Industry Insights

BNY Mellon to Offer Bitcoin and Other Cryptocurrency Services

Bank of New York Mellon has formed a new digital assets unit to design the industry's first multi-asset digital platform. This platform will offer bitcoin and other digital currencies.

Japan Prepares for Central Bank Digital Currency Pilot Program

As the acceleration towards a cashless society becomes more prevalant, many central banks are exploring the option of central bank digital currencies. Japan has recently released a report on their three-phase approach.

How a Pandemic Changed the Way Consumers Think About FinTech

Mckinsey & Company recently conducted a series of surveys to measure the habits of financial decision makers within 30 different countries. These surveys were conducted to better understand how consumers identified with fintech during the COVID-19 pandemic. 

Nexus Mutual Launches Crypto Asset Custody Coverage

Nexus Mutual has introduced custody cover for centralized exchange accounts in addition to their decentralized protocol. This new development will take covers against hacks to Binance, Coinbase, Gemini and Kraken.

The Bitcoin White Paper

In response to legal threats of copyright infringement for hosting the Bitcoin white paper, Bitcoin.org and Bitcoincore.org received support from many prominent Bitcoin voices. Government officials and crypto firms, including Facebook subsidiary Novi, have continued to host this white paper on their websites to demonstrate support for the nonprofit. 

Are We Ready for Self-Driving Banks?

Similar to how automotive laws, such as speed limits and turn signals, have been designed to protect against dangerous drivers and not dangerous cars, legacy banking regulations seek to regulate bankers, not banks. Blockchain technology and decentralised finance are delivering banking services through "self-driving banks", and regulators should revisit what a regulatory framework would look like in this new world.

Blockchain Platform Telos Launches Decentralised Finance Tool For Unlocking Liquidity

Telos announces a new tool, T-Bond NFTs, which combines Decentralized Finance and non-fungible tokens to create locked tokens that are only unlocked when a maturity date is reached or other specified conditions are met. 

OCC Recognizes Decentralised Networks and Stablecoins as Payment Rails

The Office of the Comptroller of the Currency of the United States has announced that national banks and federal savings associations may participate in independent node verification networks and use stablecoins to perform bank-permissible functions. As a result, Cayman-based banks may be afforded the opportunity to access a new, open, global payment infrastructure system that is active and accessible today.

U.S. Lawmakers Propose Bill That May Require Stablecoin Issuers to Acquire Bank Charters

The STABLE act has been recently introduced with a focus to ban any stablecoin that is not issued by a chartered bank. This bill would target dollar-denominated liabilities rather than non-bank dollar-denominated liabilities, such as Apple Pay, Google Pay, Paypal, Moneygram or Western Union, and may have unintended far reaching consequences for participants on a network with dollar-denominated stablecoins. 

European Central Bank - The Future of a Digital Euro