The biggest news that affect the Blockchain and Cryptocurrency world during the second week of December perhaps is that China tapped WeBank to build infrastructure for the country's blockchain network. Owned by tech giant Tencent (OTC: TCHENY) with a 30% stake, WeBank is a digital bank that loans to small businesses and individuals, and it will become the first technical infrastructure provider for the nation's budding blockchain network. The Shenzhen-based firm will provide the Blockchain-Based Service Network with its patented open consortium chain named FISCO BCOS. Consortium members include WeBank, Huobi China, the State Information Center, and state-owned tech giants China UnionPay, China Mobile, and China Telecom. The announcement marks the latest Chinese effort to construct a nationwide blockchain network aiming to serve a range of state-regulated public services across the country, including telecommunications, energy management, and more.
Here is the rest of the week in review:
ING Group (NYSE: ING) is developing technology for the custody of crypto assets, according to a Reuters report. The report says the Dutch financial firm aims for its project to provide secure crypto storage facilities for the bank's customers. The initiative is still in the early stages and is being developed by a team based in Amsterdam. Responding to Reuters, ING said it "sees increasing opportunities with regard to digital assets on both asset backed and native security tokens," and is taking a specific focus on developing blockchain technology to open up the sector to clients. If ING successfully moves into custodianship of crypto assets, it will be one of the few traditional finance institutions to do so, following in the footsteps of Intercontinental Exchange's (NYSE: ICE) Bakkt and Fidelity Investments.
Sweden's central bank selected Accenture (NYSE: ACN) to develop its electronic krona digital currency pilot project, the Riksbank announced in a press release Friday. The Irish consulting firm will build the e-krona's consumer-facing features, like how a user pays on various mobile platforms, and run them in a test environment with "simulated stores." The initial contract between Accenture and the Riksbank lasts for one year, but the bank said it is open to up to 7 years of tests. Cash-free financial headwinds pushed Riksbank to study the idea of an e-krona long before the pilot program, but the central bank has not yet committed to issuing an e-krona officially. It still remains unclear exactly what kind of technology Accenture's proposed e-krona will use.
Crypto prices slipped to $195 billion this week, breaking a streak of small weekly gains. For the majors, Binance Coin (BNB), EOS, and Bitcoin (BTC) posted the largest losses, while Tezos (XTZ) jumped 7%. In the top 100, the biggest losers were Matic Network (MATIC), down a steep 66%, Ravencoin (RVN), down 30%, and EDUCare (EKT), down 29%. The biggest gainers were MINDOL (MIN), up a whopping 50%, Silverway (SLV), up 47%, and Aurora (AOA), up 46%. Next week traders will again watch the critical $200 billion level.
The author owns a small amount of BTC.