Blockchain Industry News | Blockchain Technology in Industries

Blockchain Expo: The opportunities of Web3

During a session at this year’s Blockchain Expo, we heard from IDC Research Director Phillip Silitschanu about the opportunities of Web3 and the journey that lies ahead.

Silischanu shared his insights, based on vast experience, on the applicability of blockchain services and the potential of Web3. He discussed the opportunities and challenges presented by these technologies and their impact on various sectors.

Web2 vs Web3

Web2, also known as the social web, marked...

18 May 2023 | Banking

Warner Music Singapore ushers in new era of digital content through Web3 gaming world

Warner Music Singapore and Affyn, a Singapore-based Web3 company, have partnered to create new opportunities for artists and audiences in the gaming industry.

The deal aims to motivate and inspire creators to explore the endless possibilities of the Web3 gaming world, and provide everyone with unique experiences that have never been seen before.

As part of the partnership, Warner Music Singapore will produce a customized song featuring bilingual artist J.M3 (pronounced...

11 May 2023 | Gaming

Deloitte and BNP Paribas join consortium in creating blockchain network for financial market

Digital Asset and leading market participants have unveiled plans to launch the Canton Network, the industry’s first privacy-enabled interoperable blockchain network designed for institutional assets and built to responsibly unlock the potential of synchronised financial markets.

Canton Network participants include 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW,...

11 May 2023 | Banking

Mastercard launches Mastercard Crypto Credential to boost trust in blockchain

Mastercard has introduced Mastercard Crypto Credential, a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks.

Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to...

2 May 2023 | Banking

Huobi partners with Gala Games for web3 gaming integration

Huobi Global, a cryptocurrency exchange, has declared a strategic partnership with Gala Games, a blockchain-based play-to-earn gaming platform.

Cryptocurrency exchange Huobi Global has entered into a strategic partnership with blockchain-based gaming platform Gala Games.

Founded in China, the now Seychelles-based exchange said the partnership will enable both companies to develop for the Web3 ecosystem.

Huobi and Gala plan to invest in and list projects...

3 April 2023 | Cryptocurrency

HSBC acquires Silicon Valley Bank’s UK arm in £1 rescue deal

Global banking firm HSBC is acquiring the UK branch of the recently collapsed Silicon Valley Bank, SVB UK.

The company announced on 13 March that its subsidiary, HSBC UK Bank, would be acquiring SVB UK for £1.

HSBC said in its announcement that SVB UK had outstanding loans of approximately £5.5 billion and held deposits of £6.7 billion as recently as 10 March.

In the financial year ending 31 December 2022, SVB UK recorded profits of £88 million before tax,...

13 March 2023 | Banking

SWIFT progresses CBDC project after strong pilot results

Global banking system SWIFT is moving to the next phase of its central bank digital currency (CBDC) testing after positive results in the pilot stages.

The interbank network said its project to connect different nations’ CBDCs with one another offers “clear potential and value” in a statement on 9 March.

Lewis Sun, global head of domestic and emerging payments at HSBC, said: “While interest in CBDCs is growing, so is the risk of fragmentation as a widening range...

10 March 2023 | Banking

Moscow Credit Bank issues on-chain guarantee in Chinese yuan

Moscow Credit Bank, a commercial Russian bank, has issued the country’s first blockchain-based guarantee to use Chinese yuan as currency.

The transaction was made using Russia’s national blockchain network, Masterchain, which is built to transfer digital assets between the country’s institutions. The guarantee was for more than 100 million yuan (£12m).

In a statement from Moscow Credit Bank (MCB), it said: The advantage of a digital bank guarantee is that the...

3 March 2023 | Banking

Visa and Mastercard delay new crypto partnerships

Visa and Mastercard, the United States’ two largest payment processors, have delayed the launch of new crypto partnerships as bankruptcies and increased regulatory scrutiny continue to affect the industry.

The move, first reported by Reuters, comes after a period of improved cooperation between traditional payment firms and crypto companies.

Both Visa and Mastercard have been exploring using stablecoins like USD Coin for payments and transaction settlements in recent...

1 March 2023 | Banking

Bosch partners with Fetch.ai on $100m web3 foundation

Global electronics company Bosch is collaborating with Fetch.ai, an AI-focused crypto protocol, to create a $100 million (£83m) web3 grant programme.

The Fetch.ai Foundation will aim to increase industry adoption of technologies relating to artificial intelligence, web3, and the Internet of Things (IoT). It plans to fund research and development into decentralised technology and practical use cases with real-world benefits.

The $100 million will be distributed in grants...