Civic (CVC) Price Explodes By 80% In 24H As Civic Pass Is Now Integrated With Solana Token Extensions

Key Points

• Civic (CVC) is the top gainer coin on CoinMarketCap’s top 500, with a rise in price of about 80% in the past 24 hours, bringing CVC at $0.29.
• The price explosion comes after Civic’s announcement on X, revealing that Civic Pass is now integrated with Solana Token Extensions.

Civic posted on their X account that the Civic Pass is now integrated with Solana Token Extensions.

The Token Extensions imbue tokens with a new set of features via new tech advancements. One of these important new features is called a transfer hook and it allows advanced permissioning to follow a token.

Via the transfer hooks, the project integrated CIvic Pass with Token Extensions, meaning that identity credentials can now be referenced by a token along with its complete journey through the whole ecosystem.

The info available, such as location, age, humanity, and government-issued ID, will now be used to control the token’s transfer rules via the Civic Pass. The move is unlocking new possibilities for builders.

Here’s the official announcement of Civic on X:

Civic Pass is now integrated with @solana Token Extensions.

In case you’re not familiar with Token Extensions, they imbue tokens with a brand new set of features through some technical advancements.

One of these features is called a transfer hook, and it allows advanced… pic.twitter.com/raI2YfGUQb

— Civic (@civickey) March 25, 2024

Civic (CVC) is a blockchain-based ID management solution that offers individuals and businesses alike the necessary tools to control and protect personal identity info.

The project’s ID verification solution uses DLT to authorize ID usage in real-time, and it’s most used by sharing info with Civic partners following user authorization.

The Civic ecosystem relies on a unique utility token, the Civic token (CVC), for identity-related transactions between Civic participants, such as a customer and service provider.

Users can earn CVC tokens by completing tasks like signing up for a service or introducing new users. Validators can earn CVCs by validating documents for service providers.

Civic was launched in 2018, following a sell-out initial coin offering (ICO) the year prior.

The Civic announcement is followed by a price explosion for CVC

CVC saw an explosion in its price on CoinMarketCap, and at the moment of writing this article, CVC is trading at about $0.28, up by approximately 80% in the past 24 hours.

The official announcement on X also details the ways in which the Civic Pass x Token Extensions can be used:

“RWAs. Issuers can ensure that only accredited investors can hold tokens.

Unconditional Basic Income (UBI) tokens. These social change tokens can be protected with Sybil resistance.

Live events. Airdrops, mints and DAO token issuances can be simplified. No more need to write smart contracts to protect against bots.”

Speaking of RWAs, the complete sector saw a rise in popularity following the recent announcement that BlackRock debuted its journey into RWA tokenization, a move that marked an important shift in the financial system.

The biggest asset manager in the world, in terms of assets under management, has recently filed a form with the U.S. SEC for its initiative named the BlackRock USD Institutional Digital Liquidity Fund. The firm is using Ethereum for this initiative.

BlackRock’s latest action reflects the growing trend of tokenizing real-world assets.