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ICE subsidiary Bakkt has acquired a New York state trust charter through the New York State Department of Financial Services, and claimed that the CFTC has green lighted it to begin offering its physically-settled bitcoin futures contracts on September 23.
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Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures.
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A review of over 50 patent applications submitted by the People’s Bank of China shows the design of its central bank digital currency will only resemble a cryptocurrency in limited ways, and it probably won’t use a blockchain.
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Regulators have made clear that the old way of transacting, where you have pseudonymous transfers—that’s not going to scale. Some users may leave compliant exchanges for others that choose not to share personal information, or seek out more decentralized methods of exchange that are harder to police. Such a community will have to remain niche.
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Coin Metrics says the unique identifiers known as addresses show that only about 300 entities control around 80% of Tether, the token that serves as a conduit for trading on many of the world’s largest crypto exchanges.
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But the battle is far from over. Fintechs have failed to take significant share of core banking activities despite a decade of a benign credit environment with banks hampered by their recovery efforts after the 2008 crisis. Many of the newcomers are plagued by poor customer service and attract the attention of regulators for weak controls. As the cycle finally turns, there will be more serious casualties and perhaps an opportunity for traditional banks to eat up some of the new companies at more appetising prices.tags: Fintech
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While Facebook was talking about their proposed cryptocurrency and blockchain linked to a basket of fiat currencies, Monerium was issuing fully licensed fiat-denominated e-money on an established blockchain, Ethereum.
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Ethereum-based banking alternative platform Monolith, is issuing a new Visa debit card, which allows users to spend Dai stablecoin anywhere in the world at stores that accept Visa payments.
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St. Louis Fed President Bullard: “Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced… Consumers and businesses may not like a system in which many types of currency trade simultaneously at a variety of prices in a local market.”tags: Fintech CryptoAssets
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The Australian Securities Exchange’s work on a DLT-based platform aimed at replacing its ageing CHESS settlement system is “on track” to likely 2021 completion. It will “will deliver upgraded security, resilience and performance” for equity post trade services. It will also offer new functionality over and above what is currently enabled by CHESS.
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Digital transformation is powering China’s economy and also new growth opportunities for the insurance sector. [PDF]
Kiffmeister’s Fintech Daily Digest 08/16/2019
