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Bitdeer and NVIDIA Partner to Launch AI Cloud Service in Asia

by Blockchain NewsNovember 11, 2023

Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing, has teamed up with NVIDIA to introduce a new cloud service in Asia, according to Globenewswire. Named Bitdeer AI Cloud, this service is poised to be powered by NVIDIA’s advanced DGX SuperPOD with DGX H100 systems, representing a major development in the region’s technological landscape.

The partnership comes at a time when the demand for powerful and efficient cloud computing solutions is at an all-time high, driven by rapid advancements in AI, machine learning, and large language models (LLMs). Industry analyst IDC reported a remarkable 32% annual growth in the public cloud platform-as-a-service (PaaS) market in 2022, a clear indicator of the sector’s burgeoning success. This growth is further amplified by the expanding realms of online gaming, livestreaming, and social media in Asia, which have significantly escalated the need for enhanced computing power.

Bitdeer’s strategic decision to collaborate with NVIDIA is seen as a move to consolidate its position in the Asian market. This partnership elevates Bitdeer to a Preferred member of the NVIDIA Partner Network, a status that highlights its technological capabilities and market influence. Matt Linghui Kong, CEO of Bitdeer, has expressed his excitement about this collaboration, seeing it as a stepping stone for advancing AI and LLM technologies in Asia.

Tony Paikeday, the Senior Director of the DGX platform at NVIDIA, emphasized the importance of generative AI in modern business environments. He pointed out that Bitdeer, utilizing NVIDIA’s DGX infrastructure, is well-equipped to provide the AI supercomputing and software necessary for developing and deploying advanced generative AI models and services.

Bitdeer’s approach to expanding its GPU cloud business is multifaceted. The company plans to provide a high-performance GPU cloud infrastructure that will serve as the cornerstone for various AI-driven projects. This move is expected to allow organizations to efficiently utilize GPUs for complex AI workloads. Additionally, Bitdeer is developing a GPU-as-a-Service platform, aiming to simplify AI application management and deployment. This is in line with global market projections that foresee significant growth in the PaaS market.

Furthermore, Bitdeer intends to offer AI software services to a diverse range of industries, thus democratizing access to AI technology and reducing the complexities associated with in-house development. The company is also preparing to launch API services to enable businesses to integrate AI more easily into their existing operations, in response to the anticipated growth of the Asia Pacific API market.

Bitdeer’s global operations, including datacenters in the United States, Norway, and Bhutan, underscore its expertise in managing complex computing processes. The company’s announcement of its NVIDIA DGX SuperPOD-based high-performance cloud service platform, expected to launch in Q1 2024, signals a significant step towards providing scalable and dynamic AI solutions across various industries.

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VanEck Research Predicts Ethereum Price to Reach $11.8k by 2030

by Blockchain NewsOctober 2, 2023

The comprehensive evaluation on Ethereum (ETH) by VanEck Research, led by Matthew Sigel, the Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst, Digital Assets, has revised the price target for Ethereum to $11.8k by 2030, following Ethereum’s hard fork. This revision is due to a more precise valuation model that took into account a variety of revenue streams and market dynamics associated with Ethereum’s ecosystem. The analysis was originally disclosed in a detailed blog post on May 9, 2023, and reposted on X (formerly Twitter) recently. It utilizes a combination of cash flow projections and fully diluted valuation (FDV) calculations.

Ethereum’s revenue model was likened to a digital mall that houses various internet commerce activities. The valuation considered the revenues from transaction fees, MEV (Miner Extractable Value), and an emerging revenue stream termed “Security as a Service” (SaaS). The revenue projections see Ethereum’s network revenues soaring from an annual rate of $2.6 billion to $51 billion in 2030, assuming a dominant market share of 70% among smart contract protocols.

The transaction revenue estimation is centered on the “market capture” of smart contract platforms in various business sectors like Finance, Banking, Payments (FBP), Metaverse, Social and Gaming (MSG), and Infrastructure (I). The analysis suggests a shift in the relationship between platform and business revenues over time as off-chain businesses deploy on-chain to reduce costs and seek new revenues.

MEV, profits derived from transaction ordering within each produced block, was acknowledged as an integral part of blockchain’s security mechanism. The analysis assumes a direct relationship between MEV and the value of all assets hosted on Ethereum, approximating a “management fee” for keeping value on Ethereum. The L2 (Layer 2) settlement dynamics are seen as the long-term scaling solution for executing transactions on Ethereum, with most revenue from L2s eventually accruing to Ethereum.

A novel revenue item, “Security as a Service” (SaaS), was introduced, conceptualizing Ethereum’s security exportability to back outside ecosystems, applications, and protocols. This burgeoning use case for ETH is anticipated to grow, although it remains uncertain to predict.

The base case scenario projects an ETH price of $11,848 by 2030, discounted to $5,359.71 as of April 30, 2023, at a 12% cost of capital. This base case assumes Ethereum becoming the dominant open-source global settlement network hosting significant portions of commercial activity across various business sectors. The bear and bull case scenarios provide a wider range of price targets, acknowledging the uncertainties surrounding Ethereum’s future performance.

The extensive analysis by VanEck Research provides a clear valuation methodology for Ethereum and explores its potential as a store-of-value asset in the evolving crypto landscape, in addition to its transactional and protocol utility.

Recently, VanEck announced the launch of its Ethereum Strategy ETF (EFUT), an actively managed fund aimed at capital appreciation through investments in Ethereum futures contracts, rather than direct investments in digital assets. The fund will primarily engage with ETH futures traded on the Chicago Mercantile Exchange, under the stewardship of Greg Krenzer, the Head of Active Trading at VanEck. This initiative mirrors VanEck’s existing Bitcoin Strategy ETF (XBTF), with both funds focusing on digital asset futures contracts. By adhering to a C-Corp structure, EFUT and XBTF may provide a tax-efficient advantage for long-term investors.

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Tagged : 2030 / Analysis / ETH PRICE TARGET / Ethereum / L2 SETTLEMENT / Mev / SAAS / SECURITY AS A SERVICE / TRANSACTION REVENUE / VANECK RESEARCH

Raiffeisen Bank to Launch Crypto Investment Service

by Blockchain NewsApril 26, 2023

In a recent announcement, the Raiffeisenlandesbank Niederosterreich-Wien (RLB NO-Wien) detailed its intentions to foray into the realm of bitcoin investing services. The Austrian cooperative banking institution, which was established in 1900 and now has a 22.6% interest in Raiffeisen Bank International (RBI), has decided to launch its new service in collaboration with the Austrian cryptocurrency startup Bitpanda.

Customers of RLB NO-Wien will be able to invest in a variety of assets, including digital assets such as Bitcoin and Ether, thanks to the launch of a new crypto investing service. Customers will also continue to have access to investment services for equities, exchange-traded funds, precious metals, and commodities. The software as a service (SaaS) product that Bitpanda has will be the vehicle through which the service will be delivered.

The Chief Executive Officer of RLB NO-Wien, Michael Hollerer, said that the purpose of the relationship with Bitpanda is to broaden their product offering by including a cutting-edge, risk-free component that would make it simpler for all consumers to amass money. By the end of the year, Bitpanda’s technological infrastructure will have been swiftly and securely linked, making possible the availability of trading.

The new service will also include Bitpanda’s whole inventory of digital assets, which totals over 2,500 different assets and consists of cryptocurrencies such as Bitcoin and Ether. Customers will have the ability to invest in a wide variety of assets, notwithstanding the amount of cash that is now accessible, with investments possible to begin with as little as one euro.

The expansion of Raiffeisen Bank International into the realm of digital currency development includes a move into the provision of investment services for cryptocurrencies. In the year 2020, the bank was in the process of constructing a platform for the tokenization of the national currency utilizing blockchain technology. In addition to this, the bank is well-known for its involvement in trade financing pilot projects leveraging R3’s Marco Polo blockchain network.

In general, the collaboration between RLB NO-Wien and Bitpanda sheds light on the expanding interest that conventional financial institutions have in the provision of bitcoin investment services. It is possible that we will witness a surge in the adoption and public acceptance of digital assets as more financial institutions join the bitcoin industry.

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Tagged : Bitpanda / Crypto Investment / DIGITAL ASSETS / News / RAIFFEISEN BANK / SAAS

Fireblocks Records $100M in Revenue amid Crypto Winter

by Blockchain NewsSeptember 13, 2022

Blockchain infrastructure service provider, Fireblocks has announced it has recorded $100 million in Annual Recurring Revenue (ARR).

“For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth,” said Fireblocks Co-founder and CEO Michael Shaulov. “We saw an unprecedented volume of new market entrants, including fintech, Web3 startups, banks, and PSPs.

Shaulov also noted that its unique “MPC custody and treasury management technology, which has become one of the most fundamental pieces of infrastructure for the digital asset ecosystem, we have seen first-hand the innovation happening among fintechs, Web3 startups, banks, and PSPs who are diligently bringing new digital asset products to market. We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy.”

This feat was achieved in just four years since the unicorn’s first product went live. It effectively positions it in the league of known tech startups like Twilio and Slack that have also recorded similar milestones within the same period.

Fireblocks is an important name in the cryptocurrency ecosystem nowadays as its systems allow businesses to integrate crypto services with minimal effort. Positioned as an institutional grade Software-as-a-Service (SaaS) provider, Fireblocks’ MPC-CMP technology is now used by top brands, including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.

Investors, including Michelle Bailhe, Partner at Sequoia, have attested to the superiority in the technology that Fireblocks provides. According to her, this has contributed to the startup’s growth over the years.

Backed through a series of Venture Capital fundings, Fireblocks has gained popularity for introducing some of the most secured suites for institutions to integrate crypto-related services. As of this year, Fireblocks said it has about 1,500 institutions making use of its products, positioning it as one of the mainstream goto SaaS providers in the digital currency ecosystem.

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Tagged : ANNUAL REVENUE / Enterprise / Fireblocks / SAAS