State Street Corp., one of the world’s largest money managers, is moving hundreds of its staff into a new digital unit to meet surging interest in everything from cryptocurrencies to transforming investments as traditional as real estate. “This technology is revolutionary and it will change the world,” said Nadine Chakar, the newly appointed head of State Street Digital, in an interview Friday. Blockchain “has been a solution looking for a problem for years now — but what you’re starting to see is it’s getting real. There’s real-use cases,” she said.
There have been a lot of crypto headlines lately, from Miami to El Salvador. However, in the last few weeks, the frenetic pace of the market has clearly slowed down. Obviously you see the change in mood in the price, with steep drops in the price of Ethereum and Bitcoin over the last several weeks. But other metrics are in decline as well lately. Looking at the data dashboard published by the news and research site The Block, here are five other indicators of the recent market slowdown.
CrossTower, one of the world’s fastest growing digital asset trading and investment firms, and Khalsa Aid USA, an international non-profit non-governmental organization (NGO) that provides humanitarian aid in disaster areas and civil conflict zones globally, announced the launch of Running4Oxygen, a fundraising initiative to help address the COVID crisis in India. Cboe Global Markets and Sudrania Fund Services Corp. were named as flagship sponsors of Running4Oxygen at the Bitcoin 2021 conference.
The top global standard setter for banking regulation proposed a strict new rule that would require banks to essentially set aside a dollar in capital for every dollar of bitcoin they own. The Basel Committee for Banking Supervision, a group of global central bankers and regulators, announced the plan Thursday in a public consultation about how it intends to treat cryptocurrency assets, which it said had prompted concerns about consumer protection, money laundering and terrorist financing.
State Street, a US custody bank that oversees more than $40tn in assets, is setting up a new digital division, reflecting the pressure on financial services companies to help clients trade cryptocurrencies even as regulators work out rules for the sector. The move came only weeks after the Boston-based bank was appointed by Iconic Funds to serve as the administrator of a bitcoin-backed exchange-traded note listed on the Frankfurt Stock Exchange.