Halfway through October, the bear market still bites. Nonetheless, it's still an exciting time to be engaged in crypto! On the adoption frontier, things are looking great with MENA getting its first physical Bitcoin ETP listed on Nasdaq Dubai, Samsung Electronics taking its device security experiences to the next level with the upcoming blockchain solution, and China’s Digital Yuan transactions volume crossing $14B mark!
Let’s Dive in!
21Shares Cross-Lists World's First Physically-Backed Bitcoin ETP on Nasdaq Dubai
21Shares AG, a subsidiary of 21.co and the world's largest issuer of cryptocurrency Exchange Traded Products (ETPs), announced its entry into the Middle East today, offering the region's first physically-backed bitcoin ETP with the listing of 21Shares Bitcoin ETP on Nasdaq Dubai. This is 21Shares' first foray into the Middle East, which is a critical market on the company's worldwide roadmap.
Today, @21Shares proudly entered the Middle East with the launch of the first physically-backed bitcoin ETP $ABTC on Nasdaq Dubai. We’re very excited to be serving investors in the UAE! Ya hala! ? ?? pic.twitter.com/KyvLmEZe26
— 21Shares (@21Shares) October 12, 2022
According to 21Shares co-founder and CEO Hany Rashwan, the newly introduced crypto product is physically backed, which means it is fully collateralized by the underlying Bitcoin assets it tracks with 1:1 leverage. To improve security, the ETP's underlying crypto assets are stored in an offline wallet, he says.
Samsung to Utilize blockchain-based Security for Devices
Samsung said that it will use blockchain technology to improve security protocols for all of its smart devices.
Samsung Knox Matrix will act as a user's private blockchain system, enhancing security through multi-layered mutual monitoring of your linked devices. Samsung Knox Matrix will share credentials device-to-device and encrypt important information even between trusted devices to protect users' smart homes from illegal access and to make the login procedure more straightforward. Whether your Samsung devices run Android, Tizen, or another operating system, Samsung Knox Matrix will provide a uniform security SDK. With all of this, Samsung will continue to push for universal security standards for all Samsung-connected products.
Digital Yuan Transactions Volume Above $14 Billion
During its experimental phase, China's central bank digital currency (CBDC) programme has transacted about $14 billion, or 100.04 billion yuan. It makes the digital yuan, commonly known as the e-CNY, the world's most frequently used CBDC.
According to a post on the Bank of China's official WeChat page on October 10, the number of transactions made in 15 provinces under the CBDC pilot framework had reached 360 million by the end of the summer. According to the report, more than 5.6 million merchant establishments already accept digital yuan as legal tender.
