3 July 2020

Last week we saw some crucial developments in the crypto space.

The Bitcoin price showed some early volatility last week. However, it has more or less consolidated around $9400 levels.

There were also some exciting developments in Ethereum 2.0.

On top of this, we saw some forwards movement for the launch of central bank digital currencies (CBDCs) by Asian countries like South Korea and Thailand.

Blockchain engineering firm ConsenSys launched its new Codefi platform, which offers ETH 2.0 staking-as-a-service with institutional functionality.

This new service by ConsenSys mainly targets custodians, exchanges, funds, wallets and other potential customers. The first batch of its pilot program includes some very popular participants, such as crypto exchanges Binance and Crypto.com. Other participants also include custody service providers like Matrixport, Huobi Wallet, and Trustology.

The Codefi staking platform is built on top of the trusted software stack developed by ConsenSys. The mission has been to offer white-label institutional-grade API for easy and efficient access to Etheruem 2.0.

Through the completion of this Codefi Pilot Program, all partners will get a deeper understanding of Ethereum 2.0 and also gain an opportunity to offer customers ETH 2.0 staking capabilities.

As is well known, Ethereum is set to shift from the existing Proof-of-Work (PoW) consensus model to the more efficient and less miner-dependent Proof-of-Stake (PoS) model with Ethereum 2.0.

With the PoS model, the network of validators will have to put a deposit of 32 ETH individually to participate in the staking process.

Donald Trump Attempts to Muzzle Bitcoin

Development projects relating to central bank digital currencies (CBDCs) are gaining momentum in the Asian economies. Earlier this week, South Korea’s central bank – Bank of Korea – has appointed a new legal advisory group to study the feasibility of launching a central bank digital currency (CBDC).

The group will study the industry and advise on the legislation amendments required to bring the CBDC into the country’s financial framework. The BoK hasn’t announced any specific timeline to launch the CBDC. However, the panel is likely to operate by May 2021.

Earlier this year, the South Korean Central Bank launched the pilot program for its digital currency.

In another development, the Bank of Thailand also plans to launch its national digital currency prototype by July. The CBDC prototype will arrive next month and run by the end of the year.

This is basically a collaborative pilot program between the Bank of Thailand and eight other financial institutions. They will be working together for domestic transfers using the government-backed digital currency.

In yet another attempt to transform the future of borderless payments and money transfer, Ripple, Brave, Huobi and 40 other companies together have launched a new global payment network, PayID.

PayID is an email-style money transfer system similar to PayPal. Unlike traditional payment systems like SWIFT, which require a plethora of details, PayID will make money transfer possible just by mentioning the desired address. 

Xen Baynham-Herd, COO of Blockchain.com, which is also one of the partners in the PayID project said: “We’re supportive of initiatives like PayID that have the potential to bridge the worlds of crypto and traditional finance, opening up the opportunity for greater adoption and use.”

Over the last three years, PayID has established its base in Australia and is even used by banks and individuals to receive money. With this strong footprint, it now plans to expand in other global markets.

South Korea and Thailand Working on Their Own CBDC Projects

Development projects relating to central bank digital currencies (CBDCs) are gaining momentum in the Asian economies. Earlier this week, South Korea’s central bank – Bank of Korea – has appointed a new legal advisory group to study the feasibility of launching a central bank digital currency (CBDC).

The group will study the industry and advise on the legislation amendments required to bring the CBDC into the country’s financial framework. The BoK hasn’t announced any specific timeline to launch the CBDC. However, the panel is likely to operate by May 2021.

Earlier this year, the South Korean Central Bank launched the pilot program for its digital currency.

In another development, the Bank of Thailand also plans to launch its national digital currency prototype by July. The CBDC prototype will arrive next month and run by the end of the year.

This is basically a collaborative pilot program between the Bank of Thailand and eight other financial institutions. They will be working together for domestic transfers using the government-backed digital currency.

John Bolton, the ex-national security advisor to the Trump government, has made a significant revelation in his yet-to-be-published book. Bolton has stated that President Trump asked his Treasury Secretary to “go after” Bitcoin.

As per Bolton, Donald Trump had a very negative attitude towards Bitcoin and was an antagonist towards the entire cryptocurrency sector.

Bolton’s book “The Room where it happened” is yet to go public. However, the U.S. publication – The Washington Examiner – has got some excerpts of the book. Reportedly, Treasury Secretary Steven Mnuchin didn’t fall to Trump’s pressure at this time.

Ripple, Brave and 40 Other Companies Launch Global Payment Network PayID

In yet another attempt to transform the future of borderless payments and money transfer, Ripple, Brave, Huobi and 40 other companies together have launched a new global payment network, PayID.

PayID is an email-style money transfer system similar to PayPal. Unlike traditional payment systems like SWIFT, which require a plethora of details, PayID will make money transfer possible just by mentioning the desired address. 

Xen Baynham-Herd, COO of Blockchain.com, which is also one of the partners in the PayID project said: “We’re supportive of initiatives like PayID that have the potential to bridge the worlds of crypto and traditional finance, opening up the opportunity for greater adoption and use.”

Over the last three years, PayID has established its base in Australia and is even used by banks and individuals to receive money. With this strong footprint, it now plans to expand in other global markets.

South Korea and Thailand Working on Their Own CBDC Projects

Development projects relating to central bank digital currencies (CBDCs) are gaining momentum in the Asian economies. Earlier this week, South Korea’s central bank – Bank of Korea – has appointed a new legal advisory group to study the feasibility of launching a central bank digital currency (CBDC).

The group will study the industry and advise on the legislation amendments required to bring the CBDC into the country’s financial framework. The BoK hasn’t announced any specific timeline to launch the CBDC. However, the panel is likely to operate by May 2021.

Earlier this year, the South Korean Central Bank launched the pilot program for its digital currency.

In another development, the Bank of Thailand also plans to launch its national digital currency prototype by July. The CBDC prototype will arrive next month and run by the end of the year.

This is basically a collaborative pilot program between the Bank of Thailand and eight other financial institutions. They will be working together for domestic transfers using the government-backed digital currency.

Dchained uses cookies to improve user experience and site performance, offer content tailored to your interests and enable social media sharing. By clicking “OK” or continuing to use our site, you agree to our use of cookies, Privacy Policy and Terms and Conditions.

Join our Early Access Newsletter List

Investing in cryptocurrency shouldn’t require you to be a computer scientist or banker. With our exclusive analysis & investing tools, investing in crypto has never been more simple.​

Edmund McCormack
Tech industry veteran and blockchain technology investor. Simplifying cryptocurrency for almost a decade.

Close Bitnami banner
Bitnami