China’s BSN Onboards EY Services to Boost Ethereum Use
The Blockchain-based Service Network (BSN), the blockchain infrastructure provider backed by the Chinese government, plans to offer blockchain analytics and financial auditing services for Ethereum developers in its network through a new partnership with Big Four auditor Ernst & Young (EY).
The London-based accounting firm will provide BSN’s Ethereum users in China with two compliance products – EY OpsChain and EY Blockchain Analyzer – according to a press statement shared with CoinDesk.
EY OpsChain will integrate procurement and traceability functions into BSN, where its users on Ethereum can run procurement activities using tokens and smart contracts. The EY Blockchain Analyzer will offer blockchain analytics and financial statement audits to the users.
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The new compliance services could further boost China’s efforts in the blockchain race against the U.S. More BSN’s users will be able to build and run blockchain projects in the network without worrying about compliance issues.
“China is one of the largest markets for blockchain technology in the world, and, while EY teams have been operating there for several years, this is the EY organization’s first big step in deploying the EY blockchain platform in a scalable manner,” Paul Brody, global blockchain head at EY, said in the statement.
BSN was co-founded by state-owned telecom giant China Mobile, UnionPay and fintech startup Red Date in April 2020. The project aims to provide cloud services and a standardized development environment for blockchain developers.
BSN is split into two versions: a domestic version, where only permissioned blockchains are available, and a global version, which allows developers around the world to build or run decentralized applications (dapps) on public chains adapted to its development environment. BSN “localized” Ethereum in its domestic version by making it an open permissioned blockchain, which could be controlled by an enterprise.
“Initial availability will focus on the planned open permissioned version of Ethereum in China with a future extension to a controlled access version of the Ethereum network across the globe when it becomes available,” the statement said.
The move came after New York-based Ethereum hub ConsenSys teamed up with BSN in January. That partnership aims to bring ConsenSys’ enterprise ledger, Quorum, to China’s nationwide blockchain project.
BSN was co-founded by state-owned telecom giant China Mobile, UnionPay and fintech startup Red Date in April 2020. The project aims to provide cloud services and a standardized development environment for blockchain developers.
EY has also joined the Financial Blockchain Shenzhen Consortium (FISCO), a Chinese non-profit organization dedicated to promoting the use of blockchain for financial applications. The accounting firm will use FISCO’s platform to make its compliance services available to more users in China and other Asia-Pacific regions, according to the statement.
Ethereum catapults to new all-time high past $1,600 as investors pile in ahead of next week’s launch of CME futures
Ethereum shot past $1,600 to secure a new all-time high ahead of next week’s CME futures launch.
The digital asset hit a record high of $1,698.56. Meanwhile, bitcoin rose 3%, to $37,381.
Crypto traders have a valuable lesson to learn from last week’s Reddit war against Wall Street players.
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Ether, the native cryptocurrency of the Ethereum network, pierced a new all-time high on Thursday, bringing its year-to-date rally to 128%.
Continuing bullish momentum led the token’s price to hit a record high of $1,698.56, before settling around 2% lower.
Although the trade seems to be partly fueled by speculation, a major factor driving demand is the Chicago Mercantile Exchange’s launch of Ethereum futures on February 8.
Ethereum’s upward trajectory may be representative of the “fortunes of the entire cryptocurrency ecosystem,” said Paolo Ardoino, CTO of Bitfinex. One macroeconomist expects the price to surge higher, to around $1,920, ahead of the CME launch.
Rising confidence among institutional investors over blockchain-based technologies has also helped Ethereum’s influence grow within the sphere of cryptocurrencies. Euphoria in the hot asset class boosted the total market value of cryptocurrencies above $1 trillion for the first time last month.
Grayscale Investments, the world’s largest cryptocurrency fund manager, this week added an extra 25,000 ETH coins, bringing its total Ethereum holdings to $4.5 billion. The fund also reopened its Ethereum fund to accredited investors.
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Separately, bitcoin rose 3% on Thursday to $37,381.04, against the backdrop of continuing global macroeconomic uncertainty with the potential to devalue fiat currencies.
Further, crypto traders have a valuable lesson to learn from the tussle between Reddit traders and big Wall Street players last week.
“When you engage with centralized finance, you will always be, to some extent, putting your trust and faith in a brand,” said Sergey Nazarov, the co-founder of Chainlink. Decentralized finance offers users the ability to trade without the fear of being shut down, rules that apply equally to all sides, and full control over one’s assets, he said.
“Add in the fact that we’re entering one of the lowest yield environments in decades and DeFi lets anyone earn high yield, and of course more and more people will pour into the Ethereum space in order to engage with these popular applications,” Nazarov said.
Read more: Investors are flocking to trade Dogecoin and other hot digital tokens with no Robinhood-style restrictions on Voyager. The CEO tells us why Bitcoin will hit $100,000 this year - and 3 other cryptocurrencies to watch
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 6th, 2021
It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,589.17 before making a move.
Steering clear of the first major support level at $1,536, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,763.93.
Ethereum broke through the first major resistance level at $1,679 and the second major resistance level at $1,761.
A late pullback saw Ethereum fall back through the second major resistance level to $1,680 levels before wrapping up the day at $1,721 levels.
At the time of writing, Ethereum was up by 0.53% to $1,730.23. A mixed start to the day saw Ethereum fall to an early morning low $1,720.01 before rising to a high $1,739.60.
Ethereum left the major support and resistance levels untested early on.