Citadel and Cathie Wood are backing a new blockchain called Zero, designed to address Wall Street's need for scalable and private blockchain technology, according to Fortune. The Andreessen Horowitz and Sequoia-backed crypto company LayerZero announced the proposed solution on Tuesday. This development comes as the financial industry experiences rapid innovation, with other companies like Robinhood launching their own blockchain initiatives.
The new blockchain, Zero, aims to solve a critical problem in the crypto industry: scaling blockchain technology to handle the massive trading volumes of traditional finance entities like the New York Stock Exchange, as reported by Fortune. Big banks and trading firms are also seeking assurances that their sensitive client data will not appear on public ledgers, a concern Zero intends to address.
Simultaneously, the technology and finance sectors are experiencing rapid innovation, according to multiple sources cited by Fortune. Robinhood launched its developer-focused Robinhood Chain to expand crypto services, while xAI is planning lunar manufacturing.
In other financial news, Richard Attias Associates, known for organizing Saudi Arabia's Future Investment Initiative, is preparing for an IPO, enlisting Citigroup and SNB Capital, according to Bloomberg. The IPO could potentially value the events business at up to $1 billion, reflecting growing investment opportunities in the region.
The emergence of Zero highlights the ongoing evolution of blockchain technology and its increasing integration into traditional finance. While the industry grapples with scaling blockchain technology for traditional finance, as evidenced by LayerZero's proposed Zero blockchain designed to address Wall Street's data privacy concerns, other significant events are unfolding, including legal challenges and political developments, according to multiple sources.
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