Blockchain
Enigma Spins Off New Lending Platform To Help Small Businesses Get Loans
Enigma, a data science company that provides comprehensive intelligence about the financial health and identity of more than 30 million U.S. businesses, announces the spin-off of Prime, a lending platform that will make it easier for financial institutions to extend loans to small and medium businesses (SMB).
More than 50% of small businesses do not have sufficient access to financing, according to a recent Federal Reserve Survey, and the pandemic has introduced even more challenges for small business owners. Small business lending is often limited by the inability of financial institutions to assess the risk of extending credit to a given business.
Community and regional banks have especially faced challenges providing financing to the small businesses in their communities due to limited resources and a lack of reliable data about business health. Although these banks have strong relationships in their local economies, the high cost of originating and servicing small business loans has caused them to struggle to compete with large financial institutions.
Prime will broaden access to advanced data analytics, risk modeling, and capital markets to smaller financial institutions like community banks, as well as more established lenders. This will ultimately lower the cost of capital for small businesses, as more banks will be able to efficiently originate, monitor, and securitize small business loans.
Prime’s dashboard will allow banks to upload loan books and see advanced indicators like Enigma’s data on business revenue and growth, in order to make risk and lending decisions more efficiently and confidently. With Prime, small banks will be able to gain improved insights into their SMB credit portfolios and will finally be able to syndicate, swap, and securitize exposures.
Enigma is partnering with leaders in the small business financing space, including Capital One, Third Point Ventures, Customers Bank, and NEA to launch Prime with a funding commitment of $49 million. Prime, which will begin serving the market in the second half of 2022, will provide new loan opportunities for lenders while opening up a new financing channel for small businesses.
Prime’s lending solutions will be powered by Enigma’s proprietary SMB identity and financial health data, covering more than 30 million U.S. businesses. Enigma’s data provides unique visibility into the monthly revenues, growth, and detailed firmographics of a small business.
Prime’s launch partners provide a range of deep experience with SMB lending.
Capital One, a current Enigma client and investor through Capital One Ventures, has seen firsthand how better data about small businesses leads to growth. Capital One brings unparalleled expertise in the small business ecosystem, acquired by listening to and learning from the millions of businesses they serve every day. Capital One is committed to supporting all businesses, from budding entrepreneurs and growth-stage companies to more established, high-revenue enterprises.
Third Point Ventures, an investor in Enigma and one of the early investors in the revolutionary consumer lending platforms Upstart and SoFi, will bring expertise in developing securitization programs to Prime. While over 10% of consumer loans per year are securitized, less than 1% of small business loans are securitized, limiting capital liquidity and financing availability.
Customers Bank is a digital-forward top 100 bank in the nation with nearly $20 billion in assets that used technology to participate in approximately 347,000 Paycheck Protection Program loans with an aggregate value of $10 billion through the COVID-19 Pandemic, and recently launched a blockchain-based real-time payments platform for cryptocurrency and digital asset institutions.
NEA is a leading global venture capital firm and early investor in Enigma. NEA has partnered with founders on initial go-to-market strategy for many successful platforms like Jet.com and Coursera.
“Building on our success in digital consumer lending, bringing digital lending to the SMB market is a logical and important strategic priority,” said Customers Bank President & CEO Sam Sidhu. “We are excited to be a co-creator of Prime using insightful data to craft and shape products and services to the specific requirements of each current and prospective borrower, depositor, and specialty financing customer as we help them take on tomorrow.”
Enigma CEO Hicham Oudghiri will be acting as executive chairman and interim CEO of Prime during the transition period. The new leadership team will be in place by the first half of 2022. “We are excited about what the months ahead will look like, knowing Prime’s mission is to unlock growth and lending for all kinds of communities,” said Oudghiri.
Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
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Blockchain
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
Johann Polecsak argues that existing blockchains face significant challenges in adopting post-quantum cryptography without causing substantial disruption to users. This assessment highlights the complex and multifaceted nature of transitioning to new cryptographic standards in blockchain networks.
Post-quantum cryptography refers to cryptographic algorithms that are resistant to attacks from quantum computers, which have the potential to break traditional cryptographic schemes. While post-quantum cryptography offers enhanced security, implementing it in existing blockchain networks poses technical, operational, and usability challenges.
Polecsak suggests that transitioning to post-quantum cryptography could require significant changes to blockchain protocols, consensus mechanisms, and user interfaces. These changes may disrupt existing workflows, require modifications to software and hardware infrastructure, and necessitate coordination among network participants.
Furthermore, Polecsak emphasizes the importance of ensuring backward compatibility and interoperability during the transition to post-quantum cryptography. This is crucial to prevent fragmentation of the blockchain ecosystem and maintain continuity for users and applications.
Polecsak’s assessment underscores the complexities and trade-offs involved in adopting post-quantum cryptography in existing blockchain networks. While the transition promises improved security against quantum threats, it requires careful planning, coordination, and investment to minimize disruption and ensure a smooth transition for users and stakeholders. As the field of post-quantum cryptography continues to evolve, blockchain projects will need to carefully evaluate their options and strategies for implementing these new cryptographic standards.
Source: news.bitcoin.com
The post Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak appeared first on HIPTHER Alerts.
Various technology trends are discussed that are shaping the retail industry, from artificial intelligence (AI) to blockchain. These trends are driving significant changes in how retailers operate and engage with customers, offering new opportunities for innovation and growth.
Artificial intelligence (AI) is highlighted as a key technology trend that is revolutionizing various aspects of the retail industry. AI-powered solutions enable retailers to analyze vast amounts of data, personalize customer experiences, optimize supply chain operations, and enhance decision-making processes. From chatbots and virtual assistants to predictive analytics and recommendation engines, AI is enabling retailers to deliver more personalized and efficient services to their customers.
Blockchain technology is another trend shaping the retail industry, offering benefits such as enhanced transparency, security, and traceability in supply chains and transactions. By leveraging blockchain, retailers can improve inventory management, streamline payments, prevent counterfeit products, and enhance trust and accountability throughout the supply chain. Additionally, blockchain enables retailers to create decentralized marketplaces and loyalty programs, providing new opportunities for customer engagement and loyalty.
Other technology trends discussed in the article include augmented reality (AR) and virtual reality (VR), which are transforming the way consumers shop and interact with products online and in-store. By enabling immersive shopping experiences, AR and VR technologies allow retailers to showcase products more effectively, reduce returns, and increase customer engagement and satisfaction.
Technology trends such as AI, blockchain, AR, and VR are reshaping the retail landscape, driving innovation, and enabling retailers to meet the evolving needs and expectations of consumers in an increasingly digital world. As retailers continue to embrace these technologies, they are poised to unlock new opportunities for growth and differentiation in the competitive retail market.
Source: 365retail.co.uk
The post Tech Trends Shaping Retail: From AI to Blockchain appeared first on HIPTHER Alerts.
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