Totally 86% of traditional companies are implementing or at least considering blockchain-based decentralized finance technology, says Boston Consulting Group.
More than four out of five traditional European financial institutions now see decentralised finance, or DeFi, as a technology worth implementing or at least considering.
That's according to "The Sudden Rise of DeFi," a new study of 411 insurers, banks and trading companies released by Crypto.com and the BOSTON Consulting Group BCG Platinion with an IT focus on October 22.
Specifically, 86% are implementing or evaluating services based on a decentralized structure.
Noting that the blocked value in DeFi grew an impressive 1,500%, to $8 billion, the report concluded that the "ability to borrow, make loans, deposit funds into a savings account or trade complex financial products, all without asking anyone because permission is gaining strength."
Larger companies are shifting more aggressively to DeFi, with 71% of those with a balance sheet above $13.1bn (£10bn) implementing or evaluating the technology, compared with 51% of those below $131m (£100m).
"Research shows that the adoption of DeFi is not just limited to the blockchain industry," crypto said. with co-founder and CEO Kris Marszalek. "Traditional financial institutions of all sizes are seeing DeFi not as a competitive threat, but as a valuable tool for delivering more decentralized and efficient financial services."
Of the companies surveyed, 38% - and 61% of the largest companies - are using DeFi to "facilitate faster and safer payment processing services," the study concluded.
Two-thirds of respondents - 67% - believe DeFi will open up new revenue streams, while 70% believe it can make financial transactions faster and cheaper.
"As markets evolve toward decentralization, there will be a growing demand for approaches such as DeFi, which can provide a more efficient and open form of banking, trade and investment," concluded Kaj Burchardi, managing director of BCG Platinion.
"It is encouraging to find that financial institutions are already seriously and strategically collaborating with the cryptographic community to begin building a new generation of governance and technologically resilient solutions that will make financial services more accessible."
Work to be done
That said, the report found serious concerns about the lack of regulation, with 61% saying it made them hesitate - a concern that worsened for companies with higher turnover or more assets under management.
Almost the same number - 60% - said the lack of recovery mechanisms is worrisome.
Fraud security concerns are another challenge, with 70% saying it prevents DeFi adoption across the enterprise.
Still, the risk of vulnerabilities in smart contracts that put assets at risk is the biggest concern of DeFi research participants.
"There's still a lot of progress to be made to bring DeFi into the mainstream, especially in security and compliance," Burchardi said.
This is something that European regulators recognise. The European Commission last month unveiled "ambitious" proposals to regulate cryptocurrency assets and service providers. Unfortunately, it also predicted that it would take four years for these regulations to enter into force.
In recent years, investors have had to get used to the cyclical nature of the crypto markets. The last of these cycles, decentralized finance, is still developing. DeFi tokens have achieved unprecedented valuations in record time only to quickly empty, erasing tens or even hundreds of millions of dollars in market value.
The main reason why encryption and especially altcoins are so volatile is the lack of new money in the markets. Bitcoin and Ethereum may attract institutional investors, but altcoin traders still usually play a game of musical chairs. The rise of DeFi, for example, correlates with the brightness less performance of the pre-2017 alts - it's the same money chasing the next big bomb. Of course, we need new entries, but from where?
"Adoption" is the obvious answer, but it's worth clarifying what it means - real-world companies paying real money for blockchain projects that redistribute part of it to token holders through creative tokenomics.
The perfect use case for a huge market
One of several sectors where blockchain technology can make a real difference is big data. It is a huge market that is worth $138.9 billion by 2020 and will nearly double to $229.4 billion by 2025, according to market and market statistics.
While blockchain is generally a weak candidate for replacing centralized databases, it is fantastic to ensure the provenance and authenticity of the data. Even governments, usually slow in the adoption of new technologies, have begun to implement pilot projects. The Singapore Public Service is seeking to adopt blockchain to verify supplier history in GeBiz, thereby tracking the career movements of public officials and supporting or even replacing audit processes.
Estonia is already using technology to store public records. The UK Land Registry has partnered with the Methods project to develop a platform that stores land registration information and streamlines the process of buying or selling properties.
In the private sector, manufacturers are investing increasing amounts in research and development of integrated big data solutions. Suppliers are working to reduce equipment costs to gain a competitive advantage, optimize sales cycles, simplify customer service, and better understand customer needs.
GoldsteinResearch says key industry participants such as IBM, HP, Google, SAP, Cloudera and Oracle are progressively investing in R&D to develop unified big data solutions to provide enhanced analytics and integrated data management.
Companies are focusing on mergers and acquisitions to diversify their product portfolio with big data and mainframe technologies. For example, in 2015, Microsoft acquired Revolution Analytics to expand its business to cloud-based platforms. Similarly, IBM acquired Cloudant and Cleversafe to strengthen its cloud platform business.
In short, corporate big data is a huge market and blockchain technology can realistically capture a significant part of it. Projects in developing these blockchain big data solutions will achieve "true adoption" in the sense that they can attract new money to the crypto ecosystem.
Moreover, big data does not only concern the corporate market. The DeFi cycle may be deflating now, but the idea of decentralized finance is compelling and here to stay - and big data is right at the heart of it.
From understanding behaviour, patterns to KYC/AML compliance and reliable pricing feeds, big data is everywhere in DeFi. Oracles are an especially important use case with projects like Chainlink, Band Protocol, Tellor and Kylin Network – all of which have been on the market for a while and are growing.
A quantifiable investment
The size of the addressable market for big data blockchain projects is attractive, but what is even more attractive is that they can evolve into quantifiable businesses.
It is difficult or even impossible to apply traditional financial metrics to most altcoins, as there is no revenue. The price reflects hope, not fundamentals. Projects with real economic activity, on the other hand, can be analyzed - you can calculate profit per token or price per token in the same way you would for publicly listed stocks.
This makes big data blockchain projects a more conservative and reliable investment than tokens in the hype cycle. Some think this is a disadvantage, but they are perfect for building a diverse portfolio of lunar shots and reliable winners. Industry resources such as CoinGecko have already realized this trend and are monitoring big data projects as a niche that can become the "next big thing" that will overshadow even DeFi.
Blockchain data projects to watch
The three fastest development big data blockchain projects are Ocean Protocol, Quadrant, and Streamr. All three have real-world apps and real use cases.
Ocean Protocol helps developers create markets and other applications to publish, exchange, and consume data privately and securely. It also provides access control, data science, and other products that developers can use in their applications.
The Ocean Protocol got off to a troubled start with a controversial IEO and community shenanigans. However, the errors were rectified by the fact that the project rose to the top 100 in CoinMarketCap. The project currently has a market capitalization of more than $130 million.
The project roadmap points to the development of a community market in 2020, extensive improvements in the core of ocean protocol, new applications and improved infrastructure, and incentive to provide data.
Quadrant Protocol is the blockchain arm of Quadrant Global, a big data enterprise location company that has been around since 2014. After conducting an ICO in October 2018, the Quadrant Protocol was flying under the radar with little communication. Unfortunately, this is clearly reflected in the token price, as the project has a relatively low market value and trading volumes.
On the other hand, the company mentioned during its last AMA that the platform is already profitable. If they can find a better tokenomics model, the project may attract more interest from investors.
Recently, quadrant protocol began to communicate more. Your updated project roadmap includes four new initiatives with real-world applications. The first to be released is Cape Canaveral, a consent management platform that introduces transparency into data supply chains by registering user consent in the chain.
The Baikonur Project also looks interesting because it directly involves the community - they can collect and validate location data using a mobile app and be rewarded in the project's native token.
Streamr is an open-source software project distributed with contributors worldwide. It is positioning itself as the missing link in creating a real-time data protocol for the decentralized web. Streamr is listed on Binance with a market capitalization of just over $30 million.
The project roadmap is ambitious and includes the refinement of its internal economy and scalability research, which proves that the network has low and predictable latency. Another milestone for them is the creation of data unions for redistribution of data ownership.
In light of the growing importance of big data in all sectors, blockchain projects targeted at this field may be among the best performing. They have the opportunity to capture shares of a multibillion-dollar market and attract new money to crypto.
Projects such as Ocean and Streamr, both listed in Binance and with solid performance, can attract existing traders in the hope of making a profit from fluctuations. At the same time, the quadrant protocol seems to be undervalued without listings on major exchanges.
As blockchain continues to mature, we expect market cycles to become a little less volatile. There's always a "shiny new object" like ICOs or vegetable chips, but at the end of the day, adoption and money talk.
Cryptocurrency regulations should not be a guessing game. For this reason, Ripple, the San Francisco-based payment company behind RippleNet, will consider Japan, Singapore, the United Arab Emirates, Switzerland and the United Kingdom as potential destinations if they move from the United States, its CEO, Brad Garlinghouse Bloomberg said in an interview on October 21.
Ripple considers five countries if the United States is slow
Ripple is a for-profit company. Its executives, especially Brad Garlinghouse, have been urging U.S. regulators to formulate and implement appropriate encryption rules to help spur emerging sector growth in the world's leading economy.
Brad said that considering the weight of the regulation, there should be more clarity. In fact, regulations should not be left for interpretation. Instead of conjecture, U.S. lawmakers should clarify whether cryptocurrencies are commodities, properties, currencies or bonds.
While blockchain companies in the United States remain in limbo, Japan, Singapore and other countries that the payment company is considering have taken steps to develop appropriate laws that guide projects, clearly stating their expectations and what they must do to operate without problems within the limits of the law.
"The common denominator among all of them is that their governments have created clarity about how they would regulate different digital assets, different cryptocurrencies. Regulation should not be a guessing game. Ripple is definitely a proud American company and we would like to stay in the U.S. if that were possible, but we also need regulatory clarity so we can invest and expand the business."
Japan, for example, Brad said, has created an environment that allows the development of a very healthy market. It is in this jurisdiction that Ripple has a fruitful relationship with SBI Holdings, one of Japan's largest financial giants.
Through their partnership with the Yoshitaka Kitao-led company, they established SBI Ripple Asia, an alliance that helps drive the Ripple brand in Southeast Asia.
New Regulatory Framework in the United States
As BTCManager reported, the Conference of State Bank Supervisors - representing regulators from all U.S. states and territories in mid-September - launched a new regulatory framework for Fintech companies, including cryptocurrency companies.
They agreed on a single set of supervisory rules to reduce compliance costs, making it possible for money transmission companies, including cryptocurrency exchanges, to expand easily in different U.S. states.
As Bitcoin trading volumes decrease, the asset is being viewed more as a rare asset than as a negotiable currency.
Data says bitcoin is being used more as an investment than a negotiable currency.
The currency is seen more as a protection against volatility in the fiduciary markets.
Now it's behaving more like assets, including fine wines, rare whiskeys and classic cars.
Just over 12 months ago, the number of Bitcoins circulating in the markets was twice the second most liquid asset, Ether, the currency of Ethereum. Today, the opposite is true.
In fact, bitcoin trading volume has declined since 2018, but as we've seen this year, the price of Bitcoin has risen, surpassing $13,000 for the first time this year.
While we know that the price of Bitcoin goes up and down all the time, crypto market watchers in 2020 seem to be coming to similar conclusions: the nature and scope of this recent Bitcoin bull run looks and feels different.
In today's Market Watch (in association with AAX) we'll explore why this happens and why Bitcoin is now being treated in a similar way to how investors buy and maintain luxury items like wine, whiskey and watches.
Bitcoin becomes an asset
First, let's take a look at how the behaviour of Bitcoin traders has changed.
The number of Bitcoin addresses with more than 0.1 coins (currently about $1,188) is at an all-time high, and the number of addresses with more than 100 currencies (currently $1,188 million) has reached a six-month high, according to Glassnode.
The number of cryptographic whales, those that hold more than 1,000 BTC, also reached an all-time high in August this year.
It's not hard to see why. According to analysis site Glassnode: "98% of all unspent Bitcoin transactions (UTXOs) are currently in a profit state."
This has been a trend that has been maturing over several years, according to Grayscale's Bitcoin valuation report. In the newspaper, the grayscale noted a sharp increase in the number of holders - people holding Bitcoin for more than three years - versus speculators, people who have moved Bitcoin in the last 90 days.
The report also indicates that there has never been a higher level of Bitcoin owned for more than a year. Bitcoin is becoming a reserve of value, not a trading currency, which we will explore further in the next section.
Ethereum and Tether become the currency of cryptography
As we said before, just a year ago, Bitcoin was the lifeblood of cryptocurrency liquidity markets. But things are different now.
Ethereum's blockchain is now processing more than twice the volume of daily bitcoin blockchain transactions, riding a wave of massive growth in stablecoins and the DeF applications that use them.
A new report from crypto research firm Messari on third-quarter activity in DeFi and stablecoins revealed that the current 30-day average for Ethereum is about $7 billion; Bitcoin is below $3 billion.
If current rates remain, Ethereum is on track to see more than $1 trillion in annual transaction volume, a major reversal from 2019, when the volume of Bitcoin transactions was more than double that of Ethereum.
The tether, however, is not only the most traded stablecoin - Messari found that during the summer he grew up and surpassed even Bitcoin with an average 30-day transaction volume of nearly $3.5 billion.
Bitcoin has been knocked out of its traditional position, which is another reason why the prospect of Bitcoin is becoming more of a luxury asset than the cryptocurrency of the day. In the last section, we'll look at the similarities between how Bitcoin behaves and how other luxury assets behave.
Bitcoin, the fine wine of cryptography
When investors look at whether an asset or commodity is worthy of investment, one aspect they pay attention to is something called a stock-to-flow model.
This is a calculated value by dividing the existing supply of a commodity by the annual growth of the production of that commodity. Commodities with high stock rates for flow include gold, silver, wine, art, classic cars, watches and, yes, Bitcoin. Let's take the gold as an example.
The World Gold Council says approximately 190,000 tons of gold has already been mined. Let's call it stock. Every year, the gold industry withdraws from the soil something between 2,500-3,200 tons. This is the flow. In this case, the ratio between stock and gold flow is 59. This means that, at the current rate, it would take 59 years to extract 190,000 tons of gold. That means its value will remain very well.
Bitcoin's cash flow stock has behaved with a high correlation with this model. In essence, bitcoin's value is expected to increase as the amount of Bitcoin produced decreases over time, thanks to the way the network was built.
Assets like these are also seen as protection against market volatility.
Most market watchers see gold as a symbol of the investor's intent. When markets are down, the price of gold tends to rise. Which is true, as the graphics below attest. As stock markets have become more volatile this year because of COVID-19, so did the price of gold as investors rush to it as a refuge.
But buying and storing gold is difficult and involves a legion of intermediaries who charge for this privilege.
When investors fail to get their hands on gold, they look for other rare assets to put their money, such as wine, whiskey and watches, among other luxury items.
These assets have to deal with similar aspects of supply and demand, scarcity and availability, which has made investors look for rare items to keep as an investment. Take whiskey, for example.
According to the Knight Frank Wealth Report, the value of the rare whiskey industry has grown 564% in the last 10 years, with a 5% gain this year. Fine arts are up 141%, wines 120%, cars 194% and watch 60%. As the stock market's performance has faltered this year thanks to a global recession, investors are picking up the best things and holding them back because, like gold, there aren't many of these luxuries being produced or coming to market every year, so their value increases. Let's look at the watches in more detail, in particular the Rolex.
Rolex manufactures approximately 800,000 watches a year, giving it a constant supply. However, the availability of these watches is scarce. Waiting lists for popular models can reach five years, and access to these waiting lists is granted to existing customers who have bought Rolexes before.
Rolex also regularly stops tracks, increasing their shortage. For example, a type of Rolex, nicknamed "The Hulk" (because it's all green), was discontinued this year, causing its price to rise 200% in a few months.
This leads to a grey market, where the price of Rolex watches exceeds what you would pay in retail if you could get one, which makes them a surprisingly good investment. The same applies to certain types of wine, art and cars: there are not many of them and they perform better than other asset classes. Just like Bitcoin.
Bitcoin is not gold
Although Bitcoin is often compared to the response of cryptography to gold, this column states that it is more like a rare consumer commodity than gold, thanks to the way it is managed, bought and sold.
The supply and distribution of gold are managed by large institutions and state actors. It is also heavily regulated to prevent the entry of fake gold into supply - although it is more difficult to keep counterfeit precious metals out of the supply chain than people initially thought.
The supply and distribution of fine items such as wine or watches are not managed in the same way. Instead, it is a market more similar to buying and selling cryptocurrencies. There are brokers, and exchanges, buying and selling to individuals and legal entities in a more fluid way, without the same federal or institutional supervision. And a lot of people want it to stay that way.
Bitcoin, like a good wine, gets rarer over time, and investors are loving it.
As the customer experience moves more and more online, convenience is becoming the top priority. Consumers are accustomed to next-day delivery and orders from their seats - and are unwilling to compromise these benefits.
When today's consumers venture into the store, they are less happy to queue or wait for a slow transaction to complete than ever before. So much so that they can get completely discouraged if they have to fish a card or enter their PIN. The advent of Apple and Samsung Pay has done little to help in this phenomenon, with customers' devices memorizing payment details for them.
As a result, retailers now have the task of providing a frictionless experience if they want to stay competitive and ensure conversions in this modern and fast-paced world. In addition, as digital payment systems developed, data regulations have also evolved, adding another consideration to retailers' dishes. The system needs to have data security, but without sacrificing perfection.
Ensuring customer safety is essential to prevent retailers from having to deal with unnecessary reversals and refunds, as well as to reduce the risk of a potentially catastrophic data leak. It sounds like a lot, but fortunately, this is not something retailers need to tackle on their own. That's where the right payment provider can help.
More and more retailers are reaping the benefits of tokenization to satisfy this perfect but still secure dichotomy. Let's take a closer look at how tokenization works, the benefits it can provide, and how retailers can implement it.
So what is tokenization?
In a nutshell, tokenization is a system that allows the customer to save their data with a retailer for later use. This means that in the future, whenever you want to buy something with your business, your payment details will already be stored, making the checkout process much more smooth.
On the client-side, they'll see this as a "remember me" button on the web page where they entered their payment details. Behind the scenes, Ingenico will save this raw payment data to protected servers, scramble the actual details into a code, and send the "token" to the retailer. The retailer then links the token to the customer's profile so that, on the next purchase, the customer does not have to enter the card details again.
Tokenization is not limited to the desktop; it can also enable the seamless interaction of an omnichannel shopping experience. For example, if a customer buys something in the store but then calls a call centre to make a return, the call centre can track and refund the purchase using the token generated during the in-store transaction. Or, for a click-and-collect solution, tokenization can allow a store to match a customer with their online purchase by scanning the card details.
As a result, tokenization can help retailers implement stronger fraud management, enabling them to better recognize genuine customers as well as allow them to perform customer analytics across channels.
How can tokenization benefit your business?
We've seen how tokenization allows retailers to store online customer details securely and enable quick checkouts with one click. Another advantage is the data insights it provides, which can help retailers get extra information about their customers and adjust their operations to fit in. This data can help retailers identify the origin and end of the payment journey, for example, or track the percentage of online sales compared to in-store sales.
In addition, the use of tokenization can allow retailers to implement recurring payments and/or subscriptions, so customers don't have to keep asking for something they want to buy repeatedly. It also plays an important role in loyalty and rewards programs for consumers – all valuable information gained from tokenization helps retailers personalize the consumer experience.
The next step is how to implement this. Partnering with a provider with the right payment processing delivery experience, including tokenization, online, through omnichannel solutions, means they know and can help retailers know what customers need as well as scale.
Taking advantage of this means retailers can provide a fast and secure channel payment experience that gives customers the ease of use to make the checkout experience as fast and as easy as possible. It can also improve customer loyalty by encouraging you to continue shopping with the same retailers, using tokenization to provide a smoother and more intuitive customer experience.
Bitcoin Group SE concludes merger of Bitcoin Deutschland AG with Futurum bank AG in Germany's first crypto bank.
- Merger of Bitcoin Deutschland AG with Futurum bank AG registered in the commercial register
- Combined entity to operate under the name of Futurum bank AG
- Encryption and custody under the aegis of the Futurum bank AG from a single source
- Effects of high synergy at the organizational level
- New growth boost of institutional clients
Herford, October 22, 2020 - Bitcoin Group SE (ISIN DE000A1TNV91 ) has closed the merger of Bitcoin Deutschland AG with Futurum bank AG. Germany's first crypto bank is the result of the unification of the bitcoin.de and all investment banking services of Futurum bank AG. After successful registration in the commercial register on October 13, 2020, the combined entity will operate under the name Futurum bank AG. The integration measure is thus also concluded at company law level.
Upon completion of the merger, Futurum bank AG now groups all licensed regulatory assets held in the Group under an entity that has already been licensed under regulatory law. This results in high synergy effects within Bitcoin Group SE, reducing organizational and regulatory complexity. In addition, this measure strengthens Bitcoin Group SE's offering as a cryptocurrency trading platform and depositary. Futurum Bank AG can offer customers an even better service from a single source.
This marks another significant step in diversifying the business model. BaFin has established a unified legal framework for banks to offer and store cryptocurrencies. Bitcoin Group SE also makes use of this possibility and extends the provision of crypto custody services to the entire Group of companies. In the future, Europe's largest crypto trading platform will also be available to institutional clients through Futurum bank AG. The new customer base opens up new prospects for added value growth for Bitcoin Group SE.
"Market participants, both private and institutional, are looking for lucrative investment opportunities outside the Euro and US Dollar & Co. Cryptocurrencies are highly appreciated for their high returns and security features. Our reliable and attractive portfolio of services, which is already used by more than in the future, 884,000 private clients will also be open to institutional investors through the newly formed Futurum bank AG. We expect this to result in significant growth boosts for Bitcoin Group SE," said Marco Bodewein, Ceo of Bitcoin Group SE.
About Bitcoin Group SE: The Bitcoin Group SE is a holding company focused on innovative and disruptive business models and technologies in the areas of cryptocurrency and Blockchain. Bitcoin Group SE holds 100% of the shares of Futurum Bank AG, which operates a trading market for the digital currencies Bitcoin, Bitcoin Cash, Bitcoin Gold and Ethereum under Bitcoin.de, as well as classic investment services and 50% of the shares of Sineus Financial Services GmbH, a financial services provider overseen by BaFin.
Bitcoin Group SE is listed on the Düsseldorf Stock Exchange Primary Market and on all other German stock exchanges (symbol: ADE, ISIN: DE000A1TNV91, GSIN: A1TNV9).
Bitcoin has been here for over ten years. When it was first "invented" in 2009, it was more of an underground "currency" than formal digital money. At that time, only a few enthusiasts were playing with it, and it had almost no value. One Bitcoin user in 2011 even put 10,000 pieces of BTC at auction for only $60 - but no one bought it. The first real-world purchase of Bitcoin was for a pizza in exchange for 10,000 BTC.
Now, Bitcoin is widely used by many people and is even regarded by many as the "digital gold" of this era. No longer an ignored form of digital currency, it is now widely used in many things: shopping, trading and online investments, online gambling through Bitcoin casinos and many other things.
How does BTC work when it comes to gambling? What are Bitcoin casinos and how do they work? Is it different from how existing online casinos now work? Here are the things you need to know.
How do Bitcoin casinos work?
A Bitcoin casino is no different from the traditional online casino you probably know. It mainly offers a similar set of games that you can find in all online casinos. The only difference is that this type of casino accepts Bitcoin as the only form of payment.
Here are some of the most popular Bitcoin casinos of the moment:
Bc - casino . With
What makes it very attractive to players?
There are many reasons why many players choose to go to an online casino that operates only through BTC. From security to convenience issues, here are some of the reasons.
Many people attach great importance to their online security and privacy, including online players. That's why some people even fall for the terrible mistake of using fake details when signing up for an account, only to end up being suspended if not banned from the site.
One of the security protocols for online gambling sites is for their customers to provide verification information. This will sometimes be requested early on, although some require only identity verification before the customer's first withdrawal.
A Bitcoin casino removes all of this. Since all you need is a Bitcoin wallet ID, which is not linked to any personal information about you, you can technically play, deposit and withdraw without disclosing any personal or financial information.
No transaction fees
Regardless of the payment method, you are using - a bank account, debit or credit card or an e-wallet -
What you should know
Although owning Bitcoin is technically recognized as a legal thing for most of the world, it has not yet been recognized as a real currency or legal course. Most countries, although they consider Bitcoin and other forms of cryptocurrency legal, only see them as property, but not as legal currency.
When it comes to online betting using Bitcoin, no clear or definitive law makes it illegal or even recognizes it as legal. Technically, as Bitcoin is not recognized as a legal currency, there may be complications as to its legality. However, this subject can be confusing and complicated. If you are looking to play in a Bitcoin casino, the best thing to do is to do thorough research on how cryptocurrency usage works for gambling and the possible risks that come with this.
A new study has shown that traditional financial firms are exploring the use of decentralized finance (DeFi) to improve their existing services and create new revenue streams.
The study, conducted by Crypto.com and BCG Platinion, was first identified by CryptoBriefing and surveyed more than 400 financial firms in various sectors, including banking, insurance and commerce. The research focused on the challenges and opportunities associated with the adoption of DeFi.
He found that there is growing interest in space, with 86% of respondents revealing that they are already implementing or considering implementing cryptocurrency-based technologies to improve their services.
Kris Marszalek, co-founder and CEO of Crypto.com, was quoted as saying:
''Research shows that the adoption of DeFi is not limited only to the blockchain industry; traditional financial institutions of all sizes are seeing DeFi not as a competitive threat, but as a valuable tool for providing more decentralized and efficient financial services.''
Marszalek added that this is shown in "his warming attitudes toward DeFi and its integral role in future plans for the vast majority of them. It was also found that large billion-dollar companies were on board, some of the respondents revealing they had a balance sheet above £10 billion ($12.8 billion). Of these, 70% evaluated or implemented some form of DeFi in their operations.
Fund security and regulatory hurdles have been revealed as hindering the adoption of the decentralized financial space, with 70% of respondents saying concerns about fund security and fraudulent activities need to be resolved before space can grow, and 61% pointing to regulatory threats.
Digital currency market research study - the exploration report composed of market data derived from primary and secondary research techniques. The request for proposals by governments and public-private companies around the world to mitigate the impact of the COVID-19 pandemic is considered a market force.
The goal is to gain premium insights, quality data and information regarding aspects such as market scope, market size, participation and segments, including types of products and services, end-use application/industry, SWOT analysis and by various emerging by geographies. Some of the players profiled in the standard version of this study are Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, Dash, Factom, MaidSafeCoin, Peercoin, Novacoin & Namecoin.
The bitcoin network has gained wide acceptance around the world as investors believe that bitcoins are a safe option for investment due to their huge market share and higher acceptance rate compared to other digital currencies. With the growing popularity of digital currencies, several companies are launching the bitcoin network into the dominant economy.
In addition, they are also trying to leverage digital currencies to facilitate the speeding up of international transfers, which will help investors actively engage in the foreign exchange market without incurring huge transaction costs.
The market is expected to see high growth due to increased investments in digital currencies by entrepreneurs and developers.
Because the market is decentralized, this will help suppliers focus on creating better versions of digital currencies and other product innovations. Constant innovations in the market are expected to generate immense growth opportunities for market suppliers in the coming years.
The main suppliers in the market are focusing on developing new types of payments during the forecast period to increase their market share.
At first, there was the global reserve currency (US dollars) national currencies like the Japanese yen, alternative currencies like the Hours of Ithaca and only one cryptocurrency, Bitcoin.
But what a difference a decade can make, today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to do something even better than Bitcoin, but also currencies that use part of the technology that makes Bitcoin so powerful, but that associates it with the authority of a national government, such as the Digital Yuan in China, the Digital Euro of Brussels, or even a global corporation with billions of customers like Libra, supported by Facebook.
In this emerging image, is bitcoin still interesting? The first attempts at new technologies, even when successful in introducing a powerful new idea, are often not the ones that eventually manage to change everything. And most importantly, as the world changes and we approach something other than the dollar standard, where does bitcoin fit in?
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.