Accenture Will Deliver Robust Web3 Infrastructure to Finance Entities

Web3 is advancing fast, and companies are moving faster to stay ahead of the curve. Accenture, a Dublin-based Irish-American professional services network, announced on June 20, 2023, they are collaborating with leading Latin American web3 infrastructure provider, Parfin.

Accenture Ramps Up Their Web3 Game

According to the announcement, the partnership will focus on delivering robust web3 infrastructure to financial institutions. Parfin is also working on its own blockchain technology to allow mainstream companies to enter the decentralized finance (DeFi) network and asset tokenization and participate in the digital economy.

Accenture Brazil’s Financial Services group lead, Mauricio Barbosa, said, “Powered by Parfin’s enterprise-grade digital assets and blockchain infrastructure, Accenture is accelerating and enabling Brazil’s largest financial services institutions to leverage digital asset transactions with a compliant, secure technology platform.”

Paraffin CEO Marcos Viriato said, “With Accenture’s support, and the introductions they can make on our behalf, we are even better positioned to help our existing clients in Brazil execute their digital asset strategies and expand our solution offerings to new clients in other parts of Latin America and around the world.”

In November 2022, Accenture made moves in Japan, collaborating with NTT DOCOMO, a Japanese mobile phone operator. The renowned Japanese company pledged to invest nearly $4 Billion in the Web3 sector. Moreover, it planned to engage decentralized autonomous organizations (DAOs) as part of a collaboration. The partnership took into account blockchain security to boost web3 adoption.

In March 2022, Accenture announced Metaverse Continuum’s business group to integrate multiple technologies for customer experience enhancement. The company identifies the metaverse as a revolutionary technology. Moreover, the latest announcement made Parfin a part of Project Spotlight, a program to invest in companies involved with disruptive technologies.

North America Leads Web3 Market

According to Crunchbase, a business information provider, there are nearly 20K companies operating in the web3 space with the sector receiving $83 Billion in funding to this date. North America accounts for a majority of the Web3 market with 34% dominance in the sector.

However, like the metaverse, gaming is at the heart of Web3. A majority of companies are focused on play-to-earn games. Ubisoft, a video game publisher, tried to integrate non-fungible tokens (NFTs) in Tom Clancy’s Ghost Recon. However, the move was met with backlash from the community. Gamers have opposed NFTs considering their negative impact on the environment.

In April 2023, Google announced the “Google for Startups Cloud Program,” an incubator program to boost Web3 startups. The company noted participants would have exposure to prominent company partners. Their rivals, Amazon Web Services (AWS) are doing the same. The cloud arm of the retail giant partnered with Ava Labs in January 2023.

CertiK, a blockchain security firm, announced a partnership with Alibaba Cloud, a computer software company. The collaboration focused on Web3 cybersecurity for developers using the cloud service.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.