Bitcoin News and Price | Bitcoin.News

Blockchain Technology in the Healthcare Market Expected to Contribute $121Bn by 2030

by Blockchain NewsJune 9, 2022

The mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a study by Market Research Future (MRFR).

Blockchain in the healthcare industry is speculated to hit $121 billion by 2030 due to the escalating urge for effective health data management systems. Per the report:

“Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity.”

Blockchain technology has endeared itself to the healthcare sector based on ideal solutions like fighting counterfeit drugs, enhancing patient safety, minimizing therapeutic errors, and enabling interoperability of medical records.

In addition, the technology has attracted eminent players like Microsoft, IBM, Hashed Health, Blockpharma, Farmatrust, Simplyvital Health, and Medicalchain, among others.

Enhanced research is also anticipated to drive more growth in this sector. The report noted:

“Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.”

The study acknowledged that permission and permissionless blockchains were utilized in the healthcare sector. Nevertheless, medical practitioners’ lack of technical knowledge about blockchain technology emerged as the biggest stumbling block.

Per the report:

“Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.”

Meanwhile, DEVITA, a blockchain-based health data platform, recently joined the Polygon network to maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies.

Image source: Shutterstock

Source

Hong Kong-based Grand Cru Cellar to Offer First Redeemable Wine NFT in Asia

by Blockchain NewsJune 9, 2022

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has announced plans to enter the non-fungible token (NFT) industry.

Following the completion of the plan, GCC will become the first wine distributor in Asia to offer a wine NFT. The move will also potentially revolutionise the wine industry in Asia through blockchain and NFT technologies.

The company announced that the wine NFTs would be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform.

Alex Lee, Founder and CEO of SOLARR, said, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT services offer a highly efficient way for GCC’s wine collections to be auctioned off, eliminating the need for buyers to attend physical auctions.”

The NFTs will include a collection of exclusively designed NFTs representing 360 bottles of Château Margaux fine wine spanning 30 vintages from 1978 to 2007 in the winery’s history.

According to GCC, NFT holders can exchange the NFTs for physical bottles of wines and once redeemed, the NFTs will be destroyed to mark their redemption. Meanwhile, the physical wine bottles will be safely stored until the wine NFT has been redeemed.

GCC further added that these wine NFTs can be traded can be freely traded on SOLARR’s NFT-commerce platform or even given as gifts to family and friends.

Mic Wong, the NFT project representative at Grand Cru Cellar, said, “NFTs will help to increase the liquidity and price discovery of high-end fine wines. The auction market for these fine wines has always existed, but if the bidding flow is low, the wine’s value will be locked up due to a lack of bids.”

Image source: Shutterstock

Source

Tagged : Blockchain / GCC / GRAND CRU CELLAR / HK / NFT / SOLARR / Wine

Hong Kong-based Grand Cru Cellar to Become First Redeemable Wine NFT in Asia

by Blockchain NewsJune 9, 2022

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has announced plans to enter the non-fungible token (NFT) industry.

The company announced that the wine NFTs would be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform.

The NFTs will include a collection of exclusively designed NFTs representing 360 bottles of Château Margaux fine wine spanning 30 vintages from 1978 to 2007 in the winery’s history.

GCC further added that these wine NFTs can be traded can be freely traded on SOLARR’s NFT-commerce platform or even given as gifts to family and friends.

Image source: Shutterstock

Source

Tagged : Blockchain / GCC / GRAND CRU CELLAR / HK / NFT / SOLARR / Wine

Miami International Holdings Partners with Lukka, Launching Crypto Derivatives

by Blockchain NewsJune 9, 2022

Miami International Holdings, Inc. (MIH), the owner of Miami International Securities Exchange and a blockchain data company Lukka Inc, announced on Wednesday that they have entered into a strategic cooperation to launch crypto derivatives on MIH exchange platforms based on Lukka-supplied crypto data.

Miami International Holdings, Inc is also the owner of other options and equities trading platforms, namely, MIAX PEARL, LLC, MIAX Emerald, LLC, Minneapolis Grain Exchange, LLC, and Bermuda Stock Exchange.

The agreement provides MIH with a multi-year global license to use Lukka data to support its exchange-listed crypto derivative products, to be offered for trading on any of MIH exchange platforms.

MIH and Lukka expect the first products to include cash-settled Bitcoin and Ether futures and options, which will be listed on MGEX via the CME Globex® trading platform, subject to regulatory approval.

Other products expected to be listed will include Bitcoin Volatility (BitVol) and Ether Volatility (EthVol) futures and options, also subject to regulatory approval.

Thomas P. Gallagher, Chairman and CEO of MIH, talked about the development: “Our strategic alliance with Lukka allows us to leverage its institutional-grade crypto data to develop proprietary products in the U.S. and international regulatory frameworks that meet the emerging needs of the crypto-asset ecosystem. Lukka provides us with access to unique data and indexes that will further our objectives to introduce digital assets and products through our global group of exchanges, including futures on MGEX and innovative digital assets on BSX.”

The Retail Trend Getting Real

The movement by MIH and Lukka is the latest example showing crypto groups are pushing into the highly regulated U.S. derivatives market as they seek to fulfil demand from retail traders making massive bets on digital assets.

The crypto industry is shifting deeper into regulated markets. It looks to develop a bigger user base and challenge existing financial companies like brokerages that already provide trading in equities and other financial assets.

Crypto groups are now seeking to develop footprints in the tightly supervised U.S. market by acquiring smaller firms already holding licenses to operate in America.

In January, Coinbase bought FairX, a small Chicago futures exchange, to make the derivatives market “more approachable” through its trading app.

Late last year, the move came after Crypto.com struck a $216 million deal for two retail businesses from the U.K.’s I.G. Index. In October last year, FTX US also acquired derivatives platform LedgerX.

Bigger crypto exchanges are buying Commodity Futures Trading Commission-regulated platforms that allow the offering of derivatives like options and futures to retail clients because there is a big demand for leveraged products in the retail client segment.

Last year marked a breakthrough for crypto derivatives. Volumes in the derivatives market overtook the spot or cash market for the first time. In January, derivatives trading represented about three-fifths of the overall market. In February, volumes in crypto derivatives registered almost $3 trillion, accounting for more than 60% of trading in cryptocurrencies, according to data provider CryptoCompare.

Image source: Shutterstock

Source

Tagged : CRYPTO DERIVATIVES / Exchanges / Lukka / MIAMI INTERNATIONAL HOLDINGS

Kazakhstan Is Not Late to Embrace Crypto: National Bank Chairman

by Blockchain NewsJune 9, 2022

The National Bank of Kazakhstan is warming up to cryptocurrencies, but not at the same pace as some governments that have legalized the trading of cryptocurrencies on their lands.

At a recent press conference, the National Bank Chairman, Galymzhan Pirmatov was asked if the country came late to the crypto party.

Pirmatov responded that the country is not in any way late to the crypto space, noting that it has taken out time to carefully observe the space over time. “I do not think that the National Bank is late. We, like many central banks and financial regulators in the world, are carefully observing and studying this issue,” Pirmatov said adding that the bank is somewhat holistic in its approach to the ecosystem with considerations for miners, Decentralized Finance (DeFi), and all innovations associated with the industry.

“We are talking about decentralized finance, where we are attracted by the possibility of innovation. That is, we do not keep the issue of miners or about some separate part. We are interested in the opportunities for innovation that these new technologies give us.”

Based on this, Pirmatov said the bank is going to continue making consultations in order not to introduce a policy that will affect macroeconomic stability and “the interests of consumers of financial services.”

Kazakhstan is notably putting its money where its mouth is, and per the consultation move, it recently inked a partnership with Binance exchange in the latest visit of Changpeng Zhao to the country.

The partnership will see the trading platform, recognized as the biggest in terms of trading volume, advise the government in terms of the policy as it relates to its push to bring regulations into the growing crypto ecosystem.

Pirmatov affirmed that the country will no longer ignore the crypto market and will be open to the best of the innovation the space has to offer.

Image source: Shutterstock

Source

Tagged : Crypto / Cryptoeconomics / DeFi / Kazakhstan / NFT

Crypto is Very Dangerous, Says Anne Boden of Starling Bank

by Blockchain NewsJune 9, 2022

While a number of executives in charge of fintech unicorns are gradually seeing crypto as a space they need to embrace, Anne Boden, the founder and Chief Executive Officer of UK-based financial institution, Starling Bank said cryptocurrencies are “very dangerous” to the existing financial infrastructure.

Boden made this comment at the Money 20/20 fintech conference in Amsterdam earlier this week, noting that the majority of cryptocurrency transactions are often connected to legacy banks or fintech firms, a link that threatens the financial status quo.

“A lot of [crypto] wallets are being connected directly to payment schemes,” Boden said. “This is a threat to the safety of our payment schemes around the world.”

Boden is a known critic of the cryptocurrency ecosystem and always warns investors about the dangers inherent in investing their capital in crypto schemes for fear of being defrauded.

“Customers are being scammed,” the Starling chief said. “We’re spending far more of our time protecting customers from the scammers than we are trying to promote crypto.”

When asked if Starling bank is going to be integrating cryptocurrencies anytime soon, Boden said the changes over the next couple of years are very slim as crypto-linked firms still have a long way to go when it comes to implementing Anti-Money Laundering (AML) checks.

While Starling Bank, valued at about £2.5 billion ($3.1 billion) is not so bullish on crypto, other globally acclaimed challenger banks like Revolut and Nubank are divergent in both their views and approaches. As reported earlier by Blockchain.News, Nubank has embraced cryptocurrencies fully and has now integrated the new asset class into its app for all users.

Other renowned investing apps, including SoFi, and Robinhood are also big on digital currencies which now form a very crucial aspect of their investment portfolios.

Image source: Shutterstock

Source

Tagged : ANNE BODEN / Cryptocurrency / Industry Expert / STARLING BANK

Skolem Raises $20m in Series A Funding to Enable Institutions Access DeFi

by Blockchain NewsJune 9, 2022

Skolem Technologies, institutional-grade asset management and execution services provider based in New York, announced on Thursday that it has raised $20 million in Series A funding.

Galaxy Digital led this round of funding. Other participants include Point72 Ventures, Jump Crypto, Fenwick and West, Morpheus Ventures, and Dragonfly Capital.

Skolem mentioned that it plans to use the new funding to develop its team and scale the platform’s capabilities to enable the growth of the DeFi market by “orders of magnitude.”

JP Smith, Founder and Chief Executive Officer of Skolem, admitted that DeFi markets are witnessing constant evolution, thus making it difficult for institutions to trade, record easily, and engage in the market in a secure and reliable manner.

Smith further elaborated on why the firm is committing itself to the DeFi sector: “At Skolem, we are firm believers that DeFi will change our world over the next decade, and we are committed to increasing access to this important market by developing a scalable platform that can safely provide an entry point. This fundraise underscores our partners’ confidence in Skolem’s platform and the much-needed reliability it offers institutions to help them and DeFi markets flourish.”

DeFi Expanding to Institutional Market

Despite the crash of the crypto market at the end of May 2022, partly triggered by the collapse of the Terra ecosystem’s stablecoin and its native crypto LUNA, DeFi services continue to face high demand among users in the long run.

Decentralized finance is part of traditional financial services on the blockchain. Anyone with an Internet connection and a crypto wallet can access DeFi services, such as exchanges, lending protocols, deposits, insurance etc., without relying on trusting another person.

Currently, DeFi has 4.6 billion users worldwide, therefore can potentially solve the problem of financial inclusion.

The World Bank statistics show that more than 1.7 billion people worldwide do not have access to banking services, out of which 1 billion have mobile phones. Through decentralized technologies, these 1 billion people have the opportunity to access lending, deposits and insurance services through the online network.

For the last two years, an increasing number of banks and financial institutions have started purchasing digital assets and building their presence in the world of decentralized applications. They do so because they are aware that their customers are already trading digital assets like Bitcoin and using DeFi services to make more money.

People are the main driver of DeFi adoption. Consumers want to get rid of their debts and make more money, and this creates a demand for investment in cryptos and the usage of DApps. Institutions have realized this and started incorporating DeFi into their financial products because they already have a pool of customers ready and willing to use new services.

Image source: Shutterstock

Source

Tagged : DeFi / Finance / Funding / Institutions / SKOLEM TECHNOLOGIES

Entropy Closes $25M Seed Round for Building Decentralized Custody Platform

by Blockchain NewsJune 9, 2022

Entropy announced that the crypto asset firm has closed a $25 million seed round, The Block reported.

The crypto asset custodian’s seed round was led by Wallet Street Venture Capital firm Andreessen Horowitz (a16Z). According to a press release, Dragonfly Capital, Ethereal Ventures, Variant, Coinbase Ventures, Robot Ventures, Inflection and the Komerabi Fund also joined the round.

The funds raised will be used to build the company’s leading embedded payment, card, lending and crypto solutions. Furthermore, the fund would be invested in people and communities, continue its international expansion plans and strengthen strategic global partnerships.

Currently, Entropy is building a decentralized custody platform that uses cryptographic techniques based on multiparty computation.

The Block reported that the firm is led by a self-taught cryptographer and trans activist, Tux Pacific.

As part of the company’s major goal, it aims to beat the standard business model of centralized crypto custodians such as Fireblocks and Coinbase.

According to The Block, Entropy users will eventually implement their own rules for interacting with funds, such as imposing time-gated constraints.

a16Z also recently helped CRB Group, Inc., the parent company of fintech company Cross River Bank, in a $620 million investment along with Eldridge, Blockchain.News reported.

While in January, a16Z rallied investors for a $4.5 billion dual fund targeted at making strategic investments in the cryptocurrency ecosystem, according to a report from Blockchain.News. According to the Financial Times, $3.5 billion was billed to be earmarked for its newest cryptocurrency enterprise fund, while $1 billion will be reserved for strategic investments in crypto startups seeking seed funding.

Image source: Shutterstock

Source

Tagged : A16Z / Blockchain / Crypto / Entropy / Finance

Grayscale Taps Top Former Obama’s Lawyer in Preparation for Spot BTC ETF Legal Battle

by Blockchain NewsJune 9, 2022

Grayscale Investments LLC has hired Donald B. Verrilli Jr to enhance its legal team, who was a solicitor general under the Obama administration from 2011 to 2016.

The United States Securities and Exchange Commission (SEC) is expected to announce its final decision next month for the application of the conversion of Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin Exchange Traded Fund (ETF) filed back in October last year by Grayscale Investments LLC.

In preparation for this historic verdict, the company has onboarded Donald B. Verrilli Jr as the latest member of its legal team. Verrilli’s reputation precedes him, and he has a lot of years as the Solicitor General during the Obama Administration, a position he held from 2011 to 2016.

The move by Grayscale aligns with the company’s plans to be adequately prepared for whatever outcome it will get from the SEC which in this case is narrowed down to either a ‘Yes’ or a ‘No’. As notably insinuated by CEO, Michael Sonnenshein, getting a No as an answer may ignite a legal action in which the firm plans to sue the SEC.

“It’s paramount that Grayscale has the strongest legal minds working on our application to convert GBTC to an ETF, and we are thrilled that Verrilli will join our outstanding legal team,” a Grayscale spokesperson said, underlining Verrilli’s long experience before the high court, including major wins defending the Affordable Care Act and legal recognition of same-sex marriage.

A lot of asset and investment managers have received rejections to their applications from the SEC with the latest being Fidelity Investments and One River Digital Asset Management respectively. While the majority of pundits might predict another rejection on the way for Grayscale, the firm is notably more enthusiastic it is going to get a Yes, breaking history as the very first in the United States to be granted such approval.

In the runup to July 6, Grayscale said it is preparing the GBTC products so they can easily be converted into a spot ETF should the SEC come through with a positive decision.

Image source: Shutterstock

Source

Tagged : DONALD VERRILLI / Etf / GBTC / Grayscale / Industry Expert / SEC

Enterprise Grade Back-Office Platform Cryptio Raises $10m in Series A Funding

by Blockchain NewsJune 9, 2022

Enterprise-grade back-office platform Cryptio has raised $10 million in Series A funding round.

The company plans to further invest widely in go-to-market hiring, product development, and expanding its offering to publicly traded companies and institutions.

The funding round was led by Point Nine – an early investor in Chainalysis, Zendesk and Revolut. Other participating investors include BlueYard, Alven, Coinshares, Avantgarde Finance, Protocol Labs, and Draper Associates.

Angel investors such as senior executives from Twitter, GoCardless, Fireblocks, and Ledger were also participants in the round.

Cryptio is an enterprise-grade crypto accounting & reporting platform and is popularly known for its proprietary data infrastructure, transforming complex on-chain activity into institutional-grade reports and ledgers.

Antoine Scalia, Founder and CEO of Cryptio, said “the biggest challenge with crypto accounting on the institutional level is having auditable and reliable transaction history data. Block explorers and third-party data providers often fail to capture complex crypto activity like DeFi, Staking, Mining, and NFTs.”

Since the company’s seed round led by Draper Associates in March last year, its revenue grew 12 times.

Cryptio’s clients include over 200 crypto-native enterprises such as Consensys (creators of Metamask), Aave, DeFi Saver, and The Sandbox.

According to Cryptio, their “software helps financial institutions, corporates and crypto-native businesses navigate the fragmented digital-asset landscape with confidence.”

Image source: Cryptio Twitter

Source

Tagged : Blockchain / CRYPTIO / Crypto / Finance