Daily Crypto, Finance and Tech News Summary – June 26, 2023

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Welcome, and thank you for being part of the MyZucoins community! Dive into our daily crypto, finance and tech news summary to stay in the know.

Depicting lots of Fortune 500 companies researching solutions on a university whiteboard, huge room, working on a new innovation with a positive, exciting energy, collaboration

Crypto Thrives: Fortune 500 Companies Embrace the Future

More than 80% of Fortune 500 companies are bullish on cryptocurrencies, according to a recent report by Coinbase. Despite regulatory pressure in the US, these companies actively explore or implement Web3 initiatives. The study revealed that over half of the surveyed companies had experimented with blockchain technology in early 2020, a number that increased to over 60% by the following year.

The finance, technology, and retail sectors are leading the charge, comprising over 75% of all crypto initiatives undertaken by Fortune 100 companies since 2020. Infrastructure development, supply chain management, and data collection are among the key areas of focus. Payment use cases have also garnered significant interest.

Executives are optimistic about crypto investments, with over 60% expecting growth and believing that blockchain technology will play a transformative role in shaping the future of business, much like the internet and artificial intelligence. However, nearly 90% of respondents also expressed concerns about the lack of clear regulations hindering further adoption.

Despite challenges, the Fortune 500 companies’ enthusiasm for cryptocurrencies demonstrates their growing recognition of their potential and their transformative impact on various industries. As the industry continues to evolve, it will be crucial for regulators and businesses to collaborate and establish clear frameworks that foster innovation and responsible growth. Read more here.

How Zucoin and Splitchain Can Offer a Layer 1 Alternative for Fortune 500 Companies

The points raised in the above article regarding Fortune 500 companies’ embrace of cryptocurrencies and their interest in Web3 initiatives align well with the advantages offered by the Splitchain network and its native token, Zucoin.

The Splitchain network, as a layer one alternative to blockchain, provides easier scalability and a redesigned architecture compared to traditional blockchain networks. This scalability allows for a higher volume of transactions to be processed quickly and efficiently, making it well-suited for the needs of Fortune 500 companies and their extensive operations. Additionally, the Splitchain network offers free layer one transactions, eliminating the need for companies to bear transaction costs, which can be a significant burden in blockchain-based systems.

It also allows for simple audit logging processes on nodes operated by each individual company, as needed for their KYC compliance purposes. This is a key factor missing from some traditional blockchains.

As we often say here, Splitchain’s real-time, two-factor transaction capability is highly advantageous for businesses operating in fast-paced environments. This is another case where Splitchain fits the bill very well. The ability to conduct transactions immediately ensures that companies can execute their operations efficiently, providing a seamless experience for their users. Splitchain’s in-built 2-factor authentication (2FA) feature enhances safety, providing an added layer of sender-receiver protection.

Lots of positive undercurrents are happening in the crypto space, but much of the mainstream media appears to be lagging behind coverage of these reports. This is why this industry newsletter was created. By the time the mainstream media tells you about it, your edge is gone.

Bitcoin Rebounds with Remarkable Strength Despite Industry Challenges

Bitcoin, the largest digital token, has reached its highest level in a year, surging nearly 90% since the beginning of 2023. Despite a challenging environment and past scandals that tarnished the industry’s reputation, renewed fervor for digital assets has propelled Bitcoin’s rally. The recent surge brought Bitcoin above $31,000, though it remains below its all-time high of nearly $69,000. Other cryptocurrencies, including Ether (Ethereum’s token), have also experienced a rally.

The rally in Bitcoin is seen as a possible validation of its ability to counter inflation, monetary mismanagement, banking crises and questions about the US dollar’s reserve status. News of BlackRock, amongst others, filing for a US spot Bitcoin exchange-traded fund (ETF) has further fueled optimism, with market participants hoping for regulatory approval. Approval of a Bitcoin ETF application by BlackRock, a major financial institution, would have significant implications for the overall crypto market structure and increase accessibility for financial advisors and investors.

Additional positive developments in crypto include the launch of EDX Markets, a new crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. Furthermore, JPMorgan Chase expanded its blockchain technology project, introducing euro-denominated payments using its JPM Coin. These initiatives and the increasing acceptance of cryptocurrencies by jurisdictions and institutional players have diminished the persisting effects of the previous “crypto winter.”

Despite the renewed enthusiasm and price surge, the crypto industry continues to face regulatory scrutiny, especially from the US Securities and Exchange Commission (SEC). Retail investors have suffered losses following scams and company implosions, leading to a decline in trading volumes. The potential approval of a spot-Bitcoin ETF remains uncertain, as past hype around such products did not result in regulatory approval. While the industry is experiencing a resurgence, the SEC’s regulatory crackdown and the need for increased liquidity remain significant challenges. Read more here.

Bitcoin’s Rally and Institutional Interest: A Positive Outlook for Zucoins

Zucoins, despite not being listed on any crypto exchange at the moment, can still benefit from the positive news surrounding Bitcoin’s rebound. The remarkable strength shown by Bitcoin, with a surge of nearly 90% this year, highlights the resilience and potential of cryptocurrencies as a whole. This positive sentiment and increased interest from Fortune 500 companies, as revealed in the Coinbase report, indicate a growing acceptance and adoption of digital assets.

As Bitcoin gains traction and garners attention from institutional players like BlackRock, it paves the way for wider recognition and understanding of cryptocurrencies, including Zucoins. The launch of EDX Markets, backed by reputable financial institutions, further demonstrates the increasing involvement of established players in the crypto space. These developments create a favorable environment for future listings and partnerships.

The expansion of blockchain technology by JPMorgan Chase highlights the growing importance of safer and efficient transactions, a key advantage offered by the Splitchain network. Splitchain, with its scalability, real-time transactions and built-in additional security features like 2-factor authentication, positions itself as a strong contender for companies looking for layer 1 alternatives to traditional blockchain networks. As the crypto industry continues to evolve, the positive trends surrounding Bitcoin and the increasing interest from Fortune 500 companies bode well for the future adoption and planned listings of Zucoins.


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All the best,
Peter
MyZucoins