Storm Partners announced the launch of a new Web3 innovation sandbox to bolster mass blockchain adoption and elevate Web3 innovation in Geneva.
The Swiss blockchain solutions provider’s sandbox, dubbed “Lightningbox,” aims to help large organizations harness the power of blockchain and bolster innovation among industry leaders.
The blockchain sandbox aims to create a trusted environment for blockchain experimentation by offering institutional-grade Web3 tools for builders and startups to build more innovative use cases.
Lightningbox aims to serve as an innovation hub for some of the brightest minds in Web3, according to Sheraz Ahmed, the managing partner of Storm Partners, who said:
“We are witnessing a major technical revolution, driven primarily by advancements in emerging technologies, which is reshaping industries on a global scale.”
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Circle and Hacken join as core Lightningbox contributors
The new initiative was announced on stage during Decentral House’s Web3 Corporate Innovation Day in Geneva.
Early contributors to the sandbox include Circle, the issuer of the world’s second-largest stablecoin USD Coin (USDC), cybersecurity firm Hacken and blockchain infrastructure provider MultiversX.
The contributors have dedicated internal and technological resources to the sandbox, amounting to values in the mid-six figures. The exact amount was not disclosed.
The Web3 innovation sandbox has highlighted three pillars as its initial focus: impact, consumer and finance. The fourth pillar, life sciences, will follow suit in the coming months. The pillars were chosen based on local demand from traditional and Web3 companies.
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Geneva: the next emerging crypto hub?
Thanks to the amount of tech-focused brainpower and its strategic location, Geneva is an ideal location to foster more blockchain innovation, according to Storm Partners’ Ahmed. He said:
“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.”
Growing blockchain innovation could propel Geneva both in terms of finance and technological development, according to Chris Fabian, the co-lead of Giga. He said:
“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."
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