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HDBank Becomes First Vietnamese Bank To Issue Blockchain-Based Letter of Credit

Standard Bank Taps Contour Blockchain Finance Network

Standard Bank Taps Contour Blockchain Finance NetworkHDBank has become the first bank in Vietnam to issue a letter of credit (LoC) via blockchain technology. This development is expected to bring about a major change in the banking system of the country. Major Milestone For HDBank According to the local media platform, VietNamNews the issuance, document presentation, and successful payment of letters

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HDBank has become the first bank in Vietnam to issue a letter of credit (LoC) via blockchain technology. This development is expected to bring about a major change in the banking system of the country.

Major Milestone For HDBank

According to the local media platform, VietNamNews the issuance, document presentation, and successful payment of letters of credit on blockchain was a major milestone for HDBank in its quest to become a digital bank.

The participants in the first transaction included a local fiber importer and a Taiwanese firm Tainan Spinning Ltd alongside CTBC, the L/C advising bank in Taiwan.  HDBank is one of the few banks in Vietnam that has integrated blockchain services in its repertoire.

The bank joined the HSBC-backed Contour network for LoC in May 2020 and has taken part in tests conducted by the blockchain platform. It is also one of the few Vietnamese banks that can offer confirmation of L/Cs issued by foreign banks.

With this milestone achieved, HDBank is pioneering the issuance, document presentation, and successful payment of L/C on blockchain within the South East Asian nation.

Blockchain LoC Increasing In Adoption

Letter of credits is a very important document in international trade. It provides a guarantee that a buyer’s payment to a seller will be received on time and will contain the correct amount. It is issued by a credible institution like a bank and is traditionally underwritten in paper form.

However, there has been a major shift in recent years towards the use of a blockchain-based letter of credit transactions. Blockchain offers better security and faster processing of transactions. It also minimizes errors that are common with paperwork and saves time. Blockchain as a distributed ledger enables the storage of huge data of statistics, management data, and historical transactions between customers.

More banks have continued to utilize blockchain-based letters of credit. HSBC is one of the banks that has pushed the issuance of LoC on blockchain. In November, BTCManager revealed that HSBC Bangladesh had issued its first LoC on the Contour blockchain platform. Notably, Contour leverages the enterprise-grade R3 Corda enterprise blockchain for its digital letter of credit network.

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Source: https://btcmanager.com/hdbank-first-vietnamese-bank-blockchain-letter-credit/

Blockchain

The Battle of The DEX Heats up as Uniswap (UNI) Hits All-Time High

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UNI prices reached their highest ever levels of $15.50 a few hours ago according to Coingecko. The move has added 5% on the day while most other high cap crypto assets are retreating in the shadow of their big brother.

UNI has now made a whopping 60% over the past seven days and almost 300% since the same time last month when it was priced at just $3.60. Its rival and former fork SushiSwap has retreated a little as its token falls by 5% on the day back to $7.30.

Both decentralized exchanges are doing very well in terms of liquidity lockup and trading volumes, however, as observed by researcher Lucas Campbell in the latest Bankless newsletter.

Uniswap Takes The Lead

The rivalry between these two DeFi titans has been heating up in recent weeks and it is no surprise considering their history. One was spawned from the other but has made it in its own right and is now vying for the title of top DEX.

Diving into the on-chain metrics, the Bankless newsletter has broken the competition down into several rounds, giving Uniswap the first one for trading volume. Over the past three weeks, Uniswap has averaged almost $6 billion in weekly volume whereas SushiSwap processed around $2.8 billion it noted.

The next round was liquidity which also went Uniswap’s way with just over $3 billion versus just under $2 billion. The total value locked across both decentralized exchanges is currently higher than it was for the entire DeFi ecosystem back in mid-August, 2020.

In terms of daily revenue, Uniswap also comes out ahead with the DEX averaging over $2.3 million in fees to liquidity providers per day in January 2021.

SushiSwap Fights Back

SushiSwap starts to win a couple of rounds back in terms of price to sales ratio which compares a token’s market cap to the protocol’s revenue. SushiSwap has been holding steady with a P/S ratio of ~5 while Uniswap recently touched ~15, it added,

“With the above in mind, the market is currently overvaluing Uniswap relative to SushiSwap strictly in terms of the cash flows it generates today.”

The price to volume ratio, which is similar to the above, also comes out in SushiSwap’s favor with the market is currently valuing SushiSwap at around $4 for every $1 in volume that it facilitates on a daily basis, while this ratio is higher for Uniswap at around $11 for every $1 in volume it processes.

The final metric was price performance and both tokens have had a massive run-up recently. This one can be measured in different ways, but Bankless gives it to SushiSwap measuring percentage price increase since the beginning of Q4, 2020.

Overall, Uniswap still has the upper hand, but its rival is catching up. The launch of Uniswap v3 is likely to give it even more momentum to retain its accolade as the world’s leading DEX.

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Source: https://cryptopotato.com/the-battle-of-the-dex-heats-up-as-uniswap-uni-hits-all-time-high/

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Charted: Chainlink (LINK) Holding Key Support, Bulls Aim Fresh Test of $25

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Chainlink (LINK) dipped below $22.00, but it stayed above $20.00, whereas bitcoin and Ethereum struggled. The price is now rising and it is likely to rise towards $24.00 and $25.00.

  • Chainlink token price started a downside correction from the $25.89 high against the US dollar.
  • The price is well bid above the $20.00 level and the 100 simple moving average (4-hours).
  • There is a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is rising and it seems like it may soon revisit the $24.00 and $25.00 resistance levels.

Chainlink (LINK) is Gaining Momentum

Recently, chainlink (LINK) started a downside correction from the $25.89 high against the US Dollar, similar to bitcoin and Ethereum. There was a downside break below the $22.50 and $22.00 support levels.

The bears were able to push the price below the 50% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. However, the bulls were active above the $20.00 support zone and the 100 simple moving average (4-hours).

Chainlink (LINK)

Source: LINKUSD on TradingView.com

The price tested the 61.8% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. There is also a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair.

LINK is currently rising from the channel support and trading above $22.00. It even surpassed the $23.00 level and it seems like the bulls are aiming a fresh test of the $25.00 level. Any more gains could open the doors for a move towards the $26.50 level.

Fresh Drop?

If chainlink’s price fails to climb above the $24.00 level, there could be a fresh decline. An initial support on the downside is near the $22.50 level.

Any more losses below the $22.50 level may possibly lead the price towards the channel support. A break below the channel support might put the $20.00 support at risk in the near term.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently just above the 50 level.

Major Support Levels – $22.50, $21.20 and $20.60.

Major Resistance Levels – $24.00, $25.00 and $26.50.

Source: https://www.newsbtc.com/analysis/eth/chainlink-link-holding-key-support-20/

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Blockchain

Dogecoin pumps by 90% amid WallStreetBets drama

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The Reddit community WallStreetBets’ drama with main street hedge funds has now permeated the cryptocurrency sector with Dogecoin’s price pumping by 90% in a matter of hours. This surge has contributed to DOGE nearing its old ATH on the charts.

Dogecoin has been in mainstream media due to a host of reasons, some of which include viral TikTok videos or tweets from Elon Musk. In fact, the aforementioned surge might continue if Elon Musk decides to join the party as is customary.

WallStreetBets & Dogecoin

WallStreeBets’ name has been popping up all over the mainstream media lately as a bunch of “memers” who have all longed the most-shorted stock GME [GameStop]. This has sent the stock prices of GME hurtling, with the same up by over 880% in one week, at the time of writing.

What’s interesting about the surge in GME’s stock is that Melvin Capital, a hedge fund reportedly at the center of all the GME shorts, has covered its short position. Not only has this contributed to losses in the billions, but this has led to main street traders/hedge funds crying foul too.

With the drama over GME stocks unfolding before our eyes, a Twitter user with the screen name “WSB Chairman” tweeted,

This tweet was met with replies from many of the market’s cryptocurrency enthusiasts, many of whom were left out of the WSB drama. Accordingly, many started spamming different altcoins. However, among these altcoins, Dogecoin has been the one to rise to the surface and grab the most attention of the lot.

The result? Well, Dogecoin had pumped 85% in 90 minutes, at the time of writing.

Source: DOGEUSDT TradingView

A look at DOGE’s charts would suggest that perhaps, a few whales caught the scent of what was about to happen and jumped on the bandwagon too. In fact, two pseudonymous traders RookieXBT and CoinMamba posted long positions, well before the pump actually began.

What next for Dogecoin?

With Elon Musk already on the WSB bandwagon, it wouldn’t be surprising if he tweets about the current Dogecoin pump. If this takes place, then there will be no holding Dogecoin back. Levels to keep an eye out for include – $0.0159 and $0.0183, both price-points that stand at the 78.6% and 100% Fibonacci levels, respectively.

Source: https://ambcrypto.com/dogecoin-pumps-by-90-amid-wallstreetbets-drama

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