The German-speaking world has experienced another week full of exciting developments in the crypto industry, with a Berlin-based fintech startup receiving $1.5 million to develop its own blockchain, German experts warning about Facebook’s crypto coin, and the Federation of German Industries asking the government to create suitable conditions for blockchain.
Here is the past week of crypto and blockchain news in review, as originally reported by CryptoX auf Deutsch.
German fintech startup receives $1.5M to develop its own blockchain
On Sept. 23, CryptoX auf Deutsch reported that the Berlin-based fintech startup Centrifuge received funding from the public investment bank Berlin and the European Regional Development Fund to further develop its financial market platform.
Centrifuge, which is an open, decentralized platform that aims to connect the global financial supply chain, will receive around $430,000 as a grant and an additional $1,100,000 as a loan to develop its own blockchain, called Centrifuge Chain.
IOTA joins forces with the Linux Foundation
On Sept. 26, CryptoX auf Deutsch reported that the Iota Foundation joined forces with the Linux Foundation through LF Edge, an umbrella organization that aims to establish an open, interoperable framework for edge computing independent of hardware, silicon, cloud, or operating system. Iota Foundation added:
“We’re happy to announce that our first step Towards Open Collaboration is that we have joined the Linux Foundation to help complete their stack of technologies to advance their development of a truly interoperable solution set for IoT, Edge and Cloud integration.”
German experts warn about Facebook’s planned crypto coin Libra
CryptoX auf Deutsch reported on Sept. 27, that, during a technical meeting held by the German Bundestag, experts and institution representatives warned about the possible consequences of Facebook’s planned cryptocurrency Libra. In addition, the potential of blockchain technology in general and the idea of a digital central bank coin were also discussed.
German Vice Chancellor and Finance Minister Olaf Scholz previously expressed similar sentiments, saying that policymakers cannot accept parallel currencies such as Facebook’s proposed Libra stablecoin and that it will be clearly rejected.
German trade organization asks gov’t to create better conditions for blockchain
On Sept. 24, CryptoX auf Deutsch reported that the Federation of German Industries (BDI), an umbrella organization that speaks for 36 trade associations and more than 100,000 enterprises with around 8 million employees, has called upon the German government to quickly create suitable conditions for the use of blockchain technologies.
The BDI said it considers blockchain technology to be of the highest importance for the competitiveness of the German economy, adding:
“Blockchain technology offers many opportunities and industrial applications, such as for a global digital market, with low barriers to entry and cross-border trade costs. It helps to create networks between companies, business processes and business objects.”
Crypto loan platform YouHodler moves to Switzerland
On Sept. 24, CryptoX auf Deutsch reported that crypto-financial services provider YouHodler announced that it is moving its operation to the Alpine republic in Switzerland. The company said that the transformation from a blockchain startup to an “international fintech provider of crypto-fiat services” is now completed and that it is looking forward to “rapid growth and long-term business relationships.”
