There have been several developments in the crypto space over the past few days.
There have been quite a handful of crypto developments over the past few days including the announcement of Royal Enfield non-fungible tokens (NFT), introduction of a bill regarding crypto sanctions in the UK, JPMorgan Chase bank calling Bitcoin a scam, and others.
INX Launches Trading Platform for Security Tokens and Cryptocurrencies Which are Registered with the SEC
The crypto trading platform, INX One, will be available to both retail and institutional investors. The company aims to offer products which are registered with the US Securities and Exchange Commission and other cryptocurrencies as well, reported Coindesk.
The firm emphasised the importance of regulatory oversight and client openness for the platform's and industry's growth. The INX will not list any speculative tokens.
World’s 84% of the Blockchain Patent Application Are held With Chinese Accounts
Chinese President Xi Jinping has been instrumental in advancing emerging blockchain technology. The President urged people in 2019 to participate actively in and develop the emerging technology since it would be a crucial component of the coming fourth industrial revolution, reported Cointelegraph.
Within a year of President Xi Jinping endorsing the sector, 4,435 blockchain patent applications had been submitted by Chinese enterprises. From 2015 to June 2021, China submitted around 60% of all blockchain patent applications worldwide, followed by the United States and South Korea.
Royal Enfield NFT To Be Launched On Ethereum Blockchain Based Platform
Royal Enfield, the maker of the popular Classic 350, Bullet, and other motorcycles in India and abroad had announced its foray into Web 3.0 technology, NFT by partnering up with an Ethereum (ETH) based NFT platform called foundation.app.
In a release Royal Enfield said that they will launch their NFT collection featuring 10 exclusive winning artwork designs from the last two seasons of their Art of Motorcycling programme. All of these NFTs are priced at Rs 15,000 each. The NFTs will be released on October 3.
Puneet Sood, global head of apparel business at Royal Enfield, said, “Art Of Motorcycling is intended to give designers, artists, illustrators and motorcycling enthusiasts a platform to illustrate their love for motorcycling. We are extremely proud to take this to the next level in the digital space, as we announce the launch of Royal Enfield’s first-ever NFTs to encourage this ever-growing community scale to new heights.”
The U.K. has introduced this bill as originally promised in May by the Home Office, and it essentially makes it easier for law enforcement agencies to seize, freeze and recover crypto assets if they are used for various criminal activities like money laundering, drugs, cybercrime, and others.
"Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies," Graeme Biggar, director general of the National Crime Agency, said in the statement, reported Coindesk.
Jamie Dimon, CEO, JPMorgan Chase Bank, one of the big 4 U.S. based banks, said in a U.S congressional hearing, “I’m a major sceptic on crypto tokens, which you call currency, like bitcoin. They are decentralised Ponzi schemes,” reported Bloomberg.
Dimon also argued that digital currencies are being used by an increased number of criminals in their illicit operations including sex trafficking and money laundering, among others.
Dimon, however, is quite vocal about the underlying technology behind these digital currencies i.e. blockchain, metaverse, others and said that these technologies are ral and can be deployed in both public and private use cases, permissioned or not.
JPMorgan Chase bank has a lounge in decentraland where a host of digital services are on offer over there. Decentraland is a Ethereum blockchain based virtual 3D animated world.
Michael Saylor is the co-founder and chairman of IT company MicroStrategy, which is the world’s largest corporate Bitcoin holder with about 1,30,000 BTC tokens in its reserves at an average price of $30,639. He said in an interview to Marketwatch, that Bitcoin could go back to the $68,990 levels sometime in the next four years and could also reach $5,00,000 levels in the next decade “if it matches the market cap of gold.”
Saylor also said that his company is also making developments on the Lightning network, which is a payment protocol layered on the Bitcoin network.
Ethereum miners who no longer can mine Ethereum (ETH) tokens have reportedly sold more than 16,000 ETH tokens and are still left with about 2,45,000 ETH tokens. According to on-chain data analysed by Oklink, a blockchain analytics firm, miners dumped about 16,000 ETH tokens from September 12 to September 19 and this was worth more than $300 million.
Lucas Ontumuro, head of research, IntoTheBlock, in an interview to Coindesk, said that miners are moving onto other blockchains by taking their profit from ETH holdings out.
“Miners dumping their ETH is an overhang that we’ll have to get through over the coming months in order to resume up-only mode, but it will happen,” Lucas Campbell, editor of the Bankless newsletter on September 19 in a newsletter, reported Coindesk.