Daily Crypto, Finance and Tech News Summary – May 01, 2023

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Crypto Boom Ignites Global Adoption at Consensus 2023 Event

Consensus 2023, the annual global blockchain conference, has witnessed unprecedented growth in cryptocurrency adoption worldwide. Held virtually and attended by a record-breaking number of participants, the event showcased a thriving ecosystem, with financial institutions, businesses, and governments embracing blockchain technology on an increasing scale.

Key highlights from the conference include the adoption of cryptocurrencies by 20% of Fortune 500 companies, central banks in over 80 countries engaging in the development of their digital currencies, and the total market capitalisation of cryptocurrencies exceeding $15 trillion. Moreover, new blockchain applications emerged in sectors such as supply chain management, real estate, and healthcare, signalling a paradigm shift in the way industries operate.

The event also highlighted the regulatory landscape’s evolution as governments and policymakers collaborate to establish guidelines for digital assets. Additionally, cryptocurrency education has gained momentum, with 45% of top global universities offering blockchain courses to meet the growing demand for skilled professionals in the sector.

Consensus 2023 has indisputably solidified the importance of blockchain technology and cryptocurrencies in shaping the future of finance and various industries. As global adoption continues to gain momentum, experts predict that the transformative impact of these digital technologies will be profound and far-reaching. Read more about the conference here.

Emerging technologies such as Splitchain, the foundation of Zucoin’s token, look to address the inherent limitations of traditional blockchain systems by offering better alternatives with enhanced performance, scalability, and lower running costs. As the blockchain landscape evolves and adapts to the paradigm shift in industries such as supply chain management, real estate, and healthcare, Zucoin’s Splitchain network is poised to make a significant impact.

In conclusion, the transformative potential of Zucoin’s Splitchain network will undoubtedly play a pivotal role in shaping the future of blockchain and cryptocurrencies. As the digital revolution continues to unfold, the innovative and scalable solutions provided by Splitchain will catalyse further advancements, fostering a more efficient, interconnected, and dynamic global landscape.

The Real Game-Changer in Finance is Blockchain, or is it?

Franklin Templeton CEO, Jenny Johnson, believes that blockchain technology, rather than Bitcoin, is the real game-changer in financial services due to its potential to revolutionise the industry. Speaking at the Consensus conference in Austin, Texas, Johnson highlighted that Bitcoin has been a distraction from the true disruption coming to financial services through blockchain.

Johnson also discussed crypto regulation, noting the more advanced regulatory landscapes in places like Hong Kong, Singapore, and the UAE. Franklin Templeton, a 75-year-old investment firm managing $1.5 trillion for clients, has been active in the digital asset space and announced a $20 million blockchain venture fund in 2021.

Recently, Franklin Templeton revealed that its OnChain U.S. Government Money Fund (FOBXX), the first U.S.-registered mutual fund run on a blockchain, is now supported on Ethereum via Polygon. With over $270 million in assets under management, investors can buy shares of FOBXX and hold them in digital wallets via the Benji Investments mobile app. Johnson sees the opportunity for a global Benji and believes that multi-chain and cross-chain capabilities are an essential evolution in the space. Read more here

As highlighted by Franklin Templeton CEO Jenny Johnson, the increasing adoption of blockchain technology opens up vast opportunities for emerging platforms that solve current limitations.

As more financial institutions and traditional investment firms recognise the potential of blockchain technology, the Splitchain network can leverage its unique features to attract interest from these players. The improved efficiency, speed, and cost-effectiveness of the Splitchain network offer compelling advantages for organisations looking to optimise their investment strategies or create new financial products.

CeFi Exchanges Helped Mass Crypto Adoption; DeFi Will Further It

Centralised exchanges (CeFi) have driven early crypto adoption, but real decentralised exchanges (DEX), of which there are currently only a true handful of them, will form a large backbone of future financial systems, according to panellists at CoinDesk’s Consensus 2023 conference. The complexity of cryptocurrency technology has led to CeFi exchanges, like Coinbase, providing on-ramps for many users entering the digital asset space.

CeFi exchanges lack transparency, leading to failures such as FTX and many others’ collapse in November. Decentralised finance (DeFi) offers greater transparency in storing and moving funds, with smart contracts and blockchain technology underpinning the system. CeFi’s current advantage lies in its compatibility with the existing regulatory infrastructure, making it easier to comply with securities, commodities, or banking laws.

DeFi’s reliance on open-source protocols presents challenges for regulatory integration. However, in the long term, DeFi is expected to become the primary infrastructure for the financial system, while CeFi maintains its role as an on-ramp to a DeFi-based environment. Read more here

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