Cryptoasset digest from XEROF for May 30, 2023

We are thrilled to have you here for another edition of our cryptoasset newsletter. Get ready for a roundup of the week's top industry stories delivered straight to your inbox!

This week, our attention turns to Visa and Microsoft joining forces to launch a pilot CBDC program in Brazil, Circle’s new Euro Coin that is enhancing transaction options for users, and details on how Bitcoin’s short-term holders are currently selling at a profit.

Plus, get ready for a look inside the world of upscale real estate as we deliver the latest developments. This week's highlights include why the Thai luxury property market just skyrocketed by 200% and details about how the French automaker Bugatti is pulling out all the stops as it gears up to launch its first-ever luxury residence in Dubai. We also reveal which Spanish province houses one-third of the country’s luxury properties.

Join us as we explore these stories in detail!

Cryptoasset News

Visa and Microsoft in CBDC Test Drive

Visa and Microsoft are joining forces to embark on a pilot project for a Central Bank Digital Currency (CBDC) in Brazil. The project is aimed at assessing the feasibility of CBDC for cross-border transactions. With Visa responsible for payment processing and Microsoft providing the backbone of cloud computing, the pilot program will span the next six months and evaluate the CBDC's capabilities for facilitating cross-border payments between Brazil and Portugal.

Circle Expands Global Reach with Euro Coin's Cross-Border Focus

Circle, a prominent digital fintech company known for issuing the USDC stablecoin, has introduced Euro Coin on the Avalanche blockchain. Integrating Euro Coin with the Avalanche blockchain aims to strengthen the availability of euros and increase transactional versatility for users worldwide. By enabling transactions in euros through Euro Coin, in addition to existing U.S. dollar transactions with USDC, this advancement paves the way for enhanced transaction options.

Bitcoin's Short-Term Holders Are Again Selling at Profit

Data from the Bitcoin blockchain indicates that short-term holders are transferring their coins at a profit. According to blockchain analytics company Glassnode, the seven-day moving average of the short-term holder's spent output profit ratio (SOPR) has recently risen. As Coindesk reported, this development is considered bullish for the short-term price movement, indicating that short-term holders are capitulating.

Luxury Real Estate News

Thai Luxury Property Market Skyrockets with 200% Surge Driven by Foreign Buyers

Thailand experiences a remarkable 200% surge in luxury property sales driven by foreign buyers. Property consultancy CBRE reports a noticeable increase in sales transactions, reflecting the growing interest since the return of international tourists in the latter part of 2022. This trend has prompted developers to gear up for the launch of new luxury and super-luxury residential projects in 2023, primarily focusing on single houses.

Bugatti Residences: A Landmark Luxury Development Launches in Dubai

Bugatti, the renowned French automaker, has forged a collaboration with Binghatti, a Dubai-based real estate development firm, to construct a towering 42-storey building in the Business Bay district of the city. This extraordinary residential project encompasses 171 luxurious units and eleven Sky Mansion Penthouses, offering customisable and versatile layouts. In addition, the development boasts an array of amenities, including a Riviera-inspired beach, a private pool, a rejuvenating jacuzzi spa, a state-of-the-art fitness club, an exclusive chef's table, and a members club. Additionally, the residence offers premium services, such as valet parking, chauffeurs, and dedicated concierge assistance.

Balearics Claim One-Third of Spain's Luxury Property Market, Reveals Report

According to a report commissioned by Hiscox, a Bermuda-based insurance company, the Balearic Islands in Spain boast 33% of all luxury homes in the country. These luxury properties, valued at three million euros or higher, position the Balearics as the second most prominent region, falling just behind Malaga. The report also highlights that Spain ranks as the fourth most appealing country globally for investing in luxury real estate, trailing behind the United States, the United Kingdom, and Australia. 

Company News

We are delighted to share some highlights from our recent engagements and upcoming events below:

European Web3 Summit

On May 23rd and 24th, XEROF attended the European Web3 Summit in Brussels, where we  participated in a captivating panel discussion titled "Best Regulatory Practices from Outside the EU: Switzerland, Liechtenstein, UK, Singapore, Dubai." This exciting event provided valuable insights and practical knowledge of regulatory practices beyond the European Union!

Crypto Valley Conference

We are pleased to announce that XEROF's COO, Marc Taverner, will be moderating a thought-provoking panel at the upcoming Crypto Valley Conference on June 1st and 2nd. The panel, titled "MiCA: Green Light for Crypto Assets in Europe?" will explore the new regulatory framework for European cryptoassets. Join us as we review this framework's positive aspects and potential challenges.

Brussels Blockchain Week

Brussels Blockchain Week 2023 will take place from the 5th-11th of June at The Merode, Brussels. XEROF will attend alongside senior representatives from leading European and global institutions. We look forward to engaging in discussions surrounding pressing issues in today’s financial and monetary systems. Topics such as cryptocurrencies, CBDCs, Bitcoin, DeFi, tokenization, Web3 technology, and more will be explored during this informative week! Watch this space for more details.