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Arkreen enters the peaq ecosystem to unlock new revenue streams for green energy DePINs

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peaq, the go-to blockchain for real-world applications, announces the expansion of its ecosystem as Arkreen Network joins to bolster projects focused on sustainable energy. Arkreen is a Polygon-based Web3-powered digital infrastructure for global distributed renewable energy resources which rewards green power suppliers, such as solar panel owners or green energy storage services, as well as energy consumers. By expanding to peaq, it will tap into a new active  Decentralized Physical Infrastructure Networks (DePIN) ecosystem including energy-focused projects and will support them with additional monetization tools. It will also explore a joint proof-of-concept project with penomo, a Web3 crowd-financing and monetization platform for green energy storage.

As the global push for sustainability grows, so does the proportion of renewable energy in the total. But while large green energy companies are riding this tide, smaller green energy resources, such as individual solar panel arrays or small businesses working to store green energy, are often under-utilized. Part of the challenge is monitoring their capacities and putting them to good use, which needs a common data space.

Arkreen enables green energy businesses and households to outfit their energy assets with special devices that monitor their energy activity and issue renewable energy certificates — tradable certificates confirming the production and supply of a certain amount of green energy. Arkreen works as the energy data infrastructure enabling applications leveraging such certificates, such as carbon credit sales or carbon futures. Through the expansion to peaq, Arkreen will enable the green energy-focused DePINs on peaq to certify the activity of their energy data assets. It will also amplify their monetization efforts and unlock new revenue streams for both projects and energy asset owners. 

Arkreen is also working on a joint PoC with penomo, a Web3 platform connecting private investors with energy storage investment opportunities, for a power storage hardware provider which will provide a battery that will be linked with a solar panel. penomo will tokenize this battery for offering to Web3 investors, while Arkreen will aggregate its data and facilitate its use.

“We are excited to be expanding into the peaq ecosystem, the DePIN home,” says Abba Garba, Head of Product and Partnership at Arkreen. “We see a lot of potential integrations in the current stack of projects building on peaq, and look forward to its further growth. Web3 has a lot of tools to offer to the sustainable energy sector, and we’re looking forward to exploring this further together.”

“We are thrilled to see Arkreen step into the peaq ecosystem,” says Till Wendler, co-founder of peaq. “As a data platform for green energy projects, it adds a lot of value to projects building on peaq. Sustainability is one of the core values for the peaq ecosystem, and it’s one that is very much shared with Arkreen.”

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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