“State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year.
State Street’s Currenex trading technology arm is working with London-based Pure Digital, infrastructure provider to the foreign exchange trading world, to create an institution-focused digital currency trading platform.
All these banks are waking up to crypto and can’t ignore it anymore. Either they find a way to get involved and provide services to meet client demand or they will start to lose relevancy over time.”
“A set of common rules would lay the groundwork for efficient cross-border payments. The BOJ official said CBDCs play differing roles for advanced nations with a robust banking system and emerging economies that can use digital currencies to make up for shortfalls in their financial infrastructure.
It’s, therefore, better to come up with common rules among countries with similar economic structures.”
“Over 200 UK crypto firms are still waiting to hear about their licensing status from the FCA. Many businesses are now considering relocating, the trade association’s chair said. The UK regulator made headlines earlier this year, by banning the sale of crypto derivatives to UK retail investors.
It makes the UK not an attractive place to do business if you’re in the fintech sector.”
“1inch announced on Thursday a rebrand to “1inch Network” — a facelift designed to better reflect the current and future state of the multichain, multiprotocol platform as it continues to grow.
The multifaceted growth strategy is part of a wider goal of decentralizing the development of the various protocols to coincide with forthcoming fully decentralized governance via a fork of Compound’s governance structure.
We as core contributors want to see more people and teams participating and contributing to the 1inch Network. Not only one team should be a core contributor, but as many as possible.”
“Is bitcoin a Chinese plot to destroy America? China doesn’t control bitcoin and would find it hard to do so, because, you know, decentralization.
But it has opened the door on monetary technology, with big geopolitical consequences. Because of bitcoin, we think differently about how to transfer value. Growing numbers of people understand that you don’t need a bank or middleman to do that.
China is adapting this insight to its very state-oriented view of the world. Its plans for a digital yuan allied to an international blockchain services network could obviate the need for companies and individuals to use any form of reserve currency and allow trade to go around the U.S. banking system.
Going forward, we’re likely to hear a lot more comments like Thiel’s, even if they’re a bit confused. China is a convenient foil. As China rolls out its blockchain weapons, differences in monetary approach will become starker – privacy versus surveillance, state-run versus private enterprise.“
“NYDIG raised $100 million from insurance companies Thursday as the institutional crypto shop previewed its latest business venture: bitcoin insurance products. Liberty Mutual and Starr Insurance joined NYDIG’s “growth capital round”.
The fact that NYDIG has now raised $300 million in two months – speak to the New York firm’s aggressive and multifaceted bitcoin expansion plan. It is now gearing up to make bitcoin insurance plays with financial backing from some of that industry’s most visible names.”