There is a definite Monty Python theme to today’s summary, and it fits as the to-date response to crypto and blockchain from regulators has been absurd and laughable.
A consortium of major players, including Goldman Sachs and Microsoft, formally announced The Canton Network last week as a move to create “the industry’s first privacy-enabled interoperable blockchain network designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets.”
As Decrypt pointed out in their weekend story on the launch, “the institutional adoption of Web3 tech was still robust last year despite a slump in digital asset prices.”
That optimism was evident at our event last week in New York City, as the overriding theme was full-steam-ahead for development and innovation.
The regulatory response and the eventual use cases will be the keys to whether this group can achieve its goals, but the announcement and the work collectively show that blockchain tech is not dead yet.
Also making news
Global: Cash and car keys work offline: This means digital wallets must, too Digital cash, just like digital car keys, has to work offline. I need to be able to get into my car and drive off where there is no mobile signal, and I need to be able to buy milk if the internet is down at the grocery store. Fortunately, we already have the tech, and Apple and Google are using it.
USA: Dave sees profitability within a few quarters The neobank’s CFO credits AI technology, smart marketing spend, and a “good value proposition.” Dave’s most popular product, ExtraCash, accounted for roughly 80% of the company’s revenue in the first quarter.
John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada's first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.