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Top 10 Blockchain-as-a-Service (BaaS) Providers

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🔥🚀 BaaS or Blockchain-as-a-Service is a paid blockchain-based cloud service that blockchain companies provide to customers. BaaS provides customers with the ability to build, host, and use their own blockchain apps, smart contracts, and any other digital services on a distributed network.

It is important to clarify that the BaaS concept is derived from the concept of SaaS (Software as a service) and works similarly to it. 👇

◆ How does BaaS work?

According to the BaaS concept, blockchain companies install,  manage, and maintain, blockchain-based cloud platforms in addition to providing the tools necessary to build blockchain applications to customers in return for a fee.

◆ The future of the BaaS industry

Currently, the global revenue from blockchain services is estimated at $ 2.5 billion and by 2025 this number is expected to rise to $ 19.9 billion.

Overall, the business value of blockchain solutions will increase to more than $ 360 billion by 2026, with estimates of this number reaching $ 3 trillion by 2030.

The previous figures clearly show the future of the industry as well as explain the huge and successive investments in the blockchain business in general.

❖ Advantages of using the BaaS model

The BaaS model provides its users with many advantages, most notably high data security, efficiency, scalability, unlimited customization potential, as well as it is compatible with current cloud services.

In addition to the above, the adoption of the BaaS model reduces administrative burdens and provides better management and recruitment of resources.

Moreover, the BaaS model is easy to use and affordable, given the value it offers.

☉ BaaS vs owning a blockchain-based cloud platform

The BaaS model is a better solution for business than having a blockchain-based cloud platform in all aspects. Owning a blockchain-based cloud platform is hugely costly due to start-up costs (infrastructure, personnel, software, licensing, hardware, consulting, and more), retirement costs (decommissioning of server racks), and operational costs (monitoring, cost per transactions, bandwidth expenses).

In addition to the above, owning a blockchain model means fully assuming administrative responsibilities. 👇

🗨 While in the BaaS model, the cost is significantly lower because you only pay for the service you get. The service price in the BaaS model is subject to several factors, including the transaction rate, the maximum number of concurrent transactions, the payload size on transactions, and so on.

Also, in the BaaS model, all administrative burdens are borne by the provider.

● How to choose the right BaaS provider?

There are a number of points to consider when selecting a BaaS provider. For instance, the provider’s experience and reputation, the security of the platform, the technical support as well as the ease of use and pricing.

In addition, it must be ensured that the platform integrates with the existing operating systems and software.

🚀 It should also ensure that the platform supports smart contract integration and deployment, identity access management (IAM) system, different runtimes, and frameworks. 👇

🟥 Top 10  Blockchain-as-a-Service (BaaS) Providers

● Blockwell

Blockwell is one of the world’s leading providers of blockchain solutions to governments, enterprises, and end-consumers. Founded in 2018 by experts who have contributed for 20 years in developing emerging technologies for some of the largest companies in the world.Blockwell aims to assist organizations in adopting blockchain solutions by providing consulting and a cloud blockchain platform in addition to a distinct and diverse set of tools and programs.

Blockwell aims to help everyone generate profits by allowing them to build and expand blockchain tools, services, and products.

Currently, content creators rely on existing toolkits developed by Blockwell, set their own commission structures, and earn percentages as they sell and promote their tools around the world.

During the past two years, Blockwell has developed blockchain solutions for cryptocurrency businesses around the world. 👇

🔻In addition, Blockwell has vetted dozens of token contracts for some of the most popular exchanges in the world, prevented and stopped hacks saving individuals millions of dollars, built successful token-swaps tools, and analytics tools.

Blockwell’s previous work includes the names of many well-known businesses such as JPMorgan Chase Bank, Wells Fargo, Disney, GoPro, Paramount, Mattel, Universal, Lucas Arts, Suzuki, Epson, Time Warner Cable, Guitar Center, Beachbody, Marriott, Jaiyen Eco-Resort and more.

🗨 Blockwell has an impressive list of tools and applications. Notable among them are Blockwell Wallet, Pride Token, Fire Tokens, EgoCoins, Blockwell, Blockwell Book, Sheets-n-Blocks – Blockchain, Contract Tool, VoteBlock, API Miner, Smart License Creator, Blockwell Prime, Listener, Token Swapper, Blockwell Daico, Blockwell Telescope, Blockwell Spyglass, Blockwell Velvet, Blockwell KYC Form Builder, Non-Fungible Token Creator, BW, and Dumbapps.

In addition to apps and tools, Blockwell has launched a store for  DApps named “Well Spring” that has 16 working apps so far.

Blockwell backed tokens are valued at over $ 80M.

🗨 Regarding the future, Blockwell is seeking to expand by investing $ 10M. The company plans to obtain it by selling 100MM tokens to investors.🔻

● Amazon

Amazon introduced its BAAS service called “Amazon Managed Blockchain” in 2018 through its cloud arm, Amazon Web Services (AWS). Amazon Managed Blockchain is a managed service that makes it easy to create and manage scalable blockchain networks using open source frameworks including Ethereum and Hyperledger Fabric.

Moreover, Amazon allows customers who want to manage their own network to go ahead, but it is an option that needs experience in dealing with AWS Blockchain Templates.

Amazon also enables companies to integrate their blockchain-based networks and business processes to improve IT infrastructure, business processes, human resources, financial transactions, and supply chains.

In addition to the above, Amazon provides AWS Key Management Service to secure Hyperledger Fabric’s CA (Certificate Authority) and Amazon QLDB technology to manage augmented ordering service.

🗨  The BAAS offer from Amazon is characterized by flexibility in identifying resources to suit companies’ needs.

Amazon customers’ list includes star names like Nestlé, BMW, Accenture, Sony Music Japan, and the Singapore Exchange. 👇

● IBM

🚀IBM is one of the world’s most important BaaS service providers. Forbes selected it among the top 50 blockchain companies, thanks to its blockchain platform “IBM Blockchain“, which it launched in 2017.

IBM Blockchain is a fully-integrated distributed ledger technology platform that enables businesses to “’ develop, govern, and operate a blockchain ecosystem quickly and cost-effectively on a flexible, cloud-based platform by using Kubernetes.

Partnerships have been vital to IBM’s continuous BaaS expansion. it created the Trust Your Supplier platform alongside blockchain firm Chainyard and also pioneered the Contingent Labor platform in conjunction with IT People.

As well as IBM Blockchain has joined The Linux Foundation’s Hyperledger Project to evolve and improve upon earlier forms of blockchain. Instead of having a blockchain that is reliant on the exchange of cryptocurrencies with anonymous users on a public network (e.g. Bitcoin), a blockchain for business provides a licensed network, with known identities, without the need for cryptocurrencies.

👉  IBM Blockchain Platform has been used widely in industries such as food supply, media, advertising, and trade finance. 👇

● Microsoft

🔥 Microsoft is one of the oldest BaaS service providers as it has been in the market since 2015 when it launched Azure Blockchain Service.

Microsoft aims through its BaaS service to enable users to build public, private, and consortium blockchain environments with industry-grade frameworks and bring their blockchain apps to market.

🎯Microsoft provides three products to customers: Azure Blockchain Service, Azure Blockchain Workbench, and Azure Blockchain Development Kit.

Azure is compatible with other Microsoft products such as Logic Apps and Flow, making it a great choice for organizations looking to harness blockchains such as General Electric and T-Mobile.

Microsoft Azure’s most prominent features are the support of several Blockchain frameworks, including Quorum, Corda, Hyperledger Fabric, and Ethereum. Plus, ease of deployment using Azure CLI, Azure Portal, or Visual Studio Code with the Azure Blockchain extension. Azure also supports full monitoring and logging.

🗨 The above helped Microsoft to forge important partnerships with prominent entities such as its partnerships with Ripple and BitPay. 👇

● Alibaba

🔻 Alibaba is one of the leading blockchain solutions providers around the world. The well-known Chinese company introduced its BaaS service in 2018 through its cloud platform.

🗨  Alibaba has an active research team and has registered many patents on blockchain during the past period.

Utilizing Quorum, Hyperledger Fabric, and the Ant Blockchain, the platform integrates Alibaba Cloud’s Internet of Things (IoT) and anti-counterfeiting technologies to create blockchain solutions for product traceability.

Alibaba’s BaaS offering provides diverse solutions to meet user needs including encompasses enterprise-level BaaS services, an agile BaaS platform that supports private deployment, and specific blockchain solutions for container services. 👇

● Oracle

🚀 Software giant Oracle unveiled its BaaS service in 2017. The service, called “Oracle Blockchain Cloud Service”, aims to provide an enterprise-grade distributed ledger platform that can help businesses to “increase trust and provide agility in transactions across their business networks.”

Oracle enables its service users to provide permission blockchain networks for private or consortia models, enroll member organizations, and run smart contracts to update and query the ledger in addition to many other benefits.

🎯 Also, Oracle enables its service users to use its other solutions such as Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Planning (ERP) Cloud, and other Oracle cloud solutions. 👇

● R3

🔥 R3 launched its BaaS service called “Corda” to enable companies to transact directly and privately using smart contracts.

Corda is an open-source blockchain platform that works on minimizes blockchain nodes’ deployment time by a few minutes, allowing enterprises to host the Corda network in a few clicks.

👉 Interoperability, security, and privacy are the foundations of the finance-focused Corda.

Royal Dutch Airlines (KLM) recently hired Corda service to streamline financial processes and enhance settlements

Corda provides users with the following benefits: Easy cloud-based deployment and quick setup of nodes with Docker, a Built-in blockchain application firewall to provide additional security, as well as R3’s Interoperability feature that allows developers to work with more than one application at the same time.

🗨 It is worth noting that R3 has developed solutions for more than 300 clients in addition that it has partnerships with many prestigious institutions such as Barclays, Credit Suisse, Goldman Sachs, J.P. Morgan, and Royal Bank of Scotland, Bank of America and Wells Fargo, and more. 👇

● SAP

🎯 SAP launched its BaaS service “Leonardo” in 2017. Through its service, SAP aims to help companies transition into the digital age through the use of distributed ledger technology.

Leonardo is a Hyperledger based service and resides in the SAP Cloud service, meaning it can be accessed from any device.

🔻 The platform provides plug-and-play blockchain solutions and allows for the easy setup and hosting of blockchain nodes.

SAP Leonardo functions as a blockchain cloud service, machine learning service, and supports the Internet of Things (IoT) in a single ecosystem.

👉 SAP Leonardo provides its users with several benefits such as cloud deployment, monitoring of blockchain data in real-time, and more. 👇

● Huawei

🚀 Well-known Chinese smartphone manufacturer Huawei launched its BaaS service in 2018. The service, called “BCS“, is based on Linux Foundation’s Hyperledger Fabric, a blockchain framework that allows components, such as consensus and membership services, to be plug-and-play.

With its BaaS service, Huawei aims to enable companies to develop smart contracts on top of a blockchain network for several use-case scenarios.

🔥 Huawei also works with enterprise customers to promote the deployment of blockchain solutions and applications and to build reliable, public infrastructure, and an ecosystem-based on blockchain and shared success.

🗨  According to Huawei, BCS enables enterprises to deploy blockchain technology within five minutes. It concentrates on nine application scenarios, including data assets, Internet of Things (IoT), operation, identity verification, data certification, data transactions, new energy, philanthropic donations, and inclusive finance.

Huawei has many and varied partnerships inside and outside the Chinese market, but the most prominent name remains the famous car manufacturer Honda. 👇

● Factom

🔻Factom launched its BaaS service in 2017. The service, called “Factom Harmony“, aims to allow enterprises and software vendors to quickly add blockchain capabilities to any application or workflow using simple API calls.

Harmony also aims to enable users to create portable, archivable cryptographic proofs to use as trusted inputs for internal and external audits.

🚀 What sets Factom Harmony apart is that it reduces the time and resource requirements to perform audits and meet compliance objectives. ⤵

 

Author: Husayn Hashim

👤Bio: Husayn Hashim works as an author and programmer. He has been writing about blockchain technology and cryptocurrencies for si years. He’s interested in programming, technology, finance, and business. He loves writing and loves to share his knowledge with others.

Blockchain

GREENHEART PUNT APPROVED FOR LISTING ON LEADING GLOBAL CRYPTO EXCHANGE DIGIFINEX

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Greenheart PUNT approved for listing on leading global crypto exchange DigiFinex  

Greenheart PUNT, the new sustainable Defi token led by Greenheart, is delighted to announce that the PUNT token has been approved for listing on the leading Singapore digital exchange DigiFinex.

DigiFinex is a Top 12 global crypto exchange and regularly trades in excess of $2 Billion dollars per day in volume and liquidity. The exchange trades approximately 200 leading coins and has over 4 million customer accounts – of which 800,000 are active daily users.

The listing on DigiFinex is in addition to Greenheart PUNT’s initial (December 1st) listing on the LAToken exchange and is designed to maximize liquidity and trading volume for PUNT token holders and investors.

The Greenheart PUNT token is scheduled to begin trading on DigiFinex on Wednesday 2nd December 2020.

Greenheart was founded two years ago in Ashbourne, County Meath, and was formed two years ago by childhood friends Mark Canavan and Paul Walsh. The company produces a full range of sustainable oils – and shortly – edibles and balms for the retail market. Although Greenheart only began selling its oils in January 2020, it already has over 1,500 customers, a customer return rate three times the industry average and over seventy trusted 5-star reviews on its website.

Before launching Greenheart, Paul and Mark spent years researching extraction methods to produce the most effective agricultural products, for the end consumer with full traceability from seed to shelf. The company is the first sustainable producer in its market to use the full scope of cutting edge technology in its cultivation and production. This includes Big Data, Artificial Intelligence (AI), Machine Learning, and Blockchain technology at each stage of the planting, harvesting, production, and retailing process.


Greenheart Punt Token 

The Greenheart Punt token is being backed by a real commodity – 1,000 liters of Greenheart’s oil in year 1 (with a retail value of $4 million US dollars) – allowing token holders to redeem their tokens directly for Greenheart oil.

The company also plans to continue deploying pioneering sustainability technology and cold press extraction, while also launching an Innovation Centre to teach farmers and the wilder public about the benefits of growing hemp and sustainable crops in Ireland.

 

 

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How Charities Adapted to the Crisis and Made Donations ‘Smarter’

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Many philanthropic organizations initially suffered due to the cancellation of in-person donations. However, the initial pause in traditional donations caused by the pandemic was seemingly momentary, as charity donors began shifting to crypto donations.

Major fundraisers across the United States had to be cancelled, causing them to lose massive amounts of tickets and revenue that would have been generated by the events. Organizations backed by government contracts feared the repercussions of the epic loss once the fiscal year ended. Furthermore, the need for social services like food banks were outpacing revenue. 

Officials of Eve’s Place — a non-profit that provides empowerment-based programs to victims of domestic, sexual, and teen dating abuse — had to shut down their annual charity event when the nation was placed on lockdown, and needed to find a way to counteract the loss of revenue.

Initially, the thought of welcoming digital currency had been a conversation that arose but was not considered a high priority until the lockdowns happened, sending their fundraising initiatives to a screeching halt. Then the organization received a generous $65,000 donation in cryptocurrency.

Charities are now proliferating, having adapted to the crisis and evolved their methods by accepting cryptocurrencies, because fiat is by no means the only option.

Since adapting to the current climate, there has been momentous progress in adopting cryptocurrencies and blockchain technology in the philanthropic sector by some governments and intercontinental organizations.

Overflow, an organization that helps charities accept online donations of publicly-traded stock, told BeInCrypto that it sees non-cash asset donations continuing to grow, noting the changes that have taken place this year:

“As a stock donation platform, one significant change that we noticed is that stock gifts tend to be much larger than cash donations. Compared to traditional donation platforms, we’re seeing a higher average gift per person — $2,150 vs $128 — which shows that people are much more generous when they donate stock instead of cash.” 

It’s no longer thought of as a “fringe” method of support, but is evolving into a donation method that is becoming more mainstream. In January, Deutsche Bank reported predictions that there will be 200 million global crypto users by 2030, with the crypto hardware wallet industry anticipating a continued growth by an annual 25 per cent.

Blockchain facilitates donors to view and analyze the migration of their donations, from the moment it was given to the instance the charity spent it, which purportedly safeguards a greater element of transparency and eradicates the possibility of misreporting.

The beauty of digital currencies is that it ostensibly has shown resilience during the pandemic when social-economic conditions have negatively affected nearly all facets of the natural rhythm of things. Because of its borderless, neutral nature — not to mention its ability to transcend censorship — crypto has an all-inclusive choice for use in philanthropic enterprises. 

Global crypto donations are rising

According to the Global NGO Technology Report, which interviewed over 5,000 non-profit organizations around the world, digital currency donations represent 2 per cent of payment methods used in the US and Canada, which is up by 1 per cent from the previous year. It was also found that they reach 5 per cent in Africa, 4 per cent in Asia, 2 per cent in Australia and Europe, and 1 per cent in Latin America.  

The expansion of digital currency donations, which also encompasses both bitcoin (BTC) and altcoins, is something worth mentioning. In 2018, this form of payment reportedly covered 1 to 4 per cent of donations, while this year alone it has advanced intercontinentally, reaching up to a 100 per cent increase in contrast to the previous amount in the US, Europe and Australia.

Overflow explained from their experience which is the most popular way to donate, saying:

“After cash, some of the most common ways to give are stocks and Bitcoin. Donating stock and Bitcoin can drive significant tax savings and since donors are becoming more and more tax-savvy, stock and crypto donations are also becoming more popular.”

While these payment methods remain the least used in comparison to digital wallets such as Paypal, credit and debit cards, cryptocurrencies are gaining momentum.

Benefits with tax implications

For non-profit organizations, crypto donations come with a variety of perks that go beyond the most obvious, i.e. revenue — more precisely, it is another source of revenue that supersedes dollar bills. 

Even though cryptocurrency is taxable by the Internal Revenue Service (IRS), it isn’t regulated by the Federal Reserve, nor by the stock market and other platforms fiat performs on. Accepting cryptocurrency contributions could keep non-profit organizations from sinking, possibly protecting a layer of protection against the fluctuation of traditional markets.

However, most laws that apply to other assets do apply to BTC. This means people are still accountable to tax laws, though BTC and altcoins are normally considered an intangible personal property as opposed to being thought of as currency. Therefore, they are not generally recognized as legal tender in the US or most other countries. 

The IRS explains that if the charity is recognized under IRS rules, crypto donations will not result in income, gain or loss, and thus crypto is treated as other capital assets, including stocks. Elaborating on the issue, Overflow said:

“Consider non-cash contributions to drive more tax savings and make a bigger donation to a non-profit of your choosing.”

More money goes to non-profits due to low-to-nothing processing fees. Receiving crypto donations ultimately means that more money ends up with the organization, and less ends up in taxes.

The element of transparency is revolutionary in many ways. Blockchain enables ordinary people to trace the movement of money, and makes it insusceptible to tampering without somebody noticing, as the flow of crypto is open to all eyes, without third party involvement.

Even though blockchain meticulously keeps track of transactions. The beauty of the technology is that the specific personal identities of individual crypto holders is not a necessary component in transactions.

The unique characteristics of cryptocurrencies are quite attractive, such as a layer of anonymity within a decentralized arena, which provides the opportunity to curtail banks and government regulations, which have no power over the digital currencies, since they are not regarded as legal tender.

When non-profits meet crypto

Bitcoin, as well as other digital currencies, have even begun assuming leading roles in facilitating payments that are not associated with banking systems. 

For example, Bail Bloc founder Rachel Rosenfelt launched a unique charity initiative to employ monero (XMR) mining to give underrepresented and undocumented immigrants a better opportunity at fair treatment in the US courts. 

The initiative allows the project to collect XMR to help individuals avoid pretrial incarceration for cases involving US Immigration and Customs Enforcement. Unlike traditional charity initiatives, Bail Bloc isn’t focused on utilizing the usual means to finance a charity operation, but rather the computer processing power of those who participate.  

Earlier this year, Irvine Valley College began accepting cryptocurrency donations, which put them among the first colleges that can accept donations through BitPay, a Bitcoin payment solution. Since 2017, BitPay has reportedly managed over $50 million in donations.

As per Alex Wilson, a co-founder of charity-related startup The Giving Block, “universities have received some of the largest cryptocurrency donations in the non-profit sector; however, not many universities accept Bitcoin or other cryptocurrency donations yet. According to a Coinbase study, 56 per cent of the top-50 universities now have at least one course on blockchain or cryptocurrency.”

Wilson revealed that the project has seen hundreds of millions of dollars worth of crypto donated to non-profits over the last few years, with a large portion going towards universities.

GiveTrack is another blockchain-fueled project that is supported by Bitcoin non-profit organization BitGive. It was created with the precise goal to empower donors with the ability to follow transactions on a public platform in real time, providing total transparency for donors to know where their money is going. 

Earlier this year, BitGive announced that they had partnered with Direct Relief, GiveDirectly, and One Fair Wage Emergency Fund in an effort to collectively leverage blockchain technology in administering financial assistance to individuals impacted by the pandemic.

The initiative dubbed the BitGive COVID-19 Emergency Relief Fund works to provide personal protective equipment for medical professionals, financial help to individuals, whose employment was impacted, as well as global funding for people in need.

The American Red Cross is one of the biggest and certainly most identified humanitarian organizations, and has been accepting BTC donations since 2014. This opened up the doors to allowing charity givers more flexibility in their opportunities to contribute.

Though the American Red Cross has been accepting BTC donations for a while now, earlier this year, the Italian Red Cross announced that they would also now be accepting BTC donations to raise relief funds for individuals impacted by the pandemic. All donations received from the enterprise will reportedly be utilized to establish a second-level advanced medical post.

In 2019, the International Children’s Emergency Fund (UNICEF), which is an agency of the United Nations, launched an experimental crypto fund, empowering the organization to accept contributions in BTC and ether (ETH). The organization is tasked with the responsibility of rendering humanitarian and developmental assistance to children and young people around the world. 

The first donation received by the UNICEF came from the Ethereum Foundation, which gave somewhere around $150,000 worth of BTC and ETH to UNICEF, in October 2019. Then, in January 2020, Ethereum Classic Labs donated $1 million dollars to the non-profit. UNICEF executive director Henrietta Fore said, at the time: 

“The creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

The future of philanthropy

“Due to the rise of the stock and crypto markets, we believe that philanthropy will become accessible to everyone. In the past, philanthropy was mostly popular among high net worth individuals, while now more and more people are turning to charitable giving to support the causes and charities they are passionate about,” Overflow offered the projection, conceptualizing the future of philanthropy.

The company further listed three main reasons why the philanthropy world started changing so rapidly:

  • Millennials are more socially aware than the prior generations as they grew up in the age of digital and social media. As a result, donating to charity makes people feel more connected to their communities and gives them a higher sense of purpose.
  • It is now possible to make donations online and choose from numerous donation types, such as cash, stocks and cryptocurrencies. An abundance of donation options is making philanthropy accessible to people of all income brackets and asset classes.
  • People are becoming more aware of the significant tax benefits that charitable donations can drive. Charitable giving is becoming a popular way for people to support their favorite causes and save on taxes.

Speaking about how to make donations “smarter,” Overflow said that there are several strategies that can help people maximize their impact as well as their tax deductions. According to the organization, it is necessary to “always check whether your company offers a matching gift program. This way, you’ll be making two donations instead of one!”

Overflow continued, saying:

“Imagine a scenario in which you sell your securities first and donate the proceeds to a non-profit. After selling the stock, you will have to pay a capital gains tax, which can be anywhere from 15 per cent to 20 per cent depending on your tax bracket. As a result, you will end up paying a massive tax and making a donation that is 20 per cent less than you would have made had you donated your securities directly to the charity.”

“Always research the organization you’re supporting. It’s important to know how your donations will be used and what portion of the non-profit’s budget is going towards their charitable programs. One of the most transparent non-profits we know is the New Story Charity that separates all donations for their home building programs from any operational expenses.”

The world has changed, and is changing. While the future at this juncture in time still remains uncertain, innovators around the globe have pushed the envelope, so to speak, escalating yesterday’s technological limitations, breaking barriers and opening up the door to new possibilities. So that life can continue moving forward undeterred, while we experience what appears to be a new era in innovation.

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Jesse McGraw is a writer, information security researcher, and a prison reform activist. He is also a former black hat hacker and founder of the hacktivist group known as the Electronik Tribulation Army. He is also known by the moniker “Ghost Exodus.” He has holdings in stocks and in Bitcoin, but nothing worth writing home about.

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Source: https://beincrypto.com/how-charities-adapted-to-the-crisis-and-made-donations-smarter/

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Cryptoenter DeFi Platform Named ‘Most Promising Fintech Solution’ by IBM

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Digital banking solution Cryptoenter allows financial institutions to offer a full range of DeFi services without any extra blockchain infrastructure. The platform already has 15,000 active users and recently received a prestigious award at the IBM Think 2020 event.

The First DeFi Platform for Banks

Cryptoenter is the flagship product of Smart Block Laboratory a ready-to-use digital banking infrastructure that can turn any bank or business into a DeFi hub. Any financial institution that implements CryptoEnter can immediately offer a wide range of crypto-related services:

  • An integrated cryptocurrency/fiat wallet;
  • P2P lending;
  • Real-time exchange of values;
  • Instant cross-border payments;
  • Crowdfunding;
  • Interbank payments;
  • Digital acquiring;
  • Issuing digital derivatives, stablecoins, and NFT tokens;
  • A social network for investors, and much more.

Cryptoenter is the first DeFi product to use Hyperledger Fabric – a fast and scalable blockchain infrastructure that enables speeds of up to 20,000 transactions per second. As of November 2020, the project is fully operational and running an MEO (Market Expansion Offering) – a limited token sale aimed at scaling.

Cryptoenter Honored by IBM

In June 2020, Cryptoenter was featured at PartnerWorld – part of the IBM Think virtual event.The digital banking platform was named “Most Promising Fintech Solution Using IBM Cloud Services.” It’s worth noting that the developer, Smart Block Laboratory, is an IBM Silver Business Partner, and the platform itself uses many solutions by IBM, including Cloud Object Storage and Kubernetes Cluster.

Banks around the world can already integrate with Cryptoenter through IBM Marketplace. The platform has been thoroughly audited by IBM specialists and will soon become available in open search on IBM Cloud.

Cryptoenter already boasts over 15,000 active users. A few weeks ago, the platform signed up SKS Bank – a popular Russian financial institution. Soon all SKS customers will gain access to P2P loans in cryptocurrency, instant transfers, blockchain-based investments, and many other DeFi services. Negotiations with several more banks are underway, paving the way for a close and productive partnership between traditional finance and the world of DeFi.

The Smart Block Laboratory team expresses their gratitude to IBM for the award, which comes after three years of intense development work. Learn more about Cryptoenter and join the MEO (Market Expansion Offering).

Here’s how you can join Cryptoenter Beta.

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The opinion of BeInCrypto staff in a single voice.

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Source: https://beincrypto.com/cryptoenter-defi-solution-wins-ibm-award/

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PayPal User Gets Permanently Banned for Day Trading Crypto

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Anyone who’s contemplating day trading crypto on their PayPal account may want to reconsider, as such an action could lead to a permanent ban.

One user who was taking advantage of PayPal’s zero crypto fees to day trade over $10,000, has had his account balance placed on a six-month hold.

$462 Balance Placed in 180-Day Hold by PayPal

In a Reddit thread posted on Nov. 25, a Redditor with the moniker “TheCoolDoc” revealed that PayPal has permanently banned his account for day trading crypto. According to the post, PayPal’s system flagged his frequent cryptocurrency buying and selling as “item sales.”

After a flurry of speculation about possible involvement in the crypto space, PayPal finally boarded the cryptocurrency train back in October. Indeed, as previously reported by BeInCrypto, its massive bitcoin (BTC) buying activity appears to be contributing to the current scarce BTC narrative.

PayPal’s ultimate Bitcoin adoption endgame is for its users to utilize crypto as a funding source for online purchases across the platform’s 28 million merchants. Thus, its cryptocurrency adventure makes the service more like a virtual currency purse than an actual exchange.

With a zero fee regime in place until 2021, PayPal is effectively bearing the transaction costs for each crypto purchase and sale. That’s significant because TheCoolDoc, who day traded to the tune of $10,000 in a week, likely placed a heavy burden on the platform to cover those transaction costs.

As part of the actions taken against the Redditor, PayPal reportedly locked the account. According to TheCoolDoc, the banned account still has a $462 balance which is now on a 180-day hold.

Ignorance aside, TheCoolDoc’s dilemma highlights some teething problems that PayPal might need to solve. According to the Reddit post, the platform’s customer service leaves much to be desired.

In the fast-paced crypto world, a swift and adequate response to complaints could make or break any service that deals in cryptocurrencies. For the time being, it may seem best to ignore the temptation of high-frequency trading via PayPal.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/paypal-user-gets-permanently-banned-for-day-trading-crypto/

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