The weekend has been noisy for Blockchain Technology and Cryptocurrency. There are many ventures made before January 2019 ends, and everything seems to be looking so positive for the digital financial market.
Harvard and Levi’s Blockchain Partnership for Health & Safety
More and more firms and companies, even those who are in the academe see the benefits of Blockchain Technology as a useful platform to create new projects and open opportunities. Harvard and Levi Strauss Company have announced its partnership to develop and test a new Blockchain platform to ensure record and perceive safety in the industrial field and benefit human auditors.
The said platform will be deployed to three Mexico factories of Levi’s. The platform aims to eliminate the consistencies in the settings of audit in the industry subject. Five thousand workers are set to test the system first and see how it could help them and suggest ideas or insights on how the platform could be better.
ConsenSys, founded by Joseph Lubin who is also one of the original developers of Ethereum or ETH, will be the one who is tapped to design the auditing platform.
More and more in the Health and Safety industry are venturing into using Blockchain to improve, manage, and even overhaul their current system. The technology seemed to be moving purposely and started to increase its number of users through its known benefits and security that keep innovating through the years.
The companies’ goal is to build a healthcare ecosystem that is secured, shared, and can connect different members of the sector. Companies are also to have an advantage through the said platform as they can intently deploy and share solutions to the members. More so, it could also be one of the factors as to how the industry can transform digitally and globally.
Iran to Launch its Own Version of SWIFT, its Own Cryptocurrency
Iran is moving to launch its very won cryptocurrency that is set to be its official national crypto, ‘Central Bank-issued Digital Currency’ or CBDC. The said crypto will be a stablecoin and will be backed by the countries’ national currency, Rial.
This venture was first introduced in the summer of 2018 to evade the sanction of the United States (US). It was known that the State through SWIFT has a block and no longer giving assistance to Iran’s bank in terms of international money transfers and transactions to pay or purchase imports. Therefore, Iran saw that there should be a remedy to that, hence launching CBDC.
CBDC is still indefinite especially on how it could adopt on a large-scale basis. According to Yashar Rashedi of Radfa Iranian firm, this move by Iran may even have some struggle to be a widespread currency that the public could use daily as there is still a lot of innovation to create useful features, especially for startups. He also stated that a partnership with centralized banks is also essential for the project.
Though there are still a lot of developments to settle, the development of the currency is already cryptocurrency.
Galaxy Digital to Raise US$250 Million to Help Cryptocurrency Firms
Galaxy Digital, a digital bank and founded by Michael Novogratz, has planned to raise funds of up to $250 million to be able to loan to cryptocurrency companies.
The bank is set to provide loans and close its first-round of fundraising by March 2019. For loaners, cryptocurrency assets, machines, and other properties will be asked by the bank as collaterals.
Novogratz saw the increasing demand for funds from different digital currency firms hence the fund that he is into for loaning. This way, Galaxy Digital would be able to help firms especially those starting ones to start-up and continue in the market.
In the recorded crypto price fall last year, many companies have been affected. Therefore, resulting in funding was the solution, but (definitely) a hard one. Lenders have also realized the opportunity that this scenario entails for them. To be able to loan money, they could also earn a significant return through interests and other collaterals at stake, if ever.
Startup firms and even those who are in the digital financial market are still finding their groove to make the year 2019 a stable one. For them, it is also the perfect timing to leverage and continue what they have started as more and more company are beginning to engage with the utilization of Blockchain Technology and digital currencies.
The more that there are competitions in the market, the price would also have to leverage. Lenders can also have control since they are the source of funds. Moving forward to funding startups and other firms is not just profitable, but also helpful to the digital financial sector.