“State Street, a U.S. custody bank that oversees about $40 trillion in assets, has launched a cryptocurrency division.
State Street said it is expanding its digital reach to include crypto, central bank digital currency, blockchain and tokenization, and will upgrade its existing GlobalLink platform into a multi-asset digital trading system.
Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”
“Atlanta-based Invesco is an investment management firm with $1.5 trillion in assets.
Roughly 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the SEC. The rest of the portfolio will be in other trusts and funds that hold crypto.
The Invesco ETFs are just the latest ETFs set up by financial world to gain exposure to the world of cryptocurrencies while the companies wait for the SEC to approve an actual bitcoin ETF.”
“Clients of 401(k) provider ForUsAll will be able to invest part of their retirement plans in cryptocurrency as a result of a new partnership with Coinbase.
The San Francisco-headquartered firm was founded in 2012 and holds $1.7 billion in retirement-plan assets. ForUsAll administers 401(k) plans for 400 employer clients.
Crypto exposure in retirement plans is not widespread, a situation that may change as further institutional adoption takes hold.”
“The world’s most influential banking regulator thinks banks with bitcoin exposure should set aside capital to cover losses in full. The committee proposed a risk weighting of 1,250% for bitcoin, ethereum and other cryptocurrencies. That would require banks to hold capital equivalent to the face value of the exposure.
They would be subject to a new conservative prudential treatment.”
“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis so we are following developments closely and will continue our consultation with authorities.
According to Rice, an IMF team on Thursday will conduct virtual discussions with President Nayib Bukele regarding a potential credit program “including policies to strengthen economic governance,” adding that conversations will include the Article IV review of El Salvador.”
“The Indian government may soon strike a more conciliatory tone on bitcoin, moving away from its initial plan to impose an outright ban on private cryptocurrencies. The government may classify bitcoin as an asset class, industry sources told The New Indian Express, adding that the Securities and Exchange Board of India (SEBI) will regulate the cryptocurrency sector.
The cryptocurrency regulation bill could be tabled during the monsoon session of the parliament set to begin next month, a source told the Indian publication. Major crypto exchanges like U.S.-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are already scouting for India’s entry in hopes that the market will explode once regulatory uncertainty subsides.”
“A Bank of England (BoE) executive director played down concerns that holding stablecoins and CBDCs would undermine the traditional banking model if consumers chose to use them rather than depositing their money into a commercial bank.
A shift to wider use of stablecoins and CBDCs does not inherently constitute a financial stability risk as long as it happens in an orderly manner.
Stablecoins don’t pose any new issues, Segal-Knowles said. They are similar in nature to traditional forms of private money that is deposited by consumers and businesses in commercial banks.”
“According to data compiled by Arcane Research, the total market capitalization of gold-backed tokens has grown 30-fold since the start of 2020.
In particular, pax gold (PAXG), a token launched in September 2019 by the New York-based stablecoin issuer Paxos under the Ethereum blockchain’s ERC-20 standard, has seen steep growth in recent months. Its market capitalization has surpassed that of tether gold (XAUT).
The recent success of pax gold is due to rising demand from investors and traders looking to hedge risks from both rising inflation and the highly volatile crypto market.”
“The stablecoin DEX looks to challenge Uniswap with a new model for adding volatile tokens. In a white paper released Wednesday, Curve describes a model in which greater liquidity could be achieved on a pool of volatile assets by using a dynamic peg.
The Uniswap v3 approach requires very active management on the part of LPs. Curve v2 proposes automating roughly the same system. Basically, it identifies an internal price peg based on trading on Curve and concentrates the liquidity around that peg.
Curve’s new version should be appealing to liquidity providers because it will offer much of the attractive liquidity depth that Uniswap has enabled without the active management it requires. On top of that, Curve offers the benefit of liquidity mining; right now, Uniswap does not.”
“Recommendation systems often rely heavily on tracking your behavior online. Brave Today allows users to anonymously subscribe to RSS feeds of their favorite news outlets and stay up to date with all the latest news in a single place.
Federated learning is a machine-learning technique that trains prediction models (algorithms) while keeping data locally on devices, rather than feeding that data to a central server.
This continues Brave’s incremental progress toward building out a suite of services meant to rival, and exceed, dominant browsers like Chrome and Safari. In March, Brave announced the acquisition of Tailcat, an open search engine, to be the basis of its forthcoming product Brave Search. Brave is pitching Brave Search as a non-tracking alternative to Google Search.”
“The Series C raise places Ledger with an implied valuation of more than $1.5 billion, marking the company’s rapid and accelerating growth. Funding will go towards furthering innovation of its hardware products, providing new services for decentralized finance solutions, and expanding its enterprise capabilities.
We believe Ledger is the premier security company and premier brand name in the cryptocurrency/blockchain space.”