Latest news with #D24FintechGroup
Zawya
12-05-2025
- Business
- Zawya
Ripple could be cracking the blockchain banking code, say D24
In the crypto community, XRP has long been seen as the 'bank's coin', compared to Bitcoin, which is anti-establishment. In recent years, Ripple has chosen to work with existing systems rather than trying to overthrow them, earning XRP both support and criticism within the crypto space. Crypto believers view working with banks as going against the original crypto ideals, but from a business perspective, the approach makes sense. RippleNet, built on top of the XRP Ledger (XRPL), serves as a 'SWIFT for the blockchain world,' allowing banks to conduct cross-border transactions in just a few seconds at a fraction of the traditional cost. This has proven particularly attractive to banks at a time when fintech is threatening their traditional business models. Osama Bari, CTO of D24 Fintech Group, said, 'Ripple saw a market gap that others overlooked; banks and financial institutions do not want to be replaced. Instead, they want tools that help them work better, faster, and cheaper. 'The growing adoption of Ripple's network by major financial institutions highlights the effectiveness of Ripple's approach. For instance, American Express has teamed up with RippleNet and Santander to streamline cross-border payments for businesses.' Bank of America is exploring blockchain to improve interbank transactions, while central banks such as the Royal Monetary Authority of Bhutan and the Saudi Central Bank have tested Ripple's technology. This widespread acceptance shows that Ripple's 'connective tissue' strategy is being accepted by the traditional financial sector. Ripple has also received recognition from the World Economic Forum (WEF) as a leading blockchain innovator in cross-border payments. Bari continued, 'Despite Ripple's long-running legal battle with the SEC, it continues to attract attention from financial institutions worldwide, showing that the benefits of its technology are compelling enough that many organisations are willing to accept some risk to become early adopters. 'Ripple is not trying to be a 'traditional crypto' that aims to destroy the old system, but instead to act as a bridge between the old and new financial worlds. This might be a more successful long-term strategy as sustainable financial change happens gradually, not through knee-jerk moves and total disruption. 'Down the line, Ripple's next challenge is not just about technology but also building trust with major financial players, convincing them they can step into the blockchain world safely and profitably. If Ripple succeeds, XRP could become one of the most practically utilised digital assets globally, not just for speculation but for solving real financial problems,' concluded Bari. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Zawya
29-04-2025
- Business
- Zawya
Stablecoins: Driving the Future of Digital Finance — D24 Fintech Group on Codex's Blockchain Innovation
Stablecoins are a category of digital assets designed to maintain a stable value, typically pegged to fiat currencies like the US dollar or euro, or to commodities such as gold. They offer the benefits of cryptocurrencies — speed, transparency, and accessibility — while minimizing the price volatility that hampers wider crypto adoption. This stability makes them ideal for payments, savings, and cross-border transactions. D24 Fintech Group is an international leader in financial technology, delivering blockchain-based solutions that aim to modernize and simplify global payments. Focused on innovation and regulatory compliance, D24 supports the expansion of stablecoins as crucial tools for the next generation of finance. Blockchain Solutions Are the Path Forward in the Stablecoin Era, Says D24 Fintech Group The stablecoin market is rapidly emerging as one of the most resilient and dynamic sectors of the crypto economy. In a notable development this month, Codex, a startup building a specialized blockchain for stablecoins, secured $15.8 million in seed funding. The round was led by Dragonfly Capital and supported by major backers such as Coinbase Ventures and Circle. This significant investment highlights growing institutional confidence in the future of stablecoins not merely as speculative instruments, but as mainstream financial tools. Even amid a broader 25% downturn in the crypto market during Q1 2025, the stablecoin market expanded by $40 billion, reaching an estimated $230 billion in total market capitalization. According to Shreenath Iyer, Chief Marketing Officer at D24 Fintech Group, Codex is a project worth watching due to its technical focus on stablecoin-specific inefficiencies, but its long-term success will depend heavily on execution. 'Stablecoins, as Codex's investment has shown, are growing in credibility. This year, we have seen several developments in support of the market, like Stripe's Bridge acquisition for $1.1 billion to support stablecoin-based payments, and the GENIUS Act established clear regulatory frameworks for stablecoins.' Codex's strategy acknowledges the limitations of existing blockchains for stablecoin operations — notably unpredictable transaction fees and processing delays. To solve these issues, the company is developing a Layer-2 solution based on the Optimism Stack, aiming to optimize transactions for stablecoins like USDT and USDC. This platform promises businesses fixed transaction fees and greater reliability, even during network congestion. 'As a new player, Codex's approach recognizes that general-purpose blockchains often fall short for stablecoin operations due to unpredictable fees and inefficiencies. To address these issues, they are developing a Layer-2 solution built on the Optimism Stack that is designed to enhance the usability and efficiency of existing stablecoins in the market, like USDT and USDC. The platform aims to improve the overall experience of using and transferring stablecoins, ensuring businesses can rely on fixed transaction fees, avoiding volatility during network congestion.' Despite these innovations, Codex faces intense competition. New entrants like Plasma, which raised $24 million in February, and established players on Ethereum and Tron networks already have significant traction. Codex's expansion plans include a strong focus on Southeast Asia, a region where stablecoins can help solve high cross-border transaction fees and slow settlement times — but success will require overcoming both technical and regulatory hurdles. 'Yet, execution remains the key challenge. Codex is entering a competitive space with emerging players like Plasma, which raised $24 million in February and uses a zero-fee Bitcoin sidechain model, and established competitors like Ethereum (USDC, USDe) and Tron-based (USDT) stablecoins. The startup is also targeting Southeast Asia, where stablecoins address region-specific business challenges. These issues range from thin profit margins inflating traditional cross-border payment fees, to businesses facing high fees and slow processing for international transactions, which they must tackle while also effectively navigating the complex regulatory landscape in Southeast Asia.' Ultimately, the next few months will be decisive for Codex. 'The stablecoin space is becoming increasingly crowded, and while Codex has an interesting pitch, its execution in the coming months will be critical to determining where they sit in the market. The ability to build reliable off-ramps, secure regulatory buy-in, and deliver consistent performance will determine whether Codex becomes a leading player in purpose-built blockchain solutions or just another footnote in the fast-evolving stablecoin race,' concluded Iyer. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Zawya
20-03-2025
- Business
- Zawya
XRP Set to Lead Quantum-Ready Blockchain Security, Says D24 Fintech Group
XRP has earned strong appeal in traditional financial markets due to its widespread adoption by financial institutions and its status as a pioneering American digital asset. Positioning itself as a quantum-ready blockchain, XRP is proactively fortifying its infrastructure to safeguard against the disruptive impact of quantum computing. As quantum technology progresses, XRP's early commitment to quantum resistance could provide a significant competitive advantage in the evolving financial sector. While XRP already excels in facilitating fast and scalable cross-border payments, the rise of quantum machines presents both potential risks and opportunities. The XRP Ledger, developed by Ripple, represents a major leap in blockchain technology. Unlike conventional blockchain networks that rely on mining, the XRP Ledger employs a distinctive consensus protocol that processes transactions within 3-5 seconds while maintaining high security. This innovative system has revolutionized international payments, offering financial institutions an efficient and cost-effective method for cross-border transfers. Osama Bari, Chief Technology Officer at D24 Fintech Group, explained, 'Quantum computers possess immense processing power, enabling them to solve complex mathematical problems exponentially faster than classical computers. Algorithms such as Shor's Algorithm could potentially break the encryption methods used by current blockchain networks, including the XRP Ledger. If quantum computers reach their full potential, they could compromise crypto security within moments.' 'This vulnerability arises from the quantum computers' ability to conduct parallel computations at unprecedented speeds, which could undermine the cryptographic foundations securing blockchain transactions. This is especially concerning for the long-term storage of digital assets and sensitive financial data. In response, Ripple's developers are enhancing the XRP Ledger with quantum-resistant cryptography, incorporating post-quantum algorithms like Hash-Based Signatures and Lattice-Based Cryptography to protect transactions and wallets over time.' By adopting quantum-resistant technology early, XRP positions itself as a potential security benchmark for the blockchain industry, which could attract financial institutions and governments looking for future-proof payment infrastructure. Additionally, with quantum-resistant security in place, XRP may become a preferred choice for Central Bank Digital Currencies (CBDCs), such as the Digital Dollar or Euro. Bari further noted, 'Though quantum computing is still evolving, XRP's proactive approach could establish it as a leader in secure and scalable financial networks. While XRP is not the only cryptocurrency working towards quantum resistance, its proactive stance, strong financial sector connections, support from the Trump administration, and potential for price rallies make it particularly interesting in light of the quantum computing revolution.' 'If the SEC drops its appeal against Ripple and an XRP ETF is approved, prices may revisit previous highs or even reach new levels. The quantum-resistant upgrades will further bolster investor confidence, while the Trump administration's 'Made in USA' initiative could fuel XRP's growth potential.' As a bank-focused digital asset widely used by financial institutions, XRP continues to hold strong appeal in traditional markets. Its status as an American digital asset, combined with support from the current administration and its pioneering nature, gives XRP significant potential for growth, especially considering that it hasn't experienced the massive price surges seen by other early-stage digital assets, Bari concluded. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Zawya
12-03-2025
- Business
- Zawya
Bybit crypto heist: Five key lessons to prevent a repeat
Dubai-based cryptocurrency exchange Bybit was the victim of what is being widely reported as the single largest digital theft in history. Hackers extracted approximately $1.5bn (£1.2bn) from an Ethereum wallet and transferred the contents to a new, unlocatable address. The platform has assured users of its liquidity—despite a significant increase in the volume of withdrawals in the wake of the breach—promising refunds to all affected users even if the stolen money is not recovered. According to Osama Bari, Chief Technology Officer at D24 Fintech Group, exchanges that comply with a core set of rules will drastically reduce their chances of suffering a similar breach. 1. Multi-party approval systems The Bybit security breach was primarily caused by vulnerabilities in multi-signature authorization and UI spoofing tactics, where attackers manipulated the interface to display different addresses. Bari said: 'Even experienced professionals might overlook such discrepancies without a thorough investigation. Typically, such issues often go unnoticed during routine exchange operations. 'To mitigate such risks, exchanges should implement a threshold-based, multi-party approval system for all transactions. Additionally, secure platforms require real-time monitoring systems to analyze deposits and withdrawals, with automated cross-checks for unusual spikes. If required, large transactions must be manually verified with a comprehensive report. Each withdrawal should undergo a transaction audit score assessment before being processed.' 2. Ensure two-factor authentication is in place Two-factor authentication (2FA) is a security method that requires a second form of identification to access any account information or funds. Bari: '2FA is no new phenomenon, but its importance as a tool for verifying users and ensuring only the right personnel can manage and withdraw balances or view confidential information cannot be understated. 'This is a basic form of protection that exchanges should absolutely be offering to their customers and can be a vital deterrent for hackers as it increases the difficulty of breaching gated accounts. All financial providers have a duty to protect their users and 2FA is a guaranteed way of raising the level of in-built security they provide.' 3. Custodians are valuable third parties Custodians safeguard assets for fellow financial institutions to reduce the risk of loss, theft, or damage. Bari continued: 'Exchanges should not underestimate the level of responsibility that comes with holding considerable volumes of assets on behalf of customers. Failure to put the appropriate measures in place to protect these funds, as we've just seen with the Bybit hack, could result in disastrous consequences for both the company attacked and the users impacted. 'Turning to external organizations to bolster security is a viable option for exchanges that lack the infrastructure and liquidity to manage millions, or even billions, worth of currency. Partnering with a trusted custodian will ensure that customer investments stay safe, allowing exchanges to focus on other important activities such as enhancing user experience and increasing the financial literacy of their customers.' 4. Perform a liveness check A liveness check verifies a user's identity through a biometric measure, for example, their face or fingerprint. 40% of banks have implemented this precaution to tackle fraud, up from 26% five years ago. Bari: 'For crypto exchanges, and financial institutions more generally, a liveness check adds that final layer of protection to dissuade hackers from attempting an attack. Having access to passwords, secure keys, or even primary devices is no longer enough to successfully bypass security measures—customers are protected as their face, fingerprints, and even voices are all unique.' 5. Make security CEXy Centralized cryptocurrency exchanges (CEXs) are regulated intermediaries that facilitate the trading of fiat and digital currencies. Bari concluded: 'A pivotal element of cryptocurrency's appeal throughout its history has been its decentralized nature, with many early adopters drawn to this form of tender by its anonymity. However, as crypto has become increasingly mainstream and a viable investment for individuals globally, it's important to reshape our thinking and start putting security at the top of the list of priorities. 'Due to Bybit's centralized approach, the exchange was able to freeze $42.85 million in stolen assets within 48 hours through collaborations with other platforms. This highlights the increased resilience of CEXs and how trusted partnerships with other organizations in the crypto field can limit the damage inflicted in a hack.' Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
