Storm Partners Launches Web3 Sandbox Lightningbox to Boost Blockchain Innovation in Geneva
Summary:
Storm Partners has launched a Web3 innovation sandbox, Lightningbox, in Geneva to encourage widespread blockchain utilization and stimulate Web3 technology advancement. This sandbox aims to aid large corporations in harnessing the potential of blockchain technology and stimulate innovation. Key early contributors to Lightningbox include Circle, Hacken, and MultiversX. The initiative aims to focus initially on three pillars - impact, consumer, and finance - with life sciences to follow. It is believed that Geneva, with its strategic location and tech-focused organizations, could be the perfect place for accelerating the global growth of blockchain.
Storm Partners has initiated a new Web3 innovation testbed, Lightningbox, in a bid to spur widespread blockchain usage and stimulate the advancement of Web3 technology in Geneva. The goal of the sandbox, developed by the Swiss firm that provides blockchain solutions, is to support large corporations in grasping the potential of blockchain and encourage inventive thought processes among industry frontrunners. It aims to carve out a credible setting for experimentation with blockchain, offering top-quality Web3 tools for creators and startups, to cultivate more ground-breaking applications. Sheraz Ahmed, Storm Partner's managing parter, describes Lightningbox as an innovation-center for some of Web3's sharpest brains. He observes a significant tech shift, largely influenced by developments in nascent technologies, which is globally transforming industries. Circle and Hacken are key contributors to Lightningbox which was revealed during the Web3 Corporate Innovation Day that had taken place in Decentral House, Geneva. Early supporters of the sandbox, like Circle, which issues the globe's second-largest stablecoin, (USDC), Hacken, a cybersecurity firm, and MultiversX, a provider of blockchain infrastructure, have committed both intellectual and tech resources worth mid-six-figure values. However, the exact sum was undisclosed. The Web3 sandbox's primary emphasis lays on three pillars: impact, consumer, and finance with life sciences to follow. This choice is determined by the need in the local market from both traditional companies and Web3-participants. Because of its brains trust and strategic location, adopting blockchain innovation is most ideal in Geneva, according to Ahmed. He cited organizations that have a global footprint like the United Nations, the World Economic Forum, and numerous private banks as reasons why Geneva is the perfect place to stimulate and expand the growth of blockchain globally. As per Chris Fabian, Giga's co-lead, increased efforts in blockchain innovation could project Geneva's finance and tech sectors to new levels. He views corporate interest in innovation and blockchain within Geneva as a positive sign and is hopeful that the blockchain ecosystem could position Geneva to pioneer in sectors like finance, international affairs, and technology.
Published At
6/14/2024 12:47:34 PM
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