This Week in Fintech ending 11 June 2021

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This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote One small step for man, one giant leap for bitcoin

This past week was pretty busy for me on several fronts. Yesterday, when I was speaking to a friend and colleague, he mentioned that bitcoin was going to the moon. Usually when we say “bitcoin is going to the moon” it’s an expression used when the price of the coin is off the charts. But that hasn’t been the case in recent weeks and the entire market has been going sideways. Literally in this case  both bitcoin and ethereum are going into orbit. BitMEX announced that it wants to deposit a single bitcoin on the surface of the moon. The crypto exchange said that it plans to deposit a physical wallet containing a single bitcoin on the surface of the moon. The wallet will be in the form of a commemorative coin. On June 3, a SpaceX rocket took off, carrying an Ethereum node for SpaceChain. The Ethereum node will be installed and  run in the International Space Station. SpaceChain offers blockchain custody services and claims this project is a sign of decentralization and censorship resistance of blockchain technology. Institutional clients will get access to the node to better their security and protect their digital assets. But this is just the first of the two missions that will put crypto into orbit. The second is scheduled for June 24, and the mission will focus on installing on a YAM-2 satellite, the nodes created for the cryptocurrency exchange Biteeu as well as for a community project called Divine. This second mission will also install a third bitcoin satellite node for the Nexus platform. When I heard this, I wondered why would someone want to put a crypto node into space. On the surface crypto and space seem like an odd fit. But after giving some more thought, space exploration fits with the ideological and practical effects of cryptocurrency. More importantly, blockchain holds the key to democratizing the space industry and unlocking its fullest potential

Editor note: Ilias analyses why putting a crypto node into space could be useful.

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 1 what is NOT democratising Wall Street

There is a lot of the hype around “democratising Wall Street”. In this 4-part series we look at what is needed to really democratize Wall Street and why that is so important.

Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned by subscribing, click here for Part 1.

We start today with 3 pitches that use the “democratising Wall Street” that benefit the seller more than the customer.

Editor note: Many of these pitches come from “disruptive” Fintech startups – despite a pitch that they are better for you than those evil old incumbents.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly roundup of Stablecoin news.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: The Underwriter’s Gambit Part 2: Algorithm-Led Advances in Complex and Specialty Risks

In Part 1, underwriter workbenches were described as platforms to support underwriters in making complex decisions at speed and with confidence. Workbenches come equipped with relevant insights about clients and the risk being underwritten, along with a modern user interface to enable frictionless data flow.

Editor note: Rintu tackles a big complex subject in multiple parts. In this post he looks at the role of algorithms in underwriting to augment not replace human judgment.  

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote his weekly roundup of XBRL news.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote his weekly roundup of Alt Lending news.

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https://dailyfintech.com/2021/06/11/this-week-in-fintech-ending-11-june-2021/