Here are some of the major developments from the world of crypto over the past few days
The deputy of Indonesia’s Ministry of Tourism and Creative Economy has said that non-fungible tokens (NFTs) along with cryptocurrency can help preserve the country’s cultural heritage. Decentralised tools are becoming more and more popular for information preservation.
Muhammad Neil El Himam, deputy chairman for digital economy and creative products in Indonesia's Ministry of Tourism and Creative Economy, told Cointelegraph that they have recently partnered with Quantum Temple, a technology firm using NFTs for preservation.
NFTs, according to Himam, could guarantee that heritage can be produced and preserved without restrictions and support the upkeep of the nation's cultural heritage,
“I believe that NFTs can contribute to preserving Indonesia’s cultural heritage while enhancing virtual tourism. NFTs may also be a medium in ushering in the next billion users into the crypto space, especially if the NFT elements of the cultural heritage are well-known and appreciated,” he said.
Trillions Of Assets Could Be Tokenised by 2030, Says Citibank
Citibank has said that private equity market could become the most “tokenised” asset class by 2030 because it is more liquid and can be fractionalised. The next "killer use case" for cryptocurrencies, according to Citibank, will be the tokenisation of real-world assets on a Blockchain.
According to the bank’s estimate, the market will be worth between $4 trillion and $5 trillion by 2030.
According to Citibank’s Money, Tokens and Games report of March 2023, tokenisation would represent an 80-fold increase from the existing value of real-world assets stored on Blockchains.
“We forecast $4 trillion to $5 trillion of tokenised digital securities and $1 trillion of distributed ledger technology (DLT)-based trade finance volumes by 2030,” the firm’s analysts said.
Binance Joins FIDO Alliance Ahead Of Implementation Of Passkey
By joining the FIDO Alliance, Binance users can look forward to a streamlined and secure experience when accessing their favourite exchange services.
“We are excited to announce that Binance has officially joined the FIDO Alliance, one of the most influential and largest associations focused on developing password-less authentication standards. We are committed to providing our users with the highest level of security and convenience as a member of this prestigious alliance,” Binance said on March 30, 2023.
“In order to improve security on our platform, we’re also happy to announce that Binance will soon incorporate passkeys. Passkeys serve as secure, phishing-resistant password replacements and are built on FIDO standards. A user can swiftly and securely sign into various websites, apps, and devices with passkeys using local biometric authorisation. Using passkeys on our network, Binance will provide users with a more convenient and secure experience without sacrificing security,” Binance added in an online publication.