The International Cricket Council (ICC) has partnered with Near Foundation to build a blockchain-powered Web3 fan engagement app for the 2023 Cricket World Cup in India, which promises to reach hundreds of millions of fans over the next six weeks.
Cointelegraph spoke exclusively to ICC head of digital Chris Donovan and Near CEO Finn Bradshaw, who unpacked details of the Web3 mobile app aiming to drive fan engagement before, during and after matches at the global sporting event in India.
The ICC’s first foray into the world of Web3 was the creation of a nonfungible token (NFT) platform called FanCraze in 2022 that gave fans the ability to own highlights of historic moments from various ICC tournaments. Donovan said that it laid the foundation for future Web3 exploits:
“We loved the community that grew around that product, so we have been looking for other use cases that help strengthen our fans’ love of cricket.”
The app will allow fans to play prediction games requiring strategy selections for games during the competition. Fans will earn points reflecting their selections and the actual outcome of matches, counting toward leaderboards and rewards during the competition.
Donovan said that cricket’s governing body and Near share a similar vision for how Web3 technology can improve digital experiences for fans and that Near’s Blockchain Operating System’s interoperability with other networks was a key factor in the partnership:
“A big part of that is about creating products with greater interoperability across blockchains.”
While Near is a layer-1 blockchain, it features scalable infrastructure supporting communication, smart contracts and transaction capabilities with other blockchain ecosystems. Bradshaw said this feature could prove useful as more use cases are explored in the partnership that ends in December 2025:
“The ICC is only focused on working with a single layer-1 blockchain partner for now, but they are aware of the Blockchain Operating System’s interoperability capacity.”
As Cointelegraph has explored at length, marketing and advertising in various sports have driven the adoption of cryptocurrencies and Web3 in general. Bradshaw believes that a Cricket World Cup being hosted in India presents another opportunity to present working use cases of blockchain technology.
“In partnering with the most popular sport on the sub-continent, we expect it to be a showcase for the ecosystem’s technology and partners in demonstrating what a mass-market Web3 application looks like.”
According to Bradshaw, Near Foundation’s business development team worked alongside the ICC for four months, researching and identifying use cases for the Cricket World Cup. The tournament begins on Oct. 5, and the final is scheduled for Nov. 19.
BTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K support
Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.
In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.
Glassnode: “Keep an eye out” for $28,000
After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.
For Allemann and Happel, the pair is now at a defining crossroads.
“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.
$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.
Data from the trading suite DecenTrader, among others, confirms that the status quo remains despite recent BTC price moves, with $28,000 lying in a zone between major longs and shorts of varying leverage.
“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme,” Allemann and Happel added.
“The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.”
Road to Bitcoin halving contested
As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.
In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000 by the halving.
Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000 for a final local bottom.
“Many can scream they are long right now and caught that move, but if your not taking profit here at resistance your doing something wrong,” he told X subscribers about the recent surge.
“I personally will not be long unless we flip that $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ripple job posting hints at possible IPO, XRP community says
Fintech payments company Ripple released a new job posting on Oct. 16 for a shareholder communications senior manager across multiple locations in and outside the United States. The job posting prompted many crypto enthusiasts to label it as an official hint about the company’s plans to go public.
The job posting outlines that the role will require direct communication with shareholders — a concept generally associated with publicly traded companies. The chosen candidate would be responsible for developing and implementing communication and relationship management strategies for “existing and prospective investors, current shareholders, and financial analysts.”
The job description emphasizes the candidate’s need to create strategic plans specifically suited for situations like “M&A [mergers and acquisitions], investments, liquidity events, and other high-impact moments.“
The role includes creating investor-focused materials like “presentations, fact sheets, case studies, and analyses“ to inform and educate potential investors about the company’s prospects and performance — a necessary component of the initial public offering (IPO) preparation process. The responsibilities of the post also include maintaining a shareholder database and managing routine communications like quarterly updates.
Many XRP (XRP) proponents and the pro-Ripple community on X (formerly Twitter) are referring to the job posting as a hint that there may be an IPO. Some key executives from the company have also alluded to the possibility that Ripple might go public but haven’t given any indication of timing.
Anyone notice the recent job openings at #Ripple?
The only reason you need a Shareholders Communication Manager.. is for an IPO.
— Chad Steingraber (@ChadSteingraber) October 16, 2023
The crypto-focused payments company has recently been in the limelight due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit alleging XRP is a security. Ripple scored a major win in the lawsuit in July when a judge ruled that XRP is not a security in terms of sale on digital asset exchanges.
Key Ripple executives have claimed that even though the SEC lawsuit has cost them many business opportunities in the U.S., most of its remittance business lies outside America.
Banks’ crypto exposure must be disclosed — BIS’ Basel Committee
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure.
The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters. The latest consultation paper is based on the disclosure guidelines in the final prudential standard on how banks should handle their exposure to crypto assets released in December 2022.
The consultation paper aims to set a standardized “disclosure table and set of templates for banks’ crypto-asset exposures,” with a proposed implementation date of Jan. 1, 2025. The Basel Committee has opened the proposal for public comment until Jan. 31, 2024, after which the results will be published on its website.
Under the new proposed regulations, banks would be required to provide quantitative data on exposures to crypto assets and the corresponding capital and liquidity requirements. Banks would also be required to offer qualitative data on their activities linked to cryptocurrencies.
Additionally, banks would be required to offer information on the accounting classifications of their exposure to crypto assets and liabilities. In its proposal, the committee claimed that using a uniform disclosure format will encourage the application of market discipline and lessen information asymmetry between banks and market participants.
The committee also reviewed crypto assets and bank exposure in June. At the time, the committee didn’t delve deeply into the topic, mentioning only that it was focusing on permissionless blockchains and the eligibility criteria for “Group 1” stablecoins.
The BIS has been actively involved in crypto consultations and examining the regulatory aspect of decentralized technology. Recently, the BIS and a handful of European central banks published details of a concept to develop a system to track international flows of cryptocurrencies.
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