$100B Invested in Digital Assets
Between 2020 and 2024, traditional banks took part in 345 blockchain-related deals, focusing on payments, custody, and tokenization, according to a Ripple-backed report by CB Insights and the UK Centre for Blockchain Technologies. The study analyzed 10,000+ deals and surveyed over 1,800 finance leaders, revealing that global blockchain investment has surpassed $100 billion. Over 90% of respondents expect blockchain to significantly impact finance by 2028. Institutions like HSBC, Goldman Sachs, and SBI were highlighted for projects in tokenized gold, settlement tools, and quantum-resistant currency. Despite low consumer-facing adoption—less than 20% of banks offer crypto trading—many are investing in infrastructure to modernize cross-border payments and streamline operations. Ripple frames this shift as a transition from speculation to utility. Even amid regulatory uncertainty, two-thirds of surveyed banks plan to launch digital asset initiatives by 2027. The report emphasizes that real-world adoption is accelerating, especially in markets like the UAE, India, and Singapore.
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OPEC+ Boosts Output Again
Oil prices edged lower in early Asian trading Monday following OPEC+’s announcement of a significant production increase for September. Brent crude dropped 43 cents to $69.24 per barrel, while U.S. West Texas Intermediate fell 39 cents to $66.94. The group, which includes Russia and other major producers, agreed to raise output by 547,000 barrels per day—part of a broader reversal of previous cuts aimed at boosting supply and regaining market share. The decision comes amid geopolitical pressure, particularly from the U.S., which is urging India to reduce Russian oil imports. OPEC+ cited healthy demand and low inventories as reasons for the move. The eight-member coalition has now raised output steadily since April, with further adjustments expected at their September 7 meeting. Analysts say the market has absorbed the increases well so far, but future decisions on phasing out the remaining 1.65 million bpd in cuts could prove more challenging amid ongoing global tensions.
BYD Faces First Sales Decline
China’s top EV maker BYD reported its first monthly sales drop of 2024, delivering 341,030 vehicles in July—down from 377,628 in June. The dip reflects growing strain from an ongoing price war, which has drawn warnings from Beijing regulators. BYD had previously cut prices on several hybrid and battery-only models, triggering similar moves across the industry. Other major players like Li Auto and Nio also posted July declines. Li Auto delivered 30,731 units (down 39.7% YoY), while Nio shipped 21,017, down from June’s high. Both companies launched new SUV models on July 31 to regain momentum. In contrast, rivals saw strong growth: Xpeng hit a record 36,717 deliveries; Xiaomi exceeded 30,000, driven by its new SUV; and Leapmotor, backed by Stellantis, hit a personal best of 50,129 units. Huawei-backed Aito led its alliance with 40,753 deliveries. While some brands stall, others are gaining ground fast in China’s competitive EV market.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.