ReportWire

Tag: Blockchain Adoption

  • $3 Trillion Blockchain Payments Surge Predicted by 2025, Fees Plummet and Speed Soars

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    CoinLaw found that RippleNet processes more than $15 billion monthly in cross‑border transactions in 2025.

    Blockchain technology has rapidly matured into a key pillar of global finance, with cross-border payments emerging as one of its most cornerstone applications, according to a new report by CoinLaw.

    The study found that blockchain-based cross-border payments have grown at an annual rate of 45% over the past decade and are projected to reach $3 trillion in 2025.

    Blockchain Cuts Costs, Accelerates Payments

    The average transaction fees on blockchain networks have fallen by 70%-80% compared to traditional payment channels, while processing times have shrunk to just 3-10 seconds, compared with the 2-5 days typical of legacy systems. RippleNet alone now processes more than $15 billion in cross-border transfers every month.

    Meanwhile, over 120 countries are actively developing central bank digital currencies (CBDCs) to streamline international transactions. CoinLaw also found that nearly 40% of global remittance firms now rely on blockchain solutions. Interestingly, Africa is witnessing a 60% surge in adoption amid rising demand for affordable, efficient remittance infrastructure.

    The study also found that around 85% of US banks are either piloting or fully integrating blockchain-based solutions into their payment systems. The Asia-Pacific region leads globally in this aspect, with 60% of financial institutions using blockchain, followed by 55% in North America and 50% in Europe.

    Visa and Mastercard have reportedly processed over $5 billion in cryptocurrency transactions this year through partnerships with blockchain startups. The report also noted that blockchain-based cross-border payments have expanded at an annual rate of 45% and are projected to reach $3 trillion in 2025.

    Insurance companies have increased blockchain usage to 35% for faster claims processing, up from 18% in 2022. Additionally, banks are saving up to 35% on operational costs by eliminating intermediaries and reducing fraud, and the average transaction speed is down to 10 minutes from over 10 minutes five years ago.

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    Inflation Drives Massive Crypto Adoption

    El Salvador has seen about 35% of its population using crypto wallets since Bitcoin became legal tender. Nigeria leads Africa’s peer-to-peer trading activity, as it accounts for 45% of the continent’s total crypto transactions.

    Meanwhile, Argentina and Turkey have recorded a 60% surge in adoption this year as a result of persistent inflation and currency instability.

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    Chayanika Deka

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  • QNB Joins JPMorgan’s Blockchain Network to Speed Up Dollar Payments

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    QNB has joined JPMorgan’s Kinexys Digital Payments platform, becoming the first bank in the country to use blockchain for real-time USD corporate payments.

    Qatar National Bank (QNB), the country’s largest lender, has adopted JPMorgan’s Kinexys Digital Payments platform to process U.S. dollar corporate transactions.

    This makes it the first bank in Qatar to extend its network into blockchain for real-time USD settlements, eliminating the multi-day delays common in traditional systems.

    JPMorgan’s Expanding Network

    A Bloomberg report shows that the Kinexys system allows corporate clients to execute transactions in minutes, even on weekends or outside business hours. Kamel Moris, QNB’s Executive Vice President for Global Transaction Banking, described this as “a treasurer’s dream,” noting that transaction timeframes can be reduced to just two minutes, a major advantage for companies operating with tight liquidity.

    It also eliminates many of the inefficiencies in conventional payment networks by directly programming deposit accounts onto blockchain rails. These rails reportedly process $3 billion in daily payments across connected banks, making it easier for treasury teams to automate liquidity flows.

    JPMorgan has been steadily scaling Kinexys across the Middle East. The platform builds on the bank’s earlier blockchain initiatives, including the Onyx division and projects tied to Quorum, its enterprise blockchain.

    For the financial institution, QNB’s entry adds to a growing list of regional adopters. Companies such as Emirates NBD and Saudi National Bank have already joined the network, showing how Gulf lenders are prioritizing speed, transparency, and always-on settlement options.

    What This Means for the Banking Industry

    Studies show that local corporate payments depend on correspondent banks, with the structure causing delays due to time zone variance, business-hour restrictions, and other manual checks. Kinexys, on the other hand, allows payments to move directly on blockchain rails, which bypasses these traditional frictions.

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    Large financial institutions worldwide are accelerating their use of distributed ledger technology, viewing it as a tool to simplify complex back-office processes. While banks have tested these systems for over a decade, few have been able to scale or achieve commercial viability.

    Earlier this year, Reuters also announced a partnership between India’s Axis Bank and JPMorgan to extend Axis clients’ access to 24/7 dollar transfers. This collaboration allowed the firm to streamline its liquidity management and unlocked advanced treasury capabilities such as multi-bank cash concentration. The technology provides more than just speed, offering lower costs and greater transparency.

    Naveen Mallela, global co-head of Kinexys, said in an interview that opening the network to such firms allows it to reach companies that are not direct clients of the bank. “This is institutional-grade scale,” he said.

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    Wayne Jones

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  • New Record as Blockchains Reach 220M Active Addresses: a16z

    New Record as Blockchains Reach 220M Active Addresses: a16z

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    A new “State of Crypto” report by venture capital firm Andreessen Horowitz (a16z) shows that the blockchain space achieved all-time highs for usage and activity.

    According to the paper, 220 million addresses interacted with a blockchain at least once in September 2024, a figure three times higher than that recorded at the end of 2023.

    Solana Has Largest Number of Active Users

    Most of the activity came from Solana, which logged 100 million active users, followed by NEAR, which had 31 million. Coinbase’s Layer 2 (L2) network, Base, was third, with 22 million wallets engaging it at least once, while 14 million interacted with Justin Sun’s Tron network.

    For its part, Bitcoin cataloged 11 million unique users, followed in sixth place by Binance’s BNB Chain, which had a million fewer.

    Additionally, interest in Solana among blockchain builders reportedly grew by 11.2% from a more modest 5.1% in 2023. There was also enthusiasm for Base, with its total share of builders jumping 10.7% from last year’s 7.8%.

    Likewise, the number of crypto founders interested in the Bitcoin ecosystem went up to 4.2%, a slight uptick from the 2.6% that showed any attraction to the network in 2023.

    Another notable revelation from the a16z study is the explosive growth of stablecoins, which have outperformed traditional payment systems. In the second quarter of 2024, they processed $8.5 trillion in volume, more than twice Visa’s $3.9 trillion in the same period.

    Commenting on the report, a16z researcher Darren Matsuoka said stablecoins have become the crypto ecosystem’s standout “killer app,” driven primarily by minimal transaction fees. He pointed out that sending USDC on L2 networks like Base now costs less than a penny, a stark contrast to the hefty $44 average fee for international wire transfers.

    Crypto’s Growing Role in U.S. Politics

    Further, the paper indicated that crypto has become a major political issue, with the U.S. elections due in the next few weeks.

    Both Donald Trump and Vice President Kamala Harris have made overtures to the crypto community to varying degrees. A recent survey from Galaxy Research shows that while Trump is more favored, the community is optimistic that Harris could be more supportive of the industry than Biden has been.

    Data from Google Trends shows swing states such as Pennsylvania and Wisconsin had seen a rise in search interest for cryptocurrency, placing them among the top five states with the highest growth in crypto curiosity.

    Other key battlegrounds where crypto interest went up include Michigan and Georgia, with the opposite happening in Arizona and Nevada.

    According to a16z, one cause of the increased fascination with digital assets is the listing of spot Bitcoin and Ethereum ETFs. Together, these products currently have nearly $90 billion in on-chain holdings.

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    Wayne Jones

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  • Web3 Users Surge by 40%, Reaching Historic High in Q2

    Web3 Users Surge by 40%, Reaching Historic High in Q2

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    In the second quarter of 2024, Web3 user engagement hit an all-time high, with approximately 10 million daily unique active wallets (dUAW), marking a 40% increase from Q1.

    According to a July 4 report by blockchain analytics platform DappRadar, the unprecedented growth spanned various sectors of the decentralized application (DApp) industry, leading to an overall bullish trend.

    Social dApps and NFTs Growth Marks Q2

    The social sector had the highest increase, clocking in a 66% rise in dUAW. This rise was driven by applications like Fantasy.top and UXLINK. The blockchain gaming sector also saw an uptick in users, although its market share slightly declined.

    Decentralized exchanges (DEXs) such as Uniswap and Raydium registered substantial increases in user activity. Uniswap’s dUAW was up by 80%, and Raydium’s was up by 134%, owing to an influx of meme coin traders.

    NFT marketplaces enjoyed their highest usage since Q1 2023, with $4 billion in trading volume across over 14.9 million individual trades. Magic Eden’s market share grew from 17% to 22%, while Blur’s dominance dropped to 31%.

    Despite the rising user numbers, the total value of crypto locked in DeFi applications fell by $7 billion. Notably, a 4% decline from the previous quarter. Tron and Arbitrum experienced major losses in TVL, dropping by 17% and 9%, respectively.

    However, Ethereum layer-2 solutions Linea and Base bucked the trend, with Linea’s TVL surging by 420% and Base’s by 44%.

    Meanwhile, DappRadar cautioned that the dramatic growth in dUAW might not be sustainable. They attributed part of the increase to “airdrop farming,” where users engage in activities to earn airdropped tokens.

    The Blast and zkSync airdrops in June contributed to this spike. The report emphasized the need for superior user experiences, solid development roadmaps, and strong teams for continued growth.

    Security Still a Major Concern

    Meanwhile, the report highlighted that security remains a significant concern for the Web3 industry. Q2 2024 saw $430 million in losses due to security breaches, a 5% increase from the previous quarter.

    Ethereum and BNB Chain were the most affected, each accounting for about 28% of the incidents, while Solana was involved in 8% of the cases. The remaining incidents were spread across various chains, including Polygon and Arbitrum.

    Although access control issues represented only 23% of incidents, they accounted for 75% of the total funds lost. Other incident types, including flash loan attacks and rug pulls, each constituted about 13% of the incidents but caused only about 1% of the total losses. On the other hand, phishing attacks, comprising 3% of incidents, resulted in approximately 0.4% of the total financial damage.

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  • Coinbase Flags Crypto Talent Drain from US Amidst Regulatory Concerns

    Coinbase Flags Crypto Talent Drain from US Amidst Regulatory Concerns

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    In a report released earlier this week, Coinbase expressed concerns over the declining crypto talent in the US amidst the ongoing increase in general corporate interest.

    The largest US exchange highlighted the need for regulatory clarity around the crypto realm to keep the talent within the country.

    Declining Developer Talent in the US

    Coinbase notes a significant decline in US-based crypto developers, down by 14 points over the past five years to just 26% today. Top Fortune 500 executives have voiced concerns about a trusted talent shortage, seeing it as a greater obstacle to crypto adoption than regulatory issues.

    On the other hand, smaller businesses have expressed interest in looking for crypto-savvy candidates to fill future roles in IT, tech, finance, and legal departments. About 68% of small companies believe blockchain and cryptocurrency can address major financial pain points: processing time and transaction fees.

    As such, Coinbase asserts the need for clarity of rules and regulations around crypto to keep developers in the US.

    Despite an apparent decline in crypto developers, the US is seeing a significant increase in on-chain projects. For instance, the number of Web3 initiatives by Fortune 100 companies has increased by 39%. Moreover, about 56% of executives of Fortune 500 companies mentioned that their entities are working on on-chain projects like consumer-facing payment applications.

    The report highlights that following the approval of a spot Bitcoin ETF earlier this year, assets under management for spot Bitcoin ETFs have surpassed $63 billion due to the entry of more trusted names in the crypto and blockchain industries.

    Coinbase highlighted the vital need for clear-cut rules in crypto. The report noted that:

    “The increased activity underscores the urgency for clear rules for crypto that help keep crypto developers and other talent in the US, fulfill crypto’s promise of better access, and enable US leadership on crypto globally.”

    Senator Cynthia Lummis voiced concern regarding the strict stance of the Biden administration and Gary Gensler on Bitcoin and digital assets. She cautioned that this approach might lead the industry to move overseas, potentially impacting America’s leadership in financial innovation. Lummis called for a more accommodating environment to foster the industry’s growth domestically.

    Other Key Highlights of The Reports

    The Coinbase report also lauded the efforts by various payment companies, including PayPal and Stripe, to make crypto and, specifically, stablecoins more available.

    Merchants using Stripe can now accept USDC payments, which autonomously convert to fiat.

    PayPal also supports transaction-free cross-border transfers across 160 countries, compared to the global standard of 4.45% to 6.39% in average charges in the international remittance market.

    Additionally, 48% of F500 executives believe crypto can potentially increase access to financial systems, hence banking for the underbanked and unbanked. However, all this can be achieved if the US takes leadership in the crypto space.

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  • EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

    EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

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    Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.

    The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.

    EY Launches the OpsChain Contract Manager

    EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

    OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and reducing costs.

    The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds.

    The development of OCM came from EY’s previous client engagements, where it realized that contract term accuracy could be enhanced while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively.

    Meanwhile, EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining undue advantage while mitigating the risk of sensitive business information leakage.

    Paul Brody, EY Global Blockchain Leader, highlighted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality.

    EY’s Venture Into Blockchain

    EY’s launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on Ethereum.

    EY’s OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations.

    This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a “healthcare breakthrough” by leveraging blockchain technology in collaboration with Canadian Blood Services.

    In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets.

    In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

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  • Mondelēz International Partners With Hedera on Distributed Ledger Technology

    Mondelēz International Partners With Hedera on Distributed Ledger Technology

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    The Hedera Council announced a new partnership with food giant Mondelēz International, the company behind popular brands such as Toblerone, Cadbury, and Oreo.

    As the governance body for the Hedera public network, the council will assist Mondelēz in developing distributed ledger technology solutions for internal use. Currently, the Hedera network is governed by a wide array of industry leaders such as Dell, IBM, Google, Deutsch Telekom, Ubisoft, and plenty more.

    Continuous Commitment to Blockchain Solutions

    Shortly before the partnership was announced, Mondelēz began collaborating with SKUx, a fintech payment platform that it tasked with building alternative payment solutions to provide an alternative to its coupon and voucher system. Established in 2012 to take over the snack division of Kraft Foods, its grocery division was split into a different company.

    SKUx has also been partnered with Hedera for several years now, which may have led – at least in part – to the announcement of the direct agreement between Mondelēz and the Hedera council, given the amount of emphasis the blockchain project places on networking and strengthening relationships between companies worldwide.

    According to Bill Miller, the co-chair of the Membership Committee for the Hedera Council, he and his team aim to strengthen not only the business ties between parties but also consumer trust in one of the biggest snack producers worldwide.

    “Mondelēz International is a global food leader responsible for many of the food brands that today’s consumers enjoy. We are excited to amplify their voice as part of the Hedera Council towards spearheading relevant business solutions for the greater CPG and retail ecosystem.”

    Upgrading Logistical Capabilities

    Together, the two companies will develop tools for supply chain management, digital transformation initiatives, and more.

    Xiang Xu, the Leader of Digital Strategy and BlockChain at Mondelēz International, also commented on the initiative, stating that the enterprise he represents eagerly looks forward to the partnership and hopes that the solutions developed together will solve longstanding production hassles.

    “We are excited to continue our commitment to digital transformation by exploring distributed ledger technologies alongside Hedera. The potential to solve longstanding retail industry challenges for consumer-packaged goods companies and merchants is very compelling.”

    If Hedera’s prior experience is any indication, Mondelēz will soon benefit from robust yet innovative solutions in the agreed-upon areas.

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