CeFiWire: CeFiWire's Weekly Updates

CeFiWire Most Read for September 1: The SEC Smashes the "Delay" Button

Tue, 05 Sep 2023 19:41:48 GMT

After Grayscale won its victory in court, the Securities and Exchange Commission waited until the end of last days of the slowest news week of the year to make its latest decision on the handful of pending Bitcoin ETP registrations.

It delayed them for another 45 days.

Those awaiting a decision mark mid-October for the next SEC action on the decision. And don’t be surprised if the regulators smash the “delay” button once again.

— Sean Hanna, Editor

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The Most Read Five

1. Christoph Taps Securitize to Tokenize a BlackRock ETF

Yet another company is wrapping a BlackRock ETF in a security token to create a parking spot for Web3 company idle cash. (August 30, 2023)

2. What Does Grayscale's Legal Victory Mean?

Spot bitcoin ETFs could open the advisor market to DLT-based investments. U.S. advisors control more than $30 trillion of financial assets.

3. 401(k)'s David Loses to DoL Goliath

A startup 401(k) plan recordkeeper loses its challenge against the DoL crackdown on Bitcoin in retirement plans. (August 31, 2023)

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CeFiWire Most Read for August 25: Fidelity's Bitcoin Mafia Graps WSJ's Attention

Sean Hanna — Mon, 28 Aug 2023 20:35:20 GMT

The Wall Street Journal has a feature on the “Fidelity Mafia”, a group of alumni from the mutual fund giant. The article does not break news, but it does liken the ex-Fido crew that includes Galaxy Digital’s Alex “Bitcoin Viking” Thorn; Foundry’s Juri Bulovic; and Castle Island Ventures’ Matt Walsh, founding partner at crypto venture firm Castle Island Ventures. Those in the know should know everything in the article, but it does provide a rare quite from Fidelity Digital Assets head Tom Jessop who says that “We are now working with every business unit of Fidelity on what I would call long-term digital-asset strategy.” The WSJ reports that Fidelity Digital Assets now employs more than 600, a number that seems light to us (Wall Street Journal).

* * *

In other news widely reported last week, the Treasury Department is formalizing how crypto providers will need to retain and report records to the IRS (WSJ). Patrick McHenry, the Republican who chairs the House Financial Services Committee wasted no time in weighing in on the issue, warning that the rules are part of a Biden effort to kill crypto and that any rules must be narrow (Decrypt).

In stablecoin news, Coinbase made a minority investment in Circle (Forbes). Multiple news outlets also reported on the slow uptake of PayPal’s new stablecoin. After three weeks there are 233 wallets holding 47 million PYUSD after three weeks. Lesson: Never launch during August in the midst of a crypto winter (Blockworks).

— Sean Hanna, Editor

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The Most Read Five

1. Maple Raises Funds, Returns to Solana

CEO Sid Powell has plans to move the DeFi company and its cash management pool into new markets. (August 23)

2. It's Official. Anchorage Wins EDX's Custody Mandate

EDX Markets awards its custodian mandate. (August 22)

3. Dinari Goes Live with Tokenized Stocks

The startup is offering non-U.S. investors tokens fully backed by U.S. stocks and ETFs. (August 23)

4. AsiaNext Taps a Fidelity’s Colt for High-Speed Digital Asset Trading

The blockchain-based exchange is tying into technology from a Fidelity-owned company. (August 24)

5. McKinsey Has Four Tips for Tokenizers

The report gave us déjà vu ... but share it with your c-suite anyway. (August 25)

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6. Non-U.S. Investors Get Another Token Backed by a U.S. Treasuries Fund

After nine months of gestating, DeFi platform Archblock and Adapt3r Digital have rolled out the first token from their partnership. (August 24)

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CeFiWire Most Read for August 18: Securitize Buys OnRamp. What Does it Mean?

Mon, 21 Aug 2023 19:17:54 GMT

The wider crypto world saw a Bitcoin price flash crash last week. By the time the dust settled Bitcoin was priced around the same as it was when BlackRock filed for a spot Bitcoin ETP. That ETP is still nowhere near approval but Jacobi’s spot Bitcoin ETP is no trading in Europe. As long-time mutual fund specialists (we have published Mutual Fund Wire since 1999), we will again point out that Jacobi’s product is not a UCIT and is regulated out of Guernsey, not Brussels. To us that makes it an exchange-traded product and not a true ETF. We reserve the ETF term for UCITs and mutual funds registered under the 1940 Investment Company Act.

* * *

Eric Ervin’s sale of his second startup — Onramp Invest — to Carlos Domingo-led Securitize was the most interesting deal of the week. Ervin’s first startup was an Reality Shares, an ETF shop that focused on advisors for distribution.

The value of Onramp to Securitize seems open to question. The two firms already had agreements that put Securitize’s offerings in front of Onramp’s advisors and Ervin told CeFiWire that he expected to add new offerings as they become available. So, buying OnRamp is unlikely to create more distribution opportunities for Securitize than it would have had already.

On the plus side, Securitize will save any platform fees it was paying OnRamp. CeFiWire does not know what those were, but at this point that must have been negligible as there is essentially no use of these assets by advisors yet. OnRamp claims that it has RIAs that control $40 billion of assets on its platform. That is a rounding error in compared to the $3.6 trillion of advisor assets on Schwab’s platform alone. That number also doesn't reflect that advisors using OnRamp are unlikely to have a meaningful share of their assets invested in tokenized securities and that most of the advisors signed on with OnRamp to invest client assets in crypto.

On the minus side, the last three decades have shown that advisors like open platforms. If Securitize is not careful, other tokenizers may support other advisor distribution platforms as they emerge to avoid helping a rival and Onramp could find its growth inhibited.

One immediate benefit that the sale does bring Securitize is a sense of momentum. In a market where the business metrics are moving grindingly slowly, the deal shows Securitize making progress. That could help it with venture capital investors trying to identify market leaders and asset managers seeking to find a partner to tokenize their products.

Still, it is early days, so make of it what you will.

— Sean Hanna, Editor

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The Most Read Five

1. Bitgo Raises $100 million in an Up Round

The digital assets custodian raises at a $1.75 billion valuation. (August 16)

2. Jacobi ETP Goes Live, Ark ETP Faces Delay

The tale of two continents continues as Europe's first spot Bitcoin goes live and the SEC takes action delaying the approval of the first in line in the… (August 16)

3. Carlos Makes a Deal

While many take August off, Securitize CEO Carlos Domingo is keeping busy. Less than a month after going to Spain he is making a deal in San Diego. (August 17)

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CeFiWire Most Read for August 11: The Fed Throws a Curveball

Mon, 14 Aug 2023 19:17:28 GMT

The big news of the week was PayPal’s decision to launch its own stablecoin … pyUSD. The move is all about payments José Fernández da Ponte, PayPal’s crypto SVP told Unchained’s Laura Shin. Payments are not our beat — which is where TradFi intersects with DeFi — but we recommend a listen anyway.

The other big news of the week also involved payments … and capital markets too. The Federal Reserve announced a “novel” activities supervision program that includes the use of distributed ledger technology (DLT) by banks. It is not normal for regulators to have such a deep and abiding concern about a database technology. The action seems to underscore two points. The first the U.S. government’s deep anxiety about how this technology may allow the financial sector to operate in unknown ways. The second is the cost of the confusion most everyone has between crypto currencies and the use of blockchain to record and track data.

As Franklin Templeton CEO Jenny Johnson likes to say: Bitcoin is the biggest distraction to the biggest evolution of financial services, blockchain.

— Sean Hanna, Editor

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The Most Read Five

1. Sid Opens Maple's Cash Pool to U.S. Accredited Investors

The number four source on onchain Treasury yield adds distribution to U.S. investors under RegD. (August 11)

2. Fed’s Gibson Targets Banks’ Use of DLT for Special Oversight

U.S. regulators continue to show fear of DLT mixed with traditional securities. Now it is the Fed flagging blockchain technology for special oversight. (August 9)

3. Backed Tokenized ETFs on Four More Chains

After adding support for Polygon and Gnosis in June, the Swiss tokenizer of ETFs is adding support for another four blockchains. (August 8)

4. Bo and Bill Partner to Create Tokenized Commercial Paper

The New York City-based tokenization platform has paired up with a Puerto Rico-based bank to tokenize commercial paper. Their target is $250 million in… (August 11)

5. Archax Wins Approval to Distribute Arbdn Tokenized Money Market UCITs

The London-based company will distribute the Arbdn UCITs in Luexembourg. (August 11)

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6. Default on Goldfinch Shows How DeFi Differs from TradFi

The upside is everyone in the lending pool can see the records. The downside is reporters can also. (August 11)

7. C.D. Has to Figure Out a New Gig

Mike Cagney has pulled the application for a bank that would have been headed by the ex-CitiMortgage CEO. (August 8)

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CeFiWire Most Read for August 4: DeFi Hit by a Curveball

Mon, 07 Aug 2023 19:51:50 GMT

Last week’s news was not all good. The biggest story was the death(?) of DeFi with the loan troubles of Curve founder Michael Egorov. One could argue that curveball was one that institutional DeFi can is not swinging at anyway. In other news, Figure Technologies, one of the few financial services built upon blockchain that is turning a profit in what could be called TradFi (in this case HELOCs), was forced to lay off 20 percent of its workers.

The good news is that the Fed’s raising of short-term interest rates is creating a rush of demand for onchain yield. Led by Ondo Finance, that market is growing by about 20 percent a month.

Meanwhile, institutions in the U.S. continue to remain mostly quiet as they wait out Washington and perhaps the last 18 months of the Biden administration while European firms are prepping for the starting MiCA gun. We assume that the early adopters are quietly building with an eye on February 2025, but we can’t tell in all of the quiet.

Or … it just may be that everyone is on vacay now that it is August.

— Sean Hanna, Editor

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The Most Read Five

1. State Street Digital Loses a Leader in London

State Street executives have a role to fill as one of the custodian's key digital asset leaders is stepping down to take personal time. (August 2)

2. Cagney Cuts Jobs, Still Figure is Profitable and Remains on an IPO Path

Figure Technologies booked a profit in the first half and remains on an IPO path. Still, tough times cause it to cut a significant chunk of its… (August 1)

3. Jenny’s Engineers Look at More Chains While On Chain Funds Grew 20% in July

On chain pooled asset tokens on public blockchains hit $320 million ... not counting another $300 million on Stellar. (August 2).

4. One of FundsDLT’s Backers Buys Out the Other Three

The buyer is purchasing an option on the future of funds distribution being blockchain driven. (August 4)

5. Polygon Goes to Milan

The blockchain wins a major partnership in Italy. (August 1).

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6. A New Stablecoin? Nathan Creates a New Type of Ondo Token Not Based on an ETF

The Ondo Finance CEO claims that the new structure provides greater transparency and investor protection than existing stablecoins. (August 3)

7. BlockInvest Partners to Create and Distribute Tokenized Bonds

The startup is joining with the Italian arm of one of the world's largest banks to create tokenized bonds for the bank's corporate client base. (August 3)

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CeFiWire Most Read for July 28: A House Divided

Mon, 31 Jul 2023 21:02:17 GMT

The final week of July saw Securitize enter the Spanish market for tokenized securities, meaning that it will soon have tokens on its platform traded on three continents: North America, Asia and Spain. WisdomTree also filed to create a new member of its tokenized mutual fund family: this time a money market fund investing in U.S. Treasuries that will compete in what has become the hottest category for onchain asset management this summer.

Finally, Congress introduced a number of bills, including the Financial Innovation and Technology for the 21st Century Act (FIT) (HR 4763). That bill was marked by the drama of Maxine Waters (D. CA) leading a walkout of the Democrats on the House Financial Services Committee prior to the bill’s market. Twelve hours later the FIT pass out of committee with the votes of six junior Democrats. The contretemps may reveal that the House is divided by party and generations.

Meanwhile, the Senate passed the 2024 National Defense Authorization Act that included an amendment defining crypto anti-money laundering laws offered by two Democrats — Kirsten Gillibrand (D-NY) and Elizabeth Warren (D-MA) and two Republicans — Cynthia Lummis (R-WY) and Roger Marshall (R-KA). That bill no goes to reconciliation with a defense bill passed by the House earlier this summer.

— Sean Hanna, Editor

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The Most Read Five

1. Carlos Adds Spain to Securitize's Markets

The company is tokenizing shares in a Spanish company as part of that nation's sandbox. (July 27)

2. Ripple Asks FCA to Send In its Crypto License

Sendi also applies for a new license in Ireland. Obviously, there is no time like the time after beating a regulator in court to ask more regulators for… (July 24)

3. Transparency is an Issue for Treasury Tokens

A "government bonds" token has taken in $300 million in less than a month ... but no one is sure where it really invests. Meanwhile, the number four… (July 26)

4. Jamil Picks a Platform Partner

EDX Markets awards a mandate. (July 26)

5. Jono Outlines His Next Step for Prime

Peer-to-peer payments, managed accounts and white labeling are all on the table says WisdomTree's CEO. (July 28)

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6. Graham Rings the Bell on Archax's Crypto Exchange

The London-based company now offers a place for institutions to trade BTC and ETH with more coming soon. (July 26)

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CeFiWire Most Read for July 21: A Tale of Two Cities

Mon, 24 Jul 2023 18:23:44 GMT

The Twenty First Century’s “Tale of Two Cities” is about Paris and … New York. So, the Nasdaq is mired in the winter of despair while Societe Generale is celebrating the spring of hope. Europe has MiCA and the U.S. has Gary Gensler.

Nasdaq’s CEO Adena Friedman said last week that the company has nothing before it and will not be pursuing its digital assets custody with the New York State Department of Financial Services (NYDFS) after all. What is not yet known is whether Friedman gave up because the NYDFS was not going to approve the license or for some other reason.

Meanwhile, SG Forge has everything before it and is preparing for heaven as it became the first institution to gain a DASP license from France’s Autorite des Marches Financiers (AMF) at the start of the week and almost in time for Bastille Day.

And yes, London may still play a role in the story. Fresh off its court victory over the SEC, Ripple’s Brad Garlinghouse has embraced the epoch of belief and applied for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority.

— Sean Hanna, Editor

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The Most Read Five

1. Adena Says "No" to Nasdaq's Digital Asset Custody Platform

Why the Nasdaq CEO is pulling the plug on its DA custody platform and what will happen to their people? (July 19)

2. French, Glenn and Dusty Intro HR 4763

The bill would formalize how digital assets are regulated. The Financial Services and Ag Committees may vote as soon as next week. (July 20)

3. Jean-Marc Wins His License

While the Nasdaq reversed course after failing to win regulator approval, SG Forge can drive around town with its glossy new license. (July 19)

4. Luc Partners Tokeny With DFNS

The partnership promises to bring simplified wallets to T-REX tokenized securities. (July 21)

5. Has Barry Found His CoinDesk Buyer?

The WSJ reports that a syndicate will buy the media company. Binance appears to be out of the running. (July 21)

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6. FedNow Now Live

The centralized ledger settles payments between banks and their customers in second. (July 20)

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CeFiWire Most Read for July 14

Mon, 17 Jul 2023 17:25:38 GMT

The big news of the week came from outside of the institutional market. Ripple, in case you missed it, mostly won its case against the SEC. Cryptocurrency is not typically in the purview of our editorial mission. Our focus is on how TradFi players are adopting the technology to reshape their business. That said, we see at least two ways the Ripple win will shake things up.

The first is that the SEC’s loss may put the regulator on its back foot. TradFi firms that are seeking certainty before they make their move are one step closer to that happening.

The second is that Ripple CEO Brad Garlinghouse has already stepped into the TradFi Web3 space by purchasing Metaco last spring. Winning the case with SEC may bring more credebility to his institutional efforts.

In the top story of the week, London-based Jacobi Asset Management is pushing ahead with its spot Bitcoin ETP for the European market. Whether a Gurnsey trust will prove popular with investors is an open question. That news edged out WisdomTree Digital’s launch of its long-awaited mutual funds that can only be purchased through a proprietary crypto wallet.

Finally, the dog that did not bark last week was State Street CEO Ron O’Hanley. During the custodian’s second quarter analyst call on Friday neither O’Hanley nor anyone else mentioned State Street’s crypto or blockchain initiatives. Contrast that to BNY Mellon CEO Robyn Vince, who not only addressed the issues — see Robyn Likes DLT, Not Cryptos — he also spent the first half of the year building out his team.

— Sean Hanna, Editor

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The Most Read Five

1. Jacobi Expects Offer Spot Bitcoin ETP Soon

While not technically an ETF, the new product will better serve institutional investors says COO Lane. The unique registration shows that EU and US …(July 14)

2. Jono Hits Go!

Nine WisdomTree Digital funds are now available to investors in 21 states. (July 12)

3. Prontoblock Signs on a CEO

John Murphy's startup has a new CEO who hails from a major bank. (July 10)

4. TOKO Wins an RFP in Hong Kong

Scott Thiel's team has won a partnership with a big name in Hong Kong for its tokenization platform. (July 10)

5. Polygon Labs Adds a Third Partner Tokenizing Treasury Funds

A California start-up joins Swarm Markets and Franklin Templeton putting U.S. Treasury -backed yields onto a token. (July 13)

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6. Donna Takes State Street on a Dual Track to Digital Assets

“Digital assets are coming—they are inevitable. And their pending ubiquity will forever change financial services, market infrastructure, and how we do…(July 13)

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CeFiWire Most Read for July 7

Mon, 10 Jul 2023 13:25:58 GMT

The trend of companies outside the United States putting products on the shelves while U.S. companies fight with regulators continues. The week’s news included two companies — SDX in Europe and Securitize Japan in Asia — creating actual products and two stories from the U.S. that involve filings for future products.

Meanwhile, the most written about story was BlackRock CEO Larry Fink’s visit to Fox Business for more than 18 minutes. The most interesting news from that visit is not what he did say … blockchain will revolutionize financial markets … but what he did not say. Fink said nothing about tokenizing any of BlackRock’s own products. While the SEC staff has told those in the mutual fund world that tokenized ETFs and T-shares of existing traditional funds are off the table for now, BlackRock could work on tokenizing a new mutual fund, or one of institutional funds or separate accounts. To date, no word or even rumors that they are. Fink so far is the hound who has not barked.

— Sean Hanna, Editor

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The Most Read Five

1. Julius Baer Eyes Dubai?

The Swiss bank is reportedly looking to enter the UAE with a crypto wealth management service for the affluent crowd. (July 3)

2. SDX Partners with CV VC to Tokenize Startups

The simplest place to start is typically the beginning. Swiss startups will get that lesson and more from Six Group's SDX. (July 6)

3. People Moves: BNY Mellon's Butler & Franklin Templeton's Kaul to Head CTFC DA Subcommittee

Pham reveals two DA big dogs to lead DA subcommittee. FCA's DA head leaves. Paul Hastings hires two DLT legal eagles. Zodia Taps a Euro sales pro … (July 5)

4. Luc’s Vision Realized in “T-REX” Association

The ERC3643 Association opens its doors with 19 members. Seeks more. (July 6)

5. Tokenized Pooled Assets Up 33% in July. Maple Plans to Open Cash Pool Via RegD

Onchain pooled asset tokens on public blockchains hit $266 million by July 4 (July 5)

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6. Compound's Leshner Joins the World of Mutual Funds, Takes on Franklin Templeton

Compound founder Robert Leshner has a new startup that is taking on Franklin Templeton and WisdomTree. (July 5)

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CeFiWire Most Read for June 30

Mon, 03 Jul 2023 15:58:31 GMT

Today is a partial holiday in the United States as we celebrate July 4. We will be taking Tuesday off to celebrate the holiday.

Last week’s late news included both a rush by U.S. asset management firms to amend their Bitcoin ETC filings to include the name of the Bitcoin pricer that they are using as a part of their surveillance agreement after the SEC asked for that information through the Nasdaq and Cboe. No surprise, Coinbase is the exchange being used by one and all.

Digital asset custodians were the flavor of the week. The fallout from Prime Trust’s lost keys was the most mind-boggling news. Two custodian contracts came under doubt opening the doors to new players as both Citi and EDX markets are reviewing their existing partnerships with Metaco and Paxos respectively. And — just for this column — Bitgo’s Mike Belshe said that he is seeking other custodians to buy even after the failure his deal for Prime Trust.

As always, see the links to your peer’s favorite stories from the past week below.

— Sean Hanna, Editor

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The Most Read Five

1. Sid Positions Maple to Catch the Next Web3 Lending Wave

Maple Finance is leveraging the lessons learned through Crypto Winter and stepping into a new role at its DeFi lending platform. (June 28)

2. Carlos Responds to Prime Trust

Securitize halts secondary trading on its ATS. Reports that it will move to a new custodian (June 26)

3. Fidelity is Integrating Digital Assets into its Advisor Platform

RIAs using Fidelity's Wealthscape platform will have the ability to offer clients digital assets including Bitcoin and Ether as the custodian starts a… (June 26)

4. Will Jamil Pick Anchorage Over Paxos?

Anchorage Digital may be on the verge of winning a much-needed custodial mandate. (June 28)

5. Prime Trust Lost Wallet Access, Tapped Omnibus Account to Replace Crypto

The news out of Prime Trust is getting worse. Not only did Prime Trust lose access to customer wallets -- making the lost key rumor mostly true -- its … (June 28)

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6. Tokenizing VCCs is on Schroder’s Agenda

The British asset manager is working on tokenizing the pooled investment structure as one of eleven companies taking part in Project Guardian POCs. (June 26)

7. Second Times the Charm? Fidelity to Apply ... Again ... for a Spot Bitcoin EFT

The Block is reporting that Fidelity is once again applying to the SEC for a spot Bitcoin ETF. (June 27)

8. SEC Questions BlackRock's Spot ETP App

Maybe Larry Fink and his team do not have secret knowledge and they have not cracked the code for a spot Bitcoin ETP. The SEC staff reportedly has … (June 30)

9. Citi in “Informal Talks” with DA Custodians

The report comes just more than a month after Ripple purchased Citi's current third-party digital assets custodian. (June 30)

10. SX Open to Putting Tokenized Securities on the Board; Digital Asset's Saraniecki Claims a Lack of Coordination Checkmated CHESS

Whatever happened on the CHESS board down under, Digital Asset and the ASX are continuing to work together, says an ASX executive. (June 29)

11. Is “0xf4E” One of Prime Trusts "Locked" Wallets? And, Former Nevada Governor Listed on the Failed Custodian's Board

Did Prime Trust's board of directors know that the company was locked out of its crypto wallet(s)? (June 29)

12. Ashley Makes a Deal for Elysium

The deal brings a laser focus on post-trade solutions to the digital assets platform. (June 30)

13. Raj Announces Mastercard's Blockchain Pilot

The credit card giant is testing its initial blockchain technology in the U.K this summer. (June 29)

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CeFiWire Most Read for June 23

Sean Hanna — Mon, 26 Jun 2023 09:42:06 GMT

Last week may have been holiday shortened in the United States — thanks Juneteenth! — but there was no shortage of news. Much of that news was a reaction of players to regulators: INX and DigiShares both found partners that bring needed licenses to create distribution. Meanwhile, Deutsche Bank, CASEIS, and AsiaNext obtained regulatory oversight as next steps to new launches.

The biggest news, however, was sparked two weeks ago by BlackRock when it filed for its ETC. Last week a number of mutual fund sponsors — including Invesco, WisdomTree, Bitwise and Valkrie all filed for bitcoin ETCs.
Volatility Shares 2x Bitcoin Strategy ETF will start trading Tuesday morning after the SEC let the leveraged ETF based on the CME Bitcoin Futures price become effective on Friday.

Finally, EDX made waves when it confirmed that it started institutional trading on its digital assets platform. Much of the excitement was that Fidelity Digital assets, Charles Schwab and Citadel are tied to the company as early investors. Still, EDX has been in the works for months.

Looking ahead … we are waiting for to big news items that seem overdue. Both WisdomTree and Nasdaq promised second quarter launches for products and so far neither has made an announcement. This is the final week of the quarter so it is put up time for both entities. WisdomTree is prepping its WisdomTree Digital funds and Prime wallet launch. The folks at the Nasdaq have promised a licensed and fully-regulated digital assets exchange.

Also, look for news to come out of Zurich where the Point Zero Forum is taking place on Monday and Tuesday.

What did your fellow readers look at last week? Keep scrolling for links to all of the news that appeared this week in order of what your peers thought was important.

— Sean Hanna, Editor

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The Most Read Five

1. DigiShares Feels Out an ATS Partner

Yet another pair of companies is pairing off in an effort to boost distribution. (June 21)

2. Is Fidelity Really Bidding for Grayscale? Really?

The rumors trace to a tweet by AP_Abacus. He does have a deep source network and a track record of being willing to publish the most out there gossip to … (June 21)

3. Basak Welcomes Siemens to JPM Coin

The German giant was the first JP Morgan corporate customer to settle a cross-border payment using the new Euro version of the bank's coin. (June 23)

4. Primed to Go. Bitgo Deal is a No Go

Mike Belshe has pulled the offer for Prime Trust. (June 22)

5. We Want Our NFT! Clients Want NFT Custody Says DB’s Lynne

First GenX wanted its MTV, now as corporate executives GenXers want their NFT and Deutsche Bank is planning to help. (June 20)

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The Rest of the Week’s News

6. Arnaud Takes Next Step for CASEIS

One of Europe's largest custodians has registered in France to custody digital assets. Four other companies also take the step. (June 23)

7. Jamil Opens the Doors; Raises More Cash

Schwab and Fidelity have both placed bets on the Citadel alum's digital asset platform. With trading open the company has raised more cash and is … (June 20)

8. AsiaNext Takes its Next Step Before Launch

The partnership between Switzerland's SIX Group and Japan's SBI has won a key approval on its pathway to launch. (June 22)

9. Kendrick Not Shy in Wooing INX

One of the early equity tokenizers is now engaged to one to crowdfunder. Can the couple build something special? (June 21)

10. Jono Mostly Wins Board Battle

With only ten days left in the quarter, Jono now has a clear deck to open the WisdomTree Digital funds for business. (June 20)

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CeFiWire Most Read for June 16

Tue, 20 Jun 2023 19:49:13 GMT

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The Most Read Five

1. Belshe Loses his Case Against Novogratz

The judge has ruled in round one of the court battle of the Mike's ... and the decision goes to Novogratz. (June 13)

2. UBS Tokenizes BOCI Notes

Some day we expect this type of bond issue to be routine. Today it is still news. (June 14)

3. Is Larry's Team Mulling a Bitcoin ETF?

BlackRock's next step in crypto and blockchain may follow a well-beaten path rather than blazing a new trail. June 15)

4. Belshe is Primed to Buy Jor's Trust

The Palo Alto based company is positioned as a savior of the Las Vegas based trust company. The deal follows weeks of Jor seeking to raise tens of… (June 12)

5. Charlie and Martin Team to Provide an End-to-End Solution for Institutional Bonds

Banks and syndicated bond issuers will get front to back-end solution based on DLT. (June 16)

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The Rest of the Week’s News

6. The Tokenizer is Working on a Euro Stablecoin

The chief of one of Europe's largest asset managers says he is working on a Euro stablecoin. (June 15)

7. Will Investors Swarm to Tokenized BLK, MSFT, NVDA or COIN?

So far, the Swarm Markets tokenized equity platform has been more a bust than a boon. Will these seven new additions change the equation? (June 15)

8. Larry is Not -- We Repeat NOT -- Creating a Spot Bitcoin ETF for BlackRock

Reports that BlackRock is creating a spot Bitcoin ETF are flat out wrong. The truth is far more interesting (June 16).

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CeFiWire Most Read for June 9

Mon, 12 Jun 2023 12:49:00 GMT

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The Most Read Five

1. Is Graham Prepping a Thursday Launch of Tokenized Stocks and Bonds?

Reports are that Archax will roll out the prototype version of its stock and bond trading platform tomorrow. (June 6)

2. Two Startups Partner to Bring Security Tokens to DeFi

DeFi opens the door to more use cases for tokenized securities. Two entreprenuers are teaming up to take advantage in Asia. (June 5)

3. Six Indian Banks Tie Into Onyx

The Onyx blockchain platform is extending to India's GIFT City. (June 5)

4. CFTC's Christy Likes Cboe's App

It turns out that working with regulators and their familiar frameworks is an easier path to approval than asking for shiny new things. (June 6)

5. People Moves: Archax Taps a Sales Head

Archax makes more news during a busy week . . . A State Street veteran leaves Coinbase to go back to State Street . . . FTI Consulting adds two to is… (June 9)

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The Rest of the Week’s News

6. EIB's Fourth Tokenized Bond will be on a Fourth Platform

So very French ... This time the EIB is testing a platform that claims to be better for the environment than others. (June 6)

7. Alejandro and Luc Tokenize Bonds for SMEs

T-Rex is eating more of the bond market as Defactor Labs partners unveils its plans at the Money 20/20 show. (June 6)

8. Does Schroders Have its Shortlist?

The British bank is on the hunt for a third-party digital assets custodian and a familiar name is reportedly on its shortlist. (June 7)

9. Arca's Steinberg Huddles Down

The crypto-focused start-up makes job cuts. The cuts are mostly in its asset management arm, not Arca Labs. (June 6)

10. Add abrdn to the List of Fund Tokenizers

The U.K-based asset management giant now offers a natively tokenized money market fund and is planning more products with Archax. (June 8)

11. Novogratz Sees No New Laws Passing

Galaxy Digital is pulling jobs from the U.S. due to the unfriendly environment. He is not holding out hope of things changing soon. (June 9)

12. Julian Partners for its Staking 2.0 Service

The British custodian's CEO names its partner for its upcoming staking service for institutions. (June 8)

13. Ramirez Stands By ForUsAll's Crypto Ally

The 401(k) plan provider's CEO confirms that they are sticking with Coinbase as the platform's digital assets custodian. (June 9)

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CeFiWire Most Read for June 2

Mon, 05 Jun 2023 14:06:28 GMT

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The Most Read Five

1 Another Digital Assets Custodian Focused on Institutions is Going Away

A Canadian bank pulls the plug on its newly acquired digital assets business. (June 1)

2 Taurus Places a Layer-2 Bet

Financial services firms are seeking agnostic platforms and Taurus is responding. (June 2)

3 Perrin Seals a Series A

The New York City-based alts platform provider has refilled its coffers. The platform provides a DLT solution for secondary trading of alts. (June 1)

4 What is State Street up to?

The head of SPDR EMEA says that he is looking at tokenization and that DLT is a high priority at the custodian. State Street's new head of digital… (May 31)

5 Celsius New Stock Could Still be Tokenized

Like Miracle Max said in the Princess Bride, there is a difference between dead and mostly dead. And it looks like NewCo tokens are just mostly dead. (May 30)

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The Rest of the Week’s News

6 Aaron Says There Must be a Place for DAs to Trade

The co-founder of the first company to gain SEC approval as a qualified custodian for digital assets says that it is possible to come in and register… (May 30)

7 A House Tokenizer Taps TOKO

Every journey starts with one step, however small. The platform incubated by DLA Piper wins a mandate from a house tokenizer. (June 2)

8 Tokenized Pooled Assets Take a Dip. More on How Steakhouse Counts Marketshare

Those who need more details on how Steakhouse is creating its tokenized pooled assets leaderboard can learn here. If you have more questions shoot them… (May 30)

9 Obligate Adds Oil to its Offerings

A French Company issues debt on the Polygon network. (June 1)

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CeFiWire Most Read for May 26

Tue, 30 May 2023 09:59:00 GMT

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The Most Read Five

1 Cagney's Celsius Bid Loses to Arrington

Scratch one plan to create a natively tokenized public company. Celsius' board is taking a more traditional path. (May 25)

2 Jenny and Nathan Take the Lead in Tokenizing Pooled Assets

The leader depends on the source and the race is still early as total assets are still less than a billion dollars (May 22)

3 Dmitry Inks Deals #5 and #6 for ClearLoop

Two more digital assets exchanges have signed on with Copper to leverage its ClearLoop. (May 25)

4 ADDX Tokenizes an Equity-Linked Structured Note

The new product is the seventieth deal on the ADDX platform. May (24)

5 SC Ventures Exits Metaco

The two firms will retain ties through existing relationships. (May 26)

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The Rest of the Week’s News

6 HKEX Goes with Loong

The Hong Kong exchange has a new head of digital assets to replace Andrew Walton. (May 23).

7 Tia Tokens are not for Forever

The tokens will be destroyed when the diamond is delivered. LCX is making the case for its role as the registered physical validator. (May 22)

8 DRW Taps into DLR

Horacio Barakat confirms the identity of another player on the repo platform. (May 23)

9 Barry Pulls the Plug on Breanne

DCG is shuttering Breanne's institutional DA trading platform next week (May 26)

10 Simon Says What is Coming Next Now that the Fusion Spot Platform is Trading

Duncan Trenholme and Simon Forster are prepping on OTC derivatives offering. (May 24)

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CeFiWire Most Read for May 19

Mon, 22 May 2023 14:35:03 GMT

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The Most Read Five

1 Cagney's Play for Celsius Lags Arrington's

Michael Arrington's consortium bid is hundreds of millions higher says Celsius' lawyer. (May 18)

2 MatrixPort Loops Into Copper

The Singapore-based startup is aiming to reduce counterparty risk. (May 16)

3 Dmitry Adds an Ex-Copper as CCO and Brings Fnality Ties to the Board

The London-based digital assets custodian brings a bold name in the FX world to its board and has a new chief compliance officer. (May 15)

4 "We're Flying," Says Moy

Adoption of DLT and blockchain in capital markets is happening faster than many think says a key influencer. (May 17)

5 SEC Argues to Court that Gary's Words Don't Represent the Commission's Views

Coinbase's Paul Grewal probably did not help matters by taking his response to Twitter, but then what could hurt Coinbase's case at this point? (May 16)

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The Rest of the Week’s News

6 Brad Buys Metaco for $250 Million

The deal is part of a pivot to institutional. (May 17)

7 BondEvalue Wins on of Seven Digital Assets Spots in A&O's Fuse Innovation Hub

The Fuse is lit for the innovation hub's 2023 cohort. The seven digital assets firms winning spots include some familiar names. Four new legal tech (May 15)

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CeFiWire Most Read for May 12

Mon, 15 May 2023 17:31:13 GMT

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The Most Read Five

1 Jenny's Team at FT Preps a Second Blockchain PE Fund

The mutual fund giant is going gangbusters on multiple fronts to establish itself at the forefront of Web3 tech. (May 11)

2 Does Cagney Have Apollo in His Corner?

The auction of Celsius Network's assets is over but the winner is still not announced. What companies are backing the equity tokenization plan. (May 9)

3 Sid Pours T-Bill Yields onto a DeFi Platform

Institutional investors outside the U.S. now have a way to earn T-Bill yields on a pure DeFi platform. (May 8)

4 MakerDao Closes its SG-Forge Credit Vault

The blockchain-focused arm of the French bank writes that the alliance was a success. (May 10)

5 One of These Three Grayscale ETFs is Not Like the Rest

Grayscale is going full-steam-ahead on plans to create a blockchain-focused family of ETFs. One is focused on Bitcoin miners and crypto, the second on… (May 11)

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The Rest of the Week’s News

6 Is PV01 Max's Next Big Thing?

The Goldman Sachs alum sold his last startup to Japan's SBI. Can he do it again? (May 8)

7 Anton Buys a Portfolio Management Platform

Trading and portfolio management go together like peanut butter and chocolate. (May 10)

8 Gensler Passes on Defining Digital Assets, For Now ...

The proposed definition of digital assets as covering any use of blockchain technology or DLT disappears from the final amended form PF. But that… (May 9)

9 Yuval Unwraps Canton Network with 29 Partners

DAML builders will be able to use the Canton Network to create interoperability. (May 9)

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CeFiWire Most Read for May 5

Mon, 08 May 2023 15:28:52 GMT

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The Most Read Five

1 Carlos Broadens the Scope of the Hamilton Lane Partnership

The second tokenization attempts to solve the liquidity hurdle faced by investors in the tokenized PE funds. (May 4)

2 People Moves: Deloitte Goes on Hiring Blitz

Deloitte is building its ranks . . . Fidelity DA uses Consensus as a jobs fair . . . CCI promotes a strategy chief . . . Obligate hires. (May 1)

3 Julian Signs on a CCO

The custodian's first announcement since closing its Series A is about a new chief compliance officer. (May 3)

4 INX Adds an Institutional Wallet Solution

The partnership brings Web3 wallets for institutions to manage client tokens. (May 5)

5 Inga Bridges Wholesale and Retail CBDCs

The new software promises to bring fluency to CBDCs and blockchains.

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The Rest of the Week’s News

6 CeFiWire Attends DAW California

We are busy reporting so articles are light. (May 3)

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CeFiWire Most Read for April 28

Mon, 01 May 2023 22:29:42 GMT

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The Most Read Five

1 Consensus 2023: Jenny Expands Her Vision

Adding multi-chain capabilities expands Franklin Templeton's opportunities. She also sees a scenario where the U.S. limits the use of Bitcoin. (April 26, 2023)

2 Will Cagney Float a Public Stock Token?

Tuesday is a key day in Mike Cagney and NovaWulf's plans to create a tokenized public equity. (April 24, 2023)

3 Cagney Brings Wall Street Underwriters to Provenance

The Figure founder has found a traditional -- but not obvious -- way to bring capital to his lending pool even as he added $300 million in new funding. (April 25, 2023)

4 Jenny's Team Grows OnChain

The CEO will take the stage at Consensus as the first onchain mutual fund passes the quarter billion dollar mark. (April 24, 2023)

5 Consensus 2023: Jeremy Wants a "Super Powered" Internet Dollar

The ten-year-old event kicks off by coming full circle with a founder of a ten-year-old venture. (April 26, 2023)

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The Rest of the Week’s News

6 “It’s All About the Benjamins,” Says Dre

Jenny J and “Dre”. That is a partnership that we bet you did not expect to see. (April 28, 2023)

7 Julian Raises a $36mm Series A

The British custody firm taps a strategic partner in the far east for funds. (April 27, 2023)

8 RedSwan CRE Taps a Tokenizer

The builder of a marketplace for tokenized real estate taps a technology partner for its tokenizations. (April 25, 2023)

9 Novogratz Finds a Star Partner in Europe

Mike Novogratz and team have inked an exclusive partnership with the German "Tokenizer". (April 26, 2023)

10 Cboe Digital Hires a BizDev Director

The digital assets exchange has landed an industry veteran as director for business development. (April 25, 2023)

11 Jono Still Primed for Launch

He did not unveil Prime at Consensus and promises it will come “this quarter”. (April 27, 2023)

12 Fifteen Banks in Line for Onyx Swaps Service

Tyrone Lobban gives details on the intuitional use of Onyx. It's likely more than you think. (April 28, 2023)

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CeFiWire Most Read for April 21

Mon, 24 Apr 2023 13:32:08 GMT

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