Monat: Februar 2023

Chain Reaction Raises $70M to Develop Blockchain Chip

• Israeli startup Chain Reaction has raised $70 million to develop a “fully homomorphic encryption” chip.
• The new chip will allow users to work on data while the chip is encrypted, thereby providing secure cloud services.
• Chain Reaction plans to launch the chip by end of 2024 and is already working on its current blockchain chip Electrum, set for mass adoption in 2023.

Background

Israeli-based startup Chain Reaction has successfully raised $70 million to support the development of its next blockchain chip. The funds will go towards expanding the startup’s engineering team working on developing the next chip. The CEO and co-founder of Chain Reaction Alon Webman noted that the chip will be a fully homomorphic encryption chip that will allow users to work on data while the chip is encrypted. He said: „Today if you have data (which) is encrypted into the cloud and in order to do any data operation or data analytics, do A.I., you have to decrypt the data.“ Webman noted that organizations and major industries that would otherwise use cloud services are restricted from doing so because of security concerns since once the data is decrypted it becomes vulnerable to malicious users looking to read, steal or change it.

Fully Homomorphic Encryption Chip

The new chain reactionchip allows users to access their data under encryption and Chain Reaction plans to launch their chain reactionchip by end of 2024. Their chain reactionchip is designed for fast and efficient hashing which could also be used for mining cryptocurrencies. Intel had previously partnered with Nvidia Corp back in February 2022 in order launch a blockchain but Nvidia individually produces chips specific for Ethereum mining as well..

Adoption

Chain Reactions plan on starting mass adoption of their current blockchain Electrum in first quarter 2023 before launching their chain reactionchip by end 2024..

Conclusion

Chain Reactions aim for theirchain reactionchipis toovercome security concerns when using cloud services since this provides accessdata under encrypion whilst allowing users too perform operations without havingto decrypt it thus making it more secure from malicious users .

• Wirex, a digital payment company based in London, has announced a long-term service agreement with Visa.
• The partnership will allow Wirex to expand its crypto card services to the UK and APAC markets and more than 40 countries around the world.
• Through this partnership customers of Wirex will be able to make payments at about 80 million locations where Visa is accepted.

Wirex Partners With Visa

Wirex, a London-based digital payment company, has recently announced a long-term service agreement with Visa. This partnership allows Wirex to extend its crypto card services to more countries around the world including the UK and APAC markets. Customers of Wirex can now use their cryptocurrency assets to make payments at about 80 million locations where Visa is accepted around the world. In addition to being able to make crypto payments, customers also receive 8% cashback instantly.

History of Partnership

In 2015, Wirex was the first company to introduce crypto-card services in partnership with Visa. In 2020 it became a principal member of Visa in Europe and raised $15 million in its Series B funding round in 2022. This latest partnership is seen as an important milestone for both companies as it makes Wirex a global partner of Visa and allows them to reach new customers across multiple markets.

Objective of The Partnership

The core objective of this particular collaboration between these two companies is introducing more crypto-linked payment methods for more markets across the globe. Mat Wood from Visa’s Digital Partnerships team in Asia Pacific Region commented that they are excited that Wirex is expanding their focus on Asia Pacific making it easy for people to spend their crypto balance at millions of merchants that accept VISA in the region.

Upcoming Expansion Plans

Wirex have already achieved much success through this global partnership but they are not done yet as they have set their eyes on finalizing another card related partnership for Australia within next few weeks.

Conclusion

The agreement between these two companies has been beneficial so far as it has allowed both parties involved reach out to new customers across different regions while allowing them access more secure payment methods through cryptocurrency.

Charlie Munger Wants U.S. to Ban Cryptocurrencies

• Charlie Munger, Vice Chairman of Berkshire Hathaway, reiterates his view on cryptocurrencies and lauds China for banning it.
• Munger sees no real value in cryptocurrencies as they are intangible and unproductive.
• He recommends the U.S. government to learn from China’s example and push ahead with an absolute ban on cryptocurrencies.

Cryptocurrency Performance in 2021

Cryptocurrencies have had a strong start to 2021 with Bitcoin up nearly 40% since the start of the year. However, Charlie Munger has been staunchly opposed to cryptocurrencies and associates no real value to these assets due to their intangible nature.

Munger’s View on Cryptocurrency

In a recent op-ed in the Wall Street Journal, Munger said: „Crypto is not a currency, commodity, or security. It’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.“ He further recommended the U.S. government should learn from other countries‘ examples and push ahead with an absolute ban on cryptocurrencies.

Warren Buffett Aligns With Munger’s View

Munger’s business partner Warren Buffet shares his views about cryptocurrencies as well and both of them believe that there is no real value associated with such digital assets.

China Sets Precedence For Crypto Ban