In the previous year, blockchain adoption frequently happened among the largest financial institutions worldwide engaging in buying, selling, or integrating cryptocurrencies into the firm.
A news publication on NEWSBTC discusses the possible reasons why TransferWise’s Taavet Hinrikus backed this blockchain company. The last year 2020 also saw plenty of activities happening on the decentralized finance DeFi that has immensely reached $1 billion.
Today, within a short period of time, it is surging at $15 billion. Isn’t that quite a feat? Perhaps, that is truly the beauty of cryptocurrency. It is also heartening to see that many worldwide organizations are beginning to realize that blockchain is happening around them.
TransferWise, is an online money transfer service firm in London. Though they are not yet integrated into the blockchain, their co-founders, Taavet Hinrikus, is very keen to do so quickly. The firm has a market value of more than $5 billion, consisting of more than 2000 employees.
The Bitcoin Street Journal is a news journal that covers all the breaking bitcoin news headlines from the US and around the world had this to tweet about TransferWise’s Co-Founder backed this blockchain company.
TransferWise is also an adviser to the Prime Minister of Estonia’s digital agenda. It is the major countries that are adopting blockchain technology very quickly. The co-founder was working on Skype, as the Director of Strategy.
For Hinrikus, investments in varied forms have always shown results. Hinrikus knows the market vividly and has contacts all over the place. This is perhaps one reason why Hinrikus is excited about blockchain getting into his firm.
Taavek Hinrikus investment child Radix
Hinrikus has made a substantial investment in Radix, which is a decentralized public ledger. Radix ensures that the design and execution of decentralized applications are done smoothly. Using the platform, users work on quick interactions and transactions.
Radix has now effortlessly managed to work flawlessly on more than 1.4 million transactions each second. As if that is not enough to stake a claim, it can be used for most of the DeFi applications.
There is no doubt that DeFi is stealing the spotlight in the cryptocurrency market for the moment. That is because decentralized exchanges like Uniswap are gaining high transaction fees. Decentralized finance seems to provide a barrage of services not regulated and run by a third party anymore.
It gives instant services for users who need them. Decentralized applications have begun to recognize the business segment’s power, and they are now acting independently. The move is appreciated by investors who can instantly access their financial services.
Hinrikus is someone who has invested in similar kinds of technology that revolutionize the market. There is no surprise whatsoever that Hinrikus knew there is immense scope of operation using the Radix platform for the blockchain market.
It becomes quite apparent why TransferWise’s Co-Founder backed this blockchain company. A few decentralized application platforms like Polkadot and Cosmos aim for 3000 transactions per second.
Radix can seamlessly take them on without a problem. It is without a doubt that Taavet Hinrikus knows the importance of time for users. Hinrikus understands that once Radix evolves, his investment prodigy will show its true colors for the world to see.