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Blockchain and AI Are the Future: EC Vice Chairman’s Speech on Digital Day

Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission’s vice president, Andrus Ansip, is the latest to voice his support for the technology. Giving the opening speech at the EC’s Digital Day in Brussels, Ansip urged Europe to take advantage of the opportunity presented by blockchain technology to make innovations that will drive the continent forward.

Blockchain And AI are Key for Development

Ansip recognized blockchain technology and artificial intelligence as being two of the fields which the continent must commit to work on collectively.

This year, I will again ask countries to commit to Europe’s digital and data-based future – with a focus on artificial intelligence (AI), digital healthcare and blockchain technologies.

European countries are taking huge steps to digitize their economies, according to Ansip, who cited France as one of the leaders in this regard.

A few weeks ago in France, President Macron presented a national plan to spend €1.5 billion over five years to support AI, and joint projects with Germany. This is exactly the kind of cooperation that Europe needs for its digital success.

Blockchain technology is now moving out of the lab and into the mainstream, Ansip told the gathering, which was comprised of stakeholders in the fields of digital technology and telecommunication. While there is no denying the great effect that AI and blockchain technology will play in the future, Ansip feels that European nations are lagging behind others in investing in these fields and that they need to do better, both in formulating policies that regulate these areas and in investing financial resources to do the same.

And the European tech sector identifies AI and blockchain as the areas where Europe is best positioned to play a leading role. However, it is no secret that we have to invest – both politically and financially. There is quite some ground to catch up. Other continents are moving ahead quickly.

Being On The Front Foot

The European Union has continuously shown a desire to be on the front foot in regards to the blockchain and cryptocurrency revolution with measures that have sought to encourage innovation and foster an enabling environment. In early February, the EC launched the EU Blockchain Observatory and Forum whose role is to highlight key developments in blockchain technology. It is also expected to reinforce European engagement with crucial stakeholders involved in blockchain activities.

Various EC officials have shown support for blockchain technology in the recent past, including Valdis Dombrovskis, who is in charge of financial services at the Commission. Dombrovskis hailed blockchain technology as having the potential to be truly transformative in the financial services field.

The EU’s stance on the great potential of blockchain technology is crucial, especially at a time when the market is highly volatile and when uncertain regulations and a hands-off approach by many governments are hurting the market. In some countries like India, this uncertainty has led to crypto exchanges’ trading volumes dropping by up to 90%!

Will Europe become the blockchain hub of the world? Only time will tell.

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Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund

After leaving his position as an executive at Steven Cohen’s Point72 hedge fund, Travis Kling decided to start his own crypto-focused fund. This was a big and bullish announcement back then, but it still wasn’t enough to save the crypto market, which crashed only a month later. The following nine months were almost completely ruled by the bears, which has brought a lot of damage to the crypto world. Still, according to new reports, Kling has never given up on this project, and it seems that he will finally be ready to launch the new hedge fund over the next month. The dates have not been set yet, and it is possible that the fund’s launch will be as soon as in about two weeks. Former Point72 Manager Plans the Launch of His Own Crypto Fund The fund has been expected for a long time now, and according to what is known, it will be based in Delaware. Some reports even managed to find out that the name of the fund will supposedly be “Ikigai”. While nobody known for sure when the fund’s launch is actually going to be, it is known that it will happen in October. At first, the fund will be backed by a certain amount of capital that Kling’s unnamed partners have invested. However, later down the line, after the project starts its development properly, Kling plans to search for additional investors. Additionally, he will also add $15 million on November 1st, according to the reports. Eventually, by the time the mid-2019 arrives, Kling hopes that the fund will grow and expand to around $100 million. He even expects Ikigai’s venture branch to rise to $33M in capital invested. As for the foreign investors interested in the fund, they will be capable of allocating capital through investment vehicle based on the Cayman Islands. A Multi-Trillion Asset Class? During one of his recent interviews, Kling stated that he truly believes in the project, as well as the concept, and those willing to back it. This, more than anything, indicates that the project is more than just an attempt to generate large profits. Kling stated that he expects this to become a multi-trillion asset class that will expand to touch everyday life. He stated in an interview: It’s still very early, but the development and growth of this technology will be exponential. The firm will have a 13-person team that is said to be located in Los Angeles, while the fund will seemingly follow the regulations implemented by the Delaware government. Many believe that Ikigai’s launch will come on October 1st and that most of the allocated capital will remain in cash, at least at first. This is due to the fact that the investors are still trying to find a secure way into the crypto world. The post Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund appeared first on NewsBTC.

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