Crypto Industry News:
Sygum, a leading cryptocurrency bank in Switzerland, has successfully tokenized its blockchain shares in preparation for the upcoming public sale. According to the official announcement on December 14, the bank tokenized its shares in the Ethereum Blockchain chain using the proprietary Desygnate tokenization platform.
Blockchain-based platform emits digital representations of stocks and related rights and bonds in a distributed ledger, providing an alternative to traditional capital-raising options such as Initial Public Offering or IPO. At the end of November 2020, the platform is to be fully compatible with the new Swiss law on distributed ledger technology, which enters into force from February 2021. Mathias Imbach, co-founder of Sygum and CEO at Desygnate, said that Sygum is the first bank in the world to tokenize its own shares:
"We are delighted to be the first bank in the world to tokenize our shares. This is an important step towards fulfilling our mission of creating more direct and efficient access to property and value. This includes new models of engagement with our clients and partners and ultimately ensures liquidity for our trusted shareholders "- he said.
By means of tokenization, Znakum wants to simplify a number of processes related to the company's shares, such as the need for buyers to inform Sygum about a manual update of the shareholder register. Tokenization also reduces the administrative burden of written form requirements when transferring shares between buyers and sellers.
Technical Market Outlook:
The ETH/USD pair has retraced 61% of the last wave down and hit the level of $595.49 before the Bearish Engulfing pattern had been made. Please notice, the level of $587.87 is the 38% Fibonacci retracement on the weekly time frame as well. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $600 again soon. The next technical resistance is seen at the level of $620.52 and the technical support is located at $558.85.
Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59
Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34
Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. This scenario is valid as long as the level of $360 is broken.
