Blockchain Press Releases
Cybersecurity Insurance Market worth $17.6 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 18, 2023 /PRNewswire/ — As cyber threats become more frequent and broader coverage and sector-specific policies become more common, the market for cybersecurity insurance is expected to rise in the future. Because of evolving cyberthreats and rising business awareness, advanced risk assessment techniques, regulatory influence, and cybersecurity collaborations may shape the market.
The Cybersecurity Insurance Market is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period, according to a new report by MarketsandMarkets™. The rise in cyber threats, such as data breaches, ransomware, and phishing attacks, has driven the demand for cybersecurity insurance as organizations seek financial protection against potential losses.
Browse in-depth TOC on “Cybersecurity Insurance Market“
516 – Tables
43 – Figures
386 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=47709373
Scope of the Report
|
Report Metrics |
Details |
|
Market size available for years |
2018-2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Forecast units |
Value (USD) Million/Billion |
|
Segments covered |
By Offering, Insurance coverage, Insurance type, Compliance Requirements, End user, and Region |
|
Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
|
Companies covered |
BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). |
Based on insurance type, the standalone segment holds the largest market and highest CAGR during the forecast period.
The demand for dedicated cybersecurity insurance policies and the need to mitigate the risks associated with “silent cyber” have led to the increasing popularity of standalone cybersecurity insurance policies. These standalone policies are projected to surpass packaged cybersecurity insurance policies regarding market growth. Organizations are increasingly concerned about cyber risks and seek specialized coverage solely for cyber risk protection, driving the demand for standalone cyber policies. Insurance providers such as AIG, Lloyd’s, and Allianz are embracing affirmative cyber and witnessing the growth of standalone policies. These policies are designed to address more complex cyber risks compared to packaged cybersecurity insurance. For example, AIG offers its clients a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy provides policyholders with a broader range of security protection than the packaged endorsement. Key players in the market offering standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=47709373
Based on insurance provider end users, healthcare & life sciences is projected to register the highest CAGR during the forecast period.
The healthcare industry faces various challenges, including regulatory fluctuations and the ever-evolving landscape of cyberattacks and breaches. Compliance with privacy and data security regulations such as HIPAA and HITECH necessitate the reliance of healthcare organizations on cybersecurity insurance policies to cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with healthcare organizations experiencing increased attacks like ransomware and misinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare providers, offering financial protection against cybercrimes, ransomware, data breaches, and other cybersecurity incidents.
Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific, an emerging economy, is projected to achieve the highest CAGR in the Cybersecurity Insurance Market during the forecast period. Countries in the Asia Pacific region, such as China, Japan, ANZ, and Singapore, are highly concerned about rising security spending due to increasing cyber threats. With its strong government regulations and technological advancements, Asia Pacific presents promising growth opportunities for the Cybersecurity Insurance Market. Insecure interfaces, data breaches, and data losses are top cybersecurity risks in the region, fueled by rapid connectivity and digital transformation. Asia Pacific faces an 80% higher risk of cyberattacks than other regions. Increasing regulatory measures are expected to drive the demand for cybersecurity insurance. Zurich Insurance predicts significant market growth in APAC, with leading players like AIG, Allianz, Chubb, and Zurich operating in the region.
Top Key Companies in Cybersecurity Insurance Market:
The major vendors covered in the cybersecurity insurance market include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).
Recent Developments:
- In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
- In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
- In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=47709373
Cybersecurity Insurance Market Advantages:
- Data breaches, ransomware attacks, and company email intrusion are all examples of cybersecurity mishaps that can result in major financial losses. Cybersecurity insurance covers these damages, including data recovery costs, legal fees, regulatory fines, and consumer notification costs. It assists organisations in reducing the financial impact of cyber events.
- Businesses can shift some of the possible risks and liabilities connected with cyber threats to the insurance provider by purchasing cybersecurity insurance. This enables organisations to concentrate on their core business rather than continuously worrying about the financial consequences of a cyber assault.
- Access to incident response services is included in many cybersecurity insurance policies. These services often entail a team of professionals that may assist the covered organisation in properly dealing with the consequences of a cyber catastrophe. They can help with breach investigations, containment, data recovery, and cleanup, allowing for a more timely and coordinated response.
- Cybersecurity events can significantly harm a company’s brand, resulting in client distrust and lost commercial possibilities. Cybersecurity insurance may cover public relations and reputation management fees, assisting organisations in rebuilding their reputation following a breach.
- Cybersecurity insurance companies frequently provide counsel and support to assist firms in meeting regulatory obligations and industry standards for data protection. Meeting these compliance criteria might be difficult, but insurance companies can aid in putting in place the appropriate security measures.
- Cybersecurity insurance can also cover liabilities deriving from third-party claims. For example, if a data breach in one organization’s network impacts its clients or partners, the impacted parties may claim compensation. Cyber insurance can assist handle these risks.
- Cybersecurity incidents can affect business operations, resulting in lost revenue and downtime. Cyber insurance may cover financial damages incurred as a result of business interruption, allowing the organisation to continue operations as smoothly as feasible.
Report Objectives
- To determine and forecast the global Cybersecurity Insurance Market by offering (solutions, and services), insurance coverage, insurance type, compliance requirements, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cybersecurity Insurance Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Cybersecurity Insurance Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cybersecurity Insurance Market.
- To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
- In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Certificate Authority Market – Global Forecast to 2028
Cloud Security Market – Global Forecast to 2028
Quantum Cryptography Market – Global Forecast to 2028
SASE Market – Global Forecast to 2028
Identity Verification Market – Global Forecast to 2027
About MarketsandMarkets™
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 moulded 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 MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cyber-insurance-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/cyber-insurance.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/cybersecurity-insurance-market-worth-17-6-billion-by-2028—exclusive-report-by-marketsandmarkets-301904448.html
Blockchain Press Releases
HTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.
HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.
The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.
There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”
There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.
Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.
The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.
Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.
The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.
Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.
The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.
To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.
Feel free to contact us for investment and collaboration at [email protected]
Photo – https://mma.prnewswire.com/media/2504324/image_838145_58339345.jpg
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-bitcoin-scripting-advances-unlock-potential-for-secure-and-scalable-btcfi-302246924.html
Blockchain Press Releases
HTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX, a global leading platform for digital assets, recently announced a strategic partnership with IBEX, a Fintech at the forefront of Bitcoin Lightning Network innovation that leverages the Bitcoin and Lightning Network protocols to offer global settlement solutions. Through the deep integration of Lightning Network technology, this collaboration aims to enhance the payments efficiency, reduce transaction costs on the HTX platform, explore emerging markets together and provide users with more diverse financial services.
IBEX Has Become a Key Advocate in Bitcoin Transactions
As a company dedicated to providing fintech solutions on the Bitcoin Lightning Network, IBEX focuses on reshaping the global payment ecosystem with its innovative crossborder instant settlement capabilities. Founded in 2018, IBEX aims to offer fast, secure, and low-cost settlement solutions through the technological advantages of the Bitcoin Lightning Network. Its platform provides modular API, helping enterprises easily integrate Bitcoin and Lightning Network functions to connect to the global financial network.
Its core advantages include:
- Instant settlement: IBEX’s Lightning settlement system allows global transactions to be completed within seconds, significantly reducing the confirmation time compared with tradfi and defi transactions. For this reason, it is particularly suitable for scenarios requiring instant payments, such as online shopping and international remittances.
- Low transaction fees: Through the Lightning Network, IBEX can substantially lower transaction costs, thus avoiding the high fees associated with traditional blockchain networks. This saves costs for both merchants and consumers.
- High security: IBEX employs advanced encryption technology and multi-factor authentication measures in its system to ensure transaction security and protect user data.
IBEX pays utmost attention to security, reliability, and compliance, offering one-stop solutions for companies operating under various legal frameworks. As the Lightning Network continues to evolve, IBEX has become a key partner for crossborder settlement solutions.
Lightning Network Integration: A New Upgrade for the HTX Platform
As part of the partnership, HTX will integrate IBEX’s Lightning Network technology into its platform, which has entered the testing phase. The Lightning Network is a second-layer protocol designed for Bitcoin, aiming to increase the speed and scalability of Bitcoin transactions. Through this integration, users on the HTX platform will enjoy faster transaction confirmations and lower fees, so user experience and platform competitiveness will be remarkably enhanced.
Apart from technical collaboration, HTX and IBEX will jointly explore various application scenarios, including payments, transfers, and settlements. They also plan to offer deposit/withdrawal services for IBEX on the HTX platform. Both parties will gradually expand into other business areas, thus deepening and broadening their collaboration.
Both parties will also work closely in brand building, social media, campaigns, and marketing. In the future, HTX and IBEX will co-host various marketing campaigns, such as AMA events, press conferences, and other promotional activities to increase brand awareness and attract more users. The two parties will support each other in their respective advantageous markets, thus expanding their market influence globally.
Forge Powerful Alliance to Jointly Explore Emerging Markets
HTX and IBEX will jointly expand global markets, especially the Asian Latin American, and African markets which promise great potential. HTX will leverage its market penetration in these regions and combine it with IBEX’s Lightning settlement system so as to popularize cryptocurrency payments among local merchants and consumers. This will benefit both merchants and consumers with more convenient payment solutions and lower transaction costs.
Strategically, this collaboration between HTX and IBEX will focus on the application of the Lightning Network within HTX and its ecosystem. IBEX will support HTX in exploring the potential of the Latin American and African markets, particularly in areas like deposit/withdrawal channels, local exchange partners, and Opinion Leaders. In addition, HTX will assist IBEX in brand and business expansion in the Asian market, further increasing its global influence.
An HTX spokesperson stated, “Through this strategic partnership, HTX and IBEX will jointly promote the application and popularization of Bitcoin and Lightning Network technology worldwide, providing users with more efficient, secure, and convenient digital asset trading services.”
Ry Sterling, Head of New Markets, EMEA for IBEX also said “The partnership between HTX and IBEX is the first step to connecting the Global South and Asia via the Lightning Network. We look forward to expanding HTX’s LN features as well as opening channels to new markets and to local IBEX LN partners across Asia, Latin America and Africa.”
About IBEX
IBEX offers fintech solutions on the Bitcoin Lightning Network, focusing on real-time global settlement, scalability and regulatory compliance. Their platform provides modular APIs for integrating Bitcoin and Lightning functionalities, allowing businesses to connect to a global financial network. They emphasize security, reliability, and regulatory features, making their services suitable for companies operating under various legal frameworks. The site also highlights the growing adoption and capacity of the Lightning Network, reflecting its increasing role in Bitcoin transactions.
For more details, visit IBEX
About HTX
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3.
Contact Details
Ruder Finn Asia
[email protected]
Company Website
https://www.htx.com
Photo – https://mma.prnewswire.com/media/2504322/image_838145_58228239.jpg
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-announces-strategic-partnership-with-ibex-to-jointly-promote-global-bitcoin-and-lightning-network-applications-302246909.html
Blockchain Press Releases
Nomic Announces Support for Ethereum, Bringing Decentralized BTC to the Biggest DeFi Markets
New expansion to Nomic is the first step to building a decentralized onramp for moving Bitcoin onto new blockchain networks
GRAND CAYMAN, Cayman Islands, Sept. 12, 2024 /PRNewswire/ — The Nomic DAO Foundation announced today the launch of Ethereum support on Nomic’s decentralized custody engine for Bitcoin. This will enable seamless BTC on-and-off-ramping into Ethereum, bringing Bitcoin to the largest ecosystem in decentralized finance (DeFi). Starting with a testnet released today, Nomic will facilitate native Bitcoin deposits and withdrawals on Ethereum, without relying on centralized custodians.
Traditionally, to use BTC on Ethereum, users have had to obtain wrapped bitcoin (WBTC), an ERC-20 token on the Ethereum blockchain that is pegged to real Bitcoin. Each WBTC is backed 1:1 with Bitcoin, which is held in reserve by a centralized custodian. Recently, amid centralization concerns with custodians holding all the keys to the multisig for WBTC worth $9.2 billion, the broader DeFi community has pushed for users to consider new decentralized alternatives.
“Bitcoin is the highest-value crypto asset, and Ethereum is the highest-value DeFi ecosystem. I’m excited to see Nomic bring its products to Ethereum, including the native and decentralized nBTC asset, and seamless one-step BTC deposits,” said Matt Bell, CEO of Turbofish, Nomic’s founders and core contributors. “It’s time to move beyond the current centralized and clunky BTC-on-Ethereum offerings, and start truly bringing Bitcoin into DeFi.”
In addition to bringing Bitcoin into Ethereum through nBTC, this upgrade introduces a new framework for protocols to leverage Nomic’s decentralized custody engine. Previously, to build Bitcoin DeFi solutions, protocol developers had to rely on centralized MPC providers or basic multisig setups to hold BTC, which presented trust and decentralization challenges. Now, with Nomic’s decentralized custody engine, protocols can easily create Bitcoin-backed assets at a lower cost, providing a trust-minimized solution to accelerate Bitcoin DeFi growth on Ethereum and other EVM chains.
This upgrade also paves the way for future bridging to other EVM-based chains, expanding the reach and utility of nBTC across ecosystems that represent more than $46 billion in total value locked (TVL).
To learn more, visit https://www.nomic.io/.
About the Nomic DAO Foundation
The Nomic DAO Foundation is a non-profit dedicated to the growth and integration of the Nomic ecosystem. The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.
View original content:https://www.prnewswire.co.uk/news-releases/nomic-announces-support-for-ethereum-bringing-decentralized-btc-to-the-biggest-defi-markets-302246585.html
-
Blockchain Press Releases2 days agoHTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications
-
Blockchain Press Releases3 days agoHTX Ventures and HTX DAO Lead Web3 Investments and Innovation Discussions at Korea Blockchain Week 2024
-
Blockchain Press Releases5 days ago
HTX Pioneering P2P Crypto Trading on Telegram with New Mini App, Enjoy Exclusive Perks and Rewards for a Limited Time.
-
Blockchain Press Releases3 days agoVelo Labs Brings BlackRock’s Tokenized Short-Term Treasury Fund to Southeast Asia
-
Blockchain Press Releases2 days agoHTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
-
Blockchain2 days agoCryptoKnights Wraps Season 1, Securing Over $35 Million in Committed Investments
-
Blockchain1 day agoGermany Alternative Lending Market Business and Investment Opportunities Report 2024: Regulatory Changes, Mergers and Acquisitions, Product Launches and Innovations, Strategic Partnerships
-
Blockchain Press Releases2 days agoNomic Announces Support for Ethereum, Bringing Decentralized BTC to the Biggest DeFi Markets
