Mapping out enterprise blockchain | Fidelity is backing a crypto lending startup that’s looking to launch a crypto credit card

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“We’re profitable and sitting on significant reserves so fundraising is not a necessity, however, further aligning interests with our top clients while building a war chest for acquisitions in the bear market presents a win-win opportunity.” — Jesse Powell, CEO Kraken

The Big Block

Enterprise blockchain appears to be here to stay. Organizations like the Enterprise Ethereum Alliance, a consortium of businesses working on blockchain solutions, have well over 500 members pushing for the development and adoption of enterprise blockchain solutions. Similarly, Hyperledger has over 270 members pushing for the development and adoption of “cross-industry blockchain technologies.” Legacy corporations are also taking notice. IBM, the struggling tech giant, has been attempting to position itself in the forefront of the enterprise blockchain ecosystem — employing 1,500 employees to work on over 500 blockchain projects that stretch across multiple industries like finance, healthcare, and shipping. Mastercard and Bank of America frequently top the list for the blockchain patent filings.

Despite the apparent slowdown of adoption for enterprise blockchain solutions, with Forrester Research estimating that 90% of blockchain experiments will never be a part of a company’s operations, many startups and corporations continue to develop new blockchain solutions and launch pilot programs using blockchain technologies. These companies continue to push enterprise blockchain adoption forward in the hope that they grab a piece of the estimated $3.1 trillion blockchain market.

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Around The Block

Fidelity is backing a crypto lending startup that’s looking to launch a crypto credit card

A string of Wall Street’s most active crypto traders are getting behind BlockFi, a New York crypto lending firm, as it eyes new opportunities for financial firms and retail alike.

Backing the firm are some of crypto Wall Street’s usual suspects, including Fidelity subsidiary Devonshire Investors. Other investors include Mike Novogratz’s Galaxy Digital, which previously backed the firm in a $52.5 million round in July. As for the latest round, the firm has raised $4 million in convertible debt investments. Options and crypto proprietary trading shop Akuna Capital led the round alongside CMT Digital, Morgan Creek Digital, and other firms. — More

Samsung is reportedly developing a cryptocurrency wallet app

Samsung is developing a cryptocurrency wallet app that may launch with its, currently unreleased, Galaxy S10 device, according to news site SamMobile. Samsung's app will have two parts: 1) a cold wallet for storing cryptocurrency and private keys and 2) a hot wallet for crypto transactions. — More

Kraken appeals to customers in novel strategy to raise at a $4 billion valuation — More

Denmark’s tax agency is targeting 2,700 bitcoin traders for tax payments — More

French government officials advocate for a €500m investment in blockchain technology — More

C-Level executive Jeremy Henrickson leaves Coinbase — More

Japanese prosecutors call for 10 year jail sentence for Bitcoin-exchange chief accused of embezzlement — More

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