Fintech PR
Blockchain Interoperability Market worth $1.0 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 6, 2023 /PRNewswire/ — With growing standardisation, interconnected ecosystems, cross-industry acceptance, enhanced scalability, and integration with upcoming technologies, the market for blockchain interoperability has a lot of room to develop in the future. Interoperability will be embraced by institutions and governments for secure collaboration, and user-friendly tools and privacy protections will spur broader usage. In general, the future digital landscape will be decentralised and connected thanks to blockchain interoperability.
The global Blockchain Interoperability Market size is projected to grow from USD 0.3 billion in 2023 to USD 1.0 billion by 2028 at a CAGR of 27.2% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the Blockchain Interoperability Market is driven by the demand for smooth communication and asset transfer among various blockchain networks, the increasing adoption of dApps, and the emergence of diverse blockchain ecosystems, creating a need for interoperability, enabling collaboration and access to a broader range of resources. Furthermore, regulatory compliance requirements and the desire for standardized frameworks contribute to the market’s expansion.
Browse in-depth TOC on “Blockchain Interoperability Market“
205 – Tables
38 – Figures
251 – Pages
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Scope of the Report
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Based on the vertical segment, the healthcare vertical is to grow at the highest CAGR during the forecasted period.
The healthcare vertical experiences the highest CAGR in the Blockchain Interoperability Market due to the need for efficient data exchange among multiple stakeholders, including hospitals, clinics, insurers, and patients. Blockchain interoperability ensures secure and standardized communication, addressing fragmented healthcare records and improving access to comprehensive patient information. With its robust security features, blockchain technology enhances data protection and compliance with regulatory guidelines. Furthermore, blockchain-enabled innovations in patient consent management, clinical trials, supply chain transparency, and fraud prevention contribute to the growth of blockchain interoperability in the healthcare industry.
By Application, dApps holds the largest market size during the forecast period.
Due to their increasing popularity and demand, dApps have a large market size in the Blockchain Interoperability Market. As dApps become more widely used across various industries, the need for interoperability between different blockchain networks arises. Interoperability solutions allow dApps to communicate and interact with multiple blockchains, expanding their reach and usability. This cross-chain functionality enhances the user experience by enabling seamless asset transfers and data access. Moreover, the development of interoperability protocols further supports the growth of dApps in the Blockchain Interoperability Market. Thus, dApps currently dominate the market in terms of market size among applications in the Blockchain Interoperability Market.
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By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region demonstrates solid technological adoption, with countries like China, South Korea, Japan, and Singapore at the forefront of blockchain research and development. Additionally, government support is crucial, as policymakers have implemented favorable regulations and initiatives to encourage blockchain adoption. The presence of significant developments, such as the Interledger Protocol (ILP) and initiatives like the Asia Pacific Blockchain Alliance (APBA) and the ASEAN Blockchain Initiative, further promote blockchain interoperability. These efforts create an environment that fosters collaboration, innovation, and shared standards. As a result, the Asia Pacific region is positioned to leverage the benefits of blockchain interoperability, driving its remarkable growth in the market. Thus, Asia Pacific has the highest CAGR in the Blockchain Interoperability Market.
Top Key Companies in Blockchain Interoperability Market:
Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), Inery (Singapore), Fusion Foundation (Singapore), Quant Network (UK), Band Protocol (Thailand), LiquidApps (Israel), LI.FI (Germany), Biconomy (Singapore), Datachain (Japan), RioDeFi (China), Polyhedra Networks (Italy), SupraOracles (US), Orb Labs (US), and ChainPort (Israel) are the key players, and other players in the Blockchain Interoperability Market.
Recent Developments
- In January 2023, Oracle (US) enhanced its Oracle Blockchain Platform, introducing new capabilities to support interoperability and improve blockchain solution development. Its key features include OAuth 2.0 support for secure callback delivery, expanded web3 API support, Ethereum interoperability for atomic transactions, extended tokenization SDKs for advanced tokenization solutions, and TTF-based tokenization support for exchange across different fungible tokens.
- In February 2022, LeewayHertz partnered with XDC Network (US) to advance blockchain solutions for global trade and finance. Their collaboration aims to enhance the XDC Network ecosystem and address scalability and sustainability challenges in the blockchain industry. While the partnership’s primary focus is on developing decentralized and scalable solutions, such as SDKs and upcoming projects like the XDC NFT dApp and XDC Explorer, their joint efforts also hint at the potential for blockchain interoperability.
- In January 2022, Ontology introduced the Ethereum Virtual Machine (EVM), allowing EVM-centric developers to construct decentralized applications on its blockchain platform. The Ontology EVM reduces migration costs, lowers gas fees, and offers faster block production. Developers can leverage the ONTO Wallet and ONT ID for broader adoption.
- In October 2021, R3 (US) acquired Ivno (UK) to enhance blockchain interoperability. Ivno’s platform enables rapid tokenization of assets and compliant, secure transactions. Integrating Ivno’s capabilities strengthens R3’s ability to optimize balance sheet management and explore stablecoin models using blockchain technology.
- In October 2021, Inery (Singapore) enhanced its decentralized storage and database solution, which integrates blockchain technology with distributed database properties, potentially contributing to blockchain interoperability. With a focus on data decentralization, security, and reducing breaches, Inery offers a relevant solution for decentralized data management.
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Blockchain Interoperability Market Advantages:
Individual blockchains’ scalability issues are addressed by interoperability solutions. The distribution of workloads and the pooling of resources are made possible by permitting communication between various networks. This distributed model improves scalability since numerous blockchains can manage greater transaction volumes and processing demands as a group.
Blockchain development and deployment costs might be decreased with the aid of interoperability solutions. Organisations can join existing networks through interoperability standards rather than creating brand-new blockchain networks from scratch. This saves time, resources, and expenses required for developing and maintaining separate blockchains, making blockchain technology more accessible and cost-effective.
Interoperability between blockchains can help different industries comply with regulations. It is now simpler to manage and audit transactions, guaranteeing compliance with sector-specific legislation and standards, by facilitating the smooth flow of data between various blockchains. Solutions for interoperability can offer transparency and traceability, which makes it simpler to comply with legal requirements like anti-money laundering (AML) and know-your-customer (KYC) laws.
Cross-platform and cross-ecosystem collaboration and data sharing are made possible via interoperability. The ability to collaborate, share knowledge, and take use of one another’s skills encourages innovation and group problem-solving. Collaboration across platforms fosters the creation of best practises and standardised protocols, advancing the blockchain sector as a whole.
Improved financial services and products may be available with DeFi applications developed on interoperable blockchains. As a result of interoperability, consumers’ access to larger liquidity pools and more opportunities. Assets can transfer seamlessly between various DeFi systems. Cross-platform borrowing, lending, and trading are made possible, fostering the development of a more developed and integrated DeFi ecosystem.
Blockchain interoperability can enhance supply chain transparency and management. Stakeholders may trace and verify the movement of commodities, authenticate product origins, and assure compliance with quality and safety requirements by integrating various blockchains participating in the supply chain process. Traceability is improved, fraud is decreased, and supply chain activities are simplified by interoperability.
Interoperability between blockchains has the potential to promote blockchain adoption and international cooperation. It enables the linking of blockchain networks from many nations, groups, and communities, boosting international trade and information exchange. A global network of interconnected blockchain ecosystems can be developed thanks to interoperability, which can also spur global cooperation, compatible standards, and standard protocols.
Report Objectives
- To define, describe, and forecast the Blockchain Interoperability Market based on solutions, applications, verticals, and regions:
- To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Blockchain Interoperability Market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Blockchain Interoperability Market
- To profile the key players of the Blockchain Interoperability Market and comprehensively analyze their market size and core competencies.
- To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global Blockchain Interoperability Market.
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Fintech PR
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — Yaber reported a remarkable 100% year-over-year sales surge during Black Friday. The T2 outdoor projector, featuring a built-in battery and handle-to-stand design, ranked among Amazon’s Top 3 “Most Wished For” list. Meanwhile, the L2s projectors, available in exclusive Pantone colors, sold out shortly after launch.
Yaber T2 projector is currently available at Christmas sale on Amazon and the official Yaber website. Meanwhile, pre-orders for the L2s projectors in exclusive Pantone colors will reopen in mid-January 2025.
This year, Yaber further expanded its global retail presence, debuting at the iconic Selfridges in the UK and securing placements in MediaMarkt across EMEA, Canada’s London Drugs, Saudi Arabia’s EXTRA, Belgium’s FNAC, Greece’s PUBLIC, Czech Republic’s Datart, Japan’s Bic Camera and Yodobaxi, and Malaysia’s premier IOI City Mall and Plaza Low Yat.
Looking ahead, Yaber is set to unveil its first ultra-short-throw laser projector and a new Keith Haring-inspired entry-level model at CES 2025. The launch event will take place at 4:00 PM PST, January 6, 2025 at Caesars Palace, Las Vegas. Visit Yaber’s booth in South Hall 1-30808 at Las Vegas Convention and World Trade Center (LVCC) from January 7-10 to discover more.
About Yaber
Founded in 2018, Yaber redefined home entertainment by introducing the world’s first entertainment projector, pioneering a new category in the industry. Today, its innovative projectors have delivered immersive experiences to users in over 120 countries, making Yaber a trusted name in global home entertainment.
The letter “Y” in Yaber embodies the youthful vigor and innovative spirit of Generation Y. It’s not just a symbol, but a unique representation of youth identity and attitude towards life, infusing the brand with rich cultural connotations of youthfulness within simplicity.
Committed to excellence, Yaber has been pushing the boundaries of audiovisual innovation, crafting projectors that inspire richer, more vibrant lifestyles. Its achievements are recognised with prestigious accolades, including the Red Dot, IDEA, VGP, and CES Innovation Awards.
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Fintech PR
Xinhua Silk Road: Conference on deepening financial openness and co-op in Northeast Asia held in NE. China’s Shenyang
BEIJING, Dec. 27, 2024 /PRNewswire/ — The 2nd Northeast Asia Finance Conference and 2024 “Revitalizing Liaoning with Finance” Excellent Cases Release kicked off on Tuesday in Shenyang, capital of northeast China’s Liaoning Province, aiming to further deepen financial openness and cooperation in the Northeast Asian region and advance construction of a regional financial center.
The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.
During the conference themed on “accelerating the construction of a regional financial center in Northeast Asia and creating a new highland for opening up”, excellent cases of revitalizing Liaoning through finance in 2024 were unveiled and the index for core areas of regional financial centers in northeast China was released.
The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.
The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.
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