Two of the world’s biggest economies have the potential to dislodge the US dollar’s world reserve currency status, according to the former chairman of Goldman Sachs Asset Management. In a new interview with the Russian government-funded RT, Lord Jim O’Neill says chances are slim that US can hold on to its USD hegemony permanently. “Eventually, […]
The post China and India Could Hasten US Dollar Demise, Says Former Goldman Sachs Chairman appeared first on The Daily Hodl.
After depositing more than $1,000,000,000 in a matter of weeks, Apple savings account customers say they are now struggling to withdraw their funds. In mid-April, the iPhone creator teamed up with financial behemoth Goldman Sachs to allow Apple Card users to earn interest through a savings account. The Wall Street Journal reports that customers of […]
The post After Depositing $1,000,000,000, Apple Banking Customers Are Struggling to Access Their Money appeared first on The Daily Hodl.
The percentage of family offices investing in crypto has grown significantly in the past two years, according to a new report by Wall Street giant Goldman Sachs. In a new study, the banking titan polled 166 family offices across the globe that operate at an institutional level. A family office is a specialized firm that […]
The post About 26% of Family Offices Are Now Invested in Crypto, According to New Goldman Sachs Survey appeared first on The Daily Hodl.
This week’s Crypto Biz explores Arbitrum’s latest proposal, Ripple’s two-year battle with the SEC and a large corporations’ coalition to build blockchain solutions for institutional investors.
A million-dollar question in crypto might be whether tokens can be considered securities in the United States, with some crypto companies staking a lot of money on it.
For payment platform Ripple — sued by the U.S. Securities Exchange Commission (SEC) in 2020 — defense costs have already topped $200 million, Cointelegraph has learned. The SEC claims Ripple sold XRP (XRP) tokens as an unregistered security in the same way it has recently accused many other crypto companies.
Even the possibility of expensive litigation with the regulator isn’t stopping firms and projects from testing the limits of what can be considered a security. The Arbitrum Foundation — the entity behind the Arbitrum blockchain — plans to reward Ether (ETH) tokens worth over $6 million to holders of its native Arbitrum (ARB) token, according to a recent proposal in its DAO governance forum.
The tokens were generated through base fees and surplus revenue from network transactions. Although the proposal has gained support, some community members voiced concerns about the revenue distribution serving as a way to label ARB tokens as securities.
This week’s Crypto Biz explores Arbitrum’s latest controversial proposal, Ripple’s two-year battle with the SEC and a large corporations’ coalition to build blockchain solutions tailored for institutional investors.
A case brought against Ripple by the SEC has cost the company $200 million, said its CEO Brad Garlinghouse during a fireside chat at the Dubai Fintech Summit. Garlinghouse also said the U.S. is stuck compared with the regulatory progress in the United Arab Emirates and the recent Markets in Crypto-Assets bill in the European Union. The SEC sued the crypto payment platform in December 2020, claiming Ripple illegally sold XRP tokens as an unregistered security.
A new blockchain network for financial institutions is in the works from a conglomerate of participants in the finance and tech space, including Microsoft and Goldman Sachs. The Canton Network will be an interoperable blockchain network for companies working with institutional assets. The platform is built on Daml, the smart contract language of Digital Asset, which creates an interoperable system where “assets, data, and cash” can synchronize across linked applications.
Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the United States. Bittrex Global CEO Oliver Linch told Cointelegraph that the bankruptcy is part of the exchange’s wind-down of operations in the U.S., adding that funds are safe and will be handed over to the court. The move comes after the SEC charged the company and its co-founder William Shihara for securities violations in April. In October 2022, the exchange received charges from the U.S. Treasury’s Office of Foreign Assets Control. The agency is the largest creditor listed on Bittrex’s bankruptcy filing, which records a claim of $24.2 million.
Layer-2 blockchain Arbitrum plans to distribute Ether tokens worth nearly $6.2 million to its community. According to a recent proposal on its governance forum, around 3,352 ETH will be collected by Arbitrum’s decentralized autonomous organization. The funds collected come from base fees and surplus revenue generated from network transactions. Data from Crypto Fees shows that Arbitrum’s users paid $387,423 in fees over the past seven days. The proposal appears to have broad support, but some community members pointed out that the revenue distribution could classify the ARB token as a security.
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A Goldman Sachs executive who also serves as the chair of a Treasury advisory committee has warned that a U.S. default poses “real risk to the U.S. dollar.” She stressed: “Anything that moves us away from being viewed as the world’s reserve currency, of being the safest most liquid asset in the world, is bad […]
Corporate titans are banding together for the launch of a new interoperable blockchain named the Canton Network. According to a new announcement, Digital Asset, Goldman Sachs, Microsoft, Deloitte, Paxos and many other corporate giants are coming together to participate in the blockchain network’s launch. “Canton Network participants include 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global […]
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The Canton blockchain network for financial institutions is being launched by Digital Asset and a group of firms, including Microsoft, Goldman and Deloitte.
A new blockchain network aimed at financial institutions is in the works from a conglomerate of participants in the finance and tech space, including the likes of Microsoft and Goldman Sachs.
According to the announcement on May 9, the Canton Network will be a privacy-enabled interoperable blockchain network aimed at those working with institutional assets. It will allow the synchronization of financial markets that were “previously siloed.”
The network will begin testing its capabilities in July, which include extensive privacy controls and the ability to achieve the scale and performance needed by major financial institutions. Participants in the network currently include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte and others.
Cathy Clay, the executive vice president at Cboe Global Markets - one of the partners in the project- said that when leveraged, blockchain technology can potentially “unlock” new opportunities in the market.
“...the tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”
Canton is built on Daml, the smart-contract language of Digital Asset, which creates an interoperable system where “assets, data, and cash” can synchronize across linked applications.
Related: Private equity tokens aim to bring greater liquidity, transparency and accessibility
As the crypto winter shows signs of thawing, investment and industry interest continue from institutional investors.
In March, Cathie Wood’s ARK Investment bought up around $18 million in Coinbase shares which equaled out to about 269,928 shares. A study from Goldman Sachs released on May 8 revealed that 32% of family offices currently have investments in digital assets.
On May 3, the securities token platform INX launched a new MPC wallet for institutional investors to control assets and employee access to such assets.
Magazine: Joe Lubin: The truth about ETH founders split and ‘Crypto Google’
While the interest in crypto investments was rising last year among home offices, 2023 saw a massive decline in investors’ certainty about the digital assets market.
While the interest in crypto investments was on the rise last year among home offices, 2023 saw a massive decline in investors’ certainty about the digital assets market.
According to a Goldman Sachs report published on May 8 titled “Eyes on the Horizon: Family Office Investment Insights,” 32% of family offices currently hold investments in digital assets. This category includes cryptocurrencies, nonfungible tokens (NFTs), decentralized finance (DeFi) and blockchain-focused funds.
Explaining their motivations for investing in digital assets, most (19%) cited a belief in the power of blockchain technology, with only 8% and 9% citing speculation and portfolio diversification, respectively.
Related: Concern over banking crisis reaches levels unseen since 2008 — Poll
The proportion of investments in cryptocurrencies among investors interested in digital finance has risen significantly since 2021, from 16% to 26%. However, the interest in potential investments in crypto has crashed this year, with just 12% of investors indicating it, down from 45% in 2021. As highlighted in the report:
“Opinions on cryptocurrencies seem to have crystallized: a greater proportion of family offices are now invested in cryptocurrencies, but the proportion that are not invested and not interested in investing in the future has grown more.”
The report is based on a survey conducted between January and February 2023 via questionnaires distributed to home offices by email. Overall, 166 home offices participated, 95 of which are based in the Americas, 34 in Europe and the Middle East, and 37 in the Asia Pacific.
Goldman Sachs appeared among the top winners during the recent banking crisis, with many investors deciding to rotate their portfolio investments. Goldman Sachs’ money funds have received $52 billion — a 13% growth — in the biggest monthly volume of inflows since the emergence of the COVID-19 pandemic.
Magazine: Crypto audits and bug bounties are broken: Here’s how to fix them
The CEO of Bittrex Global, Oliver Linch, is predicting that the giants of traditional finance will aggressively adopt crypto to seize upon the opportunities the industry presents. In a new interview with Scott Melker, the head of the leading crypto exchange says he is anticipating leading financial institutions like Goldman Sachs will soon take on […]
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With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the […]