Paribu Blockchain Startup Challenge Welcomes Blockchain Innovators

February 20, 2021

The global blockchain market is growing exponentially in pandemics. As Jack Ma declared, “Blockchain will fundamentally change financial systems in the next 10-15 years. Blockchain technology will be applied in many areas because it is about trust, credit security, the security of data, and the privacy of data.” The global blockchain market size is expected to expand from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. Considering the bitcoin market cap has eventually reached more than $1 trillion as of now (which makes bitcoin one of the largest assets in the world), we are at the beginning of the sharp rise of blockchain technology in all aspects of our lives. From energy to finance, human life is the road to the disruption of Blockchain. It is also notable that we are in the middle of an altcoin rally. Brilliant projects are coming into the scene, and we observe most altcoins have made 3x, 4x, or more returns so far in 2021; most of them are hitting all-time highs.

Cryptocurrencies are not just exchanged or traded assets; they also have transformational and disruptive value for the technology ecosystem we are familiar with. Decentralization is one aspect of Blockchain which has been being accelerated exponentially. Although we will write about it more deeply, it can be nice to share some decentralization aspects. Decentralization is a concept that came into a stage, especially in 2009 with the Nobel Prize in Economics. Elinor Ostrom, a political scientist and first woman as Nobel Laureate in Economics, gained the Nobel Prize for her studies in decentralization, 2003. It means “the transfer of control of an activity or organization to several local offices or authorities rather than one single one.”The idea of decentralization finds its base in blockchain technology as DeFi: Decentralized Finance. It refers to a finance movement that offers global and open alternatives to every financial service we are using today: insurance, investment, trading, savings, and loans. What makes these processes possible are smart contracts. “Smart contracts are programs running on the blockchain that can execute automatically when certain conditions are met.” Let’s cut the discussion on DeFi here, and we will share our aspects on it as a separate blog post.

As Hackquarters, we are now arranging Paribu Online Blockchain Startup Challenge in partnership with Paribu Hub. We intend to choose blockchain startups in cryptocurrency wallets, digital asset management, and blockchain infrastructure. Selected startups will have a chance to make PoCs with Paribu, and investment opportunities are on the possibility frontier. Paribu is an intermediary firm launched on February 14, 2017. Paribu is an exchange market-based in Turkey. With more than 1 million users, Paribu allows users to trade cryptocurrencies and deposit/withdraw TRY 24/7. Paribu offers cryptocurrency/fiat parities along with the BTC/USDT parity. Fan token exchange is also available in Paribu. Additionally, there is no minimum deposit limit for TRY and no withdrawal fee for altcoin transactions on Paribu. Paribu provides 24/7 support to its users.

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