A recent study by Ripple and the U.S. Fast Payments Council shows that U.S. financial institutions are increasing their use of blockchain technology.
Companies working on business-to-business (B2B) solutions in the U.S. accounted for more than 40% of participants in the study, which interviewed more than 100 payments executives and leaders.
Among businesses already using crypto payment products, 37% have a B2B use case. Use cases established among participants include not only payroll solutions, but also peer-to-peer and account-to-account transfers, the report claims.
“Companies are using a variety of technologies, including supply chain management to enhance transparency and traceability, digital identity verification to streamline authentication processes, smart contracts to automate contract fulfillment, and cross-border payments to facilitate faster and cheaper transactions. You can leverage blockchain in B2B use cases,” explained Pega Soltani, head of payments products at Ripple.
The environmental impact of blockchain technology is also a concern for 81% of business leaders, but only a few respondents are familiar with the difference between proof-of-work and proof-of-work energy usage. 53%, further education is required. -Staking protocol.
Surveys show that overall sentiment towards blockchain is positive. When asked about the value proposition of blockchain and cryptocurrency payments, a participant commented, “The fact that value moves at the speed of data at near-zero cost speaks for itself.”
This week's Crypto Biz also covers concerns about chip shortages, sustainability issues for crypto miners, Telegram's new advertising platform, Kraken's expansion into institutional investors, and more.
Riot Platform, other miners still see chip shortage, ESG recognized as risk
Regulations focused on chip shortages and potential climate change continue to emerge as common themes for Bitcoin BTCUSD Mining companies disclose risk factors in preparation for the upcoming Bitcoin halving. In its 10-K filing on February 23, Riot Platforms highlighted more than 13 continuing risks to Bitcoin mining profitability, little changed from the previous year. The company also said it would continue to pay “higher than normal” costs to acquire and install mining machines until the chip shortage crisis is resolved. Other Bitcoin miners have reported similar risks in their annual reports in the past. For example, CleanSpark mentions in his 2023 10-K filing the possibility of “cryptocurrency hardware disruption” and the potential for difficulty obtaining new hardware. TeraWulf also cited supply chain constraints as a risk factor.
$RIOT Actual mining cost: $23,268
I'm not going to write a full $RIOT article tonight, but I wanted to share what I see as the true cost of mining based on 10-K results for all of 2023.
The only big nuance I'll share right now from my adjustments shown below is… pic.twitter.com/gSWYO6AIUr
Telegram advertising platform launches via TON blockchain
Starting in March, Telegram channel owners in more than 100 countries will be able to receive financial compensation for their work once the advertising platform opens to all advertisers. According to a Feb. 28 announcement from Telegram founder and CEO Pavel Durov, channel owners will receive 50% of the total advertising revenue Telegram generates by displaying ads within their channels. will begin receiving. According to the announcement, the Telegram Ad Platform will exclusively use the Open Network blockchain to make payments. Telegram is his fourth most popular online messaging application in the world after WhatsApp, WeChat and Facebook Messenger. According to Bankmycell data, Telegram has around 196 million daily active users and 800 million monthly active users. Telegram's broadcast channels generate over 1 trillion views per month.
Kraken launches institutional investor division aiming to monetize Bitcoin ETFs
Cryptocurrency exchange Kraken has launched a new division focused on institutional investors, aiming for a slice of the spot Bitcoin exchange-traded fund (ETF) pie. On February 27, Kraken announced a new institutional brand offering spot and over-the-counter trading, as well as crypto staking, targeting asset managers, hedge funds, and high-net-worth individuals. Tim Ogilvie, who joined Kraken when Kraken acquired his company Stake in December 2021, will head up Kraken Institutional and says institutional adoption of cryptocurrencies is growing rapidly. Ta. “Recent ETF approvals have stimulated broader institutional demand,” Ogilvie said. Kraken Institutional directly competes with his Coinbase Institutional and Coinbase Prime, which he founded in 2021 for institutional investors. It will also compete with Binance Institutional, which was founded in mid-2022 and provides customized solutions for institutional users such as asset managers, brokers, hedge funds, family offices, liquidity providers, and proprietary trading firms. .
Virtual currency exchange BitForex suspends withdrawals and stops responding to users
Hong Kong-based cryptocurrency exchange Bitforex has suspended withdrawals for at least three days without giving a reason. Approximately $56 million in cryptocurrencies had been withdrawn from the exchange's wallets the day before the outage. His X account on the exchange has not been updated since May 2023. On the official Telegram channel, BitForex users reported various account issues, ranging from not being able to enter into their account to not seeing assets on their dashboard. Several users shared pop-up screens indicating that access to the company's website was blocked.
Before you leave: According to recent data from Hashlabs Mining, 40% of Bitcoin mining takes place in the United States. However, some industry experts predict that the next halving will drive U.S. miners overseas due to lower revenues.
Crypto Biz is your weekly take on the business behind blockchain and cryptocurrencies, delivered straight to your inbox every Thursday.