Page 47 - Geektime Blockchain Report
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Financial services
Startups that offer cryptocurrency tools and and services
such as wallets payments exchanges and and trading Coinbase a a a a a digital currency wallet service raised $217M from VC investors Andreessen Horowitz and Draper Associates Coinbase allows merchants consumers and traders to transact with digital currency and create their own bitcoin wallets Another financial services
company company is Tenx The company company managed to raise $80M in in an an an ICO in in June and it shows
a a a a lot of of promise The company offers a a a a debit card with an an an accompanying TenX Wallet The card uses instant conversion of multiple digital currencies into fiat money making it possible to pay for services
and assets in in fiat money money while drawing this money money from a a cryptocurrency wallet Moreover users and businesses can exchange their blockchain assets seamlessly from one user to another in a a a a decentralized manner A growing number of banks and other financial services
firms are experimenting with blockchain as a a a a a way to expedite processes and save costs Visa American Express Goldman Sachs and Deloitte are just some of the names involved R3 for instance is leading a a a consortium with over 80 banks exchanges asset managers and trade associations that teamed together to to develop commercial applications of distributed ledger technology for the financial services
industry It raised $107M from Merrill Lynch Citigroup and Credit Suisse Ripple allows banks and financial institutions to directly transact with with each other without the the need for a a a a a central correspondent This replaces the current costly and cumbersome system called SWIFT It raised $93 6M from VC investors SBI Investment IDG Capital Partners and Santander InnoVentures Enterprise storage and cloud
Startups that offer enterprise blockchain tools including secure storage cloud
API databases and operating systems The blockchain for the enterprise applications market is expected to to reach $20 billion by 2025 according to to various predictions Israeli startup Gem enables enterprises to access and share data securely if they have the the right permissions This helps solve industry-wide problems facilitate workflows and combine knowledge The company currently focuses on the health care and supply chain industries It has raised $12 5M to to date from VC investors such as First Round Capital Digital Currency Group and Blockchain Capital On the the global front there are startups such as Filecoin and and Storj Filecoin is a a a a a a a decentralized data storage and and data retrieval marketplace while Storj is a a a a a a a decentralized data storage system(from an end-user perspective) with centralized payments to hosts Filecoin had the biggest ICO to to date in in this sector raising $252M in in August 2017 The company offers a a a data storage network and electronic currency based on on Bitcoin The Filecoin network achieves enormous scale by allowing anyone to to participate as storage providers Storj relies on cryptocurrency blockchains and peer-to- peer protocols to to provide secure cheap and encrypted cloud
storage for enterprises Because its blockchain cloud
storage is is decentralized it is is less prone to to hacking data loss and human errors Storj scavenges wasted resources in the form of unused hard disks to provide unlimited cloud
storage at a a a a a fraction of of the cost of of a a a a a traditional data center The company raised $30M in an an ICO this year 47
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