Global Blockchain Technologies, a Canadian public company focused on crypto-mining and the operation of a blockchain project incubator has spent the past week seeking investors for its Laser Network Proposal, according to CryptoNewsReview.
The pursuit of investors, which officially began with the crowdsale on 3rd September, appears to be successful so far as the team leaders of the project have hinted that multiple institutional investors are showing interest in the Laser Network Proposal.
Laser has been described as an Ethereum-based “Service Layer”, engineered to permit inter-blockchain transactions with speed while maintaining the anonymity of users. The Laser whitepaper, which was released when the project was made public in April, provides more detailed explanations about the project.
The CEO of Global Blockchain Technologies, Shidan Gouran, who doubles as the leader of the Laser project’s technical development team was at the recent World Blockchain Forum held in London. At the conference, he revealed interesting information on the Laser Network to the CryptoNewsReview.
In the conversation, he touched on blockchain interoperability and how Global Blockchain Technologies’ is using the Laser Network and the token economy to build a decentralized exchange (DEX) that can facilitate transactions between different blockchains.
We’re building a decentralized exchange on top of it [Laser]. I haven’t named it yet… but, here’s the thing that’s great about it: we’re not just developing a product we’re developing a business.
In simple terms, the yet-to-be-named feature Gouran spoke off would enable potential users of the upcoming DEX to trade tokens and cryptocurrencies from different blockchains on the same decentralized platform. Interestingly, the tokens and cryptocurrencies that would be traded on the DEX can also be stored under custodial options so as to be regulated, fully backed and insured by a State.
The custodial services Global Blockchain plans to offer is a big deal because the burden of securely keeping cryptoassets is currently a huge stumbling block for most traditional financial institutions that wish to get involved with cryptocurrencies. Regulatory bodies are also concerned with how best to regulate the service. Global Blockchain Technologies’ state-backed, regulated and insured custodial service could be the answer to the problems surrounding custodial services for digital assets.
Interest From the Middle East
Gouran also revealed that plans are underway to collaborate with countries in the Middle East to back the proposed custodial service. The deal with the Middle Eastern countries, if successful, would mirror the relationship central banks and governments have with commercial banks. It would be the first time a cryptocurrency exchange would be backed and insured by a government.
In the early days of the cryptocurrency “revolution”, when Bitcoin was largely viewed as a means to opt out of the existing financial system, centralized blockchain projects were often frowned upon by crypto users. Today, it is a different scenario in the blockchain industry with most projects seeking validation from regulatory bodies and clamoring for clearer regulations. The anxious wait for the approval of Bitcoin Exchange Traded Funds (ETFs) is a quintessential example.
Interestingly, The Global Blockchain Technologies boss believes that the Laser Network-powered state-backed crypto exchange with custodial services, if it becomes a reality, will be bigger news compared to the approval of bitcoin ETFs.
According to experts, the change in perception of state-backed projects is due to regulatory pressure on project creators and the widespread acceptance of cryptocurrencies by mainstream financial institutions. The same factors are what make Global Blockchain Technologies’ upcoming state-backed products even more promising.