Blockchain B2B on trend, Telegram’s new advertising platform and more.
According to a recent study by Ripple and the United States Rapid Payments Council, US financial institutions are taking advantage of blockchain technology.
Companies working on business-to-business (B2B) solutions in the US represented more than 40% of participants in the study, which interviewed more than 100 payments executives and leaders.
37% of those with existing crypto payment products have a B2B use case. Established use cases among participants include peer-to-peer and account-to-account transfers, as well as payroll solutions, the report says.
“Companies can use it in a variety of B2B use cases, including enhancing transparency and traceability of supply chain management, digital identity verification to streamline verification processes, automating compliance execution and making cross-border payments faster and cheaper transactions,” said Pegah, Head of Payments Products at Ripple. Soltani explained.
Blockchain technology's impact on the environment is a concern for 81% of business leaders, but 53% of respondents are aware of the difference in energy usage between proof-of-work and proof-of-work, so more education needs to be done. – Stock protocols.
Overall sentiment towards blockchain is positive, the survey shows. When asked about the value of blockchain and crypto payments, one participant opined, “The near-zero price movement at the speed of data speaks for itself.”
This week's crypto biz also looks at chip shortages and sustainability issues for crypto miners, Telegram's new advertising platform, Kraken's expansion to institutional investors, and more.
Riot Platforms, other miners still see chip shortages, ESG regs as risks.
Chip shortages and potential climate-focused regulations continue to be common themes for Bitcoin (BTC) mining companies as they prepare for their risk exposure statements for the upcoming Bitcoin halving. Riot Platforms highlighted more than 13 risks to Bitcoin mining profitability in its February 23rd 10-K filing — though it was largely unchanged from the previous year. The company said it will continue to pay “higher than usual” costs to acquire and install the mining machines until the chip shortage is resolved. Other bitcoin miners have previously issued similar threats in their annual reports. For example, in a 2023 10-K filing, CleanSpark mentioned the potential “disruption of cryptographic hardware” and potential problems with getting new hardware. TeraWulf also listed supply chain constraints as a concern.
$ RIOT real cost of mining: $ 23,268
I didn't do a full $RIOT article tonight, but wanted to share what I see as their true mining costs based on their full 10-K results for 2023.
The only major thing I'm sharing right now from my edits below is… pic.twitter.com/gSWYO6AIUr
— Ben Werkman (@BenWerkman) February 24, 2024
The Telegram advertising platform will be launched through the TON blockchain
Starting in March, Telegram channel owners in more than 100 countries can earn cash rewards for their work after the advertising platform opened up to all advertisers. Telegram founder and CEO Pavel Durov announced on February 28 that channel owners will start accepting ads on their channels, which account for 50% of Telegram's total ad revenue. Telegram's advertising platform uses only the Open Network blockchain to make payments. Telegram is the fourth most popular online messaging app behind WhatsApp, WeChat and Facebook Messenger. According to data from BankMicell, Telegram has around 196 million daily active users and 800 million monthly active users. Telegram's distribution channels generate over one trillion monthly views.
Kraken is launching an institutional arm that aims to monetize Bitcoin ETFs
Crypto exchange Kraken has launched a new segment dedicated to institutions in the corner for a slice of the Bitcoin exchange-traded fund (ETF) pie. In the year In the year Tim Ogilvy, who joined Kraken when Staked bought it in December 2021, will lead the Kraken Institute and says institutional crypto adoption is growing rapidly. “Recent ETF approvals have spurred broader institutional interest,” Ogilvie said. Kraken Institutional will compete directly with Coinbase Institutional and Coinbase Prime, which launched in 2021 to cater to institutional investors. It will compete with Binance Institutional, which launched in mid-2022 and offers customized solutions for institutional users such as asset managers, brokers, hedge funds, family offices, liquidity providers and proprietary trading firms.
Crypto exchange BitForex stops withdrawing money, stops responding to users
Hong Kong-based crypto exchange BitForex has suspended withdrawals for at least three days without explaining why. On the day before the outage, nearly $56 million worth of crypto was withdrawn from the wallet. The X account of the exchange has not been updated since May 2023. On the official Telegram channel, BitForex users have reported problems with their accounts, ranging from not being able to enter their account into the dashboard with no assets showing. Several users have shared a pop-up screen that shows they are blocked from accessing the company's website.
Before you go: The latest data from HashLabs Mining shows that 40% of Bitcoin mining happens in the United States. However, some industry experts predict that the next half cut will push US miners offshore with lower earnings.
Crypto Biz is the weekly heartbeat of the business behind blockchain and crypto, delivered straight to your inbox every Thursday.
