• Saudi Aramco, the Near $2 Trillion State-Owned Energy Company, Has Signed a MoU With DroppGroup to Explore Co-Developing Web3 Technologies.
• The Applications Will Be Aimed at Helping Aramco’s Employees and Could Include an On-Boarding, Training Ecosystems and a Tokenized Network.
• DroppGroup is a Web3 Technology Provider With Tech Stack That Includes AI, ML, XR and Metaverse Environments.
Saudi Aramco Signs Agreement with droppGroup
Saudi Arabian Oil Group (Saudi Aramco), the near $2 trillion state-owned energy company has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing Web3 technologies that could benefit its workers. The applications will be aimed at helping on-boarding, training ecosystems as well as tokenized networks and rewards program.
droppGroup’s Technology Stack
DroppGroup is a Web3 technology provider with tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments. The New York-headquartered firm also has an operational office in Saudi Arabia.
Previous Involvement With Blockchain Technology
This collaboration isn’t Aramco’s first foray into blockchain technology. In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.
What is Web3?
Web 3 is the third generation of the internet driven by blockchain technology that enables users to have more control over their data while still having access to secure platforms for sharing information online. It can also be used for creating digital tokens or cryptocurrencies which can be exchanged for goods or services or stored for future use.
The partnership between Saudi Aramco and droppGroup marks an important step forward in exploring how blockchain technology can be leveraged to benefit employees of large companies like Aramco as well as provide access to secure online platforms for sharing data securely online.
Wirex and Visa Expand Partnership
• Digital payments platform Wirex has partnered with Visa to expand its footprint in Asia-Pacific (APAC) and the U.K.
• The partnership will allow Wirex to directly issue crypto-enabled debit and prepaid cards to over 40 countries, building on their existing relationship of a crypto-linked visa debit card in the U.S.
• With 5 million customers, Wirex is looking to bring more payment options for consumers by connecting digital currencies with Visa’s network of banks and merchants.
Wirex is a cryptocurrency payments app that was founded in 2015 as the first company in the world to develop a crypto-enabled card that allowed users to buy or sell multiple traditional and cryptocurrencies. It currently holds principal membership status with Visa in Europe, allowing it to provide services such as issuing crypto-enabled debit and prepaid cards across multiple countries including the UK and APAC region. This expansion will make using DeFi more mainstream by integrating components like Uniswap and Aave into their services.
Matt Wood, Head of Digital Partnerships at Asia Pacific, Visa commented on this new venture saying that they want to offer more payment options for consumers by connecting digital currencies with their network of banks and merchants. He added that this move reflects their commitment to bringing innovative technology solutions into the payments ecosystem which also includes supporting open banking initiatives.
Benefits Of The Expansion
The expansion of this partnership between Wirex and Visa is beneficial for both companies as it provides them access to larger customer base across multiple regions around the world while also furthering their mission towards making using DeFi more mainstream. Additionally, consumers can now benefit from having more payment options available when dealing with digital currencies through this integration of services offered by both companies.
The collaboration between Wirex and Visa marks an important milestone in providing customers with more choices when it comes to making payments using digital currencies while also furthering both companies’ mission towards making DeFi mainstream worldwide. Through this collaboration customers can now benefit from having access to a larger variety of payment options which are tailored towards meeting their needs better than ever before!
• Bitcoin prices are significantly lower than in late 2021, but the market sentiment is as positive as back then.
• Funding rates for bitcoin perpetual futures have jumped to the highest since December 2021, indicating renewed bullish sentiment.
• The higher the funding rate, the more excited traders are about price prospects and willing to pay a premium to keep their upside bets open.
Bitcoin Sentiment Most Bullish in 14 Months
The cost of holding a bullish long position in perpetual futures tied to bitcoin has soared to its highest level since late 2021, signaling renewed bullish sentiment by leverage traders. Perpetuals are trading above spot prices, with an annualized funding rate of 8.491% across major exchanges such as Binance. This marks the highest level seen since December 3rd, 2021 when one BTC was priced at $57,000 compared to today’s market rate of $23,400.
What Is A Funding Rate?
Funding rates are a mechanism that keeps the prices of bitcoin perpetual futures contracts in sync with the spot market price. When perpetuals trade above spot levels, holders of bullish long positions have to pay bearish shorts to keep their positions open – this is known as a ‘positive funding rate’. On the other hand, when perpetuals trade below spot levels shorts pay bulls – this is known as a ‘negative funding rate’. Analysts monitor these rates as an indicator for trader sentiment in markets – when it rises it suggests increased enthusiasm for further upside potential among investors and traders alike.
December CPI Signals Seller Exhaustion
The cryptocurrency picked up strong buying pressure after mid-December last year due to seller exhaustion signaled by U.S consumer price index (CPI) figures which fell 6.5%. Since then Bitcoin has surged over 40%, leading many analysts like Dessislava Laneva from Kaiko crypto data provider suggest that “there has been a clear shift in market sentiment” due to this increase in demand and excitement around further upside potential going forward.
Are Traders Really That Excited?
Market participants often look at other factors such as volatility or liquidity metrics alongside funding rates when trying to gauge investor enthusiasm for any particular asset or currency pair; so while its clear that some degree of optimism exists among traders surrounding BTC’s future performance it remains too soon tell just how far current sentiments will take us without taking into account other market conditions too.
Overall it seems that despite current BTC prices being much lower than during late 2021 there is still plenty of optimism among leverage traders regarding Bitcoin’s future prospects; this has been reflected through recent increases in funding rates across major exchanges signalling renewed confidence from investors and traders alike that further upside could be on the horizon.