White Star Capital Digital Assets Fund - Newsletter #152
Advancing healthcare with Blockchain: why we invested in Rymedi
Advancing healthcare with blockchain: why we invested in Rymedi
By Sep Alavi, General Partner, Digital Asset Fund, and Cameron Coombes, Vice President, Digital Asset Fund
In 2020, as the COVID-19 pandemic swept across the globe, healthcare infrastructure was pushed to its limits. The world witnessed a race for vaccines, makeshift PPE manufacturing, and overwhelmed hospital departments.
Yet, despite these efforts, mass testing was the crucial linchpin for containment. Unfortunately, many testing centres were unprepared, hindered by siloed data systems and outdated technologies, leading to inefficiencies and suboptimal patient experiences.
But here’s the thing, the problems exposed by COVID-19 aren’t unique to the pandemic. These pain points persist throughout the healthcare industry, from diagnosing diseases like cholera and influenza to monitoring STIs. Each of these conditions demands a robust testing infrastructure that integrates with research labs, clinical trials, and monitoring software. Attempts to digitize healthcare systems have faltered due to compliance issues related to patient data.
This is where Rymedi comes in.
Bridging a major healthcare gap
Rymedi is a cloud-based digital workflow and data automation platform designed to enhance the patient-provider experience across diagnostic testing, treatment delivery, and patient monitoring. Unlike traditional healthcare systems, Rymedi’s platform acts as a bridge between various healthcare providers, breaking down data silos and improving interoperability (sound familiar?).
The platform addresses several key challenges:
Cost Inefficiencies: Traditional healthcare processes involve labour-intensive and time-consuming tasks. Rymedi’s automation reduces administrative burdens, lowers costs, and minimizes the risk of human error.
Data Silos: The platform connects diagnostic and testing centres, research labs, clinical trial management systems, electronic health records, and other electronic devices. This ensures data flows seamlessly between these systems, eliminating silos.
Patient Experience: Rymedi enhances patient interactions by offering a common electronic device and communication channel for test results and monitoring. This streamlined approach improves the overall patient experience.
Changing the game with blockchain technology
What sets Rymedi apart is its blockchain-based architecture. This innovative technology guarantees patient privacy, data security, and interoperability across healthcare providers. Rymedi’s architecture allows data to be easily shared with government reporting agencies, research labs, and other stakeholders. This robust blockchain foundation is a critical competitive advantage and provides a much-needed solution in an industry plagued by data silos.
A massive market opportunity
Rymedi is squarely targeting one of the largest markets on earth, with staggering numbers across relevant verticals:
The Global Laboratory Service Market was estimated at $202 billion in 2021.
The Global Diagnostics Devices/Connected Medical Devices Software Market reached $35.32 billion in 2021.
The Global Clinical Trial Software Market was valued at $7.2 billion in 2021.
These markets, built on personal data, are massive and ripe for disruption. Rymedi aims to capture a significant portion of this opportunity by offering a comprehensive solution that revolutionizes healthcare infrastructure.
The power of patient-centric care
Rymedi’s emergence couldn’t be better timed. Healthcare is shifting toward a patient-centric model, with patients demanding more personalized and efficient experiences. Consumers are taking proactive steps to manage their health, spending billions on wellness-related categories.
The adoption of technology in healthcare has the potential to reduce costs, provided that the industry focuses on labour productivity gains instead of workforce expansion. Rymedi’s platform not only caters to businesses but also aligns with these emerging trends in consumer-focused healthcare.
Behind Rymedi’s success is an impressive founding team with extensive experience. CEO David Stefanich brings deep industry knowledge coupled with strong technical and blockchain know-how.
Looking ahead
As the world of healthcare undergoes significant transformation, Rymedi stands at an inflection point. The company’s efforts are poised to expand beyond referrals and word-of-mouth marketing, opening the door to new growth opportunities. With comprehensive solutions, a blockchain foundation, and a dedicated team, Rymedi has the potential to revolutionize healthcare infrastructure.
We’re delighted to have co-led this $9m Series A funding round alongside RW3 Ventures, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. We’re really excited to be part of Rymedi’s next stage of growth as it uses the financing to increase data security and healthcare record accessibility for patients while reducing data entry errors and costs for healthcare data infrastructures on a global scale.
🔦 White Star & Portfolio Spotlight
Safello reintroduces Swish payments to boost growth in the digital asset sector
Safello is thrilled to bring back Swish as a payment option for its over 334,000 customers, marking a notable milestone for the company. The partnership aims to fuel Safello's growth in the digital asset sector and position it as Sweden's leading crypto exchange offering Swish payments. Users can anticipate the availability of Swish payments in Safello's app soon.
Exclusible launched a new website showcasing their gaming solutions
Exclusible recently launched a new website that offers a comprehensive overview of their gaming solutions. These include developing Roblox and Fortnite games for brands, enabling them to engage with younger consumers through branded experiences, in-game integration, UGC releases, and collaborations with creators and designers. Additionally, they specialize in creating immersive experiences through the use of VR, AR, AI, gamification, and phygital activations.
Oamo merges wallets for improved privacy and portfolio management
Oamo allows users to link multiple wallets to one profile, enabling access from any linked wallet while preserving privacy and anonymity. To ensure credibility, each wallet can only be linked to a single Oamo profile, preventing threats such as Sybil attacks and bots. This feature enables users to consolidate their wallets into one secure location, providing a comprehensive view of their on-chain activities and the performance of their on-chain portfolio.
Thala launches APT, a liquid staking mechanism on Aptos
Thala is introducing the APT, a liquid staking mechanism on the Aptos Network, to boost DeFi activity. The protocol will use a two-token model to increase yields for stakers. It's set to launch with extensive liquidity and integrations, along with $THL emissions, following a smart-contract audit by OtterSec.
Eyeball Games secures AWS activate credits
Eyeball Games, in collaboration with Immutable, has successfully obtained AWS Activate credits. These credits will enable efficient utilization of AWS's established microservices, ensuring cost-effectiveness and scalability as their operations continue to grow.
Index Coop's insight on the on-chain structured product market
Index Coop's article examines the on-chain structured product market, which constitutes only 0.21% of the crypto market with a $2.46 billion TVL. It discusses growth barriers such as regulatory ambiguity, security, accessibility, user experience, and the importance of education. Industry experts provide insights and solutions.
Atlantis Labs collaborates with Luna's pool
The Atlantis Labs and Fluna collaboration has been successful, with Fluna's pool borrowing $1.7 million, attracting 2,200 lenders, and reaching over 630,000 USDC in value. After loan repayment, Fluna's pool will transition to a new, flexible, and secure pool following audits and the introduction of a Special Purpose Vehicle (SPV) legal structure.
ParaSwap introduces PSP 2.0 dashboard and ParaBoost leaderboard
The Mobile App has launched the PSP 2.0 Dashboard and ParaBoost Leaderboard. These new features allow users to easily track their PSP stake and ParaBoost Score. In addition, users can review their accumulated ParaBoosts and discover methods to increase their stake, while monitoring their current ranking on the Leaderboard.
🏦 Enterprises & Institutions
HSBC to launch digital asset custody services for tokenized securities
HSBC plans to offer custody services for digital assets, focusing on tokenized securities, in partnership with Metaco. The service, set to launch in 2024, aims to provide safekeeping for tokenized assets issued on third-party platforms, excluding other cryptocurrencies or stablecoins due to regulatory considerations. This move aligns with the growing demand from asset managers for digital asset custody and fund administration services.
Binance introduces self-custody wallet to compete with TrustWallet
Binance has launched a self-custody Web3 wallet via its app, enabling users to interact with the DeFi ecosystem for activities such as staking and lending. The wallet uses multiparty computation (MPC) to eliminate the need for memorizing seed phrases, potentially rivaling TrustWallet, which saw a drop in its native token (TWT) value after Binance's announcement.
Robinhood expanding crypto services into EU and UK
Robinhood, the crypto-friendly trading app, intends to expand its crypto services into the European Union (EU) and establish a UK brokerage, following disappointing Q3 results marked by a 55% decline in crypto revenues and a 10% drop in its shares. Despite these setbacks, Robinhood remains committed to expanding internationally and broadening its product offerings to better serve its customers' financial needs.
Circle, the issuer of USDC Stablecoin, is considering an IPO in 2024
Circle, the issuer of the USDC stablecoin, which has a market cap exceeding $24 billion, is considering an IPO in 2024. This comes after an unsuccessful attempt to go public through a SPAC in 2022, when it had a valuation of $9 billion. Currently, the company is consulting advisors for this potential IPO, but the market cap of the USDC stablecoin has seen a significant decrease since June 2022.
Swiss crypto bank SEBA wins Hong Kong license
Swiss crypto bank SEBA's Hong Kong subsidiary has obtained a license from the Securities and Futures Commission (SFC) to conduct regulated activities, allowing it to deal in and distribute all securities, including virtual assets-related products. This license enables SEBA Hong Kong to provide a wide range of crypto-related financial services to institutional and professional investors, including OTC derivatives, structured products with virtual assets, and asset management for both traditional securities and virtual assets.
⚖️ Government & Regulation
European Banking Authority releases draft rules for Stablecoin issuers under MiCA framework
The European Banking Authority (EBA) has published draft regulations for liquidity and capital requirements governing stablecoin issuers, aligning with the EU's new Markets in Crypto Assets (MiCA) framework. These draft rules are open for public consultation until February 8, 2024, and encompass various aspects, including reserve mandates, liquidity stress tests, and capital requirements, as part of EBA's efforts to regulate and oversee stablecoin issuers in accordance with MiCA regulations, which are set to take effect in December of the following year.
BIS general manager urges central banks to “lead innovation” for CBDCs
Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), stressed that central bank digital currencies (CBDCs) are a crucial component of central bank leadership in innovation during a conference in Basel, Switzerland. He identified challenges such as varying technological infrastructures, cyber risks, and privacy concerns, highlighting the need for flexible CBDC design and maintaining public acceptance through privacy measures, while also mentioning BIS's support for central banks through its Innovation Hub and Cyber Resilience Coordination Centre.
El Salvador Bitcoin ATM network to receive Lightning Network upgrade
Athena Bitcoin aims to integrate the Lightning Network into 100 El Salvadoran crypto ATMs within the next few months, facilitating faster withdrawals and reduced transaction fees. This aligns with El Salvador's pro-Bitcoin stance and could potentially boost the country's appeal to entrepreneurs and foreign investments, potentially transforming it into a financial hub in the Americas, experts suggest.
France pushes DeFi to redo smart contracts and create ‘safe zone’ for European crypto users
French regulators are contemplating new compliance and security measures for DeFi smart contracts, possibly necessitating revisions by developers. While aimed at establishing a "safe zone" for smart contracts, industry leaders express concerns about stifling innovation and accessibility. The certification process's details are still pending, but it could affect DeFi ecosystems like Ethereum and create market fragmentation, potentially weakening Europe's global DeFi standing.
U.S. Federal Reserve's Barr holds line on Central Bank needing Stablecoin powers
Michael Barr, the Federal Reserve Vice Chairman for Supervision, asserts that the Federal Reserve should regulate and enforce rules for stablecoin issuers, given their role in creating private money. He emphasizes the need for a strong federal framework, contrasting with state-level oversight preferred by some Republican lawmakers. Barr's viewpoint aligns with the idea that comprehensive federal supervision is crucial for maintaining the proper operation of stablecoins within the financial system.
💰 Funding & Exits
Ritual raises $25M to develop decentralized AI compute platform
Ritual, a decentralized AI compute platform, has raised $25 million in a funding round led by Archetype. The company plans to use the funds to build its network infrastructure, grow its team, and launch its alpha platform early next year. Ritual aims to create an "incentivized network" that will allow distributed computing devices to power different aspects of artificial intelligence.
Modulus Labs raises $6.3M for AI-driven smart contract security
Modulus Labs, a startup, has raised $6.3 million to develop AI-driven smart contract security. The company employs zero-knowledge proofs to verify the accurate execution of AI models and plans to launch Ethereum-based AI applications. This funding round signifies a considerable achievement for the company and reflects confidence in its innovative approach to secure, AI-enhanced smart contracts and blockchain services.
Llama raises $6M from investors including Polygon, Aave Founders
Smart contract platform Llama has raised $6 million in seed funding from a group of investors, including the founders of Polygon and Aave. The company plans to use the funds to develop a platform that will make it easier for blockchain protocols to govern themselves. Llama's platform will allow protocols to encode roles and permissions for different types of on-chain actions, such as transferring funds or changing protocol parameters.
Stackr Labs secures $5.5M to simplify decentralized application development
Stackr Labs raised $5.5 million in seed funding to create a platform for easier decentralized application development with improved security and efficiency. The funds will be used to expand the team, launch a developer preview of the platform, and host a Hacker House Bootcamp, all aimed at making decentralized app development more accessible.
Toposware closes $5M strategic round to revolutionize zero-knowledge infrastructure
Toposware, a pioneer in zero-knowledge technology, successfully secured $5 million in a strategic seed extension round. Led by Evolution Equity Partners, this investment also saw participation from prominent investors across various sectors. The funding strategically aims to address interoperability, privacy, and scalability challenges while focusing on integrating zero-knowledge technology into the enterprise ecosystem.
Authentick raises $4M in Seed funding led by Menyala for NFT authentication platform
Authentick, a platform allowing users to buy and verify digital collectibles or NFTs without requiring Web3 wallets or access to exchanges, has raised $4 million in a seed funding round led by Menyala, backed by Temasek. This funding will facilitate Authentick's expansion in users and products, aiming to enhance accessibility by converting collectibles for listing on existing ecommerce platforms, benefiting brand partners and online retailers.
🚀 Project Launches & Updates
HSBC taps Ripple’s Metaco to launch security token custody
HSBC is partnering with Ripple-owned tech firm Metaco to launch an institutional custody platform for security tokens, catering to the rising demand from asset managers and owners for secure digital asset custody and fund administration. The platform, set to debut in 2024, will complement HSBC's existing digital asset issuance platform, HSBC Orion, and its recently launched tokenized physical gold service, forming a comprehensive digital asset offering for institutional clients.
Polygon Labs and Near announce ZK prover for WASM integration
Developers from Near and Polygon networks are collaborating to create a zero-knowledge (ZK) prover called "zkWASM" for Web Assembly (WASM) blockchains, enabling WASM-based networks to join the Polygon ecosystem. This integration will provide more interoperability and liquidity across different blockchain networks, including Ethereum, and also enhance validator efficiency on the Near network, ultimately aiming to improve scalability and decentralization.
HKEX-listed tech firm launches $15M Bitcoin fund
Linekong Interactive, a Hong Kong-listed tech firm, has introduced a $15 million Bitcoin fund called "BTC Next" to invest in various Bitcoin ecosystem projects, including asset issuance protocols, trading markets, NFTs, and GameFi. The fund aims to support emerging Bitcoin innovations and projects, showcasing the growing interest in expanding Bitcoin's functionality beyond its traditional store of value role.
Ripple broadens remittances between Africa, Gulf States, UK and Australia
Ripple is collaborating with Onafriq to expand remittance services, creating blockchain-based payment corridors connecting African users of Onafriq with PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia. This initiative, unveiled at Ripple's annual conference, Swell, in Dubai, aims to enhance Ripple's remittance capabilities in Africa and cover 90% of foreign exchange (FX) markets.
🔥 Other Bits We're Excited About
Blockchain’s positive impact on sustainable development
Blockchain technology is having a positive impact on environmental efforts by retiring carbon credits, supporting ecological initiatives, and incentivizing community involvement. This was discussed at the Solana Breakpoint event in Amsterdam, where blockchain's role in promoting transparency, autonomous funding allocation, and monitoring of biodiversity was highlighted for sustainable development goals worldwide.
A CBDC alternative to SWIFT?
The mBridge project, which involves 23 central banks and aims to facilitate cross-border trade via blockchain-based payment platforms, is gathering pace. Although it may not replace the US dollar as the global reserve currency, it could influence international trade, trade agreements, and the effectiveness of sanctions. This provides an alternative to the SWIFT system, which currently dominates global finance.
Why institutional allocation to crypto is on the rise
Institutional investment in cryptocurrencies has been limited due to regulatory ambiguity, underdeveloped market infrastructure, and a lack of proven investment options. Nevertheless, recent regulatory progress, maturing market infrastructure, and sustained global demand are changing the landscape, pointing toward increased institutional interest and investment in cryptocurrencies in the near future.