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Revenue Cycle Management Market worth $84.1 billion | MarketsandMarkets

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CHICAGO, June 30, 2023 /PRNewswire/ — In the near future, the revenue cycle management (RCM) industry is expected to undergo significant transformation and growth. Advancements in technology, such as artificial intelligence and machine learning, will drive automation and optimization of RCM processes, reducing administrative costs and expediting revenue cycles. Data analytics will play a crucial role in identifying revenue leakage and improving financial outcomes. Moreover, there will be a greater emphasis on patient experience, with transparent pricing, cost estimates, and convenient payment options becoming integral to RCM practices. Compliance with evolving regulatory requirements will be a key focus, leading to increased demand for specialized RCM expertise. Outsourcing and strategic partnerships will continue to be prevalent, allowing healthcare organizations to leverage the expertise and scalability of RCM vendors. As the industry adapts to evolving payment models, such as value-based care, RCM processes will need to align with new reimbursement methodologies. Overall, the future of the RCM industry holds immense potential for innovation, efficiency, and improved financial outcomes for healthcare organizations.

Revenue Cycle Management Market in terms of revenue was estimated to be worth $49.6 billion in 2023 and is poised to reach $84.1 billion by 2028, growing at a CAGR of 11.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The shift from fee-for-service to value-based reimbursement models is transforming the RCM market. Value-based reimbursement models are based on patient outcomes rather than the volume of treatments rendered to patients. Value-based reimbursement models have enhanced patient experience and facilitated financial workflows for providers. This has positively impacted the RCM market growth to a certain extent. Also, growing regulatory requirements & government initiatives are expected to drive demand of the RCM market during the forecast period.

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Browse in-depth TOC on “Revenue Cycle Management Market”

282 – Tables
40 – Figures
275 – Pages

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Revenue Cycle Management Market Scope:

Report Coverage

Details

Market Revenue in 2023

$49.6 billion

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Estimated Value by 2028

$84.1 billion

Growth Rate

Poised to grow at a CAGR of 11.1%

Market Size Available for

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2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

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Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product & services, delivery mode, end user and region

Geographies Covered

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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing demand for AI & cloud-based deployment

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Key Market Drivers

Growing need to manage unstructured healthcare data

By product & services segment, the outsourcing services segment is expected to grow at the highest growth rate during the forecast period.

The outsourced services segment is anticipated to expand at a considerable CAGR among the product & service categories throughout the forecast period. This can be attributed to its ability to optimize revenue cycle operations through the utilization of specialized resources and expertise from third-party providers. By doing so, healthcare organizations can focus on their core competencies, achieve cost reductions, and enhance operational efficiency. Furthermore, outsourcing services grant access to advanced technology platforms, enabling seamless integration, streamlined workflows, and robust data analytics capabilities. With scalability and adaptability, outsourcing services drive revenue cycle management advancements, bolster financial stability, and elevate overall performance for healthcare providers.

By delivery mode, the on-premise segment is expected to account for the largest revenue cycle management market share.

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In 2022, the on-premise segment held the largest market share for revenue cycle management globally. The significant market share of this segment can be attributed to the security and data safety features possessed by on-premise deployment. Easy data access within the interdependent facilities of a healthcare setting has further elevated the market share.

By end user, the healthcare providers segment is expected to account for the largest share of the revenue cycle management market.

Healthcare payers and providers are the two market segments for revenue cycle management based on end users. RCM offers numerous benefits for healthcare providers, helping them optimize financial performance, improve operational efficiency, and enhance the overall patient experience. These factors have elevated the adoption of RCM solutions amongst healthcare providers, thus, positively impacting the market growth.

North America dominates the revenue cycle management market during the forecast period.

In 2022, North America held the largest market share for revenue cycle management. The large share of this region can be attributed to several factors, including strict regulations, an increase in the number of claims denials, well-established government payers and high numbers of private healthcare payers, and a sizable number of healthcare IT companies.

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Revenue Cycle Management Market Dynamics:

Drivers:

  1. Growing need to manage unstructured healthcare data

Restraints:

  1. Deployment costs include licensing and subscription costs

Opportunities:

  1. Growing demand for AI & cloud-based deployment

Challenges:

  1. Issues related to data security and confidentiality

Key Market Players:

R1 RCM (US), Oracle (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Veradigm (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)

Recent Developments:

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  • In 2023, Optum partnered with Owensboro Health to manage revenue cycle and information technology and improve patient outcomes and safety.
  • In 2022, the R1 RCM announced 10-year end-to-end RCM partnerships with Scion Health, Sutter Health, and St. Clair Health to streamline workflow standardization and improve patient access platforms.
  • In 2022, McKesson signed a definitive agreement to acquire Rx Savings Solutions to offer medication therapy more affordable and increase medication adherence to improve outcomes.

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Revenue Cycle Management Market Advantages:

  • Improved Financial Performance: RCM solutions help healthcare organizations optimize their revenue streams by streamlining billing, coding, claims processing, and payment collection processes. By enhancing the accuracy and efficiency of these processes, RCM solutions minimize revenue leakage, reduce claim denials, and expedite payment cycles, leading to improved financial performance for healthcare providers.
  • Cost Savings: Implementing RCM solutions can result in significant cost savings for healthcare organizations. By automating manual tasks, reducing paperwork, and minimizing errors, RCM solutions reduce administrative expenses and enhance operational efficiency. Moreover, RCM solutions provide insights into billing patterns and revenue trends, enabling organizations to identify areas for improvement and implement proactive strategies to maximize revenue generation.
  • Enhanced Revenue Integrity: RCM solutions ensure the integrity of revenue by improving coding accuracy and compliance with regulatory requirements. With ever-changing healthcare regulations and reimbursement policies, RCM solutions help healthcare organizations stay up-to-date and compliant, reducing the risk of penalties and revenue loss due to non-compliance.
  • Increased Productivity: RCM solutions automate repetitive and time-consuming tasks, enabling healthcare professionals to focus on patient care rather than administrative burdens. By reducing manual intervention, RCM solutions streamline workflows, enhance productivity, and allow staff to allocate their time and expertise more effectively, leading to improved overall operational efficiency.
  • Real-time Analytics and Reporting: RCM solutions provide real-time data analytics and reporting capabilities, offering healthcare organizations valuable insights into key performance indicators, revenue trends, and financial metrics. These insights enable informed decision-making, identification of revenue optimization opportunities, and implementation of proactive strategies to address revenue cycle challenges.
  • Patient Satisfaction and Experience: RCM solutions contribute to improved patient satisfaction by enhancing the financial experience for patients. Transparent pricing, accurate cost estimates, and convenient payment options provided through RCM systems empower patients to make informed financial decisions and ease the burden of medical billing. This, in turn, enhances patient loyalty and contributes to a positive overall patient experience.
  • Scalability and Adaptability: RCM solutions can be tailored to the specific needs and size of healthcare organizations, making them scalable and adaptable. Whether it is a small clinic or a large hospital system, RCM solutions can accommodate varying volumes of transactions and adapt to evolving industry requirements, supporting the growth and changing needs of healthcare organizations.

In conclusion, the revenue cycle management market offers advantages such as improved financial performance, cost savings, enhanced revenue integrity, increased productivity, real-time analytics, patient satisfaction, and scalability. These advantages position RCM solutions as essential tools for healthcare organizations seeking to optimize revenue streams, improve operational efficiency, and provide an enhanced financial experience for patients.

Revenue Cycle Management Market – Report Highlights:

The global revenue cycle management market is projected to reach USD 84.15 billion by 2028 from USD 49.6 billion in 2023, at a CAGR of 11.1% during the forecast period. The market growth is majorly attributed to the need for increased patient volumes and the growing need to manage unstructured healthcare data. Also, growing regulatory requirements & government initiatives are expected to drive demand growth in the revenue cycle management market during the forecast period.

Recession Impact on Revenue cycle management market

Recession after Covid-19 did not have a substantial impact on the RCM market. In fact, according to industry experts, demand for RCM solutions increased to overcome the growing expenses and shortage of funds faced by healthcare providers. The highly efficient RCM solutions helped the healthcare providers to achieve their financial goals with the help of predictive analytics. However, few small healthcare practices shifted their economic focus to essential medical services due to budgetary constraints. This had affected the market growth to a certain extent.

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R1 RCM (US), Oracle (US), and Optum (US) are among the significant providers of the Revenue cycle management market.  

Coverage of market players

We have covered 25 companies in the report, including R1 RCM (US), Oracle (US), Optum (US), McKesson Corporation (US), Change Healthcare (US), 3M (US),  AdvantEdge Healthcare (US), Conifer Health Solutions (US), Veradigm (US), GE Healthcare (US), Cognizant (US), Huron Consulting Group (US), SSI Group LLC (US), Experian plc (Ireland), and athenahealth (US).

Updated financial information and recent developments of the profiled players

The report contains the updated financial information for each listed public company from January 2021 to March 2023. It also includes the recent developments undertaken by market players as well as their strategic overview.

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Recent developments help identify market trends and popular growth strategies market players adopt. The current analysis shows that service launches and acquisitions were prominent growth strategies for players between January 2020 and August 2022.

Market Overview and Industry Insights

Updated the market overview inclined to new recent developments and recently available statistics. Ecosystem/ market map, tariff, and regulatory landscape, case study analysis, key conferences & events in 2022-2023, Porter five forces analysis, adjacent market analysis, trends, key stakeholders and buying criteria, and indicative pricing analysis are added in industry insights.

Related Reports:

Patient Access Solutions Market – Global Forecasts to 2027

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North American Healthcare IT Market – Global Forecasts to 2027

Medical Terminology Software Market – Global Forecasts to 2027

Population Health Management Market – Global Forecasts to 2027

Clinical Decision Support Systems Market – Global Forecasts to 2027

About MarketsandMarkets™:

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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MarketsandMarkets™ INC.
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Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/revenue-cycle-management-market.asp
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Blockchain Press Releases

Animoca-backed Upland’s SPARKLET Token Lists Exclusively on Bitget Launchpool

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VICTORIA, Seychelles, July 23, 2024 /PRNewswire/ — Bitget, the leading cryptocurrency exchange and Web3 company, announced the exclusive listing of Upland’s first-ever tradable token SPARKLET on the Bitget Launchpool.

The one-of-its-kind metaverse project will launch its token generation event (TGE) in collaboration with Bitget, allowing the platform’s users to have priority access for the awaited token. The farming for SPARKLET will start at 13:00 (UTC), on 24th July and end on 1st August 2024. With this, users can stake Bitget Token (BGB) to earn a total prize pool of 7,000,000 SPARKLET tokens. The SPARKLET/USDT pair will be listed on Bitget Spot market, with trading service starting at the same time as Launchpool.

This news comes right after the partnership announcement between Bitget and Upland, which includes building the exchange’s virtual headquarters in the metaverse. As part of this initiative, Bitget has purchased Treasure Island, the last unminted neighborhood in Upland’s San Francisco which houses 888 properties.

Built in 2019, Upland stands as one of the most widely-used web3 platforms, with 30,000+ daily active players, 300,000 unique land owners, and over 6,000,000 NFT sales. Upland has transformed into a Layer 1 metaverse, delivering the foundational infrastructure of an open, immersive web, including identity, liquidity, currency, land, no-code NFT creation, fiat on/off ramps, and governance.

“The initiative directs Upland’s strong stance towards decentralization, allowing Spark holders to trade Sparklet in liquid markets. It also aims to boost Upland’s presence and credibility in the Web3 industry by listing on top-tier exchanges such as Bitget, attracting more users and enhancing the platform’s network effects,” says Dirk Lueth, CEO at Upland.

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Spark as the native utility token, fueled all value creation in Upland. It is the resource required for world-building, joint community projects, no-code NFT minting, and “manufacturing” of 3D map NFTs such as cars or decor items and more. The SPARKLET token is one-thousandth of a SPARK. In May 2024, Upland users were airdropped Sparks, which now has been migrated to SPARKLET tokens on Ethereum.

“At Bitget, our support for crypto gems goes beyond a simple listing. We are dedicated to helping promising projects gain more visibility, users, and partners through our Launchpool, Launchpad, and various educational and reward initiatives. Our collaboration with Upland to create a Bitget-themed metaverse is a mutually beneficial and exciting endeavor. We aim to become the top choice for more emerging projects in the future, aiding them in creating a greater real-life impact,” says Gracy Chen, CEO at Bitget.

The exclusive listing of SPARKLET on Bitget’s launchpool provides its users with early access to Upland’s first-ever tradable token. This also allows Upland’s current users to use their SPARKLET airdrops for further trading on a sophisticated platform such as Bitget. Previously, Bitget’s launchpool listed high potential projects such as Merlin Chain (MERL), Ethena (ENA), ZetaChain (ZETA) and more.

To participate, users can visit SPARKLET launchpool on Bitget, enter preferred staking amount and earn tokens within a few clicks.

For more information on getting exclusive access to SPARKLET tokens, please visit here.

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About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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Blockchain

YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale

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peaq, the layer-1 blockchain for DePIN and Machine RWAs, announces the expansion of its ecosystem as YOM, the cloud gaming and interactive experience DePIN, unveils its plan to expand to peaq from Solana. YOM enables gamers to earn crypto from their advanced rigs by lending their idle computational power to its DePIN. As the first step toward integrating peaq, YOM will launch its recently-unveiled Genesis Series as the first NFT Node Mint on the peaq blockchain. It will also explore further venues for more collaborations and integrations in the future.

Projected to grow to $312 billion in total revenue by 2027, the video game industry is a powerhouse in the wider entertainment segment, leaving both Hollywood and the music industry far behind. Cloud gaming services, which stream games to the user’s devices such as a smart TV or even a smartphone, are a promising sector in this industry, as they deliver AAA-tier gaming experiences without having to purchase a high-end PC or a console. However, in Web2, such services have to rely on massive data centers, which invokes environmental concerns and further strains the GPU market amid soaring demand from the AI industry. Besides, such data centers are costly to build and operate and often struggle to deliver the content at a comfortable latency.

YOM changes the game by ditching Web2 data centers. Instead, it taps idle personal gaming rigs, leveraging their powerful hardware to remotely run games and interactive experiences and stream them to any devices via their web browsers. The rigs’ owners earn rewards in crypto for every game hour they stream. YOM’s platform currently supports Unreal Engine 5 — one of the industry’s most popular options both among AAA studios and indie developers. The DePIN makes for a more sustainable approach to cloud gaming, with lower hosting costs and low latency, all while enabling gamers to earn revenue from their advanced hardware.

YOM’s strategic integration of peaq will begin with a node sale, where the community will be able to buy YOM’s Genesis Node Licenses as NFTs minted on peaq. The NFTs will be necessary to join YOM’s DePIN as a node. Full details, including the dates and the eligibility criteria, can be found on the YOM site. The mechanism for the node sale will-be open-sourced, enabling other DePINs building on peaq to conduct similar events. After the node sale, YOM is excited to explore more prospective directions for the integration into the peaq ecosystem.

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“We are very excited to be working with a Layer-1 chain that has the ability to support us and other DePIN projects on both the ecosystem and technical front,” remarks Jeff Outlaw, CXO at YOM. “Their support frees up the time for our tech team to work on the cloud gaming network. We are working to bring AAA games and immersive experiences to a wider top-of-funnel market as fast as possible, and building with peaq means we can skip a few crucial steps by leveraging its Modular DePIN Functions. All of our focus is now on bringing games to gamers!”

“The gaming industry is a staple of today’s digital entertainment market,” says Leonard Dorlöchter, co-founder of peaq. “Web3 has already tried to take it on with play-to-earn games, but YOM’s approach is a lot more creative — and it truly gives gamers ownership over something they’re so passionate about while earning rewards from their expensive rigs. We are thrilled to see YOM join the peaq ecosystem and look forward to the change it brings about in the gaming world, working as the true Web3 gateway for the mainstream gaming community.”

YOM is the second DePIN to expand to peaq from Solana even before the former’s mainnet launch, which is slated to take place in the coming months. In April this year, MapMetrics, another project originally based on Solana, unveiled its plan to migrate to peaq after the initial announcement of a more limited integration. Also in April, dTelecom, originally building on Arbitrum, announced joining peaq as well.

The post YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale appeared first on HIPTHER Alerts.

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Blockchain Press Releases

Buy and Sell Crypto on X! Bybit Web3 Supports Solana Blinks

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DUBAI, UAE, July 23, 2024 /PRNewswire/ — Bybit, the world’s second-largest web3 platform by trading volume, continues to enhance user convenience and accessibility by integrating Solana Blinks into its Web3 ecosystem. This integration reflects Bybit Web3’s commitment to simplifying user access and enhancing the convenience of engaging with cryptocurrencies.

Bridging the Gap Between Web2 and Web3

Bybit Web3’s support for Blinks eliminates the friction between their Web2 environments and the exciting possibilities of Web3. Users can now seamlessly interact with the decentralized world, purchasing tokens or NFTs directly on X and effortlessly confirming transactions with their Bybit Web3 Wallet extension. This integration simplifies crypto engagement and opens the doors for a wider audience to participate in the future of finance.

“We are thrilled to support Blinks, bringing a new level of simplicity and convenience to our users. This integration allows us to bridge the gap between Web2 social platforms and the burgeoning Web3 ecosystem, empowering users to engage with crypto assets seamlessly,” said MK Chin, Bybit Web3 Evangelist.

Key Highlights of the Integration:

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  • Seamless Web3 Access: Users can now perform crypto transactions directly on X, bridging the gap between Web2 and Web3 environments.
  • Enhanced User Convenience: Bybit Web3’s support for BLINKS ensures a smooth and intuitive experience, allowing users to trade and manage crypto assets effortlessly.
  • Expanded Web3 Possibilities: This integration empowers users to share token purchases, airdrop campaigns, and more on social media, as well as complete trades and participate in campaigns directly within social media platforms like X.

A Shared Vision for a User-Friendly Web3 Future

We are excited to collaborate with Bybit Web3, who shares our vision of making Web3 accessible to end users. By supporting seamless access through popular social platforms such as X and across the internet, we are breaking down barriers and simplifying the entry into the Web3 ecosystem. This partnership exemplifies our commitment to innovation and inclusivity, ensuring that users can effortlessly engage with the future of finance and digital interactions,” added  Lily Liu, the President of Solana Foundation

For more information, please visit: https://www.bybit.com/en/web3/home

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 10 million wallet users, over 20 major ecosystem partners, and counting. 

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Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 33 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 37 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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