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FTX CEO believes social media on a blockchain would be huge

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Blockchain technology is gaining adoption in various aspects of the global economy, but social media is one area it is yet to penetrate.

The CEO of leading cryptocurrency exchange FTX, Sam Bankman-Fried, believes that applying blockchain technology to social media could lead to some huge opportunities. Bankman-Fried made this statement while speaking at Breakpoint in Lisbon.

The FTX CEO said;

“I think social media on the blockchain — I continue to think this could be absolutely huge. I think it solves a lot of existing pain points, which are really coming to the forefront of society right now.”

He added that using blockchain technology would make it possible for people to exchange messages in a secure and private way. However, he believes social media on the blockchain would need to be composable and cross-platform.

Bankman-Fried has been a big supporter of the Solana project since its inception. He admitted numerous times that he holds Solana as his personal investment. Hence, it is not a surprise that he pointed out that the Solana blockchain would be perfect for a social media platform.

According to Bankman-Fried, the Solana blockchain can process a significant amount of transactions (more than 2,300 transactions per second). Hence, making it excellent to host a social media platform.

The FTX CEO also discussed the decentralised finance (DeFi) space, which has recorded massive growth over the past year. He said;

“One potential way to absolutely supercharge DeFi adoption is to first build a great product but then combine it with an already existing massive user base. And many of these user bases are order of magnitude bigger than all of DeFi so far, and you talk about the adoption so far that we’ve seen in the industry, but that might just pale in comparison to what a single gigantic platform can bring forward.”

FTX has experienced massive growth to become one of the leading cryptocurrency exchanges in the world. In October, FTX reached a $25 billion valuation, ten times its value in the same period last year.

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Crypto.com to help kids learn about Web3 in a deal with LeBron James’ Foundation

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  • The students taking part in the foundation’s I PROMISE program will have access to resources to help them learn about Web3 and other technologies   
  • The partnership is not only focused on Akron kids but also their families as part of the values the Foundation holds dear

Crypto.com has teamed up with 4x NBA Finals MVP LeBron James in a philanthropic pursuit in the latter’s home area, as per a Friday report on Akron Beacon Journal. Through the partnership, blockchain and Web3 modules will be integrated into training offered to kids under the LeBron James Family Foundation’s I PROMISE program

“Building on a strong basis of educational empowerment, the partnership will give students and families connected to the I PROMISE program access to the tools and educational resources needed to participate and succeed in building Web3, the future of the internet,” the LeBron James Family Foundation noted in a press release.

The I PROMISE program has about 1,600 students under its wings who will now be well-equipped to learn about blockchain and how it can benefit their lives. The exchange will extend its support to include financial aid to the Foundation though the specific terms of the multi-year deal were left out.

The partnership will benefit the larger community

The LJFF spoke highly about Web3 and its potential, noting that it creates a fairer and equitable internet that everyone can leverage.

The Web3-focused education drive will also include families of the kids, including siblings and guardians, the press release confirmed. James, widely considered one of the greatest basketball players, added that he is thrilled to present such an opportunity to his community, so it doesn’t remain ‘left behind.’

“I PROMISE students and families will get a strong foundation in Web3 and the innovations behind blockchain-based decentralized applications powering the future of many sectors from finance to media to art,” a section of the press release read. 

The Laker’s star recognised the power of blockchain technology, explaining that it has reshaped and transformed several aspects of life, including sports. Further, he noted that technology is redefining engagements and day-to-day interactions.

Crypto.com is committed to building its brand

Crypto.com has been at the forefront of crypto and sports integration.

Last November, the exchange sealed a $700 million deal that saw it acquire the naming rights to the Los Angeles Lakers’ home arena (shared with the Clippers, the NHL’s Kings and the WNBA’s Sparks) for the next two decades.

The trading platform also recently announced a deal with the local Angel City Football to promote financial awareness. Other sports outfits that the exchange has partnered with are Paris Saint-Germain and the Philadelphia 76ers.

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FTX exchange announced as naming rights sponsor of Australian Blockchain Week

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FTX chief executive Sam Bankman-Fried is among the guests expected to present during the flagship blockchain event

Bahamian-based crypto derivatives exchange FTX will be the naming rights sponsor of this year’s edition of the Australian Blockchain Week. The festival is scheduled to run from March 21st to 25th and will cover 75 online, in-person, and hybrid events.

The major topics that will be covered include taxation, the Metaverse revolution, sovereign digital currencies, venture capital, Web3 & its privacy implications, and regulations. More than 200 speakers are set to attend, including blockchain entrepreneur Sam Bankman-Fried.

No specifics on the partnership terms have been revealed as of press time. However, in his LinkedIn post announcing the arrangement, Steve Vallas, the head of Blockchain Australia (the organiser of the festival), described the milestone as massive.

‘The mainstream moment has now arrived’

He added that the upcoming five-day event would be a ‘watershed moment’ for the local blockchain industry.

Blockchain Week will be a watershed moment for the Australian blockchain ecosystem. The mainstream moment has now arrived. The […] event will be the largest event of its kind to ever be held in Australia,” Vallas wrote.

The arrangement comes when the local blockchain sector is still evolving and aiming at mainstream reach. In a statement included in Blockchain Australia’s announcement post, Vallas hailed the festival’s timing.

“Growing interest in blockchain technology from major financial institutions together with signs of increasing regulation for the industry mean this year’s event is being held at a critical time for all players in this market,” Vallas said in the shared post.

FTX chief gushed over the Australian crypto ecosystem, labelling it as ‘vibrant and innovative.’ The exchange plans to promote and advance the growth of this blockchain space, as per Bankman-Fried, who additionally noted the partnership was the first effort in line with this goal.

“We look forward to contributing to discussions to advance the local industry, better safeguard and protect consumers, and enabling financial institutions to evolve and thrive in the crypto industry,” the FTX chief remarked.

The Australian blockchain industry is attracting big names

The free, open and inclusive event will take place across six Australian cities: – Adelaide, Brisbane, Launceston, Melbourne, Perth and Sydney. It will also be shared with a wider global audience via broadcast.

This latest deal the global crypto exchange has sealed is an attempt to reach out to Aussie residents. The development follows hot on the heels of an announcement from Crypto.com also targeting the Australian market.

Yesterday, the Australian Football League (AFL) shared news of a new five-year partnership with the Singaporean exchange in a deal estimated to be worth $18 million. The latter is set to benefit from the deal as the league’s official cryptocurrency exchange and trading platform.

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BSN to launch its latest portals in Turkey and Uzbekistan

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Turkish Chinese Business Matching Center is the exclusive operator for both portals

China’s Blockchain-based Service Network or BSN has announced that it will be launching two new international BSN portals in Turkey and Uzbekistan by the end of 2021.

While the country’s ongoing crackdown on crypto mining and other digital asset projects continues, the Chinese government has been leveraging the underlying blockchain technology by expanding the global reach of state-backed blockchain infrastructure project BSN.

The new portals will be set up as part of an agreement between Red Date Technology, the architect behind BSN and the Turkish Chinese Business Matching Center (TUCEM), a consultancy firm that is focused on improving economic cooperation between the countries. TUCEM will be the exclusive operator for the new portals, BSN confirmed.

The portals will enable blockchain developers in the two countries to build blockchain-as-a-service (BaaS) applications via the global BSN portal. The BSN portal not only allows developers to access major blockchains like the Ethereum network, Algorand, Polkadot, Tezos, Consensus and Quorum but also solves challenges related to development costs and enables blockchain interoperability.

Explaining why Turkey was chosen for the new portals, Red Date Technology CEO Yifan He stated that the country’s historical role as the bridge between Asia and Europe makes it a suitable location for BSN’s first portal outside of Asia.

He further explained that local partners were at the core of decision-making on location and stated that BSN is in conversations with potential partners from Europe, Australia and the United States.

Portals “are all built and operated by our local partners. They own the portals, which leverage BSN infrastructure to build the most powerful BaaS site with little cost,” He added, highlighting the importance of choosing the right partner.

The president of TUCEM and head of BSN Turkey, Mehmet Akfırat, welcomed the collaboration by saying that the portals will increase social development and financial inclusion in the two countries. 

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