Indian State Bank Joins JPMorgan’s Blockchain Network

State Bank of India has joined JPMorgan’s blockchain network to improve international payments.

The Indian state bank wants to improve cross-border payments with a Bitcoin Era solution from the American investment bank.

The State Bank of India (SBI) has joined the Liink network. Liink is a blockchain-based inter-bank network from JPMorgan . Liink is supposed to improve the international payment traffic of the SBI. In addition, transaction costs for bank customers are reduced.

State Bank of India has already gone live on JPMorgan’s network

We are excited to be the first bank in India to go live with the network and look forward to partnering more closely with JPMorgan in implementing and researching applications as part of the network to better serve our customers.

Venkat Nageswar, deputy managing director of SBI

Liink is a peer-to-peer network operated by JPMorgan. It runs under Onyx , JPMorgan’s blockchain business. The project, which started in 2017, was originally called the “Interbank Information Network”. In October 2020 it was renamed to Liink.

In connection with the renaming to Liink, JPMorgan introduced its own stablecoin. The JPM-Coin is used for cross-border transactions

More than 400 financial institutions and companies in 78 countries are part of the Liink network. This includes 27 of the 50 largest banks worldwide. 100 banks are currently live in the network, including state and private institutions.

The partnership with the SBI is in line with JPMorgan’s plans. According to Prabdev Singh, Managing Director at JPMorgan Chase India, the financial institution is looking to expand its blockchain presence in India.

“We continue to actively research how new technologies can improve our customers‘ experience,” he added.

The Tie on „buy crypto“: Google search queries at record high

Google Trends show an increase in searches for „buy crypto“, which could signal higher acceptance among retailers.

According to Google search trends, crypto euphoria is on the rise again, as a new study shows

Searches for „buy crypto“ on Google rose to an all-time high in January, far beating the previous high of early 2018, according to cryptocurrency analytics firm The Tie.

The keyword got a perfect Google Trends score of 100. This indicates a maximum relative interest.

A similar surge was also seen in Ethereum, which hit a perfect 100. It then fell back to a still strong value of 65.

The number of Bitcoin Storm searches also increased, but remained well below the 2017 record.

The Tie also shared a chart showing a sharp increase in the number of searches for „best crypto app“ and „best crypto exchange“.

„The relative search interest for popular crypto terms is at an all-time high on Google Trends,“ Treyce Dahlem, research analyst at The Tie, told Cointelegraph.

He further stated:

„Whether that’s because of recent rallies, Reddit speculative traders looking to sway assets, or even a macroeconomic shift in the way investors look for inflation hedging, there’s no telling. But one thing is clear: there is a rapidly growing interest in crypto and new investors are looking for the best way to get into the ecosystem. “

The strong search trends appear to coincide with growing retail interest in Ethereum and Altcoins. The Ether ( ETH ) price has doubled since the beginning of the year and has just hit a new all-time high of over $ 1,600 .

Meanwhile, the entire cryptocurrency market hit 1 trillion for the first time in January. U.S. dollar. While the initial increase was largely due to Bitcoin, the Altcoins have now also strongly supported the increase over the past month. The dominance of Bitcoin has fallen from a high of 72 percent in early January to 62 percent.

Google search trends sometimes correlate with movements across the cryptocurrency market. More relative searches signal the retailer’s growing awareness of digital asset. This is often a precursor to greater speculative acceptance.

The Tie told Cointelegraph that crypto social media interest has also skyrocketed. On Twitter, the total volume of cryptocurrency tweets also rose to 3.3 million in January. In comparison, there were 1.3 million in September 2020. The total volume of tweets in January was 181 percent higher than last year.

Japan is the backing XRP needed

Japan’s regulatory body, FSA, has pointed out that under Japanese law XRP is not considered a security, unlike in the United States,

Japan’s top securities watchdog, the FSA, claims XRP is not a security given that the token does not meet the definition of a security under Japanese law. XRP finally wins one?

DeFi market capitalisation beats XRP
XRP is not a security!
It is worth remembering that the US SEC sued Ripple, the crypto firm behind XRP. The regulator noted that the company „engaged in this illegal securities offering from 2013 to the present“ in which it „was able to raise at least $1.38 billion by selling XRP“ without being registered.

Accordingly, the US SEC notes that XRP is a security and therefore must be registered under that category, something Ripple did not do.

But unlike US regulators, Japan ruled that XRP does not meet the definition of a security under Japanese law.

„The FSA considers XRP as a cryptocurrency based on the definitions of the Payment Services Law,“ the Japanese regulator told The Block.

However, the fact that Japan considers XRP to be a cryptocurrency and not a security has nothing to do with the allegation by the SEC against Ripple. Likewise, the US classification of XRP is unlikely to affect how Japan views the crypto.

New lawsuit! Ripple’s (XRP) ship is doing nothing but sinking.
What will happen to Ripple?
So, although many would like it to be different, Japan’s categorisation of XRP does not eliminate Ripple’s problems. Clearly in a different scenario where Japan also considered crypto as a security, the problem would be much greater.

Thus, Ripple’s future is quite uncertain. As we have previously reported, many crypto exchanges have stopped trading XRP.

However, over the years, Ripple has managed to build a loyal XRP user base. Still, demand has managed to raise concerns.

According to CoinDesk, Okurisan, a Japanese XRP investor, said that „many people are sad about the SEC problem these days… I am very worried“. But, nevertheless, the Japanese investor believes that the crypto will be able to recover.

Japan has become a key country for Ripple and XRP, so much so that it is among the countries Ripple has considered moving to.

Translated with www.DeepL.com/Translator (free version)

The connection between Bitcoin and digital yuan

There is a connection between Bitcoin and digital yuan. Both are non-physical currencies, digital in fact, and both are attracting attention for multiple reasons.

Bitcoin in the last month has seen its price soar, peaking at $34,000 (at the time of this writing). The question is, will the digital yuan be able to compete with Bitcoin? The answer, based on what little is known about digital yuan today is: no.

Nevertheless, there seems to be a more direct link between yuan (the physical one) and Bitcoin. In fact, China’s official currency has been increasingly depreciating. This may have prompted many investors to seek refuge in Bitcoin Legacy which has since risen in value. According to an old report by Bloomberg, this was also helped by a ruling by a Chinese court that admitted that Bitcoin has a legal value, linked to its being a scarce commodity.

Will the digital version of the yuan be able to affect the price of Bitcoin? The two entities are very different in reality to compete with each other. Chandler Guo, a Bitcoin mining pioneer in China, explained his point of view to the BBC: China’s digital currency, also known as DCEP, will be hugely successful because it can also be used by 39 million Chinese living outside of China. If 39 million people outside China start using the digital yuan anyway, it is bound to become a global currency. And a global currency will compete with the dollar and all those electronic payment systems that point towards the cross-border sector.

What digital yuan and Bitcoin have in common

But what do these two currencies have in common anyway? The blockchain technology, which is the basis of both. And here the similarities can be stopped.

In fact, the Chinese DCEP cannot even be considered a real cryptocurrency because the core of cryptocurrencies is decentralization. Instead, the DCEP will be issued by the most centralized entity there is: the state, and to be precise a state that has 2 billion inhabitants. This makes it potentially stronger than Bitcoin and any other state digital currency, because it will certainly have a more widespread diffusion. Unlike Bitcoin it will be a real currency and not also a store of value, as BTC is becoming. Moreover, it won’t suffer from the volatility typical of the queen of the cryptos, being in value completely analogous to its paper version.

It will be a coincidence that just as the tests for the digital yuan are underway, Bitcoin is growing in price. Some theses argue that the advent of a highly centralized currency is another reason that is convincing the Chinese to migrate to Bitcoin, to shelter (to the extent possible) their transactions from the government’s eye and at the same time create a source of investment other than the national currency.

It won’t take long for this hypothesis to be confirmed. 2021 will likely be the year when the digital yuan sees the light of day. Only then will it be possible to see its reflection on the price and use of Bitcoin in China. Last but not least, the launch of China’s digital currency will probably definitively trigger the rush to digital state currencies by the world’s other strong economies as well, with the United States and Europe leading the way.

City in Spain launched its own digital currency

The Spanish city of Lebrija in the province of Seville launched a digital currency Elio to stimulate the economy during the COVID-19 pandemic, writes Diario de Sevilla.

The virtual asset is pegged to the euro at a ratio of 1:1. Under the program, an amount of €20 to €200 in Elio will be received by 593 residents of Lebrija, and €400 each by small and medium-sized businesses.

The digital asset will only be accepted in local stores. Elio can be used to pay for half the cost of a product or service and the rest in fiat. Recipients must use the funds by March 31, 2021.

In January 2020, the Turkish city of Konya began developing its own Crypto Wealth prototype as part of the City Coin project.

Recall that in August, the Bolivarian Council of Mayors of Venezuela allowed citizens to pay taxes in the national digital currency El Petro.

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Verpackte Bitcoin erreicht 1 Milliarde Dollar nach einem 900%igen Wachstum in zwei Monaten

In den letzten zwei Monaten hat die Manie von DeFi dazu geführt, dass BTC im Rahmen des Wrapped-Bitcoin-Protokolls für 900 Millionen Dollar als Alibi für BTC verwendet wurde.

Der jüngste Aufwärtstrend in der DeFi-Branche hat den Gesamtwert (TVL) von Wrapped Bitcoin (WBTC), dem populären Bitcoin-Tokenisierungsprotokoll (BTC), um 900% auf über 1 Milliarde Dollar ansteigen lassen.

Der Meilenstein kommt vier Wochen nachdem die TVL aller Bitcoin, die auf Ethereum (ETH) tokenisiert wurden, zum ersten Mal $1 Milliarde überschritten hat. Die aktuelle LTVL von in Tokens konvertierten Bitcoin beträgt fast 1,5 Milliarden Dollar, wovon der WBTC etwa ein Drittel ausmacht.

Wrapped Bitcoin ist heute das fünftgrößte DeFi-Protokoll in Bezug auf TVL und macht fast 10% des gesamten gebundenen Kapitals in der Branche aus. Die TVL des WBTC überschritt um den 8. Juli zum ersten Mal 100 Millionen Dollar.

12-Monats-Chart von Wrapped Bitcoin’s TVL

Wrapped Bitcoin ermöglicht es Anwendern, BTC im Tausch gegen WBTC zu blockieren, ein in Bitcoin verankertes ERC-20-Token, mit dem BTC-Eigentümer auf das vielfältige Ökosystem der dezentralen Finanzierung (DeFi) auf der Basis von Ethereum zugreifen können, indem sie den Vermögenswert als Sicherheit verwenden.

In der ersten Hälfte des Jahres 2020 stieg der LTV des WBTC von 4 Millionen USD auf 36 Millionen USD, was den extremen Nachfrageschub innerhalb des DeFi-Sektors im dritten Quartal widerspiegelt.

Die DeFi-Blase half auch anderen Bitcoin-Tokenisierungsprotokollen. Seit ihrer Einführung Ende Mai hat die VM (REM) von Ren mehr als 300 Millionen Dollar in BTC gebunden.
Im gleichen Zeitraum stieg der Preis für REN um rund 180%, wobei der Anstieg in den 24 Stunden nach der Notierung auf Coinbase 14% betrug.

Allerdings waren nicht alle Protokolle zur Alimentierung ein dauerhafter Erfolg. Kürzlich kehrte der LTV von PieDAO nach einem kurzen Höhepunkt im Juli im Mai wieder auf ein Niveau unter 1 Million Dollar zurück.

Keep Network, ein von A16z unterstütztes Projekt, versäumte es ebenfalls, die jüngste DeFi-Welle auszunutzen. In den letzten Tagen wurde das diskutierte tBTC-Protokoll kritisiert, weil es die Liquidierung von Ether aller Benutzer einer Gruppe vorsieht, wenn nur einer der Unterzeichner offline geht.