Blockchain
Australian MP says the country needs blockchain ‘more than ever’
Blockchain Technology Could Boost Australian Economy by $60 Billion, Says Politician Andrew Charlton
Australian politician Andrew Charlton addressed a gathering of digital asset executives on Tuesday, emphasizing the transformative potential of blockchain technology. Speaking at Australia’s Blockchain Week 2024 in Sydney, Charlton stated that blockchain could contribute $60 billion to the economy and help reverse three decades of sluggish productivity growth.
Current State of Productivity Growth
In the 2000s, Australia’s productivity growth was a “reasonably healthy” 2.1%, but it has since declined, failing to support necessary increases in living standards. Charlton highlighted that labor productivity grew by only 0.9% in the final quarter of 2023, according to the Australian Productivity Commission. He argued that without productivity growth, sustained improvements in wages and living standards are unattainable.
The Role of Blockchain
Charlton, recognized as a pro-crypto politician, compared the potential impact of blockchain to that of air travel, automobiles, silicon chips, and the internet. He stressed blockchain’s unique ability to enhance not only its own industry but also various other sectors. For instance, it could revolutionize healthcare record management, tax collection, real estate transactions, voting systems, and supply chain transparency. Additionally, blockchain could streamline financial transactions by reducing intermediaries and transaction times.
“With the right settings and regulations, the digital assets sector could add up to $60 billion per year to the Australian economy,” Charlton asserted.
Call for Regulatory Action
Despite the promising potential of blockchain, Charlton expressed dissatisfaction with the Australian government’s slow progress in establishing digital asset regulations. He urged for a regulatory framework that would allow Australian businesses to hold digital assets similarly to traditional assets.
“We have the strength to be a leader in responsible digital asset innovation, but the truth is, at the moment, we’re not capturing this opportunity,” Charlton said. He noted that regions such as Singapore, Europe, Hong Kong, and the UAE are leading in implementing legislation to promote digital asset innovation in financial services.
Addressing the Tech Skills Shortage
Charlton also highlighted Australia’s tech skills shortage, which has hindered the country’s ability to attract digital asset startups. He called for government action to address this issue to ensure Australia can capitalize on the opportunities presented by blockchain technology.
By fostering a conducive regulatory environment and addressing the tech skills gap, Charlton believes Australia can become a global leader in responsible digital asset innovation.
Source: cointelegraph.com
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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.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
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