Friend.Tech to build own blockchain, ending dependence on Base

Friend.Tech to build own blockchain, ending dependence on Base

With the introduction of its proprietary blockchain, Friendchain, and the native FRIEND token, the socialFi app Friend.Tech is stepping away from its existing framework within the Ethereum ecosystem and the layer-2 solution Base.

The announcement of this proprietary cryptographic network has sparked considerable controversy and concern within Friend.Tech's community. Users are demanding explanations for the team's decision to abandon Ethereum's infrastructure in favour of their...

£11.4m blockchain initiative set for 2024 launch in South Korea

South Korea launches comprehensive blockchain support initiative

The South Korean government has invested 20 billion Won (£11.4 million) in developing local blockchain expertise to reinforce its position in the blockchain industry.

Led by the ministry of science and ICT and the Korea Internet & Security Agency (KISA), the project is focused on refining and expanding blockchain services for both public and private uses.

The public sector is seeing significant advancements with the government's focus on six blockchain-enhanced...

Italian banks explore dual models of wholesale CBDC

Italian banks explore dual models of wholesale CBDC

The Italian Banking Association's trial of a wholesale Central Bank digital currency (wCBDC) has been declared a success.

The initiative, known as Project Leonidas, was part of the Bank of Italy's sandbox program. The primary benefits identified were atomic transactions, enhanced transparency, and improved information traceability.

These tests were expected to take place by 2023, according to the Eurosystem announcement for the wholesale DLT trials with central bank...

Blockchain firm Ripple expands APAC presence with Japan and Korea fund

Blockchain firm Ripple expands APAC presence with Japan and Korea fund

Blockchain firm Ripple has launched a dedicated Japan and Korea fund, aimed at driving innovation and fostering growth on the XRP Ledger as it continues to expand its presence in the Asia-Pacific region.

The XRP Ledger is an open-source, public blockchain designed for corporate use, powering the XRP cryptocurrency. Ripple leverages blockchain technology and XRP to facilitate real-time, cross-border payments.

An official statement from Ripple claims that the funds will be...

Fidelity International tokenises money market fund on JPMorgan’s blockchain

Fidelity International tokenises money market fund on JPMorgan's blockchain

Fidelity International, a London-based fund management firm, has tokenised shares in a money market fund for the first time through JPMorgan's Ethereum-based private blockchain network, Onyx Digital Assets.

As reported by CoinDesk, tokenisation was completed in near real-time through the integration of the fund's transfer agent (JPMorgan's transfer agency business) with the Tokenised Collateral Network (TCN), an application that links collateral receivers and providers using...

Stripchain secures $10M in funding to enhance blockchain usability

Stripchain secures $10M in funding to enhance Blockchain usability

For the crypto industry, enhancing user experience is critical, particularly the ease of executing on-chain transactions without concern for the underlying blockchain. Several crypto startups, known for their innovation, are tackling this challenge to make crypto more accessible.

The concept of "chain abstraction," where users can interact with decentralised applications without explicit awareness of the underlying blockchain infrastructure, is viewed as a promising avenue toward...

Ripple president predicts success for crypto lobbying in US elections

Ripple president predicts success for crypto lobbying in U.S. elections

The president of Ripple, Monica Long, is optimistic that lobbying efforts undertaken by the crypto industry will yield favourable results in the forthcoming US elections.

Ripple has been instrumental in assisting the industry's record-breaking fundraising endeavour to support political candidates amenable to the crypto sector.

San Francisco-based Ripple stands as the second-largest donor to Fairshake, a super PAC (political action committee) that has amassed $92.9...

BlackRock’s $20 billion ETF becomes the world’s largest Bitcoin fund

BlackRock's $20 billion ETF becomes the world's largest Bitcoin fund

A monumental shift has occurred in the cryptocurrency environment, as BlackRock's iShares Bitcoin Trust has risen to prominence as the largest global fund focused on Bitcoin, gathering nearly $20 billion in assets since its anticipated US launch at the year's outset.

This significant accomplishment highlights a key moment in Bitcoin's journey towards mainstream adoption and investor accessibility worldwide.

Impressively, the iShares Bitcoin Trust has now eclipsed the...

EU commission encouraged to lead blockchain and AI integration

EU commission encouraged to lead blockchain and AI integration

The EU has been urged to take the lead in finding harmony between blockchain and AI.

This advice was given to national regulators by the European Blockchain Observatory and Forum (EUBOF), an EU-commissioned body that monitors and examines blockchain developments across Europe. In its final report published on May 24, the EUBOF team highlighted the potential for blockchain to integrate with other technologies to drive innovation.

The report's release follows the EU's...

Majority of US crypto investors lack understanding of blockchain technology

Majority of US crypto investors lack understanding of blockchain technology

Around 60% of cryptocurrency investors admit they do not fully understand blockchain technology – the distributed ledger underpinning many cryptocurrencies.

Furthermore, 35% of crypto investors lack confidence in their overall understanding of cryptocurrency concepts.

This is according to a survey conducted by Preply, a language-learning company, examined the knowledge, interest, and experience of 1,001 U.S. residents regarding cryptocurrency.

Interestingly,...