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☆ Citi debuts deposit and trade services on blockchains for institutional clients
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Citi is upgrading some of its services for institutional clients using blockchain technology. The banking giant introduced Citi Token Services on Monday, which will tokenize clients' deposits so they can be sent anywhere in the world instantly. The bank is also now using smart contracts to automate the trade process. Citi tested the smart contract capability with shipping and logistics giant Maersk, a client of the bank. While crypto remains in regulatory limbo and prices have been almost stagnant this year, renewed excitement about tokenizing real-world assets using blockchain technology has emerged as one of the hottest topics of the year.

Persons: Ryan Rugg, Rugg, Bernstein, Hamilton Lane, Franklin Templeton, JPMorgan Chase Organizations: Citi, Citi Token Services, Citi's Treasury, Trade Solutions, Investment, KKR, Securitize, JPMorgan Locations: U.S, Singapore

☆ Citi debuts new token service in push to bring blockchains to institutions
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti debuts new token service in push to bring blockchains to institutionsRyan Rugg, Citi's global head of digital assets for treasury and trade solutions, discusses the bank's new token service, which is part of a wider push to offer crypto to institutional clients.

Persons: Ryan Rugg Organizations: Citi

REUTERS/Kacper Pempel/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 15 (Reuters) - Blockchain researchers say North Korea-linked hackers are likely behind a $70 million theft from crypto exchange CoinEx. Blockchain research firm Elliptic said that "a number of factors" indicate that the Lazarus Group - a hacker group associated with North Korea - was responsible for the attack. Another blockchain research firm, Chainalysis, told Reuters on Thursday it had "medium-high confidence" that North Korea was behind the attack. North Korea stepped up its cryptocurrency theft last year, using sophisticated techniques to steal more in 2022 than any other year, according to a United Nations report. Sanctions monitors have previously accused North Korea of using cyberattacks to help fund its nuclear and missile programs.

Persons: Kacper, CoinEx, Chainalysis, Elizabeth Howcroft, Raphael Satter, Louise Heavens Organizations: REUTERS, Lazarus, Reuters, Lazarus Group, United Nations, United, Thomson Locations: North Korea, Hong Kong, New York, United Nations, Korea

While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter. VC crypto bets totaled just under $2.3 billion in April-July this year, the lowest quarterly level for over three years, according to data firm PitchBook. In the first half of 2023, investments were down by almost three-quarters from a year ago to $5 billion. Those that are raising capital now are probably doing it because they have to," said Adam Reeds, CEO of Toronto-based crypto finance company Ledn. VC crypto investments have correlated with crypto asset prices with a lag of roughly three to six months, according to PitchBook, and if current trends continue, VC investment would rise during the second half of 2023.

Persons: Dado Ruvic, Tal Elyashiv, Crypto, Cameron Peake, Adam Reeds, Alyse Killeen, Medha Singh, Lisa Pauline Mattackal, Tom Wilson, Pravin Organizations: REUTERS, Arrows Capital, Restive Ventures, LayerZero, Thomson, Reuters Locations: Toronto, Bengaluru

☆ Bitcoin and crypto are about to embark on a 'much stronger fundamental' rally, Bernstein predicts
▼ + stars: | 2023-09-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

"The existing crypto market remains a low liquidity market, with limited new capital entering the space. Investors remain optimistic about the recent developments and what they could mean for the crypto market over the long term, however. The agency for years has maintained that various attempts at a bitcoin ETF didn't satisfy concerns about fraud and manipulation in the market. The ruling shot that down, noting that "bitcoin futures prices are ultimately based on spot market prices." "The industry push for Ethereum spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market ( > 2 years) and a spot market," he added.

Persons: Bernstein, Gautam Chhugani, bitcoin, Chhugani, Michael Bloom Organizations: U.S . Securities, Exchange Commission, U.S ., Appeals, SEC, ETH, BTC Locations: U.S, Solana

☆ Cash in or lose out: Banks are turning to AI, cloud computing, and Web3 to gain competitive advantage and customer loyalty
▼ + stars: | 2023-09-05 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +11 min

AI and cloud tech are giving some banks an edge over competitors and enticing brand loyalty. Traditional banks that ignore this reality risk losing loyal customers to digital banks that have emerged over the past few years, research suggests. Digital transformation is a must for banksWith online banking now the norm, digital transformation is no longer optional for banks. Legacy banking systems were not designed to provide the banking experience that people expect today," she said. As a result, banking customers and employees can view transactions in real time and deliver "a more seamless and personalized experience" for all stakeholders, she added.

Persons: Banks, Victoria Newton, Newton, Laura Merling, Merling, Jay Venkateswaran, WNS, Eno, Goldman Sachs, Nigel Vaz, Publicis, Publicis Sapient Nigel Vaz, Venkateswaran, Vaz, James Whybrow Organizations: Service, Starling Bank, Arvest Bank, Banking, Capital One, Microsoft, Bank of America, Amazon Web Services, Google, Economist Intelligence Unit, Arvest, Software AG, Software Locations: Wall, Silicon, It's, Starling, WNS, Morgan

☆ Coinbase’s stablecoin bet pegs to wishful thinking
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The crypto exchange will take a minority stake in Circle Internet Financial, issuer of stablecoin USDC. Such tokens, designed to track the U.S. dollar, haven’t delivered on promises of transforming finance. Coinbase already earns interest from reserves backing USDC through a partnership with Circle, and doesn’t expect any new major financial benefit. Meanwhile, U.S. legislation to regulate the tokens is stalled, and PayPal’s (PYPL.O) stablecoin launch last month drew criticism from Representative Maxine Waters, among others. Coinbase, meanwhile, is cozying up to pillars of traditional finance like BlackRock (BLK.N).

Persons: haven’t, Coinbase, Maxine Waters, Brian Armstrong, Anita Ramaswamy, EY’s loveless, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S ., Wall Street Journal, BlackRock, Twitter, TPG, Thomson

☆ Coinbase to invest in Circle, shut down jointly managed Centre
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 21 (Reuters) - Coinbase Global (COIN.O) said on Monday it would acquire an equity stake in cryptocurrency operator Circle Internet Financial and shut down their jointly managed Centre Consortium, the operator of the stablecoin, USD Coin (USDC). Stablecoins are crypto tokens whose value is pegged to a stable asset to protect from wild volatility. In the case of the USDC, the value was pegged to the dollar. "We will now equally share in interest income generated from the broader distribution and usage of USDC," Coinbase added.

Persons: Dado Ruvic, Coinbase, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Consortium, Thomson Locations: United States, Bengaluru

☆ ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse
▼ + stars: | 2023-08-17 | by ( Christy Choi | ) edition.cnn.com time to read: +5 min

CNN —A group of investors is suing Sotheby’s Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles. Sotheby’s is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it. A spokesperson for Yuga Labs meanwhile said, via email: “We believe that these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis. “As a media and technology company, Yuga Labs has empowered strong communities of enthusiasts and entrepreneurs to innovate, connect, and build. The Bored Ape Yacht Club, a collection of 10,000 NFTs hosted on the Ethereum blockchain, launched in April 2021.

Persons: Yuga, Justin Bieber, Paris Hilton, Sotheby’s, NFTs, “, Jack Dorsey’s, LeBron James, “ Beeple, ”, ” —, MoonPay Organizations: CNN, Sotheby’s Holdings Inc, Paris Hilton, Labs, Yuga Labs, Twitter, Adidas, Securities and Exchange Commission Locations: California, freefall

☆ Analyst lays out the user case differences between bitcoin and Ethereum
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalyst lays out the user case differences between bitcoin and EthereumPaul Brody, Global Blockchain Leader at EY, explains the use cases for blockchains and cryptocurrencies.

Persons: Ethereum Paul Brody Organizations: Global Locations: EY

☆ Bernstein says crypto may finally have its killer application
▼ + stars: | 2023-08-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

According to Bernstein, stablecoins are "the monster crypto killer-app" and could be a nearly $3 trillion market over the next five years. "Going forward, we expect tokenized stablecoins to be a $2.8 trillion market, led by regulated, onshore stablecoins." The stablecoin market has dropped sharply this year despite bitcoin being up about 75%. In July, it hit an all-time high of $83.8 billion and now accounts for 68.5% of the overall stablecoin market. The crypto market currently awaits a vote in Congress on a key stablecoin bill , which has just advanced to the House with three other crypto bills for the first time.

Persons: Bernstein, stablecoins, Gautam Chhugani, Chhugani, bitcoin, — CNBC's Michael Bloom Organizations: U.S .

Da Ponte denied a Bloomberg report that the payments processor paused development of its stablecoin in February. But da Ponte argues this troubled backdrop is exactly why PayPal is poised to succeed. Then there's the hypothetical digital dollar that would be the Fed's take on a central bank digital currency, or CBDC. "We have a large base of consumers; we have a large base of merchants," da Ponte said of PayPal's "two-sided network." Da Ponte sees PayPal's more than 20-year tenure in the payments space as one of the company's chief advantages in the stablecoin market.

Persons: Jose Fernandez da Ponte, PayPal's, Da Ponte, Paxos, it's, Ponte, stablecoins, Nic Carter, Stablecoins, Carter, Andy Bromberg, Andreessen Horowitz, Bromberg, PYUSD, Jeremy Allaire, Allaire, Patrick McHenry, McHenry Organizations: PayPal, CNBC, Bloomberg, SEC, New, Regulators, Valley Bank, U.S ., U.S, Castle, Ventures, Companies, Eco, Coinbase Ventures, Paypal, Facebook, Financial Services, America Locations: U.S, New York, Bromberg, web3, United States, R, DexTools

☆ 'It's a little frightening': Worldcoin surged 111% on its opening day. 2 experts explain why they would never scan their eyes in exchange for the crypto, and why they think the hype will fade.
▼ + stars: | 2023-08-01 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

On opening day, the WLD token surged from $1.70 to $3.58, up by about 110.6%, according to CoinMarketCap data compiled by Bloomberg. Isaac Patka, a former electrical engineer in the semiconductor industry turned crypto developer in 2017, believes the hype will soon fade. People could be exploited by signing up to get their irises scanned and then sell their accounts for a little bit of money in exchange for giving up their identity, Patka added. Now, what I mean by that is, if you're using a blockchain, it gets written to the blockchain," Arone said. You also run the risk of changes to the system, Arone added.

Persons: Isaac Patka, Geoffrey Arone, Sam Altman, aren't, it's, Patka, Worldcoin, Shield3, Arone, there's Organizations: Bloomberg, Arrington Capital, Experian, Clear

☆ Why big banks like JPMorgan and Citi want to put Wall Street on a blockchain
▼ + stars: | 2023-07-26 | by ( Jordan Smith | ) www.cnbc.com time to read: +1 min

Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain. The firm projects $5 trillion in assets could be tokenized on blockchains over the next five years. It takes time to transfer ownership of an asset on Wall Street. U.S. agencies like the Securities and Exchange Commission are cracking down on crypto companies. Watch the video above to learn why big banks are spending millions on tokenization.

Persons: Elliot Han, Cantor Fitzgerald, Bernstein, Banks, James Angel, Gary Gensler Organizations: Banking, JPMorgan, Citi, Georgetown University, Securities and Exchange Commission Locations: U.S

July 24 (Reuters) - Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday. Blockchains can store the World IDs in a way that preserves privacy and can't be controlled or shut down by any single entity, co-founder Alex Blania told Reuters. The project says World IDs will be necessary in the age of generative AI chatbots like ChatGPT, which produce remarkably humanlike language. Altman told Reuters Worldcoin also can help address how the economy will be reshaped by generative AI. Since only real people can have World IDs, it could be used to reduce fraud when deploying UBI.

Persons: Sam Altman, Alex Blania, Altman, Reuters Worldcoin, ”, UBI, Anna Tong, Juby Babu, Elizabeth Howcroft, Kenneth Li, Navaratnam, Philippa Fletcher Organizations: Humanity, Reuters, Thomson Locations: San Francisco, Berlin

☆ Worldcoin: OpenAI's Sam Altman launches crypto project
▼ + stars: | 2023-07-24 | by ( ) edition.cnn.com time to read: +2 min

Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday. Blockchains can store the World IDs in a way that preserves privacy and can’t be controlled or shut down by any single entity, co-founder Alex Blania told Reuters. The project says World IDs will be necessary in the age of generative AI chatbots like ChatGPT, which produce remarkably humanlike language. Altman told Reuters Worldcoin also can help address how the economy will be reshaped by generative AI. Since only real people can have World IDs, it could be used to reduce fraud when deploying UBI.

Persons: Sam Altman, Alex Blania, Altman, Reuters Worldcoin, ”, ” Altman, UBI Organizations: Humanity, Reuters Locations: San Francisco, Berlin

☆ We're headed for a world of two dominant decentralized blockchains, EY says
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're headed for a world of two dominant decentralized blockchains, EY saysPaul Brody of the professional services firm compares regulatory competition in cryptocurrency and says there are "more and more good regulatory choices."

Persons: EY, Paul Brody Locations: cryptocurrency

☆ More than $120 million of a crypto firm's assets were moved to an unknown address - weeks after its CEO disappeared, report says
▼ + stars: | 2023-07-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

More than $120 million of a crypto firm's assets were "abnormally" moved to an unknown address, Bloomberg reported. "The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. "More than 120M assets were transferred from Multichain: Fantom Bridge and Multichain: Moonriver Bridge and are now distributed across 6 addresses. In a separate event, Binance, the world's largest crypto exchange, experienced a $100 million worth crypto hack last October after an exploit on a cross-chain bridge. Crypto investing clearly has its risks and drawbacks, but there are upsides to digital assets including potentially hefty returns.

Persons: —, Multichain, –, Zhaojun, Bitcoin Organizations: Bloomberg, Service, MPC, Twitter, ICE, BlackRock Locations: Multichain, Fantom, Moonriver

☆ Bernstein sees a $5 trillion opportunity in blockchains for financial markets
▼ + stars: | 2023-06-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

If financial incumbents want to be part of the modernization of financial markets, they need to adopt blockchains, according to Bernstein. Beyond tradeable assets like bitcoin, however, there's an opportunity over the next five years for financial firms in tokenizing real-world assets on blockchains, the firm said in a note this week. "Tokenization, we believe, will transform financial markets over the next decade," analyst Gautam Chhugani said in the Tuesday note. "We forecast ~$5 trillion of real-world financial assets will be tokenized on blockchains over the next 5 years." There is also a big opportunity for new business verticals in custody, trading, trade finance and enterprise consulting, Chhugani said.

Persons: Bernstein, Cryptocurrencies, there's, Gautam Chhugani, Chhugani, Hamilton Lane, Franklin Templeton, Michael Bloom Organizations: Investment, KKR, Securitize, JPMorgan Locations: tokenizing, stablecoins

☆ BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
▼ + stars: | 2023-06-21 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Crypto influencers seized on BlackRock's application to launch a bitcoin exchange-traded fund. Some said it sends a bullish sign to the wider crypto market; others spread conspiracy theories. The attention underscores the relatively new scrutiny BlackRock faces in the mainstream. "So BlackRock, Citadel, Deutsche Bank and NASDAQ have all started to enter the crypto space in the last week. Citadel, BlackRock, Schwab JPMorgan…" (These tweets refer to Citadel, the hedge fund founded and led by billionaire Ken Griffin.

Persons: Crypto influencers, BlackRock, Matt Hougan, Michael Novogratz, Brian Armstrong, Morgan Chittum, permissioned blockchains, Fink, bitcoin, Crypto, They've, Schwab JPMorgan …, Ken Griffin, Griffin, That's, Rich Latour, Latour Organizations: BlackRock, Morning, US Securities and Exchange Commission, Coinbase, Bitwise Asset Management, Galaxy Digital, SEC, Citadel, Deutsche Bank, NASDAQ, Citadel Securities Locations: bitcoin, BlackRock, cryptoland

☆ Blockchains are ‘basic utilities’ for the digital economy, says Franklin Templeton crypto head
▼ + stars: | 2023-06-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Think of investing in crypto as investing in technology for the data economy. Crypto is unchartered territory for most, but the 76-year-old asset manager has dived deep into research in recent years believing digital assets will transform asset management, capital markets and the increasingly digital, data-driven world at large. "You don't expect it to end just at just Bitcoin and Ethereum , and we expect over the next several years, several things that continue to unfold and find application," Roger Bayston, Franklin Templeton's head of digital assets, told CNBC Pro at the Digital Assets Council of Financial Professionals' VISION conference in Austin, Texas. Since 2019, the firm has operated node validators on various blockchains – including Ethereum, Solana , Cardano and Polkadot . Bayston said investors who have the stomach for high volatility and uncertainty could be rewarded in the future.

Persons: Franklin Templeton, Crypto, Roger Bayston, Franklin Templeton's, Bayston, It's Organizations: CNBC Pro, Digital Assets, Financial Professionals, Government Money Market Locations: Austin , Texas, Ethereum, Solana, Cardano, U.S

☆ Blockchain technology could play a 'pivotal' role in the A.I. revolution, says Global X ETFs' Helfstein
▼ + stars: | 2023-06-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

There's an automation revolution taking place and blockchain technology could play a pivotal role in it, according to Scott Helfstein. "As we think about … this broader transition towards automation and digitalization, blockchain can really play an important role in securing information and facilitating data management," he said. Helfstein broke AI into various levels, from infrastructure providers like semiconductor companies and graphic chip makers to algorithm providers like OpenAI and its ChatGPT. Across all of it though is blockchain technology and a way to secure information fed into AI algorithms. Crypto is "interesting," he said, but corporate investment is pouring into automation and blockchain will play a "critical" role in its development.

Persons: Scott Helfstein, blockchain, Ethereum Organizations: CNBC Pro, Digital Assets, Financial Professionals Locations: Austin , Texas, U.S

☆ Ritholtz’s Josh Brown talks crypto winter, the failure of blockchains and how to invest in digital assets
▼ + stars: | 2023-06-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

I don't think advisors really have any reason to be compelled to have these conversations with clients and clients aren't asking for it." "[If tomorrow you] woke up and there was no crypto … I don't think your life would change one iota. At the end of 2021, Ritholtz partnered with WisdomTree to launch the RWM WisdomTree Crypto Index to offer exposure to the crypto market through a financial advisor. "I don't think everyone has to, but if you want to, I think holding bitcoin outright is maybe the most common sense approach. "I don't think individual investors should be involved in bitcoin futures," he said, "because there's no passive way to do that.

Persons: Bitcoin, Josh Brown, There's, –, Brown, he's, Ritholtz, WisdomTree, … There's, It's, Gemini's Cameron, Tyler Winklevoss, You've Organizations: Ritholtz Wealth Management, CNBC Pro, Digital Assets, Financial Professionals, Advisors Locations: Austin , Texas, U.S, Brown

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

☆ Inflation, Fed policy back in focus for crypto investors as bitcoin enters summer doldrums
▼ + stars: | 2023-06-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The crypto market leader finished May down 7.9%, according to Coin Metrics, while ether posted a 2% loss. Absent other clear catalysts – such as the U.S. regional bank crisis whose start and end coincided with the crypto rally – price movements in June will probably be determined yet again by inflation, monetary policy and regulatory updates. "Crypto investors will probably follow the economy for clues on where prices go next," said Callie Cox, an analyst at the investment company eToro. "Bitcoin and ether are likely to gather assets from the more speculative crypto currencies that investors have abandoned since the various scandals," she added. Prices, like growth stock valuations, have come down and made the asset more digestible, and interesting, particularly for institutional investors.

Persons: Bitcoin, Crypto, Callie Cox, Sylvia Jablonski, eToro's Cox, Joel Kruger, There's, it's, Defiance's Jablonski Organizations: Fed, Metrics, LMAX, CNBC Locations: Defiance

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