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Top Indian Banks To Be Tapped for Blockchain Pilot Project

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© Reuters. Top Indian Banks To Be Tapped for Blockchain Pilot Project

    • Top Indian banks to engage in a blockchain-powered pilot project.
    • The project will help to tackle loan fraud.
    • Top banks including HDFC, SBI, and ICICI banks are in the project.

The Reserve Bank of India is calling on top Indian banks to join a blockchain financing project. Nearly a dozen prestigious institutions are working with the central bank to launch a blockchain-based pilot project focused on trade finance. This includes banks such as the HDFC Bank, ICICI Bank, and State Bank of India.

If the pilot testing is successful, it would help in preventing loan scams and fraud. This comes at a time when scammers got away with over $128 million in the name of fake cryptocurrency exchanges.

According to three people with knowledge of the situation, SettleMint from Belgium, Corda Technologies from the US, and IBM (NYSE:IBM) will offer technical assistance for the initiative spearheaded by the RBI Innovation Hub in Bangalore. Additionally engaged are the Union Bank of India, Axis Bank, and Bank of Baroda.

The project will be called the proof of concept and will utilize blockchain technology to improve the traceability of money flow. One of the project’s key focus areas is tackling the alteration of documents like Letters of Credit (LC). Blockchain technology can assist in preventing LC misuse and prevent any such alterations.

Making blockchain technology a component of the Core Banking System is the goal (CBS). Before the technology becomes standard practice, this specific project will test its applicability.

On the one hand, the Indian government seems to be pretty enthusiastic about blockchain technology. On the other hand, it seems like the country is discouraging cryptocurrency by levying a hefty tax on it. According to Bloomberg, the Indian council is likely to meet next week to discuss imposing an additional 28% tax on top of the 30% crypto tax.

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Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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