Tuesday, December 5, 2023
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Governments and Corporations Embrace the Future with Blockchain Adoption

Governments and Corporations Embrace the Future with Blockchain Adoption

Photo: Shubham Dhage / Unsplash
Photo: Shubham Dhage / Unsplash

This week has seen several significant developments in the digital asset markets, with various players announcing partnerships, initiatives and funding for projects that could shape the future of cryptocurrencies and blockchain technology. As the world continues to embrace digital assets, these developments show the growing interest and investment in the space from both private and public entities.

Fed seeks innovative software developers for CBDC project

The Federal Reserve Bank of San Francisco is taking steps towards the development of a central bank digital currency (CBDC) as it begins the search for software developers to aid in research and design.

One job opening spotted on LinkedIn is for a “Senior Application Architect – Digital Currency.” In addition to this position, the bank is also seeking to fill the roles of Lead Application Developer and Senior Application Developer for digital currency. This move comes as more central banks around the world explore the potential of CBDCs.

China’s new crypto stance?

Meanwhile, Hong Kong’s ambition to become a cryptocurrency hub has been reportedly supported by the Chinese government, marking a stark contrast to the mainland’s anti-crypto stance. The Hong Kong Securities and Futures Commission proposed a new crypto license regime that requires all centralized exchanges operating in the region to be licensed with the regulator.

Additionally, the proposal seeks to allow retail traders access to licensed cryptocurrency exchanges, believing that denying such access may drive Hong Kong residents to unregulated overseas platforms. This new regulatory framework has spurred many crypto businesses to expand into the city, including Huobi Global, which plans to open a new Hong Kong-only exchange with a focus on institutional and high-net-worth individuals.

Fetch AI and Bosch team up to explore AI and Web3 technology

In a joint venture, electronics giant Bosch and crypto protocol Fetch.ai have formed the Fetch.ai Foundation to explore the use of artificial intelligence (AI) and Web3 technology in real-world use cases, such as mobility, industry, and consumers.

The foundation will follow a three-tier governance structure, inspired by the decentralized innovation model of the Linux Foundation. Its aim is to encourage growth and contributions from new participants, while also enhancing currently used technical applications based on active contributions and participation from members.

Ankr and Microsoft team up to bring blockchain to enterprise users

Ankr Network, a decentralized blockchain infrastructure provider that operates globally distributed nodes, has announced a partnership with Microsoft Corporation this week to offer enterprise node services. The partnership aims to support institutional investors seeking access to blockchain data with a reliable, easy-to-use node hosting service.

This move comes after Microsoft shut down its Azure Blockchain Service without any official explanation two years ago, leaving a gap in the market for reliable blockchain data services. The partnership with Ankr will help Microsoft cloud-based users access blockchain technology seamlessly.

Massive donation goes to support global Bitcoin projects

The Human Rights Foundation (HRF) has granted 20BTC, approximately $475,000, from the Bitcoin Development Fund to 10 global projects. The funding is intended to support areas such as censorship-resistant communication, Bitcoin education in authoritarian regimes, core development, and building local communities and education, with a focus on Africa and Southeast Asia.

One of the grant recipients is Qala, a fellowship program that trains the next generation of African Bitcoin and Lightning developers, allowing the program to continue its 13-week fellowship and sponsoring six Qala fellows to attend the Oslo Freedom Forum.