Recently Read. How flexibility and development opportunities can help companies counter the Great Resignation. Recommended videos. Outgoing commander: "Organizations don't know where their information is". But is it too late for blockchain and crypto to follow in the footsteps of cybersecurity to become a lucrative source of export and pride for the country?
On the face of it, Israel seems like the ideal hotbed for blockchain and cryptocurrency innovation. All of the aspects that led the country to be nicknamed Startup Nation, resulting in disruptive innovation across various industries, should have in theory also seen Israel become a global leader in the blockchain, bitcoin, and crypto space, which over the past couple of years has been elegantly renamed by many as Web3.
Click to enlarge map. Are the scars of the scam-ridden ICO bubble too deep to overcome? Will the local petrified regulators ever do their part in promoting innovation in this space? These are just a few of the questions that need to be answered to determine whether Web3 can follow in the footsteps of cybersecurity, and more recently fintech, to become a lucrative source of export and pride for the country.
So I think everyone understands that, from banks to financial institutions to regulators to government. Photo: ZenGo. While it depends on how you characterize a Web3 company, there is little doubt that there are currently around Israeli companies at different stages of maturity with significant activity in the sector. This includes companies at the infrastructure layer level, like Orbs for example, which provides public blockchain infrastructure for companies, or SCRT Labs, which built the Secret Network that recently made headlines after being used to launch a collection of NFTs issued by Quentin Tarantino of chapters from the original handwritten Pulp Fiction screenplay.
There are numerous companies active in the application layer that include DeFi decentralized finance and CeFi centralized finance , including names like 2Key Network, which integrates smart contracts into HTML links, and ClearX, which builds blockchain-based settlement and clearing networks.
The world is going towards leveraging the advantages that blockchain has to offer. They don't want to build another mini solution for some AWS specific server. They want to solve a very big problem, like cyber solutions and MPC multi-party computation.
With the fintech industry in Israel also booming, you can see more entrepreneurs who are basically trying to create Web3 components or protocols based on the knowledge that they have from the fintech industry, which is basically now called DeFi.
And there is also the whole NFT gaming industry where again, Israel has a lot of experience in that field. She noted custody as a sub-sector in which Israeli startups could excel, noting the likes of Fireblocks and Curv, as examples. But you also see some solutions that came out of Israel that totally missed where the market was and they were bought very, very cheaply.
There are a lot of people coming in, but they don't necessarily have experience. So I'm guessing that even with all the money and hype involved, the potential of Web3 and crypto are probably only going to be much more ingrained within the industry within a year-and-a-half to two years. It will be then that the myriad of new ideas that will be built on Web3 will be a lot more appealing. One of the main companies highlighted by Zehavi as a true innovator was StarkWare.
Calcalist reported. StarkWare has instituted a new highly-efficient method for blockchain-based computation, which is used by some of the leading platforms and applications around the world. Ben-Sasson was intrigued by the bitcoin and blockchain space early on, ultimately leading him to the founding of StarkWare. The turning point for me was at the Bitcoin conference in San Jose in May where I realized that all of this theoretical research in math was highly needed in the world of blockchain.
So that's where I swallowed my red pill. Ben-Sasson was also involved in the founding of privacy-protecting crypto Zcash and the breakthroughs in research achieved with his colleagues led to post-quantum secure and more future proof technology that they named ZK Stark. Even in , Israel and Israelis were very important and influential in the young blockchain space.
We are the Startup Nation for a reason. This is true in all sectors, but also in the blockchain space, and a lot of excellent companies, those you haven't heard of yet and existing ones, are raising funds, hiring, and doing excellent work. I am very, very bullish and optimistic about the whole blockchain space and about Israel's ability to be a leader in that sector as well. StarkWare co-founder Eli Ben-Sasson. Photo: StarkWare.
One issue Ben-Sasson is far from optimistic about though is regulation in Israel. But I am sad to say that there's one area in which Israel is really lagging behind other countries and that is in the area of banking, the exclusion of blockchain companies and individuals. In light of this, setting up a survey of Luxembourg financial sector participants represents the perfect opportunity to paint an accurate picture of the key challenges and opportunities faced by the sector in regard to crypto-assets; which will in turn help readers gauge the current and future direction of this innovative and disruptive asset class.
Luxembourg has always been characterised by its agile regulatory environment, positioning its financial markets at the forefront of innovation in a constantly evolving landscape. Watch the recording. Steven Libby. Dariush Yazdani. Thomas Campione, CFA. All rights reserved. Please see www. Featured Luxembourg, your location of choice.
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