London-based SETL will be working with SWIFT, Clearstream, Northern Trust and other market participants to explore the issuance, delivery versus payment (DVP), and redemption processes to support a frictionless and seamless tokenized asset market. The experiments will use both established forms of payment and central bank digital currency (CBDC). SETL had previously been part of an experiment in which shares of a money market fund were subscribed and then redeemed on the IZNES Platform using wholesale CBDC tokens created by the Banque de France. [Read more]
Adam White, a founder and President of the digital assets and rewards platform Bakkt, is moving on from the company. Although he did not state specific reasons for his departure, Bakkt has struggled to carve out a niche for itself even as the broader crypto market has boomed. After more than three years in operation, its offering that consolidates a variety of digital assets into a single wallet, hasn’t gained much traction, and, while the firm’s stock initially traded as high as $50 shortly after going public in October, it has floundered since and was recently trading around $9. [Read more]
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