Author

Dan Brightmore

Published

31 October 2025

Estimated Read time

6Mins

Osama Bari, Chief Technology Officer at D24 Fintech on the need for cybersecurity advancement to support the rise of crypto adoption

Cryptocurrency adoption has accelerated dramatically, rising in popularity in recent years. Yet the sector remains a prime target for cyberattacks. As digital assets grow in value and popularity, the stakes for both exchanges and users have never been higher. High-profile incidents, such as the CoinDCX breach in July, which saw hackers steal $44 million without touching user wallets, Phemex losing $69 million in a crypto heist, and WazirX losing $230 million, demonstrate the sophisticated tactics cybercriminals now employ.

Similarly, the Bybit hack exposed vulnerabilities in multi-signature authorisation and user interface (UI) spoofing. This highlights how even experienced professionals can be caught off guard.

These events underscore the urgent need for exchanges and financial institutions to prioritise security. They must implement robust protocols, and adopt comprehensive risk-management strategies. There are several core areas where crypto platforms can significantly reduce the risk of security breaches.

Strengthening Cybersecurity Protocols

It is vital for exchanges to implement multi-party approval systems for all transactions. By using threshold-based authorisation, combined with real-time monitoring of deposits and withdrawals, platforms can identify unusual activity and flag it for manual verification. Each withdrawal should undergo a transaction audit score assessment before processing. Such measures are critical for preventing attacks that exploit UI vulnerabilities or other operational oversights. This ensures that no single point of failure can compromise user assets.

Another essential safeguard is two-factor authentication (2FA). While a long-established security measure, its importance in protecting accounts and verifying users cannot be overstated. By requiring a second form of identification, exchanges can ensure only authorised personnel access accounts and manage balances. In practice, this simple but effective layer of protection increases the difficulty for hackers. It demonstrates an exchange’s commitment to protecting its customers’ funds. All financial providers should offer 2FA as a baseline security measure.

Custodians also play a vital role in mitigating risks. For many exchanges, especially those handling large volumes of assets, partnering with a trusted custodian provides additional security and oversight. Custodians safeguard digital assets on behalf of clients, reducing exposure to theft, loss, or mismanagement. In the aftermath of this year’s prominent hacks, the value of external support becomes clear. Custodians enable exchanges to focus on customer experience and platform innovation while ensuring that user funds remain secure.

A further innovation gaining traction is liveness verification, which confirms user identity through biometric measures such as facial recognition or fingerprints. With roughly 40% of banks having implemented this measure to counter fraud – up from 26% five years ago – crypto platforms have an opportunity to follow suit. Liveness checks provide an additional barrier to attackers who might otherwise exploit compromised passwords, keys, or devices. The uniqueness of biometric identifiers ensures that users’ accounts are better protected against increasingly sophisticated fraud attempts.

Centralised cryptocurrency exchanges (CEXs) continue to demonstrate resilience in the face of attacks. Security must be embedded into operational design. The recent incidents highlight the effectiveness of CEXs’ ability to freeze or recover stolen assets quickly. By collaborating with other platforms and utilising centralised oversight, these exchanges can mitigate the impact of breaches. As crypto continues to gain mainstream traction, balancing decentralisation with strong security infrastructure is essential to maintaining investor trust and market stability.

A Holistic Approach to Crypto Security

Beyond these specific measures, exchanges must also adopt holistic cybersecurity strategies. Key steps include thorough risk assessments to identify vulnerabilities. Rigorous protection of private keys through encryption and secure storage. Robust wallet security with multi-factor authentication. And secure transaction protocols including encryption and transaction signing. Regular updates to software and firmware, coupled with continuous network monitoring using intrusion detection systems and threat intelligence feeds, further strengthen a platform’s defence.

Data encryption and access control are critical to prevent unauthorised access. Furthermore, periodic security audits and assessments ensure protocols remain effective as threats evolve. Smart contract and token security, secure coding practices, and rigorous testing must also be prioritised to safeguard DeFi applications and other blockchain-based services. Importantly, exchanges should implement backup and recovery protocols to safeguard against potential data loss. And maintain clear incident response plans to mitigate the impact of any breach.

Educating users remains an underappreciated but crucial aspect of crypto security. Platforms should guide strong password practices, phishing awareness, software updates, and overall security hygiene. Well-informed users are an integral layer of defence, reducing the likelihood of successful social engineering attacks or credential theft.

Finally, regulatory compliance is indispensable. Exchanges operating within clear legal frameworks and adhering to anti-money laundering (AML), counter-terrorism financing (CTF), and data protection regulations significantly reduce risk exposure. Partnering with reputable security vendors and maintaining open lines of communication with regulators can enhance both operational security and market credibility.

Learning from Previous Incidents

The CoinDCX incident serves as a cautionary tale. By exploiting vulnerabilities without ever accessing individual wallets, attackers demonstrated high-value, sophisticated hacks can occur even in the absence of traditional breaches. This reinforces the point that centralised oversight, real-time monitoring, and rapid response protocols are crucial in mitigating damage and protecting customer assets. Exchanges that fail to implement these measures risk not only financial loss but also erosion of trust, which is arguably a more severe long-term consequence.

As cryptocurrencies increasingly integrate into institutional portfolios and mainstream finance, robust security is no longer optional; it is fundamental. Investors, funds, and enterprise clients require assurance that digital assets are safeguarded. And that exchanges and custodians adhere to industry-leading security standards. Platforms that prioritise security will not only protect their customers but also foster broader adoption and confidence in the market.

The Path Forward

The evolution of crypto security is a continuous process. While decentralised networks inherently resist certain forms of attack due to their distributed structure, the human, operational, and software layers of the ecosystem remain vulnerable. The combination of multi-party approval systems, 2FA, custodian partnerships, biometric verification, continuous monitoring, and regulatory compliance provides a robust framework for mitigating these risks.

The message is clear: security must be embedded into the DNA of every crypto platform. Only through a proactive, multi-layered approach can the industry protect its users, maintain trust, and continue to grow sustainably. As high-profile breaches like CoinDCX, WazirX, Phemex, and Bybit demonstrate, the cost of complacency is far too great. By prioritising security today, exchanges not only defend against current threats but also lay the foundation for the future of a resilient, trustworthy crypto ecosystem.

About D24 Fintech

D24 Fintech focuses on developing innovative technological solutions for the evolving digital and fintech landscape.

By leveraging innovation and emerging technologies, D24 Fintech engineers integrated solutions designed to enhance transactional security, streamline digital payments, and improve operational efficiency. With a global perspective and a customer-first approach, D24 Fintech aims to redefine industry standards and drive innovation into fintech ecosystems.

D24 Fintech’s digital solutions include developing advanced technological platforms and management tools, and more.

  • Blockchain & Crypto
  • Cybersecurity in FinTech

Author

Dan Brightmore

Published

4 July 2025

Estimated Read time

4Mins

As cryptocurrency continues its march toward mainstream adoption in 2025, selecting a reliable, high-performing exchange has never been more critical….

As cryptocurrency continues its march toward mainstream adoption in 2025, selecting a reliable, high-performing exchange has never been more critical. With factors like security, liquidity, user experience, and range of offerings playing a pivotal role, here are the top five crypto exchanges currently leading the industry.

1. Binance

Overview: Still the largest exchange globally by trading volume, Binance offers a comprehensive platform that serves both retail and institutional traders.

Key Features:

  • Over 600 cryptocurrencies supported.
  • Advanced trading tools including spot, margin, and futures trading.
  • Binance Earn, Launchpad, and Staking features for passive income.
  • Highly competitive fees, starting at 0.1%.

Security & Regulation:
Binance has faced regulatory scrutiny in various countries but continues to work toward greater transparency and compliance. It holds licenses in several jurisdictions and maintains a robust SAFU (Secure Asset Fund for Users) for emergencies.

2. Coinbase

Overview: Widely regarded as the go-to platform for beginners, Coinbase maintains its stronghold in North America with a user-friendly interface and strong regulatory standing.

Key Features:

  • Offers 150+ digital assets.
  • Integrated with Coinbase Wallet for decentralised applications.
  • Recurring buys, portfolio tracking, and robust mobile apps.
  • Listed on NASDAQ, ensuring public transparency.

Security & Regulation:
Coinbase is regulated by U.S. authorities and is one of the few exchanges with full AML/KYC compliance. It employs best-in-class security practices, including cold storage for over 98% of customer funds.

3. Kraken

Overview: Kraken is a favorite among institutional and advanced traders thanks to its robust features and reputation for security.

Key Features:

  • Supports over 200 cryptocurrencies.
  • Offers spot, futures, and margin trading.
  • Kraken Pro for enhanced charting and order types.
  • Kraken Staking with competitive yields.

Security & Regulation:
One of the oldest operating exchanges (since 2011), Kraken has never suffered a major hack. It is regulated in the U.S. and holds a Special Purpose Depository Institution (SPDI) charter in Wyoming.

4. Bybit

Overview: Bybit has risen quickly by offering cutting-edge features tailored to derivatives traders, along with a fast and intuitive UI.

Key Features:

  • Specializes in crypto derivatives, with high leverage options.
  • Also supports spot trading, launchpad tokens, and NFT markets.
  • Popular for its trading competitions and rewards system.

Security & Regulation:
Bybit prioritises fund security with cold wallets and real-time risk audits. It has begun increasing compliance in jurisdictions where regulation is tightening.

5. OKX

Overview: OKX has emerged as a comprehensive crypto ecosystem, offering far more than just a trading platform.

Key Features:

  • Over 300 cryptocurrencies and DeFi integration.
  • Powerful tools for copy trading, bot trading, and options.
  • Active ecosystem for NFTs, DApps, and Web3 tools via OKX Wallet.

Security & Regulation:
OKX publishes monthly proof-of-reserves and maintains robust risk controls. It’s actively pursuing compliance in key regions including Hong Kong and the EU.

Conclusion

While the crypto landscape remains dynamic and subject to regulatory evolution, these five exchanges have proven resilient, innovative, and trustworthy. Whether you’re a newcomer or seasoned trader, choosing the right exchange depends on your specific needs. Be they security, advanced tools, or ease of use. Always consider using multiple platforms to diversify risk and maximise opportunities.

  • Blockchain & Crypto

Author

Peter Curk

Published

3 July 2025

Estimated Read time

6Mins

Peter Curk, CEO of ICONOMI, a leading platform in digital asset management explores the EU’s MiCA regulation and what it means for holders of crypto assets in the UK

Launched between June 2023 and December 2024, the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulation was the first of its kind. It introduced a need for compliance into a space that had previously been beyond the remit of any governmental oversight. It was an exercise that could only be contentious. So, it’s hardly surprising that it’s been met by scrutiny and criticism. But while MiCA is a cause for concern to many within the EU, for the UK it could potentially be beneficial.

Why the EU is struggling with MiCA

The MiCA regulation has drawn significant criticism from both industry insiders and analysts, with concerns broadly converging around five main issues. Chief among them is the glaring omission of stablecoins from MiCA’s scope. Given that the digital currency is seen as one of the riskiest crypto assets due to its systemic volatility, as well as its potential to destabilise not only the crypto markets but the broader financial system, this exclusion has raised multiple eyebrows. So, the EU’s decision to regulate the rest of the crypto space while leaving stablecoins unregulated is widely regarded as both bizarre and problematic. It also undermines the perceived effectiveness of MiCA. This makes its more stringent provisions seem almost futile, while stablecoins are left unfettered.

On the other hand, in the areas MiCA does cover, there are growing fears that the regulation could stifle the innovation that has been central to the crypto sector’s rapid progression. Breakthrough technologies, such as blockchain, tokenised assets, and decentralised finance, have all emerged from the crypto space.  But now, with compliance costs climbing, smaller companies and startups – the traditional drivers of innovation – are being pushed out of the EU’s crypto market. This risks stagnating growth across the industry.

Compounding the issue is MiCA’s apparent lack of futureproofing. Despite its rigid framework, it appears to hold no contingencies for future technological developments or emerging threats. This could potentially leave loopholes for fraudulent activity and other bad actors.

Additionally, there remain concerns regarding the cost of compliance. With this likely to be passed on to consumers, it holds the potential to raise barriers to entry while driving investors toward more affordable, less regulated markets – potentially including the UK.

Lastly, the delayed release of MiCA’s regulatory technical standards (RTS) – which were not made available until more than 18 months after the legislation began to come into play – created prolonged uncertainty during implementation. Uncertainty that could have been avoided. It may also have helped resolve other concerns if addressed earlier.

Collectively, these issues have cast a shadow over what could have been a positive move for the crypto space, bringing authenticity, accountability, and stability. The question is, how could MiCA’s failure to do all this help the UK’s crypto space?

MiCA’s impact on the UK

If the UK is clever, there are two ways in which it could use the problems with MiCA to its own advantage.

Better Regulation

With the EU was the first territory to roll out crypto regulation, it won’t be a lone player for long. The UK is currently in the process of preparing its own version of MiCA. The Financial Conduct Authority (FCA) is suggesting 2026 implementation. MiCA can provide the learning experience that the EU lacked. It doesn’t just offer a potential framework – it shows why the traditional financial regulatory framework, adopted by MiCA, is unsuited to the crypto space. It provides clear, working examples of what not to do. But it also provides points of success that the UK can build upon – because despite the detractors, there are many good things about MiCA. The FCA can use all of this information to build a better regulatory infrastructure that limits the potential for fraud and dishonest behaviours, while helping to foster future growth and innovation – something that the crypto space has long been crying out for.

If the UK does well with this, it could set the global standard for crypto regulation, raising its status in an area where it has previously been lacking.

Market growth

Before we get to regulation, however, there is also the potential for the UK market to benefit from the EU’s troubles. Right now, the EU’s crypto investors and startups are unhappy and looking for alternative places to put their money. The UK could be one of those places. 

The UK has has only really ever dabbled in crypto. After more than 15 years, there are only around 40 registered crypto businesses in the UK, compared to more than 2,000 in the EU, and 4,852 in America. This could be the time for the UK to grow. The US is currently in a state of political and financial turmoil, making many investors wary. By contrast, the UK is a friendly near-neighbour, with a near-universal language. It won’t take much to tempt European investors and startups across – something that could be sustainable, if the FCA makes the right regulatory decisions.

ICONOMI – Growing the UK Crypto Market

ICONOMI is in the process of doing this. We’re officially licensed in the UK and preparing to enter the EU market under a MiCA license. This means, we’ll shortly have the ability to passport our license in other EU member states. This means the ability to attract customers from other territories across the EU. If other UK crypto businesses follow suit, there is significant potential to generate growth for the UK crypto market. For the short and longer term. 

Cryptocurrency was never intended to go mainstream. When Satoshi Nakamoto launched Bitcoin, they had a vision of a currency that could operate outside of traditional financial institutions and regulation. Meanwhile, providing transparency and trust through technology. But the space evolved beyond expectation, creating more than 25,000 other cryptocurrencies in the process. They are worth literally billions of pounds, and millions of people have a stake in the market. If the crypto market crashes, it could significantly impact the wider economic ecosystem globally. So, no one is arguing against the fact that the crypto space needs regulation. Only that it needs to be regulated properly. And the UK could be the country to do that.

Peter Curk is the CEO of ICONOMI, a leading platform in digital asset management. With a background in finance and blockchain, Peter is passionate about making crypto investing accessible and easy for everyone. Under his leadership, ICONOMI has grown into a trusted name in the industry, offering innovative solutions for individuals and institutions alike.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

9 April 2025

Estimated Read time

3Mins

Ripple, the leading provider of digital asset infrastructure for financial institutions, has announced it is acquiring Hidden Road for $1.25…

Ripple, the leading provider of digital asset infrastructure for financial institutions, has announced it is acquiring Hidden Road for $1.25 billion. This represents one of the largest deals in the digital assets space. Additionally, with the acquisition, Ripple becomes the first crypto company to own and operate a global, multi-asset prime broker. Hidden Road is one of the fastest-growing prime brokers around the world. It offers institutions a one-stop-shop of advanced services. These include clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income.

Ripple driving crypto industry growth

For the crypto industry to achieve the next phase of growth, it’s critical that core infrastructure is in place for institutional adoption. Prime brokers bring the necessary credibility and professional trading services expected in legacy finance to digital assets. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale. They are bridging traditional finance and decentralised finance (DeFi).

Hidden Road has a strong business, clearing $3T annually across markets with more than 300 top institutional customers. Moreover, with the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline. It will become the largest non-bank prime broker globally.

“We are at an inflection point for the next phase of digital asset adoption. The US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end. And the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple. “With these tailwinds, we are continuing to pursue opportunities to massively transform the space. We are leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”

This acquisition also reinforces Ripple USD’s (RLUSD) position as an enterprise-grade USD-backed stablecoin with real utility. Hidden Road leverages it as collateral across its prime brokerage products. This will make RLUSD the first stablecoin to enable efficient cross-margining between the digital asset space and traditional markets.

Decentralised Finance (DeFi)

Hidden Road will, in turn, migrate its post-trade activity across XRPL. This will streamline operations and lower costs, demonstrating XRPL’s potential as the go-to blockchain for institutional decentralised finance (DeFi). Ripple also sees the potential to optimise costs and liquidity in its cross-border payments solution, Ripple Payments. And Ripple will provide critical custody services to Hidden Road’s customers who need bank-grade digital asset custody.

“With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business. Allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes,” said Marc Asch, Founder and CEO of Hidden Road. ”Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets. We are designed and optimised for a digital world.”

Digital Asset development

Thanks to its simple, secure, compliant digital asset infrastructure, Ripple is well-positioned to provide the core services that financial institutions need to tokenise, store, exchange and move digital assets. Furthermore, Ripple has over a decade of experience in the digital asset space and holds 60+ regulatory licenses and registrations in various jurisdictions.

Ripple participated in Hidden Road’s Series B and is a customer of its platform, experiencing firsthand the strength of the team, technology, risk management, and operational controls. The deal is expected to close in the coming months, subject to regulatory approvals.

  • Digital Payments

Author

Dan Brightmore

Published

24 January 2023

Estimated Read time

9Mins

The digital landscape is changing day by day. Ideas like the metaverse that once seemed a futuristic fantasy are now…

The digital landscape is changing day by day. Ideas like the metaverse that once seemed a futuristic fantasy are now coming to fruition and embedding themselves into our daily lives. The thinking might be there, but is our technology really ready to go meta? Domains and hosting provider, Fasthosts, spoke to the experts to find out…

How the metaverse works

The metaverse is best defined as a virtual 3D universe which combines many virtual places. It allows users to meet, collaborate, play games and interact in virtual environments. It’s usually viewed and accessed from the outside as a mixture of virtual reality (VR), (think of someone in their front room wearing a headset and frantically waving nunchucks around) and augmented reality (AR), but it’s so much more than this…

These technologies are just the external entry points to the metaverse and provide the visuals which allow users to explore and interact with the environment within the metaverse. 

This is the ‘front-end’ if you like, which is also reinforced by artificial intelligence and 3D reconstruction. These additional technologies help to provide realistic objects in environments, computer-controlled actions and also avatars for games and other metaverse projects. 

So, what stands in the way of this fantastical 3D universe? Here are the six key challenges:

Technology

The most important piece of technology, on which the metaverse is based, is the blockchain. The blockchain is essentially a chain of blocks that contain specific information. They’re a combination of computers linked to each other instead of a central server which means that the whole network is decentralised. This provides the infrastructure for the development of metaverse projects, storage of data and also allows them the capability to be compatible with Web3. Web3 is an upgraded version of the internet which will allow integration of virtual and augmented reality into people’s everyday lives. 

Sounds like a lot, right? And it involves a great deal of tech that is alien to the vast majority of us. So, is technology a barrier to widespread metaverse adoption?

Jonothan Hunt, Senior Creative Technologist at Wunderman Thompson, says the tech just isn’t there. Yet.

“Technology’s readiness for the mass adoption of the metaverse depends on how you define the metaverse, but if we’re talking about the future vision that the big tech players are sharing, then not yet. The infrastructure that powers the internet and our devices isn’t ready for such experiences. The best we have right now in terms of shared/simulated spaces are generally very expensive and powered entirely in the cloud, such as big computers like the Nvidia Omniverse, cloud streaming, or games. These rely heavily on instancing and localised grouping. Consumer hardware, especially XR, is still not ready for casual daily use and still not really democratised.

“The technology for this will look like an evolution of the systems above, meaning more distributed infrastructure, better access and updated hardware. Web3 also presents a challenge in and of itself, and questions remain over to what extent big tech will adopt it going forward.”

Storage

Blockchain is the ‘back-end’, where the magic happens, if you will. It’s this that will be the key to the development and growth of the metaverse. There are a lot of elements that make up the blockchain and reinforce its benefits and uses such as storage capabilities, data security and smart contracts. 

Due to its decentralised nature, the blockchain has far more storage capacity than the centralised storage systems we have in place today. With data on the metaverse being stored in exabytes, the blockchain works by making use of unutilised hard disk space across the network, which avoids users within the metaverse running out of storage space worldwide. 

In terms that might be a bit more relatable, an exabyte is a billion gigabytes. That’s a huge amount of storage, and that doesn’t just exist in the cloud – it’s got to go somewhere – and physical storage servers mean land is taken up, and energy is used. Hunt says: “How long’s a piece of string? The whole of the metaverse will one day be housed in servers and data centres, but the amount or size needed to house all of this storage will be entirely dependent on just how mass adopted the metaverse becomes. Big corporations in the space are starting to build huge data centres – such as Meta purchasing a $1.1 billion campus in Toledo, Spain to house their new Meta lab and data centre – but the storage space is not the only concern. These energy-guzzlers need to stay cool! And what about people and brands who need reliable web hosting for events, gaming or even just meeting up with pals across the world, all that information – albeit virtual – still needs a place to go.

“The current rising cost of electricity worldwide could cause problems for the growth of data centres, and the housing of the metaverse as a whole. However, without knowing the true size of its adoption, it is extremely difficult to truly determine the needed usage. Could we one day see an entire island devoted to data centre storage? Purely for the purposes of holding the metaverse? It seems a little ‘1984’, but who knows?”

Identity

Although the blockchain provides instantaneous verification of transactions with identity through digital wallets, our physical form will be represented by avatars that visually reflect who we are, and how we want to be seen. 

The founder of Saxo Bank and the chairman of the Concordium Foundation, Lars Seier Christensen, argues, “I think that if you use an underlying blockchain-based solution where ID is required at the entry point, it is actually very simple and automatically available for relevant purposes. It is also very secure and transparent, in that it would link any transactions or interactions where ID is required to a trackable record on the blockchain.”

Once identity is established, it is true that it could potentially become easier to assess creditworthiness of parties for purchasing and borrowing in the metaverse due to the digital identity and storage of each individual’s data and transactions on the blockchain. However, although it sounds exciting, there must be considerations into how it could impact privacy, and how this amount of data will be recorded on the blockchain. 

Security

There are also huge security benefits to this set up. The decentralised blockchain helps to eradicate third-party involvement and data breaches, such as theft and file manipulation, thanks to its powerful data processing and use of validation nodes. Both of these are responsible for verifying and recording transactions on the blockchain. This will be reassuring to many, given the widespread concerns around data privacy and user protection in the metaverse.

To access the blockchain all we will need is an internet connection and a device, such as a laptop or smartphone, this is what makes it so great as it will be so readily available. However, to support the blockchain, we’re relying on a whole different set of technologies.  Akash Kayar, CEO of web3-focused software development company Leeway Hertz, had this to say on the readiness of the current technology available: “The metaverse is not yet completely mature in terms of development. Tech experts are researching strategies and

testing the various technologies to develop ideas that provide the world with more feasible and intriguing metaverse projects.

“Projects like Decentraland, Axie Infinity, and Sandbox are popular contemporary live metaverse projects. People behind these projects made perfect use of notable metaverse technologies, from blockchain and cryptos to NFTs.

“As envisioned by top tech futurists, many new technologies will empower the metaverse in the future, which will support the development of a range of prolific use cases that will improve the ability of the metaverse towards offering real-life functionalities. In a nutshell, the metaverse is expected to bring extreme opportunities for enterprises and common users. Hence, it will shape the digital future.”

Currency & Payments

Whilst it’s only considered legal tender in two countries, cryptocurrency is currently a reality and there is a strong likelihood that it will eventually be mass adopted. However, the metaverse is arguably not yet at the same maturity level, meaning cryptocurrency may have to wait before it can finally fully take off. 

Golden Bitcoin symbol and finance graph screen. Horizontal composition with copy space. Focused image.

There is no doubt that cryptocurrency and the metaverse will go hand-in-hand as the former will become the tender of the latter with many of the current metaverse platforms each wielding its native currency. For example Decentraland uses $MANA for payments and purchases. However, with the volatility of crypto currencies and the recent collapse of trading platform FTX indicating security lapses, we may not yet be ready for the switch to decentralised payments. 

Energy

Some of the world’s largest data centres can each contain many tens of thousands of IT devices which require more than 100 megawatts of power capacity – this is enough to power around 80,000 U.S. households (U.S. DOE 2020) and is equivalent to $1.35bn running cost per data centre with the cost of a megawatt hour averaging $150. 

According to Nitin Parekh of Hitachi Energy, the amount of power which takes to process Bitcoin is higher than you might expect: “Bitcoin consumes around 110 Terawatt Hours per year. This is around 0.5% of global electricity generation. This estimate considers combined computational power used to mine bitcoin and process transactions.” With this estimate, we can calculate that the annual energy cost of Bitcoin is around $16.5bn. 

However, some bigger corporations are slowly moving towards renewable energy to power their projects in this space, with Google signing close to $2bn worth of wind and solar investments in order to power its data centres in the future and become greener. Amazon has also followed in their footsteps and have become the world’s largest corporate purchaser of renewable energy. 

They may have plenty of time yet to get their green processes in place, with Mark Zuckerberg recently predicting it will take nearly a decade for the metaverse to be created: “I don’t think it’s really going to be huge until the second half of this decade at the earliest.”

About Fasthosts

Fasthosts has been a leading technology provider since 1999, offering secure UK data centres, 24/7 support and a highly successful reseller channel. Fasthosts provides everything web professionals need to power and manage their online space, including domains, web hosting, business-class email, dedicated servers, and a next-generation cloud platform. For more information, head to www.fasthosts.co.uk

Author

Tracey Harris

Published

22 October 2020

Estimated Read time

2Mins

With an ever-increasing demand for digital and online payments, Paypal will increase the utility and usability of cryptocurrencies by making…

With an ever-increasing demand for digital and online payments, Paypal will increase the utility and usability of cryptocurrencies by making them available as a funding source for purchases, with nearly 26 million merchants accepting the currencies.

The service has been enabled by a partnership with Paxos Trust Company and has seen PayPal secure a first-of-its-kind conditional Bitlicense from the New York State Department of Financial Services.

With over 5,300 different types of cryptocurrencies, PayPal has been selective in its choices, and will only offer support to Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Customers will then be able to instantly convert their cryptocurrency balance to fiat currency.

In addition to this, PayPal will offer educational content which aims to help account holders understand more about cryptocurrency and blockchain, as well as the risks and opportunities associated with investing.

Dan Schulman, President and CEO of PayPal, said: “The shift to digital forms of currencies is inevitable.”

“This shift will bring with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”

Bitcoin’s price rise from 15th October to 22nd October

However, there are concerns from the crypto community, as customers currently cannot move the cryptocurrencies to other accounts either on or off PayPal, and PayPal will not provide customers with the private key. There will also be a transaction fee for any purchase or sale, but these have been waived until 2021.

Upon the news, Bitcoin’s price hit a record high for the calendar year, rising 13% to $12,900 on Thursday. PayPal’s share price had a similar reaction, with shares up 7% to $215.

Author

Kevin Davies

Published

31 October 2019

Estimated Read time

5Mins

SecuX will demonstrate the Cryptocurrency POS Payment EcoSystem as the revolutionary mutual beneficial solutions at the startups stand of BlockShow…

SecuX will demonstrate the Cryptocurrency POS Payment EcoSystem as the revolutionary mutual beneficial solutions at the startups stand of BlockShow Asia, Marina Bay Sands, Singapore during Nov. 14-15, 2019.

Hsinchu, Taiwan, October 29— SecuX Technology Inc., a blockchain security company, is going to participate in BlockShow Asia 2019 and exhibit at the startups stand of Marina Bay Sands in Singapore on Nov. 14-15. SecuX will launch its new cryptocurrency point-of-sale payment ecosystem and demonstrate how a consumer uses SecuX Merchant Payment App to pay at the physical (brick-and-mortar) stores or on the vending machines via QR Code Scan/NFC/Bluetooth from the mobile phone that using the crypto-coins/tokens for an immediate transaction through SecuX Merchant Database Payment Hub (Cloud Server) at the fingertips. At the same time, the clerk can see the transaction is done correctly on SecuX P20 the POS payment terminal. Moreover, the SecuX Merchant Payment Hub is functioning as a CRM and Merchandise Information management system to serve the massive consumers for the potential procurements from the customers.

SecuX invites worldwide partners including Crypto-coin/token issuers, Payment mobile application providers, Payment online system companies and Travel & Tourism groups to the SecuX stand to foresee together the most economic, efficient and cutting-edge payment ecosystem to reduce the operational cost and on the other hand, increase the revenue via this very revolutionary business model.

“We can’t wait to introduce the SecuX crypto POS payment ecosystem at BlockShow Asia in Singapore on Nov 14 and Nov. 15.  As we are aware that online payment will definitely prevail the whole world and what we cannot ignore is the cryptocurrency online payment system is the ideal system eventually and SecuX is the bridge to provide all possible modulized business models inside this ecosystem to meet our partners’ requirements and these miscellaneous business services shall be customized by SecuX Team’s dynamic services to build up a regional profitable solution.” said David Hsu, Chief Strategy Officer, SecuX Technology Inc.

Meanwhile SecuX will have a live demo on its hardware wallets V20, W20 and W10 at its stand that visitors may see how to transact Bitcoins or Altcoins on SecuX Crypto Hardware Wallets and use SecuXcess the Chrome OS base web wallet and SecuX Mobile iOS app to have a physical experience about the ease, convenience and the intuitive new UI from SecuX firmware 2.0. The features and advantages of SecuX Wallets are:

1.  Big Screen – 2.8”Color Touchscreen  LCD
2.  Dual Connectivity – Bluetooth 5.0 Low Energy + USB
3.  Cross-platform – Major Operating Systems Compatibility
4.  SecuXcess – Web-based Transaction Platform
5.  Account Expandability – Addable up to 500 Accounts 
6.  ERC-20 Token Support – All ERC-20 970+ Tokens Support
7.  Long Battery Life –600mAh Rechargeable Li-Polymer Battery
8.  Security Chip – Infineon SLE97 CC EAL5+ SE Embedded
9.  Support BTC, BCH, ETH, LTC, XRP, BNB, GRS, DGB and ERC-20 Tokens
10. A Hidden Wallet is available for most secure User’s privacy

SecuX can be found on:

Twitter: https://twitter.com/SecuXwallet/

Facebook: https://www.facebook.com/secuxtech/

LinkedIn: https://www.linkedin.com/company/secuxtech/

YouTube: https://www.youtube.com/channel/UCfSfjbBHYgGIOcQJoB5hotQ

Author

Dale Benton

Published

21 August 2019

Estimated Read time

5Mins

As the world continues to become increasingly digital, it was only a matter of time before it spread to the…

As the world continues to become increasingly digital, it was only a matter of time before it spread to the very currency in our wallets. Just over a decade since the advent of Bitcoin, blockchain (the very foundation of cryptocurrency) has very much cemented itself as an industry in itself.

Here, we take a look at 5 of the biggest players in the cryptocurrency market, and the blockchain system they use as ranked by Forbes. 

This list featured in the August issue of Interface Magazine – you can read the full issue now!

Samsung

Three new Samsung Galaxy S10, S10e and S10 plus mobile phones.

Arguably one of the biggest companies in the world, driven by a vision to “create a better world full of richer digital experiences, through innovative technology and products”.

Naturally, Samsung has turned its attention to blockchain and works with the Nexledger platform. Available for enterprises all over the world, Nexledger enables enterprise companies to track their transactions with greater speed and efficiency at scale.

One use case for Nexledger is a Digital Payment System, utilising blockchain to support various types of payments in an increasingly cashless world.

Visa

Closeup of VISA credit card with smart chip. VISA is one of the three biggest brands.

In early 2019, the payments giant Visa announced the global launch of its Visa B2B Connect network, a platform designed to transform B2B payments for the digital age.

Developed in response to the growing complexity of payments between financial institutions and their corporate clients, Visa B2B Connect uses blockchain technology architecture that allows payments to be made in a simple, flexible and safe way. Visa B2B Connect will look to cover more than 90 markets by the end of 2019.

The platform will facilitate transactions from the bank of origin directly to the beneficiary bank, creating a unique digital identity formed of banking details and account numbers that can be used to facilitate transactions on the network.

Visa B2B Connect’s digital identity feature has been said that it will “transform the way information is exchanged in business-to-business cross-border transactions”.

Oracle

The Oracle World Headquarters located in Redwood City.

Known for its database and cloud software, Oracle also has its own blockchain software in the Oracle Blockchain Platform.

Described as a “comprehensive distributed ledger cloud platform”, Oracle allows its customers to reliably share data and conduct trusted transactions with suppliers, banks and other trade partners.

The Oracle Blockchain Platform is the only enterprise-grade managed blockchain service with 99.95% SLA with enhanced security and through built-in identity management, it allows rapid provisioning and simplified management of blockchain networks to reduce costs and setup time from weeks to minutes.

Maersk

Pile of Shipping Containers of Maersk at Ballyhoo road at night, Unalaska, Alaska.

In the global logistics industry, tracking shipment and cargo is its bread and butter and so blockchain solutions naturally lend themselves to this space.

Through a partnership between Maersk and IBM, TradeLens was born. TradeLens is an open and neutral industry platform, powered by blockchain, to track shipments in real time, improve and encrypt data sharing for over 10 million shipping events every week.

The TradeLens ecosystem is a treasure trove of some of the biggest organisations the world over, with more than 100 companies including carriers, ports, terminal operators, 3PLs and freight forwarders. These contribute to one of the most powerful supply chain blockchain ecosystems in the world.

HTC

HTC One smartphone

In a world of cashless transactions and data sharing, the mobile phone is the obvious vessel for blockchain deployment. Dubbed as the phone that could “change the internet as we know it”, the HTC Exodus was announced in early 2019.

With a secluded area kept separate from the Android operating system, the blockchain-powered phone is the first mobile phone that can only be bought with cryptocurrency.

Users will have access to Zion, HTC’s very own cryptocurrency wallet. Running decentralized applications and programs that operate on the blockchain technology; HTC Exodus will represent a “new era” of secure data storage and transactions.