Financial Firms Launch Crypto Products for Custody, Tokenization and Staking
In a recent press release, BitGo announced plans to “create the first Bitcoin-only trust company” by partnering with Swan Bitcoin, a leading Bitcoin financial services company. According to the press release, “the new joint venture will combine BitGo’s best-in-class Bitcoin cold storage technology and regulatory compliance expertise with Swan’s industry-leading capabilities in integration, fraud prevention, AML /KYC and dedicated Bitcoin experts. .”
In another recent press release, a major US financial services company announced the creation and piloting of “token services for treasury management and trade finance” that “use blockchain and smart contract technologies to provide digital asset solutions to institutional clients.” According to the press release, the service will “integrate tokenized deposits and smart contracts” into the financial services company’s global network, “thus enhancing core treasury management and trade finance capabilities.” The press release further states that the service will provide “24/7 cross-border payment, liquidity and automated trade finance solutions.”
In a third recent press release, a major player in the crypto and digital sector among European stock exchange groups and a global provider of reinsurance, primary insurance and insurance-related risk solutions announced a partnership of insurance in the token staking industry. According to the press release, the companies will “implement a comprehensive, fully insured staking solution for the institutional market” that is “based on innovative staking risk insurance coverage…that mitigates drawdown risks.” To complement this, the companies’ existing custody solution offerings will be expanded to include the new staking offering.
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Crypto Adoption Report Provides Data on Grassroots Adoption Across the World
Blockchain analytics company Chainalysis recently published a blog post featuring highlights from its upcoming report. Cryptocurrency Geography Report 2023. According to the blog post, the report seeks to “combine on-chain and real-world data to measure which countries are leading the world in grassroots crypto adoption” and “highlight the countries where common people are adopting crypto the most. » The blog post provides details on the following five sub-indexes used to rank 154 countries: (1) Value of on-chain cryptocurrency received in centralized exchanges, weighted by purchasing power parity (PPP ) per inhabitant ; (2) On-chain retail value received on centralized exchanges, weighted by PPP per capita; (3) Volume of peer-to-peer (P2P) exchanges, weighted by PPP per capita and the number of Internet users; (4) On-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capita; and (5) On-chain retail value received from DeFi protocols, weighted by PPP per capita.
Based on these sub-indexes, the top 20 countries, from first to 20th, are India, Nigeria, Vietnam, United States, Ukraine, Philippines, Indonesia, Pakistan, Brazil, Thailand, China, Turkey, Russia, United Kingdom, Argentina, Mexico, Bangladesh, Japan, Canada and Morocco. Among other takeaways, the blog post notes that grassroots crypto adoption around the world is declining, but lower-middle-income countries (as designated by the World Bank) such as India , Nigeria and Ukraine experienced “a much stronger recovery than anywhere else” during this period. last year and, overall, have maintained a level of adoption higher than their level in the third quarter of 2020, just before the most recent bull market.
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NY DFS publishes proposed guidelines for listing virtual currencies
The New York Department of Financial Services (DFS) recently announced that it has “released proposed guidelines that adopt enhanced criteria for coin registration and delisting procedures, as well as updated framework guidelines designation of coins or tokens on the DFS green list”. According to a press release, the “proposed guidance for coin rating and general framework guidance for green-listed coins improves the original framework published by the department in 2020 by clarifying DFS’s expectations regarding policies listing and delisting of DFS coins. -regulated entities. Among other things, the press release notes that the guidance (1) strengthens risk assessment standards for coin listing policies and adapts strengthened requirements for consumer-facing retail businesses; (2) requires licensees to develop and submit to DFS for approval a coin delisting policy consistent with this proposed guidance; and (3) updates the DFS Green List, the list of approved coins and tokens for all licensees to be listed or retained, and the green list process.
The proposed new guidance takes the form of two letters addressed to “All virtual currency business entities licensed under 23 NYCRR Part 200 or licensed as limited purpose trust companies under New York Banking Law ”, which the letters call venture capital entities. The first letter addresses the “General Framework for Green List Parts” and notes that while VC entities do not need DFS approval to list green list parts, they must (1) provide advance notification to DFS before initiating support and (2) have a DFS-approved parts delisting policy.
The second letter concerns the “proposed updates to the Virtual Currency List Guidelines,” referred to in the letter as the “Guidelines.” The letter outlines the guidance, which consists of a new set of DFS expectations for (1) enhanced risk assessment standards for coin rating policies and adapted and enhanced requirements for products or service offerings intended for retail consumers, and (2) new requirements. associated with part write-off policies. According to the letter, DFS is seeking public comment on the guidelines, with comments expected by October 20.
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Italian fashion brand launches NFT Drop; Search engine relaxes NFT advertising policy
According to recent reports, a famous Italian clothing company recently launched the minting of 300 non-fungible tokens (NFTs) during Milan Fashion Week. The NFTs would have been minted on the Polkadot and Polygon networks and would provide access to exclusive digital artwork, the ability to purchase limited edition merchandise, and access to a new musical soundtrack and associated events. The same company also recently collaborated with a US digital fashion company to create digital wearables that mirror the clothing company’s physical in-store products, according to a recent report.
In related NFT news, a music writer/producer for pop star Justin Bieber is selling NFTs that entitle owners to a fraction of the percentage of future streaming royalties from the song “Company.” ”, based on recent reports. The royalty rights are sold in the form of 2,000 Ethereum NFTs, and payments to holders would be made every six months. Addressing the concept of sharing part of Bieber’s song with fans, the producer said that “the merger of blockchain and music rights opens the door to a whole new area for rights holders and enthusiasts.” This approach is democratic and promising for the future.” It should be noted that Bieber is not involved in the sale and US citizens may not be able to grant minting and royalty requests.
In other NFT news, one of the world’s largest and best-known search engine technology companies recently changed its policies to allow ads featuring NFT games, as long as they don’t advertise promoting gambling-related content, according to a report. In the examples mentioned in the report, advertising of NFT games that allow players to purchase in-game assets that “enhance” their experience – for example weapons, armor and outfits – will comply with the revised policy of the company; however, those that feature gaming elements or betting or staking of NFTs, for example, will not do so.
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