Industry Insights

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.

Cartan Group Launches 360° Industry Monitor

After the successful development of our private funds transparency report, Cartan Group has expanded our data discovery algorithms to other Caribbean financial services industries; in addition to the Cayman Islands, this data includes the British Virgin Islands, Bermuda, and the Bahamas. We have developed a 360° Industry Monitor that is currently surfacing a subset of data being collected.

The Foundational Principles and Core Features of Central Bank Digital Currencies

A group of central banks have joined forces with the Bank for International Settlements (BIS) to explore the general use for Central Bank Digital Currencies (CBDC). Most public policy objectives amongst central banks have remained unchanged for the last decade and by engaging in the exploration of CBDCs, these organizations are forced to innovate and evolve.

How Business Leaders Can Prepare for the Next Era of Computing

The Spatial Web, also known as Web 3.0 is beginning to unfold and will slowly eliminate the boundary between physical objects and virtual content. Defined as “spatial” because the virtual information will exist in space and be integrated and inseparable from the remainder of the physical world.  

Celo Blockchain Platform to Add Bitcoin for Mobile Users

Celo has announced that they will join forces with tBTC, a Bitcoin-pegged token, to create a bridge between Bitcoin and the Celo platform. By adding Bitcoin, Celo is able to tap into the liquidity of Bitcoin and use it as collateral in the Celo stablecoin reserve, enhancing the longevity of the cryptocurrency economy.

Practices to Build a Flexible Workforce as Outlined by Bain & Co.

COVID-19 has highlighted adjustments to the workplace including a permanent shift towards flexibility in the workforce. By implementing practices that will cultivate the benefits of flexibility, companies can create a model that is both efficient and sustainable.

Central Bank Digital Currency - A Caribbean Aspect

As the global acceptance of Central Bank Digital Currency continues to increase, there are a few key contenders representing the Caribbean central banks. Some of the notable CBDC projects in this region include:  

State of Wyoming Approves Kraken as First SPDI

Cryptocurrency trading platform Kraken has become the first crypto company to receive a bank charter. This license is recognised under the federal law to operate as a bank in the United States. Under this license, Kraken will be able to offer multiple cryptocurrency-based financial services. 

Virtual Asset Discovery, Valuation and Safeguarding - The Effect on Liquidators

Virtual assets saw an explosion in growth, in part due to the meteoric rise of initial coin offerings (ICOs) in 2017. While a small number succeeded into longer term prospects, a large number of projects are trickling down onto the client books of liquidators. This has meant a shift from some of the traditional recovery, valuation and safeguarding processes liquidators have previously been used to, due to the nature and functionality of the underlying virtual assets.

Project Ubin Phase 5: Enabling Broad Ecosystem Opportunities