Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the UK’s Bank of England has revealed how it has been interacting with distributed ledger and blockchain technology to settle new tokenised transaction opportunities, as well as updates on stablecoins and central bank digital currencies (CBDCs).
UK continues to embrace new blockchain opportunities
This week, the Bank of England issued a discussion paper surrounding its current work on tokenising physical and digital assets within its new RTGS service and the recently launched Digital Securities Sandbox.
The UK central bank also gave updates on its progression with tokenising stablecoins, although there was no clarity regarding any regulatory updates. The BoE also commented on the potential a retail UK CBDC could have as part of the wider financial landscape.
The BoE will develop on these innovations further, it will look to address financial stability risk appetite assessments on the use of wholesale settlements for central bank money.
DraftKings’ NFT closure indicative of yearly decline?
US sports gambling operator DraftKings announced this week that it will be closing its NFT Marketplace as a result of an ongoing legal case surrounding accusations of unregistered securities.
The Marketplace launched in 2021 amongst the backdrop of NFT’s surging in price and popularity. DraftKings offered its customers NFTs of sports stars in the form of a digital asset that could be traded on the platform.
However, after just three years and a significant decline in NFT popularity, the Marketplace will close with the betting operator noting that customers still holding NFTs will be able to return them for cash compensation.
Bybit cites security concerns for Digital Rupee listing
India’s native CBDC, the Digital Rupee, is now available on Bybit to be able to make payments via its mobile wallet solution.
In a relatively unprecedented move, Bybit highlighted concerns from Indians in regards to security concerns when paying with fiat Indian Rupees with its CBDC counterpart aiming to provide enhanced security measures.
Ghana set to launch its own CBDC
Ghana becomes the latest country set to explore use cases for the potential of CBDCs after its Project DESFT gave the greenlight for testing cross-border and retail possibilities.
In collaboration with the Monetary Authority of Singapore, the Bank of Ghana expects its native digital currency to support SMEs as a new avenue to settle cross-border payments quicker and more efficiently.
Mansa opens up new African DeFi opportunities
African fintech Mansa has launched a blockchain-backed platform – Base – to provide liquidity and cross-border payments for businesses across the continent.
Base, built on the L2 blockchain OP Stack, will look to enable Mansa to offer more efficient and accessible financial services to its clients in the continent. The first and second poolson the platform are already available to relevant customers.
APU gains a unique sponsorship with Italian football club
Popular meme coin APU Apustaja has secured a new sponsorship with Italian football club Udinese.
APU’s logo will be displayed on the club’s kit’s sleeve, featured on LED panels at home matches, and utilised in various marketing assets such as social media, interview backdrops and match tickets for promotional activities.