David Newns

Swiss National Bank and SDX Delve Deeper Into CBDCs, Tokenized Securities The next two-year phase of Project Helvetia will see other financial institutions and types of transactions join the party. https://lnkd.in/dm5_HSqc #Blockchain #Crypto

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Clearpool launches on Base — enabling institutional access to #DeFi credit via Credit Vaults! Portofino Technologies, a crypto-native HFT market-making institution, pioneers the inaugural Credit Vault on Base. Base, incubated by Coinbase, is an #Ethereum L2 with the security, stability, and scalability needed to power onchain apps together with seamless integration capabilities for fiat onramps. Credit Vaults allow borrowers to set their own parameters, including interest rates, repayment schedules, and KYC requirements, offering them greater control and customization options. Credit Vaults incentivize lenders with higher interest rates by optimizing efficiency and attracting new participants. "Clearpool's launch on Base has unlocked unparalleled access to its rapidly expanding top-tier ecosystem, which can seamlessly integrate with Coinbase's market-leading suite of services and partners," commented Jakob Kronbichler, CEO & co-founder of Clearpool. "This pivotal milestone opens new doors for a wide range of institutions to securely and compliantly access private credit onchain." Learn more about the launch 👇 https://lnkd.in/giCfReJd

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Government-owned KfW bank has issued digital bonds before, including a €4 billion one. However, these used a central securities depository (CSD). The German Electronic Securities Act (#eWpG) also supports a distributed registry without a CSD, which it refers to as ‘crypto securities’. Now KfW is issuing a €100 million ($108m) #blockchain bond on the Polygon Labs blockchain, value dated 4 July. KfW claims that the bond with a 3.125% coupon and 10 December 2025 maturity is the first syndicated #crypto security in #Germany. Union Investment was again the anchor investor in the latest issuance, but KfW described investor demand for the AAA rated bond as ‘heavy’. Other investors include Berliner Volksbank eG, DekaBank Deutsche Girozentrale, LBBW, Solventis AG, Sparkasse Pforzheim Calw and Wirtschafts- und Infrastrukturbank Hessen (WIBank). The bank said interest spanned investors of different sizes and sectors, including asset managers, treasuries, and various types of banks. “Our aim was to involve as many market participants as possible in the transaction in order to collectively learn new things and test the #innovation facilitated by the legislator through the German Electronic Securities Act (eWpG) together with our banking partners, our anchor investor Union Investment and other interested investors,” said Tim Armbruster, Treasurer at KfW. “The healthy level of participation shows the investors’ keen interest in the #digitalisation of capital market transactions. We now want to use this potential to identify scaling options for our refinancing activities.” “After completing the transaction, we will have tested the entire front-to-end process, from the issue of a crypto security to the repayment. We then need to share this experience with other market participants and derive practical implications for the further development of this innovative market segment,” said Gaetano Panno, Head of Transaction Management at KfW. The project involved several participants. The bookrunning consortium was DZ Bank, Deutsche Bank, LBBW and Bankhaus Metzler. Deutsche Bank is the lead arranger and settlement agent. DZ Bank acts as the collective registered holder on behalf of all investors. Cashlink is the crypto securities registrar, and HAUCK AUFHÄUSER LAMPE Digital is the custodian. Linklaters provided legal advice with Hengeler Mueller giving legal support to the bookrunning consortium. #AltBanking The leading aggregator, bringing the best actionable news, information and opportunities in this rapidly evolving ecosystem right to you. Follow us to stay up-to-date! #finance #banking #fintech #DeFi #bond #Web3 #tokenization #investment #securities https://lnkd.in/eN3w-k9F

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DAF: the challenges in asset and token identification. The key challenge facing asset and token identification across digital assets lies in improving transparency, according to panellists at the Digital Asset Forum https://lnkd.in/eVrTUPhn #fundadmin #Custody

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#Tokenization endeavors grow in Europe as Clearstream, DekaBank Deutsche Girozentrale and DZ BANK AG have jointly issued two tokenised €5-million bonds using distributed-ledger technology (#DLT). The issuances took place in the context of the European Central Bank trials aimed at exploring the potential of DLT for settling wholesale transactions in central bank money. The trials are conducted in a productive environment, using real central bank money. The timeframe is set for May to November 2024. The transactions mark the first institutional-grade issuances in #Germany on DLT using wholesale digital central bank money. Issuing #securities on DLT increases transparency and automation, which reduces the need for manual intervention. Additionally, using central bank money provides enhanced safety, liquidity and monetary policy alignment for issuers and investors alike. “The use case impresses with the simplicity of issuing a security with DLT technology and at the same time benefiting from the advantages of the Trigger Solution. The delivery versus payment of the Trigger Solution proves how the issuing and settlement processes of private blockchains and wholesale #CBDC will interact in future. As issuer, banks benefit from the speed, scalability and security of the new technology,” said Silvio Lenk, Head of Treasury at DekaBank Deutsche Girozentrale. “To explore the potential of digital assets, you have to take care of the whole lifecycle – from issuance via dvp settlement to maturity including the utilisation of central bank money. Participating in the ECB trials with strong partners like Deutsche Börse Group and DekaBank Deutsche Girozentrale, we are delighted to get valuable insights on our way to higher efficiency,” Holger Meffert, Head of Securities Services & Digital Custody at DZ BANK AG, pointed out.   Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, said: “With the next-generation digital post-trade platform D7 Clearstream aims to digitise the entire post-trade value chain. With our new D7 DLT, launched for the ECB trials, we provide seamless processing of digital assets and high-quality cash on-chain, which is an important step in developing a digital European securities landscape. This transaction represents a significant milestone for the creation of stable digital capital markets in Germany and Europe, demonstrating the power of digital solutions in enhancing safety, liquidity and efficiency.” #AltBanking The leading aggregator, bringing the best actionable news, information and opportunities in this rapidly evolving ecosystem right to you. Follow us to stay up-to-date! #finance #banking #fintech #TradFi #DeFi #Web3 #ECB #blockchain #tokenisation #digitalassets https://lnkd.in/ecFCY_sx

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White paper: The application of decentralised finance (DeFi) for institutional use cases has the potential to create a new financial paradigm – one based on the principles of cooperation, composability and opensource code; and underpinned by open, transparent networks. In our “The road to institutional DeFi” white paper in partnership with Northern Trust, Dan Sleep from Northern Trust and Deutsche Bank’s Boon-Hiong Chan, reflect on the recent history of DeFi and how it is likely to develop in the future, with a focus on how this might impact institutional financial services.   See the preview of the white paper below or click here to download the full white paper: https://lnkd.in/dck2A2-u   Justin Chapman, Mike Clarke, Sabih Behzad #SecuritiesServices #DeFi #Crypto #Tokenised #AssetManagement #Regulatory

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Check out the latest announcement from DXtrade - Platform for FX, CFDs, spread bets, and crypto brokers 📣 The new partnership is with Sage Capital Management, who offer 24/7, ultra-competitive, institutional grade Crypto Spot and Perp liquidity This partnership will provide Brokers and their clients with streamlined trade settlement with all transactions centrally managed to offer pre-agreed margins across all digital assets, including exchange trades and spot transactions. Read more https://lnkd.in/eJQatBjq #Crypto #Liquidity #Brokers

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Zodia Custody powers secure custody for ETC Group’s core Bitcoin ETP💥 Big news! ETC Group has announced the launch of its latest ETP on Deutsche Börse XETRA. We’re excited to solidify our partnership with ETC Group by providing secure custody for the ETC Group Core Bitcoin ETP (BTC1). BTC1 is a global regulated spot Bitcoin product, providing unparalleled primary market liquidity. It is tailored specifically for benchmark-conscious, long-term buy-and-hold investors, and global institutional investors with extended liquidity and risk management needs. Julian Sawyer, CEO of Zodia Custody said: “It’s breakthrough after breakthrough with our fellow innovators at ETC Group." "The newly launched BTC1 represents exactly what institutions have long sought as they have increased their adoption of digital assets, and we’re playing our part to ensure they can do so with the utmost security and compliance through bank-grade custody. Together, we continue to be at the very forefront of building a truly robust ecosystem for a mature digital asset industry.” Tim Bevan Chanchal Samadder, CFA #ZodiaCustody #ETCGroup #BTC1

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📣 The Capital Markets Board (the CMB) published the Announcement on Crypto Asset Service Providers today. 🗓 The deadlines and relevant steps regarding the priority issue “Platforms’ (i.e., CEXs and the other crypto-asset platforms) obtaining permission from the CMB” have been confirmed as follows: 1️⃣.1️⃣ Those who have been carrying out crypto asset service provider activities as of July 2, 2024 and have the will to continue to do so, will be required to comply with the provisional Article 11, together with the information, documents and explanations in Annex/1 and Annex/2 shared in the annex of the announcement, until August 2, 2024. They are required to submit their declarations in accordance with the first paragraph to the CMB in writing. 1️⃣.2️⃣ The organizations that want to start their activities between July 2, 2024 and the date when the secondary regulations to be issued by the CMB will come into force, should also be informed of the Provisional Article 11, along with the information, documents and explanations in Annex 1 and Annex 2, before starting their activities. They are required to submit their declarations in accordance with the first paragraph of the Article to the CMB in writing. 2️⃣ As of July 2, 2024, those who have been carrying out crypto asset service provider activities and will decide to liquidate because they do not have the will to continue this activity, must submit a statement stating that “they will take a liquidation decision and will not accept new customers during the liquidation process” until August 2, 2024, in Annex/2 in the announcement annex. They are required to submit their explanations on how they will carry out the liquidation process to the CMB in writing, using the form in. These organizations must take a decision to liquidate by October 2, 2024. 📶 Those falling into these two categories (1 & 2) will be listed in two separate lists: “List of Those Active” and “List of Those Who Declared Liquidation” under “Institutions/Crypto Asset Service Providers” tab on the CMB’s website. 🌎 Foreign platforms (with headquarters abroad) must terminate their activities for people residing in Türkiye by October 2, 2024 at the latest, unless they receive permission from the CMB to operate in Türkiye.

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The Depository Trust & Clearing Corporation (DTCC) and Cboe Clear Europe to introduce new clearing workflow for OTC cash equities trades #usfintech #fintechusa #australianfintech #fintech #fintechnews #finance #financialtechnology #trading #OTC #cash #equities #equitytrading

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Jump Crypto president resigns amid CFTC investigation. Kanav Kariya, the president of Jump Trading’s digital asset arm, Jump Crypto, has stepped down amid reports of an investigation by the Commodity Futures Trading Commission (CFTC). Kariya announced his resignation on June 24 via social media, stating he plans to focus on personal relationships and reading while seeking his next venture. The details of the CFTC investigation into Jump Crypto remain unclear, but it may involve trading activities mentioned in the investor lawsuit and the SEC’s case against Terraform Labs. #Secret3 #cryptonews #blockchain #defi #cryptocurrency Read more: https://lnkd.in/gQchPGii

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The recently proposed BEP 341 aims to enhance the transaction processing capacity of the BNB Smart Chain (BSC). This proposal introduces a tried and tested approach where validators can produce consecutive blocks, a significant shift from the current single-slot priority system. Let’s look at how this impacts BSC and the BNB Chain community in the blog below 👇 https://lnkd.in/eiXDtgTP

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The International Swaps and Derivatives Association (ISDA) continues to pave the way for integrating digital assets into the financial ecosystem. Their recent publications on tokenized collateral provide critical guidance for using digital assets like stablecoins under Credit Support Annexes for Variation Margin (VM). At BOSONIC, we recognize the importance of advancements in standardizing digital asset transactions. With exceptional legal guidance and support from Reed Smith LLP, Bosonic's solutions ensure the seamless and secure integration of tokenized assets. We effectively address the potential issues highlighted by ISDA, contributing to the evolving landscape of digital finance. Our expertise in tokenized collateral and distributed ledger technology positions us at the forefront of this financial revolution, supporting clients in navigating the complexities and maximizing the benefits of digital assets. Learn more about our solutions - https://bosonic.digital/ https://lnkd.in/gVgEY59j #Bosonic #TokenizedCollateral #ReedSmith #ISDA #DigitalAssets

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