Blockchain
Say hello to Europeum. The EU’s blockchain project will affect ‘the daily lives’ of citizens, officials vow
On Tuesday, the European Union established a new organization aimed at introducing blockchain infrastructure to revamp record-keeping and data transfer among the bloc’s 27 member states. This initiative is part of Europe’s effort to reduce dependence on US technology.
Key Launch Details
The announcement was made during a meeting of telecommunications ministers at the European Council in Brussels, where lawmakers also approved the EU’s landmark law on artificial intelligence. Mathieu Michel, Belgium’s state secretary for digitalization, has been a key advocate for the blockchain project, which he has named Europeum.
Impact on Citizens and Businesses
Michel emphasized that Europeum will significantly impact both individuals and businesses across Europe. “Europeum will have a tangible presence in the daily lives of European citizens,” he stated during a press conference. The blockchain infrastructure will allow citizens to trace the origins of products and enable businesses to protect their intellectual property by maintaining data on immutable blockchain networks.
Participation and Support
Ten European member states, including Italy, Poland, and Greece, have committed to helping operate and roll out the EU blockchain. Other European countries will also be able to use the blockchain infrastructure, with more nations expected to join. While Germany and France have not officially committed, France has shown support for the project.
Sovereignty and Digital Independence
Michel highlighted the importance of creating a sovereign infrastructure, rather than relying on services like Amazon Web Services. Europeum aims to record digital identities, wallets, credentials, and licenses, and Michel hopes it will translate legal and bureaucratic processes into efficiently automated smart contracts. The blockchain will also support metaverse applications and the European Central Bank’s digital euro.
Development and Implementation
The blockchain infrastructure has been under construction since 2017, under the European Blockchain and Services Infrastructure. Developers and companies have created a prototype that is already functional. The European Commission, however, lacks the legal basis to operate a blockchain for European citizens, which is why the project has been in pilot mode.
European Digital Infrastructure Consortium
To move forward, the project has been transformed into the European Digital Infrastructure Consortium, a multinational initiative supported by the European Commission. This consortium is part of Europe’s Digital Decade Policy Programme 2030, which has €165 billion to support its objectives.
Future Prospects
Michel underscored the importance of data security in cross-border exchanges. “People don’t need to be happy that Europeum exists,” he said. “They just need to know that if the data is exchanged between nations, administration, or companies, it is safe to use.”
The launch of Europeum represents a significant step towards enhancing Europe’s technological sovereignty, aiming to provide a secure, interoperable, and efficient digital infrastructure for its 450 million inhabitants.
Source: dlnews.com
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Blockchain
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Blockchain
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2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
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