Decentralized identity can bring the analog world into the digital one

It is a given that connected devices need reliable, distributed ledger, technology-based digital identity solutions. That is an essential requirement for the Internet of Things (IoT). In the machine economy, devices must be able to recognize and communicate with one another; robust identity management solutions are key to effectively securing data and processes. But what about the multitude of analog “things” all around us? Surely they can also benefit from the advent of digital identity.  Imagine the following: You are just back from a grocery run or a walk in…

Future of digital artwork or another crypto fad?

As nonfungible token (NFT) art continues to develop as an industry, a new trend is quickly emerging: physical NFT galleries featuring digital, nonfungible pieces of unique artwork. Most recently, the largest Bitcoin (BTC) event in history — the Bitcoin 2021 conference — featured a peer-to-peer pop-up NFT art gallery with artwork from over 30 different crypto artists.  Teodora Atanasova, VIP relations manager and founding team member of Nexo — the company that backed the Bitcoin Art Gallery — told Cointelegraph that over 100 pieces of art were sold during the…

Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy Digital

Goldman Sachs has debuted a Bitcoin (BTC) futures trading product for its client in collaboration with crypto investment giant Galaxy Digital. According to CNBC, the move marks the first time the Wall Street bank has partnered with a digital asset-based liquidity provider. Galaxy Digital co-president Damien Vanderwilt said the company offered a gateway to the crypto space allowing a tightly regulated entity like Goldman to offer crypto-related investment products. Goldman will reportedly be offering CME Group Bitcoin futures for its clients, marking another expansion of its recently established crypto trading…

Over 3,000 ATMs in Beijing can now convert digital yuan into cash

China continues apace with the adoption of its central bank digital currency (CBDC) as major banks launch a significant batch of digital yuan-powered ATMs. The digital yuan — a CBDC controlled by The People’s Bank of China — is now available for deposit and withdrawals at over 3,000 ATMs across Beijing, state-run Xinhua news agency reported Friday. According to the report, the Beijing branch of the Industrial and Commercial Bank of China has become the first bank to fully enable the digital yuan exchange in the Chinese capital city by…

Digital land in Decentraland sells for $913K… to a virtual property developer

A virtual plot of real estate situated within the Ethereum-based open-world game, Decentraland, has sold for more than $913,000 — valuing the intangible property on par with the average price of a real world house in Brooklyn, New York. Virtual real estate is sold in the form of nonfungible tokens (NFTs) dubbed LAND in Decentraland, with the digital plot being sold to virtual real estate-focussed investment firm, Republic Realm. The plot actually represents 259 parcels of digital land, with the transaction settling for 1,295,000 of Decentraland’s native MANA tokens —…

Digital euro could drain 8% of bank deposits, Morgan Stanley says

Analysts at the American multinational investment bank Morgan Stanley have estimated the likely changes in eurozone banks’ deposits should a digital euro be widely adopted. According to the analysts, a European Union central bank digital currency (CBDC) could suck away 8% of customer deposits from eurozone banks, Reuters reports Wednesday. This share may be far higher in smaller countries like Latvia, Lithuania, Estonia, Slovakia, Slovenia and Greece, they said. The analysts’ estimates were based on a “bear case” scenario where all euro area citizens above the age of 15 sent…

The Chinese University of Hong Kong and ConsenSys create COVID-19 digital passport

The Chinese University of Hong Kong, or CUHK, has partnered with Ethereum developer ConsenSys to launch a new blockchain-based Medoxie COVID-19 Digital Health Passport – a product that could help healthcare workers combat the pandemic. The passport utilizes blockchain technology to record a patient’s COVID-19-related events, including test results, temperature checks and vaccinations, with the aim of providing a safe pathway to full economic reopening post-pandemic. Information that is held on the passport is said to be stored securely and privately. Initially, the digital passport will be accessed by medical…

Beer and horses? Combination takes to the digital space with branded NFTs

The U.K. arm of pilsner beer brand Stella Artois is partnering with a digital horse racing game to release a series of nonfungible tokens. In a Tuesday announcement from Stella Artois’ U.K. brewery, the beer brand said users of the digital racing game ZED RUN would now be able to bid on Stella-themed skins for their favorite horses. Beginning today and running until June 19, crypto users can bid on 50 digital packages featuring nonfungible tokens, or NFTs, of the racehorses and original Stella art, as well as the branded…

China debuts blockchain-based digital yuan salary payments in Xiong’an

China is progressing with its central bank digital currency (CBDC) tests, debuting blockchain-enabled salary payments in the digital yuan. According to the official website of the Xiong’an New Area, the People’s Bank of China (PBoC) has successfully completed the nation’s first on-chain wage payouts in the digital yuan. Announcing the news on Saturday, Xiong’an authorities said that the pilot involved guidance and support from the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as the National Development and Reform Commission. The new CBDC pilot used a…

Multi-trillion asset manager State Street launches digital currency division

Multi-trillion dollar asset manager, State Street Corporation, has become the latest financial institution to announce the launch of a dedicated digital finance division. State Street, the second-oldest continually operating bank in the United States, announced the move on Thursday, June 10, highlighting the division’s focus on cryptocurrency, blockchain technology, central bank digital currencies (CBDCs), and tokenization. ”The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” asserted State Street CEO and…