Storm Partners launches “Lightningbox,” a Web3 innovation sandbox in Geneva, to foster blockchain adoption and industry innovation.
Storm Partners has announced the establishment of a new Web3 innovation sandbox in Geneva. The purpose of this sandbox is to facilitate the widespread adoption of blockchain technology and to enhance Web3 innovation.
The Swiss blockchain solutions provider’s sandbox, “Lightningbox,” is designed to facilitate the utilization of blockchain technology by large organizations and to promote innovation among industry executives.
The blockchain sandbox is designed to establish a secure environment for blockchain experimentation by providing institutional-grade Web3 tools to startups and builders to develop more inventive use cases.
Sheraz Ahmed, the managing partner of Storm Partners, stated that Lightningbox is intended to function as an innovation center for some of the most talented individuals in Web3.
“We are witnessing a major technical revolution, driven primarily by advancements in emerging technologies, which is reshaping industries on a global scale.”
During the Web3 Corporate Innovation Day in Geneva, the new initiative was unveiled on stage by Decentral House.
Circle, the issuer of the world’s second-largest stablecoin, Hacken, a cybersecurity firm, and MultiversX, a blockchain infrastructure provider, were among the early contributors to the prototype.
Internal and technological resources have been allocated by the contributors to the laboratory, with values in the mid-six figures. The precise sum was not disclosed.
The Web3 innovation laboratory has initially prioritized three pillars: finance, consumer, and impact. The fourth pillar, life sciences, will follow suit in the upcoming months. The pillars were selected per the local demand from traditional and Web3 companies.
Geneva is an optimal location for the promotion of blockchain innovation, as per Ahmed of Storm Partners, due to its strategic location and the abundance of tech-savvy expertise. He stated:
“Local organizations that strive for global impact, such as the World Economic Forum, the United Nations, and many private banks, make Geneva the perfect location to steer and amplify the growth of blockchain worldwide.”
Chris Fabian, the co-lead of Giga, believes that the financial and technological development of Geneva could be propelled by the increasing innovation in blockchain technology. He stated:
“Giga is very pleased to see more corporate interest in innovation and blockchain in Geneva. We think that the blockchain ecosystem can help propel Geneva to new heights in finance, international relations, and technology.”
