IEEE to deploy skill certificates on blockchain for Indian members

Japan’s ODX to commence digital securities trading in DecemberOsaka Digital Exchange (ODX) is set to commence security token trading with Ichigo’s real estate assets, marking yet another milestone in Japan’s evolving digital asset landscape.Photo by note thanun on UnsplashDecember 25 ‘START’ODX’s Proprietary Trading System (PTS), named “START,” is scheduled to commence operations on Dec. 25, as announced in a Nov. 20 statement. This development follows the approval from Japan’s Financial Service Agency (FSA) on Nov. 16 for ODX’s securities token proprietary trading system.A security token, essentially a digitized version of traditional securities, represents fractional ownership in real-world assets like equity, real estate, or company shares. ODX’s trading system aims to enhance liquidity and funding opportunities for securities token operations within the region, aligning with its broader vision of establishing a digital stock exchange to rival the Tokyo Stock Exchange.Established in 2021 by SBI Holdings and Sumitomo Mitsui Financial Group (SMFG), ODX is poised to welcome Ichigo as its inaugural client on the START platform. Ichigo is a Japanese sustainable infrastructure firm based in Tokyo. Real estate is one of the sectors it is involved in, where it specializes in the renovation and improvement of existing buildings.Third security token launchThe real estate company has previously issued two security tokens and now plans to issue a new token, facilitating real estate investment opportunities for individuals. A company statement reveals that the new security token will invest in six strategically located rental residential properties with superior access to the city center. Bloomberg reported on Monday that Ichigo intends to sell approximately $20 million worth of securities backed by property investments, with trading set to commence on Dec. 25.The release of real estate-backed security assets will take place on Progmat, a Japan-regulated digital asset platform established in 2022 by Mitsubishi UFJ Financial Group (MUFG) in collaboration with other Japanese banks. Progmat integrates blockchain technology with financial expertise to manage digital assets within the regulatory framework of Japan.As a consequence, MUFG will effectively be acting as custodian and security token issuer as part of this security token offering. SBI Securities will act as the lead underwriter of the project.Security tokens, subject to federal regulations, derive their value from external tradable assets and represent ownership in an enterprise or asset. The introduction of security token trading on ODX has the potential to enhance liquidity and streamline the investment process for individuals. However, with the initial offering of $20 million in securities, it is evident that Japan is cautiously exploring the demand for alternative forms of securities.SBI portfolio companyInitially, Japanese financial services conglomerate SBI Holdings had a 70% stake in ODX, with SMFG holding a 20% equity stake. Investment Bank Daiwa Securities and global financial services group Nomura made up the balance, with each having a 5% equity holding in the business.Those equity stakes have most likely been diluted as in September ODX confirmed that it had accepted equity participation from the Chicago Board Options Exchange (CBOE), the largest U.S. options exchange platform, private equity firm Virtu Investments and proprietary trading firm and global market maker Optiver Principal Strategic Investments (PSI).

Bhutan Quietly Mining Bitcoin Since $5,000The tiny nation of Bhutan continues to be full of surprises recently where crypto is concerned, with the latest report suggesting that the kingdom has been mining bitcoin for a number of years already.© Pexels/Pema GyamtshoAccording to a recent report in The Bhutanese, a Bhutan-based publication led by investigative journalist, Tenzing Lamsing, the landlocked nation had been mining bitcoin over the course of a “few years” already, in an effort to diversify its sovereign portfolio.Long-term investment strategyUjjwal Deep Dahal, CEO of Druk Holding and Investments (DHI), told the publication that the venture was part of a long-term investment strategy. DHI is the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.The mining activity had centered on Bitcoin although there was a small provision for Ethereum-based mining when Ethereum was a mineable proof-of-work (PoW)-based blockchain network. It’s unclear of the precise timeline but the report outlines that DHI has engaged in the mining space over a number of years, and at a time in which the Bitcoin unit price was as low as $5,000.Exploiting cheap hydroNestled in the Himalayas, Bhutan has considerable hydroelectric resources. Bitcoin mining is ordinarily an expensive exercise but in scenarios where there are plentiful energy resources with a marginally cheaper cost of production than the average, it can be an attractive and profitable enterprise. Dahal outlined that these conditions enabled DHI to reinvest profits back into additional mining equipment.The precise time-frame of DHIs entry into Bitcoin mining is open to speculation. However, we do know that the Bitcoin unit price was last below $5,000 at the onset of the pandemic in March 2020. Prior to that, Bitcoin had risen above $5,000 in April 2019 following an acute bear market in 2018.Crypto lender entanglementsBhutan and DHI hit the crypto radar last month when it was revealed that the kingdom had made significant investments into and out of failed crypto lenders Celsius and BlockFi. Dahal has said that the royal charter-mandated firm had taken out loans with both crypto lenders and had fully repaid those loans. However, that may have been something that happened later than anticipated. The Bhutanese company had a $30 million loan from BlockFi. BlockFi liquidated the Bitcoin collateral associated with that loan in 2022 but it left a shortfall of $800,000. The failed lender subsequently sued DHI. As of an April 13 court filing, BlockFi submitted a voluntary dismissal of the lawsuit to the courts, presumably because the shortfall was subsequently paid by DHI.In the case of Celsius, DHI had withdrawn $65 million from the lending platform prior to it declaring bankruptcy. Consequently, the matter has been the subject of speculation relative to the potential for the Celsius bankruptcy estate to pursue DHI for a clawback of the withdrawn funds.

Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.