Tues. AM-PM Seeds of Wisdom Crypto Update(s) 11-5-24

(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)

Seeds of Wisdom

COINBASE’S L2 BASE WELCOMES FRANKLIN TEMPLETON’S TOKENIZED FUND

Coinbase’s Ethereum scaling solution has onboarded its first large wealth manager, Franklin Templeton, the $1.5 trillion Wall Street firm.

Franklin Templeton announced that users can trade shares of its OnChain U.S. Government Money Market Fund, FOBXX, on the layer-2 network Base.

FOBXX, with $410 million in assets, has already launched on five other blockchains, including Arbitrum, Polygon, Avalanche, Aptos, and Stellar, making Base the sixth blockchain to support Franklin Templeton’s tokenized Treasury fund.

The announcement represents another crossover between traditional and decentralized finance markets. Fellow asset manager BlackRock recently launched its USD Institutional Digital Liquidity Fund, also known as BUIDL, on Ethereum’s mainnet partnered with ETH-native protocols like Ethena Labs.

While BlackRock launched on a layer-1 network and maintains the largest on-chain money market, Franklin Templeton has focused on layer-2 networks for its FOBXX fund.

L2’s run off layer-1 blockchains but provide cheaper and quicker transactions. As such, they offer optimized environments for on-chain money markets and tokenized treasuries.

Franklin Templeton’s FOBXX was the first money market fund to employ decentralized technology for trading, and the firm picked L2 Arbitrum as its first home.

Launching on Coinbase’s layer-2 may further boost Base’s growth. Since going live in 2022, the network has attracted over $2.6 billion in user deposits and was the fifth-largest decentralized finance blockchain at the time of writing, according to DeFiLlama.

Base, launched by the largest U.S.-based crypto exchange, also ranks as Ethereum’s top scaling solution based on active addresses, total value locked, and 24-hour volume.

@ Newshounds News™

Source: Crypto News

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HKEX TO USE SMART CONTRACTS, DLT TO AUTOMATE ETP ISSUANCE, REDEMPTION

Today the Hong Kong Exchanges and Clearing (HKEX) announced plans to automate the creation and redemption of some exchange traded products (ETPs) in 2025. The new web based platform will use distributed ledger technology and smart contracts and is subject to regulatory approval.

The aim is to boost efficiency and encourage more secondary market activity.

“Speed and efficiency are critical in an increasingly dynamic market environment,” said Jean-Francois Mesnard-Sense. “HKEX is pleased to introduce this new digital enhancement.

It will not only streamline operations for our market participants, but also drive more liquidity in the product ecosystem, supporting the vibrancy of our ETP marketplace and strengthening Hong Kong’s role as an international financial centre.”

While HKEX did not use the term real time, in theory an automated platform could support this. Given stock exchanges are not retail facing, it’s usually market makers that would trigger the creation and redemption process.

HKEX didn’t disclose the technology used, and hasn’t responded to our query by publication time. However, HKEX’s previous DLT activity for its HKEX Synapse settlement platform launched in 2023 uses Digital Asset’s DAML and Canton.

ETPs in Hong Kong are growing at a rate of 29 percent a year since 2020. Average daily turnover this year has been HK$17.9 billion (US$2.3 billion).

In Europe Deutsche Börse, which also uses DAML technology, developed its D7 issuance platform. It also automates workflow and has proven popular for structured products with tens of thousands of issuances per month.

@ Newshounds News™

Source: Ledger Insights

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THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Source: Dinar Recaps

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BLOCKCHAIN AFRICA CONFERENCE 2024: SET TO SHOWCASE LATEST DEVELOPMENTS IN AFRICAN BLOCKCHAIN AND CRYPTO INNOVATION

South Africa – Blockchain Africa Conference 2024 is set to unite blockchain developers, influencers, investors, entrepreneurs, and business leaders worldwide at the CSIR International Convention Centre in Pretoria (Tshwane) on 20 November 2024.

This premier event, marking the 10th edition and organized by Bitcoin Events, will foster collaboration and provide participants with insights into Africa’s dynamic and rapidly evolving blockchain and cryptocurrency ecosystem.

The conference offers a platform for networking, knowledge sharing, and collaboration, bringing together local and international experts to discuss the most significant trends in cryptocurrencies and blockchain technology.

Key Highlights of Blockchain Africa Conference 2024:

Engaging Keynote Speakers:

Charles Hoskinson (Virtual Keynote Speaker) – Founder of Cardano and IOHK. In his session titled “Empowering Africa’s Digital Future,” Hoskinson will share Cardano’s initiatives in Africa, focusing on their traction over the last six years in South Africa, Ethiopia, Kenya and Tanzania, amongst others.

Cardano has been instrumental in driving blockchain adoption in these regions through partnerships and projects aimed at improving digital identity, financial inclusion, and education systems.

Notably, in Ethiopia, Cardano collaborated with the Ministry of Education to implement a blockchain-based system to track the educational progress of 5 million students.

In South Africa, Cardano continues to engage with local developers and stakeholders to support blockchain education and develop sustainable solutions for economic growth. Hoskinson will outline these efforts and discuss future plans for expanding blockchain’s positive impact across the continent.

Ernest Mbenkum – Founder and CEO of Interstellar Inc. His keynote, “Pan-African Payment and Settlement System (PAPSS) and the Africa Currency Marketplace,” will delve into how PAPSS is transforming cross-border trade in Africa.

By facilitating transactions across 42 African currencies without relying on intermediary currencies like the U.S. dollar, PAPSS significantly reduces transaction costs, potentially saving up to $5 billion annually.

Developed in partnership with the African Union, the system already includes 115 commercial banks and 15 central banks, enhancing economic integration and streamlining payments across the continent.

Stafford Masie, Ex-CEO of Google Africa and current board member at Discovery Bank, will present on “The Power of Bitcoin: Exploring the Ingenious Mechanism of Proof of Work”. His keynote will highlight how Bitcoin mining in Africa offers unique opportunities for both individuals and organizations.

Panel Sessions Featuring Industry Giants:

The Role of Crypto Exchanges in Africa and Beyond: Featuring Chris Maurice (CEO and Co-Founder of Yellow Card), Badi Sudhakaran (Co-Founder and Chief Product Officer of VALR), and Marius Reitz (General Manager for Africa at Luno).

This session will delve into the role of crypto exchanges, the adoption of stablecoins, and how they are transforming cross-border payments and remittances in Africa.

Digital Assets: Navigating the Regulatory Landscape in South Africa: This panel will include a representative from one of South Africa’s regulatory bodies, Anne Njoroge (Chief Legal Officer at BankservAfrica) and Michail Le Roux (Senior Legal Counsel at Hanekom Attorneys Inc.) who will discuss recent developments like the issuance of CASP licenses and regulatory clarity for stablecoins in South Africa.

Fireside Chat: “OGs Unplugged – Insights from Crypto and Blockchain Trailblazers, 10 Years Later”: In celebration of the 10th edition of the Blockchain Africa Conference, this special fireside chat, will feature early pioneers like Elizabeth Rossiello, CEO of AZA Finance, and Ernest Mbenkum, Founder of Interstellar Inc. and the Bantu Blockchain Foundation.

Both Elizabeth and Ernest have been instrumental in the development of Africa’s blockchain landscape, with Elizabeth having spoken at the inaugural conference back in 2015.

This session will not only reflect on their decade-long journeys but also explore how the industry has transformed over the years. Attendees can expect an engaging discussion on the evolution of blockchain technology in Africa, the impact of regulatory changes, and insights into future opportunities as we commemorate a decade of innovation and growth in the African crypto and blockchain space.

Stablecoins in Africa: Understanding Their Adoption and Impact: Panelists will explore the adoption and use of stablecoins across Africa, emphasizing their role in mitigating currency volatility and offering solutions for cross-border trade.

With nearly 70% of African countries facing foreign exchange shortages, stablecoins have emerged as a powerful tool for businesses and institutions to manage liquidity and stabilize their operations.

Connecting Cape Town’s Vibrant Web3 Community

Following the main event in Pretoria, the conference will move to Cape Town for a dedicated networking event with the local Web3 community.

This exclusive gathering will allow international delegates to connect with Cape Town’s dynamic blockchain innovators, further expanding their networks and deepening their understanding of Africa’s thriving blockchain ecosystem.

@ Newshounds News™

Source: CoinPedia

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CHAINLINK POWERS PILOT WITH SBI AND UBS FOR TOKENIZED FUND OPERATIONS ACROSS CHAINS

▪️An SBI and UBS pilot program that uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been completed.
▪️Chainlink recently announced its CCIP Private Transactions to promote the privacy of data among financial institutions.

Chainlink (LINK) has announced that SBI Digital Markets & UBS Asset Management have successfully completed a pilot program using Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP). According to an attached release, the CCIP was used to create a digital transfer agent smart contract to facilitate cross-chain communication with the tokenized fund contract.

Using the Chainlink platform and the feasibility of smart contracts, the pilot demonstrated the feasibility of streamlining fund operations across different blockchains and financial systems to force a shift in operational efficiency and transparency for the mutual fund industry worth around $63 trillion.

We’re excited to announce that SBI Digital Markets & UBS Asset Management successfully completed a pilot using Chainlink CCIP to streamline tokenized fund operations across different chains & financial systems.

More About the Pilot Program

According to our research, the Project Guardian pilots led by the Monetary Authority of Singapore and participated by the SBI Digital Markets (SBIDM) are focused on driving commercial adoption.

Meanwhile, SBIDM is also creating an end-to-end primary and secondary market distribution of tokenized securities. This is done through the connection of regulated digital asset exchanges across different regions in addition to collaboration with leaders in blockchain technology.

According to the Chief Executive Officer of SBI Digital Markets, Winston Quek, the team has adopted an “open and interoperable architecture in both operational structuring and tech engineering” to enable institutional investors to join the quest to unlock efficiencies via blockchain technology.

This year, SBI Digital Markets has focused its efforts on building regulated frameworks to facilitate the end-to-end flow of tokenized securities. From origination, tokenization, distribution, digital custody, listing on digital asset exchanges and building secondary trading – we have put in place workflows for efficient cross-border distribution networks whilst allowing for dual issuances in traditional and tokenized formats.

Delving deeper into the report, we uncovered that SBIDM has built on the success of its 2023 Project Guardian technical pilot with UBS Asset Management to achieve further operational efficiencies with smart contracts which are based on “automation of fund subscription and redemption workflows.”

Chainlink’s CCIP Private Transaction

Chainlink recently announced the launch of its CCIP Private Transactions to enable financial institutions to maintain data confidentiality. According to our report, Australia and New Zealand Banking Group (ANZ) was among the first to pilot its capabilities under the “Monetary Authority of Singapore (MAS) Project Guardian initiative.”

These new privacy capabilities allow institutional users to define privacy conditions in a manner that would privatize on-chain data from third parties.

Commenting on this, Chainlink co-founder Sergey Nazarov explained that the blockchain industry has not provided sufficient privacy for financial institutions to integrate them successfully as far as institutional transactions are concerned.

Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.

We are excited to continue our collaboration with ANZ and explore how to make large transactions across multiple chains in a way that helps meet their compliance and legal requirements, enabling their entry into the market and the growth of the entire blockchain industry through their exciting participation.

@ Newshounds News™

Source: Crypto News Flash 

Read more: MAS Project Guardian

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TREASURY – CBDCS OVER STABLECOINS | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Source: Dinar Recaps

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