What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review.
Increased access to cryptocurrencies is ongoing as existing payment providers and fintech companies enter the market. The latest example is the US payment service Venmo. The PayPal subsidiary, which counts 70 million customers, is now embedding cryptocurrency trading and transfers into its existing services offering. Users can start their crypto journey from as little as one US dollar. In doing so, they will be able to buy and sell cryptocurrencies using money from either their balance with the payment provider or a linked bank account.
Tokenization is in full swing and its application fields have been covered frequently here. Tokenization generally describes a digital representation of an asset on the blockchain. Due to their divisibility, global transferability and the low transaction costs associated with blockchain tokens, even smaller private investors gain access to "non-bankable assets". Markets with low liquidity can thus enjoy a new influx of investments. Tokentrust, a Swiss company based in the Crypto Valley, is engaged in tokenization of commodities. In an interview conducted by CVJ.CH, CEO Marco Grossi highlights the advantages and new opportunities opened up by the technology.
UBS CEO Ralph Hamers already recognized the great potential of tokenization. But platforms for trading of tokens are rare for the time being. One reason for this is regulatory requirements. This week, the Swiss Financial Market Supervisory Authority (FINMA) granted financial services provider Taurus SA a license as a securities firm. The Swiss firm is thus permitted to operate a regulated marketplace for digital assets. The trading platform is to include all types of digital assets. In addition to cryptocurrencies, tokenized securities are also part of the offering.
Transparent product authentication for combating counterfeiting is an industry-wide effort. Major companies in the problem-plagued fashion industry are now pursuing blockchain-based counterfeiting. Fashion giants Louis Vuitton, Prada and Cartier have joined forces for a project. The envisioned blockchain solution will establish an industry standard and provide customers with an encrypted guarantee certificate that proves a product's authenticity. Other luxury groups such as Tiffany & Co. may join the project. Other brands started experimenting with solutions using non-fungible tokens (NFTs).
In addition: We live in an ever increasing digital world. As a result, control over data and identity on the Internet is becoming a challenge. The "KILT" project, which is based on the Polkadot Blockchain, aims to counter this problem. Issuing self-determined, verifiable, revocable and anonymous certificates in Web 3.0 provides a way to integrate real-world accreditation into the digital ecosystem. KILT founder Ingo Rübe explains how such a decentralized project is put into practice.
Selected articles in the weekly review:
Payment service provider and PayPal subsidiary Venmo now enables its 70 million customers simple access to cryptocurrencies.
https://cryptovalleyjournal.com/hot-topics/news/venmo-offers-cryptocurrencies-to-70-million-customers/
Tokentrust CEO Marco Grossi on the potential of commodity tokenization.
The Swiss Financial Market Supervisory Authority (FINMA) grants permission to financial services provider Taurus for a marketplace with digital assets including tokenized securities.
Blockchain technology as a weapon against plagiarism in the fashion industry.
Web 3.0: Decentralized and blockchain-based control over data and identities.
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