Connect with us

Market

Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions

Published

on



In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.

Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.

Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.

“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.

Read more: RWA Tokenization: A Look at Security and Trust

Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.

The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.

Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.

UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.

“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Why PNUT Recovery Could Happen Soon After 30% Fall?

Published

on


Peanut the Squirrel (PNUT), the meme coin that recently surpassed a $2 billion market cap, has experienced a sharp 30% price drop in the past week, bringing its value down to $1.36. However, emerging signals suggest that PNUT’s recovery might be just around the corner.

While some traders may wait for further discounts, this analysis indicates that the opportunity to buy at these lower levels could be closing fast.

Bearish Sentiment Around Peanut the Squirrel Could Fuel Bounce

One key indicator hinting at a potential PNUT recovery is the Weighted Sentiment, which evaluates market perception using social volume. A positive sentiment typically reflects bullish market commentary, often driving increased demand and price growth. Conversely, negative sentiment signals bearish sentiment across the market.

However, extreme readings in Weighted Sentiment can trigger contrarian moves. For instance, overly bullish sentiment might precede a price correction, while extreme negativity often sets the stage for a rebound.

According to Santiment data, PNUT’s Weighted Sentiment has plunged to a historic low of 0.12. This deeply bearish sentiment suggests market pessimism, but its extremity could fuel what’s known as a “hated rally,” where overwhelming negativity ignites an unexpected recovery.

PNUT sentiment
Peanut the Squirrel Weighted Sentiment. Source: Santiment

Further, the Relative Strength Index (RSI) is another indicator suggesting that the Solana meme coin’s value could erase part of its losses. The RSI is a technical oscillator that uses the speed and size of price changes to measure momentum.

When the reading drops, the momentum is bearish. Conversely, if the RSI reading rises, the momentum is bullish. 

On the 1-hour chart, even though the indicator is below the 50.00 midpoint, the rating has increased from yesterday. Should this rating continue to surge, then PNUT’s price might rise higher than $1.36.

PNUT momentum
Peanut the Squirrel RSI. Source: TradingView

PNUT Price Prediction: Rally Toward $1.94 Begins

Looking at the same 1-hour timeframe, BeInCrypto observed that the trading volume around PNUT has increased. However, it is important to note that both buyers and sellers are still involved in transacting the token.

Still, it appears that bulls are defending the price at $1.31. If this remains successful, then PNUT’s price could rally toward $1.64 in the short term. In a highly bullish situation, PNUT recovery could see the price climb to $1.94.

PNUT price analysis
Peanut the Squirrel 1-Hour Analysis. Source: TradingView

On the other hand, if selling pressure increases, this might not happen. Instead, the meme coin’s value could drop to $1.26 in the short term.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Litecoin (LTC) at a Crossroads: Can It Rebound and Rally?

Published

on


Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.

  • Litecoin is showing positive signs from the $80 support zone against the US Dollar.
  • The price is now trading below $88 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
  • The price could start a fresh increase if it clears the $88.00 resistance zone.

Litecoin Price Eyes Fresh Increase

After forming a base above $85, Litecoin started a fresh increase. LTC price broke the $88 and $90 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The price gained over 10% and even cleared the $95 level. A high was formed at $98 before there was a pullback. The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

Litecoin is now trading below $88 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $85.00 zone. There is also a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair.

Litecoin (LTC) at a Crossroads

The next major resistance is near the $88 level or the 50% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low. If there is a clear break above the $88 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $92 and $95 levels. Any more gains might send LTC’s price toward the $100 resistance zone.

More Losses in LTC?

If Litecoin price fails to clear the $86 resistance level, there could be another decline. Initial support on the downside is near the $82 level.

The next major support is forming near the $80 level, below which there is a risk of a move toward the $75 support. Any further losses may perhaps send the price toward the $68 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $82.00 followed by $80.00.

Major Resistance Levels – $86.00 and $88.00.



Source link

Continue Reading

Market

Cardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar

Published

on



The cryptocurrency industry is abuzz with speculation about the appointment of a potential “Crypto-Czar” in the White House. It comes as President-elect Donald Trump considers creating the role of an advisor to guide federal policy on blockchain and digital assets.

Charles Hoskinson, co-founder of Ethereum and founder of Cardano, proposed Coinbase CEO Brian Armstrong as the ideal candidate for the position. This proposal sparked a spirited debate within the crypto community.

Brian Armstrong: Hoskinson’s Vision for a Crypto-Czar

In a post on X (formerly Twitter), Hoskinson emphasized the importance of appointing a neutral and knowledgeable individual to the role. He highlighted Armstrong’s leadership at Coinbase, the largest cryptocurrency exchange in the US. This, among others, is evidence of his ability to navigate regulatory challenges and foster innovation.

“With respect to the idea of a Crypto-Czar at the White House, I feel the role needs to be filled with someone who is neutral, works with all protocols, and has a deep understanding of why crypto is special,” Hoskinson wrote.

The Cardano executive criticized the current administration under President Joe Biden for its regulatory stance. He called them out for “unfair tactics” and “regulation through enforcement.”

Hoskinson argued that Armstrong could unite the crypto industry and lead legislative efforts to modernize the US regulatory framework for digital assets.

He also shared his plans to assist lawmakers directly, leveraging his experience in helping Wyoming pass 31 crypto-friendly laws. Hoskinson announced Operation Baseline, an initiative by IOHK’s policy division to identify inefficiencies and opportunities in the American cryptocurrency industry.

Community Reactions: Support and Criticism

Hoskinson’s endorsement of Armstrong has drawn mixed reactions. One X user, Maxime, voiced concerns about Armstrong’s association with centralized entities.

“I don’t like the turn personally because Brian is bringing centralization in full swing in crypto. Whether it is technically through Base or via facilitating pension funds like BlackRock with custody,” Maxime argued.

This critique reflects broader apprehensions about Coinbase’s growing influence. Some are concerned about the perceived alignment of its business model with traditional financial (TradFi) institutions.

However, other voices in the crypto community see Armstrong as a pragmatic choice. Ed n’ Stuff, another commenter on X, supported the idea.

“It’s important the crypto czar is not seen as partisan, so everyone buys in (not favoring any chain/ecosystem). A major CEX founder that is involved in a bit of everything makes sense,” the user quipped.

This sentiment highlights Armstrong’s potential to appeal to diverse stakeholders in the crypto space. Besides Coinbase’s Armstrong, another potential candidate may be Brian Brooks, the former Binance.US CEO. Brooks also has a history of serving as Coinbase CLO.

Brooks has extensive experience working with the overlap between cryptocurrency and TradFi, making him a strong contender. His tenure at the US Office of the Comptroller of the Currency (OCC) was marked by initiatives to integrate digital assets into the banking system. These, among other achievements, earned him respect across the industry.

Both Armstrong and Brooks bring distinct strengths to the table. Armstrong’s experience as a pioneer in the crypto exchange space gives him a deep understanding of the market. Meanwhile, Brooks’ regulatory expertise positions him as a bridge between policymakers and the crypto industry.

Nevertheless, Trump’s consideration of a dedicated crypto advisor reflects the growing importance of digital assets in the global economy. Hoskinson believes this move presents a unique opportunity for the US to position itself as a global leader in blockchain innovation. He called on the industry to unite behind a shared vision.

“The president’s goal is to make America the best place in the world to start and run a cryptocurrency and blockchain business,” Hoskinson said.

It remains to be seen whether more candidates will join the race for a Whitehouse Crypto-Czar. Notwithstanding, this debate reflects the challenges of balancing innovation with regulation. While Armstrong’s selection would signal a commitment to industry growth, it also raises questions about the role of centralization in a space rooted in decentralization.

The eventual appointment is expected to help shape the trajectory of US crypto policy for years to come. Whether it is Armstrong, Brooks, or another candidate, the decision will reflect how the next administration plans to address the crypto economy’s complexities while fostering innovation.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io