Singapore Central Bank Starts Tokenization Pilots; What's Behind Solana’s SOL Rally?

So as native token is rallying and a knockout for Sharim. Welcome to Coin Desk daily. I'm your host, Jens. The crypto market has come back to life in 2023 with Bitcoin roughly doubling in value amid spot Bitcoin ETF excitement and Dovish Federal Reserve expectations. Currently Bitcoin is trading hands at around $36,400. This comes as the Bitcoin options market is now bigger than its futures market. When looking at notional open interest, the flipping is a sign of market maturity and the influx of sophisticated traders in the market. Solana's native token Seoul is rallying outpacing other crypto majors in a range bound market while there was no immediate catalyst for the move. Optimism around Solana has recently increased after the end of the Sam Bateman Fried trial, Beman Fried was a prominent backer of Solana and acquired over a billion dollars worth of the tokens through his company's Alameda Research and FTX Singapore Central Bank is starting to test tokenization use cases alongside major financial services firms including JP Morgan and Bny Mellon. The tests will examine bilateral digital asset trades, foreign currency payments and automated portfolio rebalancing and Shiba eno ecosystems Blockchain. Shabaa will be used by the Manny Pacquiao Foundation for fundraising and operational activities. The executive director of the foundation stated in part quote, Shaba will allow us to continue this good work while scaling up operations to help millions more end quote. That's a wrap for coin desk daily, get more updates on coindesk dot com and we'll see you next time.