JP Morgan Launches Its Tokenized Collateral Network, Circle and Coins.ph Partner in the Philippines
Market Update
- U.S. equity indices are relatively flat today after shaking off hotter-than-expected PPI data (2.2% YoY actual vs. 1.6% expected), with the SPY declining 0.07% and the QQQ rising 0.23%.BTC (-2.72%) is on pace for its fourth consecutive negative day, falling to $26.7k. ETH is experiencing less of a decline, falling 0.76% to trade at $1,555. Immutable (IMX), a blockchain gaming platform, has announced a partnership with Amazon Web Services (AWS) to make it easier for Web3 developers to build and scale their games. Additionally, Immutable joined AWS’s accelerator program, which will qualify its developers to leverage AWS resources and access up to $100k in AWS cloud credits. Despite the announcement, IMX has fallen over 3% over the past 24 hours.
- JP Morgan has gone live with its Tokenized Collateral Network (TCN), an application enabling collateral transfers without moving underlying assets, built on JP Morgan’s in-house blockchain, Onyx. For its first transaction, Blackrock tokenized shares of one of its money market funds on TCN, which were then transferred to Barclays as collateral for an OTC derivatives trade. With Blackrock’s transfer agent connected to the TCN, the tokenization and transfer took place within minutes, significantly reducing the operational friction in which financial institutions typically transact. By leveraging TCN, institutions can quickly post money market shares as collateral when margins are suddenly pressured. The successful transaction offers a glimpse into the potential utility of blockchain technology within legacy industries.
- Circle, the issuer of USDC, and Coins.ph, a leading crypto exchange in the Philippines, announced a strategic partnership to drive awareness of USDC remittances as a secure, low-cost, and near-instant solution for international money transfers. Coins.ph serves 18 million Filipino users in an economy that is the fourth largest recipient of global remittances. According to the Central Bank of the Philippines, there were $36.1 billion in remittance flows in 2022 alone, displaying the magnitude of the market. Conventional remittance channels have an average cost of 5.7% for sending $200 to Asia, and it is even more difficult for the Filipino economy as 44% of the adult population remains unbanked as of 2021. With real-time settlement and minimal transaction costs, Circle and Coins.ph’s collaboration can potentially bring enormous value to Filipino citizens. The strategic partnership will begin with educational campaigns and community engagement initiatives to drive awareness and help people prepare for USDC payments.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Immutable's partnership with Amazon Web Services has failed to stem the recent decline, which on this week's break under $0.54 has reached the lowest levels since mid-September. Trends continue to show lower highs and lower lows from early 2023, and until this ongoing downtrend channel is broken, IMX is difficult to favor. In the short run, ample support lies near $0.45-$0.46 which would make IMX a very attractive risk/reward from a counter-trend perspective. On the upside, the ability to cross back up above $0.622 looks to be the most important near-term area of resistance which would shift the intermediate-term trend back higher for a move up to $0.90. Overall, while trading lows likely could be close, given the recent surge last month on much heavier volume, it's necessary to see more evidence of stabilization followed by strength which changes its trend for the better, before weighing in too positively.
Daily Important Metrics
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All metrics as of October 11, 2023 9:17 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $518B | $26,567 | ↓ -2.89% | ↑ 60% | |
 ETH | $187B | $1,552 | ↓ -0.63% | ↑ 30% | ↓ -31% |
 SOL | $9.0B | $21.82 | ↑ 0.17% | ↑ 120% | ↑ 60% |
 ADA | $8.7B | $0.2465 | ↓ -0.80% | ↓ -0.14% | ↓ -61% |
 DOGE | $8.2B | $0.0580 | ↓ -1.38% | ↓ -17% | ↓ -78% |
 MATIC | $4.7B | $0.5090 | ↓ -0.98% | ↓ -33% | ↓ -94% |
 DOT | $4.6B | $3.72 | ↓ -2.42% | ↓ -14% | ↓ -75% |
 LINK | $4.1B | $7.29 | ↑ 0.72% | ↑ 31% | ↓ -29% |
 NEAR | $992M | $1.01 | ↓ -2.77% | ↓ -20% | ↓ -81% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -21% | $19.87 | ↓ -3.45% | ↑ 140% | ↑ 79% |
| BITW | ↓ -49% | $11.00 | ↓ -2.22% | ↑ 105% | ↑ 44% |
| ETHE | ↓ -28% | $10.79 | ↓ -1.77% | ↑ 127% | ↑ 66% |
| BTCC | ↓ -0.18% | $4.87 | ↓ -2.60% | ↑ 61% | ↑ 0.36% |
News
QUICK BITS
Coin Telegraph JPMorgan debuts tokenization platform, BlackRock among key clients: Report The Tokenized Collateral Network enables the conversion of traditional assets into digital assets and makes way for fa... |
The Block Bitfinex owner offers to buy back shares worth $150 million: Bloomberg The trading platform's owner iFinex has offered to buy back 15 million shares at $10 per share to shore up control, Bloomberg News reported. |
DOSE OF DEFI
CryptoSlate DeFi 2.0 launches with DeFiGPT, smart contract antivirus, social profiles and new L2 chain DeFi platform De.Fi has launched its highly anticipated De.Fi 2.0 suite of products and services aimed at enhancing security, usability, and interconnectivity i... |
The Block Polygon Labs proposes Layer 2 ‘ApeChain’ to power ApeCoin ecosystem Polygon Labs co-founder Sandeep Nailwal proposed the ApeCoin DAO develop a zk-powered Ethereum Layer 2 using Polygon’s CDK. |
CRYPTO INFRASTRUCTURE
Bitcoin.com Hong Kong Monetary Authority Advances e-HKD Tests, Mbridge Project The Hong Kong Monetary Authority (HKMA) has recently completed a series of tests regarding the programmability of the e-HKD, the proposed Hong Kong central bank... |
FUNDRAISING AND M&A
CoinDesk Tokenized RWA Platform Untangled Goes Live, Gets $13.5M Funding to Bring Private Credit On-Chain Tokenized real-world asset (RWA) marketplace Untangled Finance went live Wednesday on the Celo network after securing a $13.5 million venture capital boost to b... |
Bitcoin.com Iris Energy Boosts Mining Capacity With $19.6M Acquisition of Bitmain’s S21 Antminers The Nasdaq-listed bitcoin mining company Iris Energy has announced its acquisition of 1.4 exahash per second (EH/s) of Bitmain’s latest S21 Antminers. This acqu... |
The Block Crypto-powered, fantasy horse racing startup raises $5 million Horse racing enthusiasts can buy NFTs linked to an actual thoroughbred and then earn rewards based on its performance. |
CoinDesk Crypto Prime Broker Membrane Labs Raises $20M From Brevan Howard, Point72 and Jane Street Membrane Labs, a cryptocurrency-focused trading and lending platform, has raised $20 million in a Series A funding round, with participation from big names like... |
PRODUCT UPDATES AND PARTNERSHIPS
Coin Telegraph Immutable links with AWS in latest Web3 gaming push The blockchain gaming firm said it will gain access to a vast pipeline of game studio leads and support for successful... |
CoinJournal Circle and Coins.ph partner for USDC remittances in the Philippines Coins.ph and Circle say the partnership aims at improving the remittance landscape in the Philippines. The companies target cheap and near-instant remittances e... |
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