Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...

Millicent Labs demos full-reserve digital currency for UK government

Blockchain fintech company Millicent Labs has completed a sandbox test for a full-reserve digital currency (FRDC) with co-funding from the UK government’s Research and Innovation branch.

An FRDC is a privately issued digital currency pegged to a fiat currency, according to Millicent. The company believes it avoids the pitfalls of central bank digital currency and stablecoins while bridging blockchain technology with traditional finance.

Millicent plans to introduce a...

North Korea’s stash of stolen crypto has plunged in value

Victims of North Korea-linked crypto thefts may take some comfort in knowing that connected wallets have plunged in value.

Despite the recent drawdown, the exponential rise in the value of cryptocurrencies over the past decade has made them key targets. Hackers are regularly seeking to obtain cryptocurrencies through hacks and ransomware campaigns.

Fortunately, transactions on most blockchains are easy to track. Wallets connected with North Korean hacking groups like...

A16z State of Crypto: “It is still early days for web3”

Andreessen Horowitz (a16z), a prominent venture capital firm investing heavily in the web3 sector, has published its first “State of Crypto” report exploring current trends in the market.

The overarching takeaway from the report is that web3 and the crypto market develop in cycles.

As prices climb, interest in the sector grows to the point where it can no longer be sustained. Following a (usually steep) falloff in prices, innovators develop new projects that revive...

Gemini research reveals 18% of UK adults own cryptocurrency

Globalisation

Almost one fifth (18%) of UK adults own cryptocurrency and nearly half of these (45%) invested for the first time in 2021, revealing massive growth in terms of adoption.

The figures come from Gemini’s new ‘2022 Global State of Crypto’ report which surveyed 29,293 adults from across twenty countries, including 2,300 people from the UK.

Gemini is a cryptocurrency exchange that was launched in 2015 by the Winklevoss twins. Recently, it has received major external...

Bank of England joins MIT as CBDC research partner

The Bank of England and the Massachusetts Institute of Technology (MIT) have agreed to collaborate on a twelve-month joint research project into central bank digital currencies (CBDCs).

Alongside MIT Media Lab’s Digital Currency Initiative (DCI), the bank will explore the potential technical challenges, trade-offs, and risks involved in designing a CBDC system. The project is intended to be for research purposes only and will not result in an operational...

Global crypto ATM market to grow from £55m to £1.38bn by 2028

ATM Machine

The global crypto ATM market, which is currently worth £55 million, is expected to reach £1.38 billion by 2028 as demand for on-the-move conversion between digital and fiat currencies increases.

US consulting firm Grand View Research’s new study, the “Crypto ATM Market Size, Share & Trends Report”, forecasts a compound annual growth rate (CAGR) for the market of 59.2% from 2022 to 2028.

Last year, crypto ATM numbers increased substantially and their global...

Crypto-based crime outpaced by total market’s growth in 2021

Crypto-based Crime

Crypto-based crime hit an all-time high in 2021, but the growth of the digital assets market as a whole far surpassed the rise in illicit activity.

A record $14 billion (£10.4bn) flooded into crypto wallets with criminal associations in 2021, more than doubling from the previous year, according to blockchain analytics firm Chainalysis.

Whilst this 79% increase may seem substantial, total market transaction volume grew by 567% from 2020’s totals. This leaves...

Nigeria has highest rate of global crypto ownership at 24.2%

Nigeria

Nigeria has the world’s highest cryptocurrency adoption rating, with 24.2% of adults owning some form of digital currency.

According to the latest Cryptocurrency Adoption Index from financial comparison platform Finder.com, which surveyed 41,645 adults in 22 countries, Nigeria is well ahead of the global average adoption rate of 11.4%.

Of the quarter of online adults in the West African nation who own cryptocurrency, Bitcoin is the most popular with 66.5% of owners...

Xi’an Jiaotong University establishes blockchain research institute with Future FinTech

Future FinTech (FTFT), a leading blockchain eCommerce company and a financial technology service provider, has announced that its wholly-owned subsidiary, Future Commercial Group, has begun cooperating with the School of Economics and Finance at Xi'an Jiaotong University to establish a blockchain finance research institute.

Future Fintech and the School of Economics and Finance of Xi'an Jiaotong University will cooperate to jointly establish the blockchain finance institute, which...