Recent Developments in Blockchain and Crypto Market
Below are some recent announcements related to blockchain and cryptocurrencies.
BrickMark, a Zurich real estate investment firm, bought a majority stake in Bahnhofstrasse 52, a property on “one of the world’s exclusive and most prestigious luxury shopping boulevards,” according to the press release. To complete the deal with real estate investment group RFR Holding, known for purchasing the Chrysler Building in 2019, BrickMark created and issued proprietary BrickMark tokens based on the Ethereum, a type of cryptocurrency blockchain protocol, for a portion of the purchase price.
With these tokens representing a reported 20% of the roughly $134 million transaction, BrickMark’s acquisition of the property now registers as the largest blockchain token–based real estate transaction in history. “We are breaking new ground for the real estate industry,” BrickMark CEO Stephan Rind said. “There has never been a token-based real estate transaction of this magnitude.”
Latin America is reportedly seeing increasing adoption of blockchain technology and cryptocurrencies, with Statistica reporting the region holds the largest number of cryptocurrency users in the world. Through this adoption, Latin America is creating innovative methods to shape public policy, fight fraud, reduce theft, and squash corruption.
Since most of Latin America has been through economic crises over the last few years, such as the inflation of the national currencies in Argentina and Brazil, the risk and volatility of cryptocurrencies don’t deter users from shifting to digital assets. Also, since the technology is perfect for remittances, Latin America and the Caribbean have been sending out record amounts of money to other nations in recent years.
The Bank of England (BoE) announced that it intends to examine how Britain could adopt a bitcoin-style digital currency. Bank officials will meet with the Bank of Japan, the European Central Bank (ECB), the Sveriges Riksbank, the Bank of Canada, the Swiss National Bank and the Bank for International Settlements (BIS) to pool research and experiences of the potential for a central bank digital currency (CBDC). The BoE deputy governor Sir Jon Cunliffe will co-chair the group with Benoît Cœuré, a former ECB board member and head of the BIS innovation hub. The Bank said the new working group would look at “CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies”.
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