Hong Kong Monetary Authority (HKMA) announces e-HKD
The Hong Kong Monetary Authority (HKMA) has announced the e-HKD Pilot Programme, a key initiative under Rail 2 of the HKMA's three-rail approach to potentially implement a retail central bank digital currency (CBDC). Sixteen selected firms from financial, payment, and tech sectors will lead the program, exploring six categories of potential use cases in 2023. The iterative process aims to refine the design, implementation, and practicality of e-HKD through experiential insights from the pilots. While the launch of e-HKD is yet undecided, the HKMA looks forward to the program's outcomes.
Grayscale says SEC is claiming Filecoin's FIL token is a security
The SEC has politely requested Grayscale to retract its application to transform its Filecoin Trust product into a publicly traded entity. In a recent statement, Grayscale revealed that it had voluntarily submitted a Form 10 to upgrade its Filecoin Trust product to a reporting company, subject to filing quarterly and annual reports. However, the SEC has now issued a comment letter, asking Grayscale to withdraw its application, citing that FIL is "classified as a security."
Twitter’s Dorsey leads $6 million investment in Bitcoin voucher service
Jack Dorsey, the co-founder of Twitter and Block CEO, has proven his unwavering commitment to revolutionizing the world of cryptocurrencies by spearheading a $6 million funding round for Azteco. This innovative company is a provider of bitcoin (BTC) vouchers, which offer a practical solution to the staggering disparity in global banking access.
Surprisingly, Azteco aims to serve over 2 billion smartphone users lacking basic financial services, using bitcoin to offer a cost-effective, secure alternative for storing value, transacting, and accessing credit without a traditional bank account. With backing from Jack Dorsey, Azteco is set to significantly impact the financial sector.
Coinbase debuts subscription service
Coinbase has just made crypto-trading dreams come true with the launch of their new subscription service, Coinbase One. This innovative service allows users to effortlessly pay a monthly bill, and enjoy the added bonus of slashed trading fees. But wait, there's more! Access to round-the-clock customer support and lower commissions for staking will also be included. Currently, Coinbase One is exclusively available for Stateside, UK, German, and Irish customers.
Onchain indicator suggests Litecoin is undervalued
Onchain data implies Litecoin (LTC), the 12th biggest cryptocurrency, is undervalued. Analytics firm Glassnode shows that Litecoin's market value to realized value (MVRV) Z-score is currently negative, indicating it's below its fair value. This Z-score accounts for lost coins (over 15%), providing a clearer view of the network's value. A negative MVRV Z-score typically signifies undervaluation, possibly marking a market bottom and an optimal buying opportunity. Therefore, Litecoin could be a hidden bargain poised for growth.
Other breaking news
- Cosmos presents Mesh Security
- Aevo launching Perpetuals
- Story Protocol raises $29.3 million in seed funding
- Bitcoin price retests key support
- SEC not ready to approve Ether Futures ETFs
There we go folks! We ended the week strong with Onchain data suggesting there is upside in LTC, and Coinbase introducing their subscription service. Meanwhile, e-HKD have been announced and Dorsey is trying to single-handedly raise crypto into the stratosphere with his project. Stay informed and ahead of the game with our daily crypto scoop. See you next week!