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Goldman Sachs to increase transaction speed fivefold thanks to blockchain

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blockchain in banks

Goldman Sachs Bank has filed a patent with the U.S. Patent and Trademark Office for blockchain technology with which it will integrate a payment system to improve transaction speed. As you can see, the technology that was first embodied in Ethereum, and later in many other projects, continues to evolve.

The bank intends to integrate blockchain with its settlement mechanism. The document, filed with the agency on March 14, outlines technical aspects of smart contracts that can be applied to financial instruments. These include partially provisioned banking, insurance, bonds, securitized products, and margin loans. The patent application also includes a computer-implemented method for providing joint token requirements.

The technology should also facilitate a networked computing environment that is suitable for providing joint token requirements due to the architecture of the computing system. The blockchain-focused patent marks the first time Goldman Sachs has taken an open interest in blockchain technology.

While there are still technical and regulatory challenges with the adoption of blockchain in the financial sector, this patent represents significant progress in using the technology. Previously, in an interview with Bloomberg, Matthew McDermott, head of the company’s Digital Assets Group, had already reiterated the bank’s commitment to blockchain technology. He noted that the bank was considering expanding its staff for this purpose in 2023.

Goldman Sachs has already shown a lot of initiatives aimed at developing blockchain technology. A few months ago, the bank developed a platform to tokenize its assets called GS DAPTM. The service, based on Digital Asset and Canton’s Daml smart contract language, helps customers realize the benefits of end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments.

The bank is also working on a cryptocurrency classification system to standardize crypto assets. The bank plans to introduce a service created in conjunction with global index provider MSCI and Coin Metrics, a firm that classifies hundreds of digital coins and tokens. Users will be able to access the service, called Datonomy, by subscription or through Marquee.

Earlier, we reported that Circle got access to deposits in SVB.

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Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike

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Crypto traders lost

Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.

Cryptotraders lost $132,000,000 in BTC

Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.

Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.

The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.

Regulators continue to hunt the cryptobusiness

Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.

The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.

We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.

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Binance was caught circumventing KYC to register Chinese clients

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Binance China customer registrations

Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.

The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.

The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.

An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.

We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.

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Why cryptoanalysts expect bitcoin to fall

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cryptoanalysts expect bitcoin to fall

The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:

  • Altcoins are near serious resistance;

  • The BUSD and USDC stablecoins are manipulating the market.

The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.

The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.

However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.

There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.

We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.

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