JPEX celebrated the completion of its Taiwan Headquarters during the week. Additionally, the exchange announced that it will be sponsoring the Asian Blockchain Industry Building through its Charity Foundation.
As JPEX embarked on these milestones, many events made rounds across the blockchain-powered economy.
Over the period, major players such as Mastercard, Revolut, Bitcoin, Tether Limited, and HSBC Hong Kong trended on crypto news portals. Below, we take an extensive look into the details of why they featured strongly on the front pages of crypto websites.
Mastercard Announced a Multi Token Network (MTN) For Scaling and Securing Blockchain Technology
Mastercard, the second-largest payment-processing company in the world launched what it called a Multi Token Network (MTN) on Wednesday, June 28.
MTN comprises a set of foundational capabilities which has been designed to solve the problems of blockchain technology with an eye on interoperability, scalability, and security.
Overall, Mastercard wants to enable more efficient payment and commerce applications and believes this can only be achieved through trust. This is why MTN it’s being tested on four (4) verticals of trust which are trust in counterparty, digital payment asset, technology, and consumer protection.
Raj Dhamodharan, the executive vice president of the blockchain and digital assets department of Mastercard made it known that MTN remains an ambitious project for the company and they remain interested in providing the much-needed support to the digital asset industry as it makes waves to become a mainstay in the future.
The United Kingdom (UK) has been selected for MTNs beta version.
MA, the stock of Mastercard Incorporated has benefitted positively from the headlines and has returned 12% year-to-date (YTD) after opening the year at $349.96 and closing on June 30 with an improved trading price of $393.30, data from Yahoo Finance showed.
Cardano, Solana, and Polygon Will Be Delisted by Revolut in September
Cardano (ADA), Solana (SOL), and Polygon (MATIC) are among the top 100 digital assets by market capitalization.
Unfortunately, the three cryptocurrencies have been deemed unregistered securities by the Securities and Exchange Commission (SEC) of the United States after they were named in lawsuits against Coinbase and Binance in June.
This has negatively impacted the crypto assets value and Revolut, a UK-based neobank and financial technology corporation offering banking services said that will be dropping them from its list of supported digital currencies in September.
The firm disclosed that its US arm will be delisting the coins due to changing laws and regulations around the crypto sector within the jurisdiction.
Tether Signed MoU with Georgia Government to Develop P2P Infrastructure and Blockchain
Tether Limited, the company behind the largest stablecoin by market capitalization, the United States Dollar Tether (USDT) announced on Wednesday, June 28 that a Memorandum of Understanding (MoU) has been signed with the government of Georgia.
An MoU is a nonbinding agreement that states each party’s intentions to take action, conduct a business transaction, or form a new partnership. According to Tether Limited, this alliance (MoU) will help Georgia become a central hub for blockchain technology and P2P transactions that will improve the fortunes of the country’s economy.
“Through close collaboration with the Government of Georgia, Tether aims to create a flourishing environment for peer-to-peer technology usage. Tether recognizes the need to embrace change and diversify its offerings beyond stability,” Paolo Ardoino, the Chief Technology Officer (CTO) of Tether said.
As of Saturday, July 1, 2023, USDT continued to maintain its peg against the United States Dollar (USD) and had a market capitalization of around $86 billion.
HSBC Hong Kong Launched Support for Ethereum and Bitcoin ETFs
HSBC, the largest bank in Hong Kong allowed customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) ETFs on the Hong Kong Exchange, according to a tweet by the verified account Wu Blockchain, a profile owned by Colin Wu, a Chinese reporter.
In the long term, the support for the ETFs will expand Hong Kong customers of HSBC’s exposure to digital currencies.
Bitcoin Added $270 Billion to Market Capitalization
Bitcoin remains the largest digital asset by market capitalization, with around 50% of the market share.
The last week of June ended the first six (6) months of 2023. Over the period, thanks to positive market sentiment buoyed by the introduction of several Bitcoin NFTs coupled with the teasing of Bitcoin exchange-traded funds (ETFs), Satoshi Nakamoto’s innovation spiked by 84% during the first half of the year.
BTC opened on January 1 with a trading price of $16,547.91 and exchanged hands for $30,477.25, data from crypto asset price tracker CoinMarketCap showed.
Overall, the market value increased to approximately $590 billion from about $320 billion, and this means that roughly $270 billion was poured into the project in the last 180 days.
As the flagship cryptocurrency, analyst Daria Morgen at Changelly Blog has forecasted a maximum price of $41,855 for BTC by the end of 2023. The same analysts believe BTC could retest $66,000 by the year’s end of 2024 and around $95,000 by the close of 2025.