Welcome back to Altcoins at a Glance.
Were you able to ride the Bitcoin pump to $28,000? Did your favorite altcoins also follow the price jump? Or are you still searching the news for the next big thing? Don’t worry Cryptonewsbytes created this weekly column so you can be informed on what is happening in the altcoin space. We know you are busy, so we try to deliver the most important and the latest in the shortest time possible.
Let us get to it.
UBS Will Use the Ethereum Network to Tokenized Money Market Fund
- The Union Bank of Switzerland (UBS) Asset Management has launched its first pilot of a Variable Capital Company (VCC) fund.
- The fund is part of the VCC umbrella which brings “real-world” assets to the blockchain.
- This project is part of Project Guardian, which is a collaboration that was initiated by the Monetary Authority of Singapore (MAS) – the country’s central bank.
- The project tokenized the assets on the Ethereum Network
Chainlink May Increase by 100% According to Analyst
- Crypto analyst Michael van de Pope posted on X, that the price for Chainlink (LINK) may increase by 100%.
- He believes that LINK will retest $7 first, before reaching $12-15.
- Michael also thinks that Bitcoin will play a crucial role. He wants to see Bitcoin hold $27,200 for the upward movement to continue.
- Van de Pope also thinks that 2024 will be a big year for LINK
Ripple Secures Payment Institution License in Singapore
- Ripple gets a license to provide regulated crypto payment services in Singapore
- The Monetary Authority of Singapore (MAS) granted an in-principle approval four months ago.
- Ripple recognized the potential of the Asia Pacific region. It now conducts 90% of its business outside the US.
- The Payment Service Act is now being used as guidance for crypto services in the country. A clear regulatory framework has positioned the country to lead the region in the digital assets space.
Gala Games to Launch Legacy End of October
- Legacy will be released on Oct 26, 2023.
- It is a web3 business simulation game.
- The game will be integrated with the GalaChain. This will allow real ownership and reward. This will give users the ability to bridge items to and from the Ethereum network for trade on secondary markets.
- Peter Molyneux and 22cans are the game’s creators..
- Players will be able to able to build and manage their business on their own (virtual) land.
You May Know Altcoins and Stablecoins, But Do You Know what are Flatcoins?
- Coinbase CEO Brian Armstrong posted on X that he is excited about Flatcoins.
- Flatcoin is a type of stablecoin that is pegged to the cost of living, rather than a tangible asset like fiat or commodity. This means what you can buy with a unit of Flatcoin will remain constant even if the cost of living goes up.
- This idea is implemented by using a basket of assets, seigniorage system, or smart contracts.
- Examples of Flatcoins are Nuon, an Ethereum-based project, and the International Stable Currency, built on the Solana Network.
- However, Flatcoins might face some adoption and regulatory roadblocks. Users still prefer fiat-backed stablecoins, like USDT and USDC. The collapse of Luna and its TerraUSD (UST) exposed the shortcomings of non-fiat-backed stablecoins.
That is all for the week. We hope to see you again for another quick edition of Altcoins at a Glance.
Have a great and profitable week ahead.
UBS image from Unplash
