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4 yrs

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The global industrial hemp market size is projected to grow from USD 4.6 billion in 2019 to USD 26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0% during the forecast period. Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp across different countries, and growing application scope of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverages, personal care products, construction & material, furniture, and paper is driving the market for industrial hemp.

Key industrial hemp players include Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany). Agreements, joint ventures, and partnerships were the dominant strategies adopted by major players, followed by expansion. These strategies have helped them to increase their presence in different regions.

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Hemp has been cultivated across the globe as fiber and oilseed for the production of varieties of consumer and industrial products. Industrial hemp is derived from Cannabis sativa L., which is not marijuana but is a different variety of the same species. In the 2018 farm bill (agricultural and food policy tool of the federal government), the US took several steps to legalize the production of hemp as an agricultural commodity and to remove it from the list of controlled substances; however, it cannot be grown as freely as other crops. The bill outlined actions, such as producing a plant with higher than 0.3% THC (tetrahydrocannabinol) content or cultivation of hemp without a license, which would be considered violations to the law. Furthermore, in the European region, according to the law, growers can produce hemp plants that have tetrahydrocannabinol (THC) content not exceeding 0.2%. European countries are allowed to grow industrial hemp with a THC level of less than 0.2%.

The increasing legalization of the cultivation of hemp is prompting the manufacturers and research institutions to develop new products from industrial hemp. Biofuel is one such application, which is expected to have significant growth potential in the upcoming years. With the rise in the prices of oil (diesel & petrol), along with the growing concerns about global warming, biofuels have been gaining popularity. Hemp seed extracts are used to produce hemp biodiesel, which can be used in any diesel operated vehicle. Furthermore, hemp can be used to make ethanol, which is currently processed from food crops like wheat and corn. This would result in increased efficiency of food production. Researchers from the University of Connecticut published a report in 2010 stating that hemp biodiesel has the high conversion efficiency of around 97%. Thus its application as a biofuel would save a lot of time for the production of biodiesel. Bioplastic is another product that provides an opportunity for the growth of industrial hemp. Hemp bioplastics are manufactured from the leftover of hemp seeds and CBD oil.

The industrial hemp market is segmented, based on type, into hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. The CBD hemp oil segment is projected to be the fastest-growing segment in the industrial hemp market during the forecast period. The growing application of CBD hemp oil in personal care, health supplements, and food & beverage products is expected to drive the demand for this segment. Furthermore, the numerous health benefits of CBD hemp oil make it useful to treat and prevent conditions like anxiety, depression, pain, and acne are also expected to drive the growth.

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The industrial hemp market is segmented, based on application, into food, beverages, textiles, personal care products, pharmaceuticals, and others. The textiles segment is projected to be a leading segment in the industrial hemp market. Hemp fiber is among the strongest and most durable naturally occurring textile fiber and is naturally resistant to bacteria and ultraviolet radiations. Due to its porous nature, it affects ****ter color retention than any other fabric. Additionally, it requires a lesser amount of water for cultivation, in comparison with cotton, which is mainly used in the textile industry.

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4 yrs

What is a Multi-chain crypto wallet?

A multi-chain crypto wallet is a type of digital wallet that may support numerous blockchain networks and their associated cryptocurrencies. It operates in the exact opposite manner from how a single chain cryptocurrency wallet does. Users of the application will be able to keep track of all of their digital funds in one location and spend them as needed.

Users are given unique wallet addresses for each blockchain, and everything is managed by a single set of private keys (password).

Multi-chain wallet development company to choose

Making the decision to create a multi-chain wallet has never been difficult for you with Hivelance. You will have an advantage if you have prior experience in crypto wallet development, blockchain knowledge, and programming expertise. See our client portfolio by getting in contact with us.

Why do Multi-chain crypto wallets exist?

Single chain crypto wallets might only support one network of blockchains. Users cannot change chains within a single application. That is the most serious problem here. Because users of defi and NFT have several investment options at their disposal. However, if a customer has to switch ****ween different crypto wallet programmes, there is always a solution to be discovered.

The invention of multi-chain wallets emerged as the ideal response to this problem. No matter the blockchain, users can now choose to buy, store, receive, and lend any cryptocurrency.

Advantages of Multi-chain crypto wallet

Easy management
When using the multi-chain wallet, users can manage the digital assets and make informed decisions on the go. There is no additional software application needed anyway. Also as per the latest study, users feel frustrated about maintaining multiple apps in their mobile phone.

Additional security
In a multi-chain wallet, there are two separate keys used. One is a passphrase that can give you access to all of the digital assets. It can be similar to the password for your locker. Another one is public key(i.e wallet address of every blockchain network, exchanges, defi marketplace). People use this key to receive, send and store digital assets.

User-friendly
Compared to the single chain crypto wallet, multi-chain wallets offer a ****ter user friendly interface. Simple navigation, asset monitoring, portfolio maintenance, notification alert, minimal steps in buy/sell process, and web3 marketplace access are the most needed features among the people.

Wide opportunities
Even Though cryptocurrencies are crashing, NFT and defi maintains the steady phase in attracting investment from users. Fractional NFT investment, defi lending, staking, play-to-earn business models are booming and get the mainstream attention. Multi-chain crypto wallet can bring a wide pool of investment opportunities at the click.

Speed & efficiency
Users can never miss any transactions in multi-chain wallet since all the native blockchains are integrated already. The speed is faster in multi-chain wallet for receiving and sending cryptocurrencies, NFTs.

Multi-chain crypto wallet development at scale

We at Hivelance have a strong foundation as a multi-chain wallet development company. We design, develop, test, and deploy multi-chain wallet projects from the scratch to scalable solutions.

You will get a multi-chain wallet with native blockchains integration, mobile app, web app, chrome extension, firefox extension and supporting APIs. There is a dedicated team of wallet developers and designers to make your wallet more unique. The customization is subjected to terms and interest.

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