In preparation for the highly anticipated wave of blockchain startups heading to Malta after the country launched its blockchain regulations, popular real estate agent Frank Salt decided to team up with Angel Labs. The partnership was designed to create a tech fund to help blockchain startups targeting the real estate world, however the masses of blockchain startups don’t appear to be flocking to the island as many had once hoped.
A Tsunami That Never Came
As the blockchain island ramped up efforts to attract more big names to the island, Frank Salt had 60 of their top real estate consultants trained in the art of blockchain technology. This was in preparation for a massive influx of new companies who were utilizing blockchain technology and so that its new fund could help these firms get off the ground. Grahame Salt – Frank Salt Development Director – said
With the success of the Malta Delta Summit and the Malta Blockchain Summit, we can truly say that the blockchain tsunami is heading our way. Sceptics are having to put aside some of their doubts in view of the advancement and acceleration of this new technology.
Since uttering these words, the blockchain island has stalled, with no new big blockchain firms moving to the island or seeking to start-up in the country.
A Sinking Blockchain Island
Since Malta’s blockchain bills were pushed into law and the Malta Blockchain Summit ended, the self-proclaimed blockchain island has fallen on tough times. Back in January, DQR – once called the company that “will cement Malta’s reputation as the Blockchain Island” – fired all 65 members of staff and is froze its operations in Malta for the foreseeable future. This combined with the constant infighting between political parties about blockchain regulations being a vanity project hasn’t helped the island grow at all. Malta’s future in the blockchain world looks to be in serious trouble – and by extension – so too is the Frank Salt blockchain fund.
Malta Blockchain and AI Summit Comes Back Once More
After its roaring success in November, organizers are throwing a second blockchain summit. This time round, the May edition of the event will feature AI technology as well. After November’s suspicious award ceremony that saw two companies fall apart just weeks after winning awards has slightly marred the event. This edition of the Malta Blockchain Summit could be the country’s last chance at redemption in the industry.
No Technological Advancement
Malta isn’t really known for technology or being at the forefront of any tech related industry, so it comes as a shock it suddenly wants to be a major tech player. Many of the island’s retailers still don’t accept cards, and if they do contactless payments are still alien concepts. To top things off, the country’s biggest commercial bank on the island – Bank of Valletta (BOV) – decided to ban all of its customers from buying crypto on exchanges. After BOV took this stance, every other bank on the island followed suit, creating essentially a crypto black zone, echoing the Chinese mantra – Blockchain not Bitcoin.
While it’s certainly better to be prepared for the unlikely event of a blockchain tsunami heading to Malta, Frank Salt certainly looks like it’s using “blockchain” as a buzzword to gain a little PR while not actually deploying it in its day to day operations.