Blockchain
Banks embrace crypto-inspired blockchain revolution: The dawn of asset tokenisation
Cryptocurrencies were invented in the heat of the 2008-2009 financial crisis to provide an alternative to banks. The inventors of Bitcoin, who went by the pseudonym Satoshi Nakamoto, envisioned a financial system that didn’t depend on “trusted third parties” that they said couldn’t be trusted in the first place. Instead, it would use cryptography and a decentralized ledger called a blockchain to record transactions and provide irrefutable proof of ownership. Crypto evangelists said this would democratize finance and lower the cost of holding and using money.
Banks scoffed, calling crypto a cypherpunk pipe dream. But more than 15 years later, many banks and other financial institutions on Wall Street are not only in the cryptocurrency business (see ETFs, Bitcoin) but they’re also beginning to adopt the underlying blockchain technology. JPMorgan Chase & Co., Goldman Sachs Group Inc. and other banks are experimenting with or already offering private blockchain services, a concept that strikes many crypto lovers as oxymoronic. Banks are drawn to blockchain technology for its ability to “tokenize” traditional assets like stocks and Treasury bills, making trading them faster and cheaper. Critics say banks aren’t just adopting but co-opting the technology to generate fees, similar to how financial firms turned low-cost, low-touch exchange traded funds into a healthy business.
1. How are traditional assets turned into tokens?
“Real-world asset tokenization” is the process of representing real assets like bonds, stocks, art or even ownership shares in office buildings as digital tokens on a blockchain. Anyone who owns the token owns the asset, and ownership can be moved easily and almost instantly by simply moving the token from one wallet to another.
2. Why do that?
The tokenization process can eliminate settlement delays that come from having to clear transactions and record them across multiple record-keeping systems and from using a slew of intermediaries. Also, by placing contractual information such as the terms of ownership and conditions of transfer on a blockchain, assets can be bought and sold in pieces and traded outside of market hours. Tokens can also be programmed to automatically behave in certain ways: For example, to be released to a seller once goods are delivered to a buyer. Tokenized assets could attract young-adult customers who might not have a brokerage account but already trade crypto.
3. Are any financial companies on Wall Street doing this?
Yes. In March, BlackRock Inc., the world’s biggest asset manager, unveiled its first tokenized mutual fund, the BlackRock USD Institutional Digital Liquidity Fund. It holds assets in cash, US Treasury bills and repurchase agreements, which are a kind of short-term loan, and it keeps records on the public Ethereum blockchain. Investors can transfer their tokens 24/7 to other pre-approved investors. Also, in October, BlackRock used JPMorgan’s Tokenized Collateral Network to turn shares in one of its money markets funds into digital tokens, which were then transferred to Barclays Plc as collateral for an over-the-counter derivatives trade between the two institutions. Banks say this setup can allow customers to more easily use assets as collateral and even use assets that may have previously been unusable as collateral. Franklin Templeton already manages a tokenized mutual fund with more than $360 million in assets. JPMorgan is in the early stages of experimenting with deposit tokens, representing bank deposits.
4. What other kinds of assets could be tokenized?
Stocks, art, houses, golf courses, exclusive memberships — you name it. All assets under the sun could theoretically be tokenized, and many proponents believe they will be. Even sneakers from the likes of Nike are already being represented on blockchains to prove their authenticity when the physical pair is traded.
5. What do financial regulators have to say?
US banking regulators are yet to greenlight innovations such as deposit tokens. They have also expressed worry that instant settlement could intensify bank runs. That’s because customers would be able to use the programmable tokens to automatically withdraw funds from banks when bad news hits. But regulators in other parts of the world, such as Singapore, are already working with many financial institutions on tokenization pilots for, among other things, cross-border payments.
6. What are some concerns?
Tokenization could potentially disintermediate some companies, such as broker-dealers, which currently facilitate many financial transactions. The exact setup of a tokenization project matters as well: With blockchain, there’s only one record for each asset, and the holder of that asset owns it. So if a token is transferred to the wrong address or is stolen, it may be lost forever if a public blockchain is used, for example. That’s why many banks are developing or have developed their own private blockchains. Those blockchains will need to learn to talk to one another if the banks want to be able to handle any substantial interbank transactions. Given how much money and talent banks are pouring into the functionality, that’s probably a matter of when, not if.
Source: biznews.com
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Blockchain
Blocks & Headlines: Today in Blockchain (Ethereum, Quantum Emotions, Pepeto, Zeus Investments, AgileGTM)
Ethereum’s Challenges Highlight the Importance of Blockchain Integrity
Ethereum, once hailed as the undisputed king of smart contract platforms, is facing mounting criticism over scalability issues and increasing centralization concerns. Critics argue that Ethereum’s looming challenges serve as a cautionary tale about the importance of maintaining blockchain integrity in the pursuit of innovation.
The network’s shift to proof-of-stake has introduced debates about validator centralization and network control. As transaction fees remain high and competition from newer blockchains intensifies, Ethereum’s journey underscores the delicate balance between growth and decentralization in the blockchain ecosystem.
Source: Bitcoin Magazine
Quantum Emotions Introduces Revolutionary Quantum Wallet
Quantum Emotions, a pioneering quantum technology firm, has unveiled its groundbreaking quantum wallet designed to provide unprecedented security for blockchain users. Leveraging quantum random number generators, the wallet ensures ultra-secure private key management and protection against emerging quantum threats.
As the blockchain industry prepares for a quantum computing era, innovations like this wallet highlight the need to future-proof digital assets. Quantum Emotions’ solution is a step forward in safeguarding the integrity of blockchain transactions in an increasingly complex technological landscape.
Source: Finance Yahoo
Pepeto Simplifies Cross-Chain Trading for Blockchain Users
Pepeto, a trailblazer in the blockchain space, is revolutionizing cross-chain trading with its user-friendly platform. By simplifying blockchain transfers across different networks, Pepeto addresses a significant pain point for users navigating the complexities of decentralized finance (DeFi).
The platform’s intuitive interface and efficient protocols enable seamless asset transfers while reducing transaction costs and processing times. As interoperability becomes a crucial factor in the blockchain sector, Pepeto’s innovation is set to reshape how users interact with decentralized ecosystems.
Source: Bitcoinist
Zeus Investments Launches Blockchain Research Division
Zeus Investments has announced the launch of its dedicated blockchain research division, aimed at driving innovation and identifying strategic opportunities in the blockchain sector. The division will focus on exploring emerging technologies, evaluating market trends, and fostering partnerships with industry leaders.
By committing resources to blockchain research, Zeus Investments signals its belief in the transformative potential of decentralized technologies. This initiative underscores the growing interest among traditional financial institutions in harnessing blockchain’s disruptive capabilities.
Source: Finance Yahoo
AgileGTM Blockchain Fund Secures $2M in First Close of $10M VC Fund
AgileGTM has achieved a significant milestone by securing $2 million in the first close of its $10 million pan-European blockchain venture capital fund. The fund aims to support early-stage blockchain startups across Europe, focusing on innovative solutions in areas such as DeFi, NFTs, and enterprise applications.
This development highlights the increasing appetite for blockchain investment and the role of venture capital in accelerating the growth of the industry. AgileGTM’s initiative reflects the potential for blockchain to drive economic transformation and innovation across diverse sectors.
Source: Tech.eu
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xPortal, the AI-powered DeFi super-app, has acquired Alphalink, a Berlin-based Web3 startup recognized for delivering delightfully simple crypto experiences through its mobile app. The acquisition marks a major milestone in xPortal’s goal to simplify crypto and financial investing.
With over 2.5 million users and a 4.8-star rating from 70K+ app store reviews, xPortal combines crypto, real-world functionality, and AI into a single, user-friendly mobile app.
xPortal launched in 2023 as the wallet for the MultiversX blockchain (prev. Elrond) and quickly expanded into multi-chain territory, integrating Bitcoin, Ethereum, Solana, Polygon and more.
As part of its growth strategy, xPortal is raising capital in an anticipated oversubscribed round while making a full-scale push into AI, expanding into the U.S. and launching a native token to its ecosystem
Active xPortal users will also benefit from lucrative opportunities that will further fuel the ecosystem.
Empowered Leadership
Through the acquisition, xPortal brings seasoned FinTech and crypto innovators Marko Bradic as Co-founder and Chief Product Officer (CPO) and Mohit Tilwani as Co-founder and Chief Technology Officer (CTO) to complement the dream team together with Sergiu Biris, Co-founder and CEO of xPortal.
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Marko Bradic (ex-CEO of Alphalink) previously scaled Trade Republic – the $5B European Robinhood backed by Sequoia – to 4 million users, €180 million in annual revenue, and €35 billion in AUM.
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Mohit Tilwani (ex CTO of Alphalink) brings over a decade of engineering experience to xPortal. Served as the first engineering lead at Trade Republic, he scaled systems to support 8 million customers.
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Sergiu Biris (CEO of xPortal) is a serial entrepreneur with over 20 years of experience. He was the co-founder of LiveRail, a video advertising platform acquired by Facebook (now Meta) in 2014 for $500 million.
“Marko and Mohit’s experience in building and scaling world-class fintech products aligns perfectly with xPortal’s mission to make crypto easy to use and accessible to everyone. Their expertise strengthens our vision of blending crypto and AI with real-world utility. I’m extremely excited about what we’re going to be building together in the years to come.” – Sergiu Biris, Co-founder and CEO of xPortal
Beniamin Mincu, Co-founder and CEO of MultiversX added: “Through the acquisition of Alphalink xPortal is taking a bold step towards the future. One where crypto is merging with AI to deliver the best experiences to everyday users. xPortal started as a core part of MultiversX and, driven by this team of world class founders, is now becoming independent, creating its own story. I believe xPortal is poised to drive global crypto adoption, bringing unparalleled value to its users and the broader Web3 space.”
DeFi to DeFAI: What if your money had Brains?
Leading the paradigm shift from DeFi to DeFAI, xPortal is transforming how users interact with money. Making crypto easy and accessible for everyone, xPortal is building a vertically integrated network of specialized DeFAI agents that work autonomously, simplifying complex user tasks and removing onboarding and engagement friction through seamless chain management.
With features like effortless on-off ramps, cross-chain trading, staking, Web3 dApp integration, and Mastercards for everyday payments, the super-app bridges the gap between crypto and real-world utility.
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Blockchain
Humanity Protocol and Open Campus Partner to Integrate Achievements and Interoperable Credentials for Decentralized Education
Humanity Protocol, the leader in on-chain Proof of Humanity (PoH) and decentralized identity, is thrilled to announce its strategic partnership with Open Campus (EDU), the Web3 education protocol.
This collaboration will redefine digital identity and credentialing for learners, educators, and developers, enabling interoperable, privacy-preserving credentials that can be seamlessly used across decentralized ecosystems.
Humanity Protocol’s Self-Sovereign Identity (SSI) framework and Proof of Humanity (PoH) technology ensure Sybil-resistant, verified human authentication for Web3 applications. Open Campus complements this by empowering users with tools to issue, manage, and utilize education-related credentials through its Open Campus ID and Achievements System.
Together, the two projects aim to unlock a future where identity and educational credentials are secure, interoperable, and privacy-focused.
At the core of this partnership is the integration of Open Campus Achievements and Open Campus ID with Humanity Protocol’s decentralized identity graph. This integration ensures that credentials issued on Open Campus are validated and interoperable, allowing users to showcase their verified educational accomplishments across Web3 platforms.
Key features of the collaboration include:
- Achievement Verification: Open Campus will focus on issuing education-related credentials, such as course completions, certifications, and learning milestones. These Achievements will be authenticated using Humanity Protocol’s verifiable credential (VC) framework, enabling secure and portable credentialing.
- Interoperable Identity: Open Campus ID will integrate with Humanity Protocol’s Proof of Humanity, providing users with privacy-preserving, Sybil-resistant identities. These identities will enable users to leverage their credentials in governance, professional, and educational applications.
The partnership between Humanity Protocol and Open Campus introduces new use cases that benefit learners, educators, and developers. Users can create portable, privacy-preserving portfolios combining Proof of Humanity and verified Open Campus Achievements. These portfolios can be used in professional and academic settings to showcase skills and accomplishments securely.
Learners and educators can leverage their interoperable identities to participate in governance activities on both Humanity Protocol and Open Campus platforms. By tying voting to verified individuals, governance becomes more transparent and fair. dApp developers can build applications that integrate Humanity Protocol’s identity verification with Open Campus’s credentialing, enabling innovations in decentralized education, recruitment, and professional networking.
In addition to technical integration, Humanity Protocol will actively support Open Campus in its ongoing conversations with educational institutions. By providing expertise in decentralized identity and credentialing, Humanity Protocol will help Open Campus establish trust and drive adoption of its Achievements and Open Campus ID among schools, universities, and certification bodies.
This collaboration strengthens the bridge between traditional education systems and the decentralized future. Humanity Protocol’s zkProofers will ensure that all verifications remain privacy-focused. Users will be able to prove their identities and credentials without exposing sensitive personal data, enabling secure and trustworthy interactions in education, governance, and professional contexts. By integrating these privacy-preserving solutions, the partnership ensures that credentials remain both secure and portable across ecosystems.
Terence Kwok, Founder and CEO of Humanity Protocol says: “Our partnership with Open Campus marks a significant milestone in integrating decentralized identity with education. By combining Proof of Humanity with Open Campus Achievements and Open Campus ID, we empower learners and educators to take control of their credentials in a way that is secure, interoperable, and privacy-focused. Humanity Protocol is also proud to support Open Campus in its ongoing conversations with educational institutions, helping to bridge Web3 innovation with traditional education systems.”
Jonah Lau, Head of Open Campus (EDU) and Portfolio Management, Animoca Brand says: “Collaborating with Humanity Protocol enhances the usability and security of Open Campus Achievements and IDs. By integrating with Proof of Humanity, we’re ensuring that learners and educators can seamlessly use their credentials across Web3, paving the way for a more interconnected and equitable decentralized education ecosystem. This partnership positions Open Campus as a leader in Web3 education innovation.”
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