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Swarm Unveils Permissionless Trading Platform for Tokenized Real-World Assets
Swarm, a DeFi platform based in Berlin and regulated by Germany's BaFin, has launched Open dOTC, a permissionless trading platform for tokenized real-world assets on Ethereum. This platform uses decentralized over-the-counter smart contracts to enable instant settlements and reduce risks by fully collateralizing trades. At launch, Swarm offers tokenized U.S. treasury bond ETFs and plans to add stocks such as Apple and Tesla. Created following the EU's MiCA regulation, Open dOTC ensures compliance with KYC and AML checks while allowing free token transfers and retail investor access without minimum investment limits. Swarm will continue operating a permissioned platform for regulated DeFi trading. The platform's trading fees of 0.25% will be used to buy and burn Swarm’s SMT tokens, benefiting token holders by reducing supply. Open dOTC aims to cater to the crypto and DeFi community that prioritizes permissionless infrastructure.
Asian Messaging Giant LINE Raises $140 Million to Expand NFT Venture
LINE NEXT, the NFT division of South Korean messaging giant LINE, has secured a $140 million investment led by Crescendo Equity Partners to advance its Web3 ecosystem. This funding, the largest in the Asian blockchain Web3 industry this year, will support the official launch of LINE's global NFT platform DOSI in January 2024. DOSI, integrating with Japan's LINE NFT marketplace, will be available as a mobile app worldwide, targeting markets in Korea, Japan, Thailand, Taiwan, Indonesia, Vietnam, and India. LINE NEXT aims to enable brands to offer ownership of digital products and facilitate their trade. The company plans to integrate Web3 games featuring its characters BROWN & FRIENDS, aiming to make Web3 apps more user-friendly and adopt blockchain across various Web2 services. LINE NEXT CEO Youngsu Ko envisions developing a service ecosystem where users have ownership value in their digital goods, marking the company's ongoing commitment to expanding into the Web3 space.
Blockstream Preps New Sale of Notes Designed to Profit From Rebounding BTC Mining-Rig Prices
Blockstream, a Bitcoin infrastructure firm, has launched Series 2 of its Blockstream ASIC (BASIC) notes after exceeding its $5 million target in Series 1, aimed at profiting from the recovery of Bitcoin mining-rig prices. In September, the company raised $5.075 million for Series 1, with $4.876 million allocated to acquire Antminer S19k Pro ASIC mining machines. The target for Series 2 is yet to be announced. Blockstream's strategy focuses on capitalizing on the current low prices of mining hardware, anticipating a price increase following the 2024 Bitcoin halving. BASIC, a Bitcoin-denominated investment vehicle, seeks to accrue gains from the rising value of ASIC mining equipment. The investment approach involves acquiring and warehousing new and unused ASICs at favorable prices, planning to sell them strategically as the industry rebounds in the next 12-24 months. This initiative is based on the historical pattern of Bitcoin halvings, which typically boost Bitcoin prices but also necessitate mining firms to invest in newer, more efficient equipment to balance reduced mining rewards.
Trading Desk Insights
Bitcoin has recently rebounded off the $40,000 threshold and has been supported by the 20-day moving average, a level it has relied on since mid-October. Additionally, the Relative Strength Index (RSI) has remained above 50 for an extended period, signaling the sustainability of the uptrend.
In El Salvador, groundbreaking regulatory approval has been granted for the world's inaugural Bitcoin bonds, slated for a launch in the first quarter of 2024. These "Volcano bonds" are part of the President's ambitious plan to secure $1 billion in funding.
Meanwhile, WLD has unveiled strategic collaborations with prominent platforms like Minecraft, Reddit, Telegram, and Shopify. These partnerships are geared towards utilizing the World ID "digital passport" to identify specific user profiles.
Shifting our focus to the altcoin market, there has been a retracement among yesterday's top performers, with ATOM declining by 7% and FTM by 6%. On the flip side, ADA is displaying strength today, posting a 5% gain, and has been on an impressive rally this month, surging by more than 70%.
In the realm of U.S. stocks, Wednesday witnessed relatively stagnant performance as investors eagerly await the latest policy pronouncement from the Federal Reserve. While it's widely anticipated that the central bank will maintain the benchmark overnight borrowing rate within the 5.25% to 5.5% range, market participants will closely scrutinize Fed Chair Jerome Powell's remarks for indications regarding the timing of potential rate cuts. The Fed will also unveil updated projections for economic growth, inflation, and unemployment, which could significantly impact market movements. Presently, the CME FedWatch Tool indicates that the market is pricing in the likelihood of rate cuts commencing next spring.
Lastly, the 10-year Treasury yield has retreated to 4.2% after reaching a peak of 5% in October. This decline is bolstering risk assets such as equities and cryptocurrencies.
Technical Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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