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ARCHIV3: Poland’s Second-Largest Bank Chooses Aleph Zero to Tokenize Historical Art

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[PRESS RELEASE – Zug, Switzerland, October 2nd, 2024]

Poland’s second-largest bank, Pekao S.A., used the Aleph Zero L1 blockchain to tokenize and preserve internationally renowned Polish artworks.

Bank Pekao, Aleph Zero, and Degen House are proud to announce the launch of Archiv3, a project to tokenize and preserve Polish cultural heritage on the Aleph Zero blockchain, with digital reproductions securely stored in the Arctic World Archive (AWA). This initiative combines blockchain technology with a commitment to cultural preservation, ensuring the safekeeping of Poland’s artistic legacy for future generations.

With Archiv3, Bank Pekao becomes the first universal bank to tokenize historical art specifically for preservation purposes. This initiative follows the bank’s earlier “Unique” project, marking its role in integrating blockchain technology with traditional banking. It also highlights the bank’s ongoing commitment to modernizing its services and expanding the reach of digital assets. Notably, Archiv3 is the first project to tokenize artworks for long-term storage in the Arctic World Archive, known as the “Doomsday Library.” In its press release, Bank Pekao pointed out that the deciding factor in using the Aleph Zero blockchain has been not only its speed and security but also its attention to optimizing for a low carbon footprint and its carbon offset program.

“We have chosen Aleph Zero for their privacy-focused, top-class technology combined with sound experience in cooperation with large institutions,” says Michał Walęczak, Director of the Private Banking Strategy and Development Department at Bank Pekao S.A. “Minimal carbon footprint as well as low storage costs were also important factors in our decision-making process. Tokenization of art requires modern and flexible technology, unforced creativity and some out-of-the-box thinking; these features we were happy to find in co-operation with Aleph Zero.”

ARCHIV3 involves the meticulous digitization of masterpieces from iconic Polish artists, such as Jan Matejko, Stanisław Wyspiański, Wojciech Kossak, and others, facilitated by Degen House, the bank’s technological partner, who also managed the Aleph Zero integration. The process began with the creation of high-quality, museum-grade 3D scans using ultra-sensitive cameras, which capture every detail of the original artworks. These digital replicas were then minted as NFTs on the eco-friendly Aleph Zero blockchain, which ensures minimal carbon footprint during the process. The tokenized versions are subsequently archived in the Arctic World Archive, where they are expected to remain secure for at least 1,000 years.

The artworks in the Archiv3 collection span a range of historical periods, primarily featuring 19th-century works and select modern pieces, such as those by contemporary artist Lia Kimura. This initiative aims to preserve these treasures not only for their cultural and historical significance but also as a resource for future study, conservation, and potential virtual exhibitions.

Preserving Art for Future Generations

The Arctic World Archive, located on the remote Svalbard archipelago, serves as a highly secure data vault designed to protect invaluable cultural, historical, and scientific information from natural disasters, cyber threats, and other risks. Established in 2017, the archive uses advanced storage technology to ensure data longevity without the need for electricity or human intervention, making it one of the safest places in the world for preserving irreplaceable records.

The AWA already houses manuscripts from the Vatican Library, documentation from UNESCO and UNICEF, the entire GitHub code repository, as well as literary works by Nobel Prize laureates Olga Tokarczuk and Wisława Szymborska. Bank Pekao is the first financial institution to archive culturally significant artworks at the AWA, while doing the same using decentralized storage, setting a precedent for how blockchain technology can be used to bridge traditional art with new digital solutions.

For any enquiries about this release, please contact josh@serotonin.co

About Aleph Zero

Aleph Zero is a privacy-first ecosystem of blockchain solutions that are engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via zero knowledge proofs, and offers a comprehensive toolset for development across web3 that ranges from WASM-based Rust to EVM-based Solidity environments. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero ecosystem development programs.

For more information, users can visit https://alephzero.org/

About Bank Pekao S.A. 

Bank Pekao S.A., founded in 1929, is one of the largest financial institutions in the Central and Eastern European region and the second-largest universal bank in Poland with assets of 316 billion PLN. With the second largest branch network, Bank Pekao serves 6.9 million customers. As a leading corporate bank in Poland, it serves every second corporation in Poland. Its status as a universal bank is based on its leading market position in private banking, asset management, and brokerage activities. Bank Pekao’s diversified business profile is supported by a leading market balance sheet and risk profile reflected in the lowest risk costs, strong capital ratios, and resilience to macroeconomic conditions (Pekao proved to be the most resilient bank in Europe, ranking first in the stress tests conducted by the EBA in 2023 amongst 70 banks). Since 1998, Bank Pekao has been listed on the Warsaw Stock Exchange and participates in several local (including WIG 20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600, and FTSE Developed). Pekao is one of the most dividend-paying listed companies in Poland over the past 10 years, paying out a total of approx. 20 billion PLN over a decade.

About Degen House

Degen House is a full-stack blockchain solutions provider with a proven track record of collaborations spanning major CEE banks and top global blockchain ecosystems. The company offers comprehensive end-to-end solutions, from strategic consulting and product development to targeted marketing and sales.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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