Analysis Today TheBitTimes.com

BIS Innovation Hub Eurosystem Centre, De Nederlandsche Bank, and the Deutsche Bundesbank have launched Project Atlas. This project aims to furnish central banks and financial regulators with a thorough understanding of the crypto market.  Project Atlas gathers information from multiple sources, including off-chain data from various crypto exchanges and on-chain data from public blockchains through nodes.  This allows central banks to be well-informed about the market. Additionally, the platform tracks crypto transactions in different locations within the Bitcoin network. You might also like: BIS and central banks of France, Singapore, and Switzerland wrap up CBDC project The project states: “Though relatively small compared with total on-chain network traffic, identified flows between crypto exchanges are significant and substantial economically,” “The output of Project Atlas could serve as a starting point for preliminary assessments and inform the drafting ...

The Bank of Korea (BOK), is launching a pilot project in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to explore the implementation of a central bank digital currency (CBDC). The primary objective of this pilot is to assess the practical aspects of a wholesale CBDC network in cooperation with commercial banks and the public. CBDC transfer mechanism between banks | Source: The Bank of Korea You might also like: South Korean regulators focus on OTC crypto market The central bank won’t introduce a retail CBDC to avoid bank disintermediation. Instead, they’ll research the currency’s technology, while the government looks for innovative ways to get people interested in cryptocurrencies. “Koreans are widely known for their active involvement in crypto trading. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale e...

Coinbase said Wednesday that Coinbase Advanced, its trading platform aimed at more sophisticated traders, will offer “up to 4% rewards on the USDC that they hold on Coinbase or on any USDC used in open orders.” Coinbase launched 4% rewards on USDC for all Coinbase customers on June 15, adding the caveat that the “rate is subject to change and can vary.” According to an FAQ article, Coinbase doesn’t lend out the USDC in its customers accounts, claiming it “has no right to use” those funds. “USDC Rewards is a loyalty program that is funded with Coinbase’s own funds. The program is designed to incentivize more of our customers to use Coinbase services to store their USDC,” the FAQ continued.  The 4% yield offering is significant because it rivals what major banks give in terms of APY for their high yield savings accounts. Apple’s savings account, which launched in April and is tied to its credit card, offers 4.15% APY.  And according to Bankrate, which tracks and rates financi...