Tokenisation, which transforms traditional assets like bonds into digital units, promises faster, cheaper, and more efficient trading by cutting out intermediaries.
Despite high expectations, tokenisation and digital currencies have yet to achieve widespread adoption. Around 90% of central banks are experimenting with digital currencies, hoping to modernise trade and payments in the evolving cryptocurrency landscape. SWIFT has already tested Central Bank Digital Currencies (CBDCs) and plans to connect them with existing financial infrastructure.
SWIFT’s head of innovation, Nick Kerigan, stated that demand is growing for real-world digital asset transactions where payment in real money happens simultaneously. However, market fragmentation has limited progress, with most initiatives still confined to banks’ internal systems.
The latest SWIFT trials will involve trading various digital assets across multiple platforms. Kerigan emphasised the need for both delivery and payment in tokenised transactions, highlighting the role of wholesale CBDCs and tokenised deposits in making this possible.
Crypto analysts are sparking a frenzy around the ETFSwap ICO, with predictions that it could boost portfolios by up to 80 times during Shiba Inu’s anticipated ‘Uptober‘ rally. With veteran analysts backing ETFSwap as a must-have altcoin, investors are flocking to buy in, expecting significant returns once Shiba Inu begins its bullish run in October 2024.
ETFSwap has garnered attention due to its next-gen DeFi utility, designed to bridge the gap between centralised finance and blockchain. Built on the Ethereum network, ETFSwap allows users to tokenise real-world assets and trade them on-chain, offering a seamless experience with low transaction fees. In its beta phase, the platform also offers staking opportunities with up to 87% APR, making it an attractive prospect for savvy investors.
The platform’s user-friendly design ensures traders can swap ETFS for tokenised ETFs, including equities, bonds, commodities, and more, without the need for extensive KYC processes. With plans to publicly launch in 2025, and smart contracts audited by CyberScope, ETFSwap is positioning itself as a safe and promising DeFi platform, further bolstered by Shiba Inu’s forecasted growth this October.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
Solana’s native token, SOL, saw a 9% decline over two days after reaching a peak of $161.80 on 29 September, marking its highest level in seven weeks. The correction mirrored the broader altcoin market capitalisation (excluding stablecoins), which hit approximately $800 billion in late September before dropping to $739 billion on 1 October.
Despite this dip, Solana’s network activity surged in the past week, prompting traders to speculate on SOL’s potential to outperform competitors. Notably, SOL’s price has risen by 10.4% over the past 30 days, indicating positive overall market sentiment. The token remains the fourth-largest cryptocurrency by market capitalisation and ranks third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
Solana’s network distinguishes itself with low transaction fees, averaging just $0.02, compared to Ethereum’s $2.50 and BNB Chain’s $0.08. The cost-efficiency, coupled with the network’s scalability, positions Solana as a strong competitor, particularly in gaming and mobile applications. Recent developments, such as the announcement of Gameshift and the upcoming Seeker smartphone, are seen as potential catalysts for increased network demand.
Ethereum and TRON continue to dominate the stablecoin market, controlling a combined $144.4 billion, which accounts for nearly 84% of the total supply. According to CoinGecko, Ethereum leads with $84.6 billion, while TRON holds $59.8 billion, primarily driven by demand for Tether.
Despite growth in both networks, Ethereum’s market share has dipped, influenced by factors such as the Terra UST collapse and the rise of layer 2 solutions. TRON also saw its market share shrink despite increasing supply, as the stablecoin landscape diversifies.
Other networks, such as the BNB Chain, have faced challenges, notably a sharp decline in stablecoin supply due to Binance USD’s regulatory issues. However, newer blockchains like Coinbase’s Base rapidly growing, indicating a more competitive future. Stablecoins are playing an increasing role in global finance, with their usage expanding in emerging markets for purposes beyond crypto trading.
Rising geopolitical tensions have led to a significant outflow of funds from US Bitcoin ETFs, with institutional investors withdrawing almost $243 million from these financial products. This marks the largest single-day outflow in nearly a month and follows eight consecutive days of positive inflows.
Fidelity’s Wise Origin Bitcoin Fund experienced the largest withdrawal, losing $144.7 million, followed by ARK’s 21Shares Bitcoin ETF, which saw $84.3 million in outflows. Several other ETFs also suffered notable losses, though BlackRock’s iShares Bitcoin Trust managed to record $40.8 million in inflows, marking its 15th consecutive positive day.
The outflow coincided with a sharp decline in Bitcoin prices, which fell by nearly $4,000 following missile strikes in the Middle East. Ethereum ETFs also witnessed significant outflows, with Grayscale and Fidelity products shedding substantial amounts.
Trustpair, a fraud prevention platform, has announced the integration of JPMorgan’s blockchain-based solution, Confirm, into its system. The partnership enables Trustpair’s 200 clients, including companies such as Societe Generale, Decathlon, and Danone, to verify vendor bank accounts across 15 global markets, significantly reducing the risk of payment fraud and delays.
Confirm, built on JPMorgan’s private blockchain Liink, aims to improve decision-making for businesses by providing accurate vendor and payment data. The move enhances fraud prevention and the user experience, addressing a major issue in high-value transactions where inaccurate information can lead to costly errors.
JPMorgan’s engagement with blockchain technology has deepened in recent years, following the launch of JPM Coin in 2019 and its Onyx unit dedicated to blockchain solutions. With Confirm now part of its portfolio, JPMorgan continues to set new standards in secure digital payments and fraud prevention.
Kazakhstan’s financial regulators have frozen $1.2 million in cryptocurrency and shut down 19 illegal over-the-counter platforms, marking a significant step in their ongoing crackdown on unlicensed crypto activity. These platforms, with a combined turnover exceeding $60 million, were operating illegally and posed risks related to money laundering and terrorism financing.
In addition to freezing funds, the Financial Monitoring Agency has targeted illegal crypto-mining operations. Since the start of the year, authorities have dismantled nine mining sites and seized around 4,000 mining rigs. Furthermore, more than 5,500 unlicensed online exchangers have been blocked as part of this broad regulatory effort.
Kazakhstan’s attempts to tighten its control over the crypto industry extend to major international players. In December 2023, the country banned the US-based crypto exchange Coinbase, accusing it of violating local laws regarding the trading of uninsured digital assets.
Binance, the world’s leading cryptocurrency exchange, has secured regulatory approval in Argentina, marking its official entry into the country’s market. By registering with Argentina’s National Securities Commission, Binance can now offer its full range of crypto services to local users, providing access to various digital currencies.
This approval is part of Binance’s broader strategy to expand into regions with strong potential for crypto adoption, such as Latin America. The company’s web and mobile applications are now available throughout Argentina, enabling users to trade, buy, and sell cryptocurrencies like Bitcoin and Ethereum.
Despite legal challenges faced by its former CEO in the US, Binance continues to prioritise global expansion. Recent regulatory successes in India, Kazakhstan, and Indonesia have further solidified its presence worldwide.
Musicians worldwide are increasingly turning to platforms like Wavlake and Fountain, where they can earn Bitcoin in the form of satoshis for streaming their songs. Artists like Ainsley Costello and Joe Martin have reported making more from these platforms than from traditional DSPs like Spotify, where payments are typically low. For example, Costello earned over $13,000 in bitcoin in one year through Wavlake, compared to just $750 in five years on traditional streaming platforms.
These platforms operate under a Value for Value model, allowing listeners to tip artists directly with satoshis, creating a stronger connection between fans and musicians. With the introduction of the “zap” feature, fans can send micropayments quickly, bypassing the complexity of other systems. Nostr, a decentralised social media protocol, is also gaining popularity among musicians, helping them share their work more effectively and engage with their community.
As these new platforms grow, many artists believe they offer a fairer and more profitable alternative to traditional music industry practices. Musicians like Joe Martin encourage others to join platforms like Wavlake and Nostr to take control of their careers and foster more direct relationships with their fans.
