Hedera News - Week of March 8, 2024
Zenobia Godschalk
Storyteller | TEDx speaker | Board member | Investor | Startup mentor
Happy Friday once more Hedera family. I hope everyone who traveled is recovering from #ETHDenver. Our ecosystem had a fantastic week+, delivering multiple presentations, engaging with hundreds of folks at the booth, and supporting dozens of Hedera-specific projects submissions through the hackathon. Check out community member itsbrandond’s recap (and H-Oreo unboxing) here: https://x.com/itsbrandond/status/1765843954438926555?s=20
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Happy International Women’s Day! While we have a long way to go in the Web3 industry (I’m not going to post a link to that embarassing Binance CRYPTO fragrance campaign ??), but I am so grateful to work with and engage with an amazing group of women across the Hedera ecosystem. Check out this thread from wheresLINA, and tag the great women you know contributing to Hedera (and follow some new ones!)
In other news from around the ecosystem, Hedera has joined Web3 Harbour - the Hong Kong based non-profit dedicated to supporting the development of the #web3 economy through community and enterprise engagement - as a founding protocol in collaboration with The Hashgraph Association. Learn more ?? https://lnkd.in/dRkpxiku
Hedera is proud to have had Chief Policy Officer Nilmini Rubin represent the network at the Milken Institute and Kenan Institute of Private Enterprise Future of #Fintech Symposium last week alongside leading voices in academia, enterprise, and government to explore the impact of innovative technologies on the financial system.
In this week’s media roundup from around the ecosystem, partnerships again take center stage. Nomura's digital asset subsidiary, Laser Digital (a Hedera Council member), collaborates with Pyth Network (which announced a partnership with Hedera last week) to enrich Web3 data diversity and quality, reinforcing LD's mission to revolutionize decentralized finance (DeFi) market data access. BankSocial introduces Web3-powered real-time payments for credit unions on its platform, leveraging the Hedera network to prepare for regulatory changes and prioritize data ownership. SealSQ Corporation unveils a quantum-resistant crypto wallet feature, developed in collaboration with WISeKey International and the Hashgraph Association, aiming to enhance the security of crypto wallets through innovative post-quantum technology. Additionally, we saw more coverage of BitGo joining the Hedera Council, marking a milestone alliance that highlights BitGo's commitment to blockchain innovation and its potential to drive significant advancements in digital asset security and product development. And an opinion piece for GSMA from Hedera Board member Monique Jeanne Morrow explores the efficiency of stablecoins in reducing costs for telcos and other consortia, emphasizing their potential as a bridge between traditional and crypto financial systems, despite challenges such as regulatory clarity and smart contract vulnerabilities. Enjoy!
Laser Digital (LD), the digital asset subsidiary of Japanese banking giant and Hedera Council member Nomura, announced a partnership with Pyth Network this week, a preeminent first-party oracle network. As part of this collaboration, LD will become a data provider for Pyth Network, expanding Pyth Network’s data oracle capabilities for Web3. This partnership is part of LD’s mission to revolutionize access to financial market data in the decentralized finance (DeFi) sector.?
This week, Bank Social, the leading open banking platform for credit unions, announced the active implementation of Web3-powered real-time payments (RTP) on its platform. The new payment features, which leverage the Hedera network, were designed from the ground up for integration with an industry core and digital banking solution. Highlighting the value of this collaboration for Credit Unions, BankSocial CEO John Wingate, said: "BankSocial is ushering in the evolution of Open Banking with a platform that gives Credit Unions access to digital assets, payments, and portable identity. Our difference is in the way we implement Web3 and self-custody to prepare Credit Unions for upcoming regulatory changes from the Consumer Financial Protection Bureau (CFPB), and the way we prioritize consumer sentiment about ownership of data. We are future-proofing Credit Unions with these novel approaches to the future of finance."?
SealSQ Corporation, a company specializing in semiconductor public key infrastructure (PKI) and post-quantum technology development, has introduced proof-of-technology for crypto wallets, leveraging Hedera. The feature aims to protect bitcoin wallets from quantum computing threats. It is designed to enhance the security of the 12-word seed phrase, a critical component in the security of crypto wallets.
In this opinion piece, authored by Monique Jeanne Morrow, Independent Director at Hedera and former DLT Group Chair, Monique explores the immense promises of stablecoins for the industry. Monique highlights how stablecoins could become a potential pathway toward offering streamlined and cost-effective solutions that advance how business is conducted. Given that stablecoins merge the benefits of crypto with the stability of traditional currencies, they act as an effective bridge between the old and new financial systems. In the case of telcos, “Stablecoins allow organizations to avoid the complexities of multiple currency conversions and international wire transfers, and ensure the value of assets remain consistent.” Monique also addresses some of the obstacles to stablecoin adoption in the telcos industry, stating the importance of regulatory clarity and overcoming smart contract code vulnerability — which can lead to potential stablecoin theft. “Security issues can be overcome with sufficient funding for security research, community engagement, and industry-wide collaboration.”
This article highlights the addition of BitGo, a global leader in digital asset security, to the Hedera Council. This move emphasizes BitGo’s commitment to promoting blockchain innovation and also signals a vital step toward propelling the future of the Hedera network. Since its inception in 2013, BitGo has established itself as a cornerstone in the digital asset security sector, having pioneered the first multi-signature wallet. By 2018, BitGo had launched BitGo Trust Company, becoming the first qualified custodian specifically designed for digital assets. BitGo also offers a wide range of services beyond custody, including institutional-grade staking, DeFi, NFTs, and Web3 services. With operations spanning over 50 countries, BitGo secures approximately 20 percent of all on-chain bitcoin transactions by value. With a focus on real-world applications, BitGo’s collaboration with Hedera is expected to drive significant opportunities for product development, enhancing the blockchain landscape with innovative and secure solutions.