MasterCard Tests Tokenized Bank Deposits, Crypto Holds Strong

Trending Tokens on BTSE:

(as of  3:00 AM UTC, June 28, 2023) 

Bitcoin (BTC) has continued its stable run at around US$30,000 overnight, seeing modest gains of just 0.23%. Similarly, Ethereum has remained at over US$1,800, having also experienced very minor gains overnight. While traders await the decision on Blackrock’s ETF application, other altcoin prices continue to fluctuate, and big industry movements continue to brew. 

BTSE-listed altcoin Avocado DAO (AVG) jumped in price 12.91%, which could potentially be a reflection of positive attitudes towards its recently announced giveaway on Twitter. Meanwhile, in the same time, Qredo (QRDO) retreated 14.32% to $0.08503.

Meanwhile, some big international news for crypto surfaced from MasterCard overnight last night. The company announced testing for a new project it calls a “Multi-Token Network”. The testing primarily involves an investigation into the viability of tokenized bank deposits. According to Raj Dhamodharan, “What powers the global economy today is regulated money in the banks” – and through tokenized bank deposits, MasterCard brings “…the same level of programmability to those [tokenized deposits] as you find with digital currency in the crypto ecosystem.”

In other news, crypto-supported social app Damus recently came out mostly unscathed after a two-week long fight with Apple over Bitcoin payments in its app. The function allowed users to send each other Bitcoin directly – not through Apple Pay – which attracted accusations from Apple over breach of its App Store guidelines. After coming under fire from the crypto community – particularly Twitter CEO Jack Dorsey – Apple appears to have given in, and despite some changes to the app’s Bitcoin payments, such transfers are still allowed, which is an exciting win for the crypto community.

Going forward, many big developments that analysts expect to have large impacts on crypto prices remain in the balance. Of course, we’re referring to SEC actions against Binance and Coinbase, as well as Blackrock’s ETF application. While the results of these still remain to be seen – as always, time will tell.

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