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Berlin Bullish on Blockchain; Ethereum Co-Founder Bullish on Berlin

Joseph Lubin, co-founder of Ethereum, has dubbed Berlin as “the most important city in the blockchain cosmos” and also made comments on old internet practices that need to be forgotten as a means for it to evolve into “Web 3.0”.

Blockchain prowess in Berlin

Lubin has firm beliefs that the German capital of Berlin has the capacity to be a world leader in all things blockchain. Speaking to a local news outlet, he said, “Berlin has the infrastructure, Berlin has the talent, the really good programmers are here… the government needs to set up more programs to promote blockchain.”

The latter comments arrived in a timely fashion as the first ever Blockchain Visionnaire Summit (BVS) took place on 23 July, where a panel of speakers including software engineer Artiona Bogo (SAP) and Cindicator CTO and co-founder Yuri Lobyntsev.

The panel had discussions on Berlin’s geographic prominence in the cryptocurrency and blockchain space. New York-based conference co-founder Anastasia Cherinkova said, “It’s much more about developing companies and less about raising capital. Meetups and conferences in Berlin are mostly for developers, less for entrepreneurs or investors.”

Lubin also acknowledged that blockchain and the industry were within their earliest stages, however, to move forward he admitted that Bitcoin hype brings more money into the space, enabling the tech to move onward.

In regards to Web 3.0, Lubin thinks the “old web” was wrought with mistakes, especially given the conventions of centralized data silos that collect and store user data, saying, “We have to get away from silos, from companies that collect data and make money, and people should have that back in their hands.”

German progress

The chief of the German Financial Supervisory Authority (BaFin), Felix Hufeld, is a blockchain bull, describing it as a technology that can turn the financial sector “upside down”, though he holds a skeptical stance on the volatile cryptocurrency markets and initial coin offerings (ICO).

Furthermore, in early July 2018, Solarisbank, a Banking-as-a-Platform institution launched a blockchain-focused banking service for clients in the blockchain and digital currency industry called the Blockchain Factory. It facilitates the banking needs of companies whose businesses are “directly or indirectly” based on cryptocurrencies and blockchain technology.

Phillip Blankenagel, head of communications at SolarisBank, said, “We… see it as a chance to work with innovative companies on the future of the financial industry. We believe in the future of blockchain technology and the future of companies that rely on this technology. At the same time, as a bank licensed company, we place great value on legal and regulatory permissibility and scrutinize possible partnerships.”

The European Union has admitted that it faces some serious challenges in the advent of blockchain technologies and as of yet, there are very few financial institutions offering corporate accounts for blockchain companies, which will surely lure fintech companies from across the globe to Berlin.

 

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