The Bank of Italy has announced a new initiative to help financial institutions explore the potential of decentralized finance (DeFi) and tokenized assets. The project named "Enterprise DeFi for Security Tokens" aims to enable secure and compliant transactions using security tokens and will utilize the Ethereum scaling solution Polygon (MATIC) along with the crypto custody platform Fireblocks.

The initiative is part of Milan Hub, an innovation center fostering collaboration between academia, industry, and regulators, backed by Italy's central bank. The platform will be developed in collaboration with Milan Università Cattolica del Sacro Cuore and consulting firm Cetif Advisory, along with Polygon Labs, Fireblocks, Reply, Linklaters, and DVRS. #Fireblocks

Importance and Purpose of Tokenized Assets:

The platform intends to create a sandbox environment for Italian banks, asset managers, and financial institutions to experience security tokens and DeFi protocols representing real-world assets like stocks, bonds, or real estate. Security tokens enable the representation of tangible assets, thereby enhancing efficiency and reducing transaction costs in traditional financial systems. These tokens can provide liquidity to financial asset holders and improve asset management processes.

Collaboration with Polygon (MATIC) and Fireblocks:

The project will leverage the Ethereum-based Polygon (MATIC) network to accelerate transactions and enhance scalability. Additionally, the Fireblocks platform, known for its secure and compliant crypto custody services, will be utilized in the project. This will enable participants to transact and store tokenized assets safely and seamlessly. #MATIC #italy #bankofitaly

Italy's Largest Bank Joins the Project:

The project will be conducted with the participation of Intesa Sanpaolo, Italy's largest bank with assets exceeding 1 trillion dollars. This collaboration strengthens the project with the support of a significant stakeholder in the financial sector.

In Summary:

The Bank of Italy's Institutional DeFi for Security Token project marks a significant step in enabling financial institutions to explore the benefits of DeFi and tokenized assets. By facilitating secure and compliant transactions through security tokens, the platform holds the potential to transform traditional financial systems. The involvement of a major bank like Intesa Sanpaolo indicates the increasing interest in DeFi and tokenized assets adoption within Italy's financial sector. Milan Hub's role in fostering collaboration between academia, industry, and regulators will contribute to the development of innovation and financial technologies, strengthening the country's financial infrastructure. #polygon $MATIC

Digital asset infrastructure provider Fireblocks has dealt a blow to the Terra Luna Classic (LUNC) community by announcing the cessation of its support for the token. This decision poses challenges for the LUNC ecosystem and raises concerns about potential delistings from exchanges, with Binance being a notable case.

Impending Delisting and Reasons Cited

LUNC DAO, in a communication on August 8, unveiled Fireblocks' decision to terminate support for Terra Luna Classic (LUNC). As a result, LUNC is set to be delisted from centralized exchanges utilizing Fireblocks' custody services or other related solutions.

Fireblocks justified this move by highlighting several reasons. The unreliable public node infrastructure, the lack of centralized governance leading to disjointed decision-making about upgrades, frequent changes in transaction fee structures, and the absence of technical documentation were cited as factors.

According to Fireblocks, "We have been monitoring this network closely for more than six months now, and we realize that this chain bears a very high risk of loss of funds and overall instability."

Potential Binance Involvement

This development also casts a shadow of doubt over Binance's support for LUNC. While Fireblocks' decision has raised concerns about LUNC's delisting, community members speculate that Binance might have employed a distinct custody solution for LUNC. As the largest exchange supporting the Terra Luna Classic community, Binance's stance could play a pivotal role in the token's fate.

Community efforts are underway to engage with both Fireblocks and Binance in a bid to address the apprehension and ensure the stability of the LUNC ecosystem. Furthermore, community members have expressed their commitment by refraining from selling their LUNC or USTC tokens to demonstrate solidarity with the chain.

LUNC's Price Response and USTC's Performance

Following the news, the price of LUNC experienced a decline of over 1% in the last 24 hours and 3% over the week, currently trading at $0.000077. The trading range over the past 24 hours spans from $0.0000758 to $0.0000785.

On the other hand, USTC's price has demonstrated resilience, trading at $0.0152 with a nearly 2% increase in the last 24 hours and a notable 31% surge over the past month. Additionally, the trading volume for USTC has surged by 110% in the past 24 hours.

Disclaimer: Cryptocurrency markets are subject to volatility. The information presented in this article is for informational purposes and should not be considered financial advice.

#TerraLunaClassic

#LUNC

#Cryptocurrency

#Fireblocks

#Binance

Source: [TopCryptoNews]