Category Archives: Bitcoin

Bitcoin is a cryptocurrency created in 2008. Bitcoin uses peer-to-peer technology to operate with no central control by any authority or any central bank. The bitcoin transactions and the issuing of new bitcoins is managed by the community network. Bitcoin is the biggest cryptocurrency by market capitalization and accounts for almost 60% of the total cryptocurrencies capitalization.

Turkey Bans Cryptocurrencies for Payments

Turkey’s central bank (CBRT) in a surprising move, banned the use of all cryptocurrencies and digital assets to payments for services and goods, citing possible damage and significant transaction risks.

CBRT said that digital assets based on distributed ledger technology (DLT) could not be used, directly or indirectly, as an instrument of payment in any business in Turkey.

Turkey’s Central Bank said that the cryptocurrencies prohibition had been introduced because digital assets are not regulated or supervised, their prices are very volatile, electronic wallets can be stolen and might be used in illegal transactions. Turkish watchdog has long pointed to cryptocurrencies use in illegal activities as a reason to be cautious on any exposure in the crypto industry.

Bitcoin and cryptocurrencies penetration in Turkey is very high. Turkish investors turn to digital assets such as Bitcoin and Ethereum and run away from the troubled Turkish lira (TRY) as they are looking for a hedge against the rising inflation in the country.

Bitcoin is under heavy selling pressure after the news and as of writing, BTCUSD is 4.43% lower at $60490 while Ethereum (ETHUSD) is 5.31% lower at $2370.

Meanwhile the USDTRY is trading 0.53% higher at 8.062 close to monthly lows for the pair.

Puremarkets Announces Exploration of Trading and Digital Asset Innovation with State Street and Currenex

Puremarkets Limited (“Puremarkets” branded as Pure Digital), a company where Arcane Crypto AB (“Arcane”) holds 37.5% through Arcane Crypto AS, today publicly announced that State Street’s Currenex (“Currenex”) have entered into an agreement to provide the trading infrastructure to the Pure Digital platform. In addition State Street Bank & Trust Company and Puremarkets intend to explore the digital currency trading space via the Pure Digital platform based on an existing LOI between the parties.

Currenex is a market-leading technology provider offering high-performance technology for anonymous and disclosed trade execution. The agreement with Currenex enables rapid set-up of the Pure Digital platform and trading is expected to commence in 2021.

The Pure Digital trading platform will be the first of its kind, offering a wholesale interbank market for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in discussions with several other Tier 1 investment banks to use the platform, which will provide a high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody.

“It is an important step for Pure Digital that one of the leading banks in the world is now publicly declaring their support for Pure Digital. We believe this will help Pure Digital accelerate their development. That Currenex will provide the technology platform is also important. Currenex is a company and an infrastructure that most of the leading banks in the world already are familiar with and trust. This could further speed up the process of attracting other Tier 1 banks.

Institutional trading is the final frontier for the institutional adoption of cryptocurrencies and Arcane is excited to be a part of that with Pure Digital. Pure Digital leverages an experienced team from the FX industry across sales, trading and product development and a proven track record, delivering a similar platform for banks trading FX.”

– Torbjørn Bull Jenssen, CEO of Arcane Crypto

Lauren Kiley, the CEO of Pure Digital commented:

“We are very excited to announce State Street’s involvement in this initiative. They are exploring digital asset trading with us and also providing the technology as we prepare to bring the institutional market exactly what it needs.”

– Lauren Kiley, CEO of Pure Digital

Campbell Adams, the Founder of Pure Digital added:

“This is a significant and important step for the digital currency space. Pure Digital has purposefully built an ecosystem on next generation components throughout the full trade cycle with many important developments to come.”

– Campbell Adams, Founder of Pure Digital

The full press release from Puremarkets can be found https://puredigitalmarkets.com/3014-2/

About Pure Digital

Pure Digital is an interbank marketplace for cryptocurrency price discovery and exchange of wholesale risk provided by Puremarkets. Pure Digital will provide a best-in-class primary institutional marketplace, with a consortium of banks as liquidity providers, custodians, and clearers. Expect meaningful trade size along with price granularity and transparency. The solution uniquely offers pre-trade bilateral credit and multi/smart custody. Pure Digital will also feature the ability for banks to select their counterparties, enabling compliance over geographies with different regulatory environments. The management team bring many years of experience at top tier banks and have successfully delivered a similar platform for the FX market.

The trading environment is currently in beta testing for selected customers of the banks which have signed, or are in the process of signing, LOIs with Pure Digital.

An important next step for Pure Digital is the banks going public with their support for the platform and thereby creating increased interest and market awareness about Pure Digital’s offering.

For further information about Puremarkets and the Pure Digital platform please see: https://puredigitalmarkets.com/

About Arcane Crypto

Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane operates a portfolio of businesses, spanning the value chain for digital finance. As a group we deliver services targeting payments, investment, and trading. In addition, we have a media and research division.

Arcane has the ambition to become a leading player in the digital assets space by growing the existing businesses, invest in cutting edge projects, and through acquisitions and consolidation.

The Company is listed on Nasdaq First North Growth Market and Mangold Fondkommission is Certified Adviser, tel. +46 8 5030 1550, e-mail: ca@mangold.se, web: www.mangold.se.

UNICEF launches Cryptocurrency Fund

UN Children’s agency becomes first UN Organization to hold and make transactions in cryptocurrency

UNICEF will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund. In a first for United Nations organizations, UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world. 

Under the structure of the UNICEF Cryptocurrency Fund, contributions will be held in their cryptocurrency of contribution, and granted out in the same cryptocurrency.     

“This is a new and exciting venture for UNICEF,” said Henrietta Fore, UNICEF Executive Director. “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

The first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation and will benefit three grantees of the UNICEF Innovation Fund – and a project coordinated by the GIGA initiative to connect schools across the world to the internet.

“The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,” said Aya Miyaguchi, Executive Director of the Ethereum Foundation. “We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come. We’d like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”

The Ethereum Foundation will make its initial donation through the French National Committee for UNICEF.

UNICEF national committees of USA, Australia and New Zealand also accept cryptocurrency.

The launch of the UNICEF Cryptocurrency Fund is part of UNICEF’s ongoing work with blockchain technology. UNICEF co-leads the UN Innovation Network with WFP. The network is responsible for researching the potential and pitfalls of blockchain and other emerging technologies. 

CME Group to Launch Micro Bitcoin Futures on May 3

CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will expand its suite of crypto derivatives with the introduction of a new Micro Bitcoin futures contract on May 3, pending regulatory review.

Micro Bitcoin futures will be one-tenth the size of one bitcoin. The smaller-sized contract  will provide market participants – from institutions to sophisticated, active, individual traders – with one more tool to hedge their spot bitcoin price risk or execute bitcoin trading strategies in an efficient, cost-effective way, all while retaining the features and benefits of CME Group’s standard Bitcoin futures.

“Since the launch of our Bitcoin futures contract in 2017, we have seen steady, ongoing growth of liquidity and market participation in our crypto derivatives, especially among institutional traders,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. “The introduction of Micro Bitcoin futures responds directly to demand for smaller-sized contracts from a broad array of clients and will offer even more choice and precision in how participants can trade regulated Bitcoin futures in a transparent and efficient manner at CME Group.”

Micro Bitcoin futures will join CME Group’s growing suite of cryptocurrency derivatives, including Bitcoin futures and options and recently launched Ether futures. In 2021-to-date, 13,800 CME Bitcoin futures contracts (equivalent to about 69,000 bitcoin) have traded on average each day. In addition, CME Ether futures have seen 767 contracts traded (equivalent to 38,400 ether) on average each day since launched on February 8.

The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Micro Bitcoin futures will be listed on and subject to the rules of CME.  

For more information on this product, please see: www.cmegroup.com/microbitcoin.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

Federal Court Orders UK Man to Pay More Than $571 Million for Operating Fraudulent Bitcoin Trading Scheme

The Commodity Futures Trading Commission today announced that the U.S. District Court for the Southern District of New York entered a default judgment against Benjamin Reynolds, purportedly of Manchester, England, finding that he operated a fraudulent scheme to solicit bitcoin from members of the public and misappropriated customers’ bitcoin. This case was brought in connection with the Division of Enforcement’s Digital Assets Task Force.

The court’s March 2, 2021 order requires Reynolds to pay nearly $143 million in restitution to defrauded customers and a civil monetary penalty of $429 million. The order also permanently enjoins Reynolds from engaging in conduct that violates the Commodity Exchange Act and CFTC regulations, registering with the CFTC, and trading in any CFTC-regulated markets.

The judgment is the result of a 2019 enforcement action brought by the CFTC charging Reynolds, conducting business as Control-Finance Limited, with fraud and misappropriation. [See CFTC Press Release No. 7938-19]

Case Background

Between May 2017 and October 2017, Reynolds used a public website, various social media accounts, and email communications to solicit at least 22,190.542 bitcoin, valued at approximately $143 million at the time, from more than 1,000 customers worldwide, including at least 169 individuals residing in the U.S. 

Among other things, Reynolds falsely represented to customers that Control-Finance traded their bitcoin deposits in virtual currency markets and employed specialized virtual currency traders who generated guaranteed trading profits for all customers. He also constructed an elaborate affiliate marketing network that relied on fraudulently promising to pay outsized referral profits, rewards, and bonuses to encourage customers to refer new customers to Control-Finance. In fact, Reynolds made no trades on customers’ behalf, earned no trading profits for them, and paid them no referral rewards or bonuses. While Reynolds represented that he would return all bitcoin deposits to customers of Control-Finance by late October 2017, he never did and instead retained the deposits for his own personal use. Customers lost most or all of their bitcoin deposits as a result of the scheme.

The CFTC cautions victims that restitution orders may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure wrongdoers are held accountable.

The CFTC appreciates the assistance of the British Columbia Securities Commission and the UK Financial Conduct Authority. 

The Division of Enforcement staff members responsible for this action are Dmitriy Vilenskiy, Kyong J. Koh, Julia C. Colarusso, Hillary Van Tassel, Jonah E. McCarthy, A. Daniel Ullman II, Luke B. Marsh, and Paul G. Hayeck. Additionally, Daniel J. Grimm and John Einstman contributed to the case while members of the Division of Enforcement. CFTC staff members, Christopher Giglio, Lauren Fulks, and Mary Lutz, also assisted in this matter.

FCA warns that younger investors are taking on big financial risks

The Financial Conduct Authority (FCA) has published research findings into better understanding investors who engage in high-risk investments like cryptocurrencies and foreign exchange.

The findings reveal there is a new, younger, more diverse group of consumers getting involved in higher risk investments, potentially prompted in part by the accessibility offered by new investment apps. However, there is evidence that these higher risk products may not always be suitable for these consumers’ needs as nearly two thirds (59%) claim that a significant investment loss would have a fundamental impact on their current or future lifestyle.

The research found that for many investors, emotions and feelings such as enjoying the thrill of investing, and social factors like the status that comes from a sense of ownership in the companies they invest in, were key reasons behind their decisions to invest. This is particularly true for those investing in high-risk products for whom the challenge, competition and novelty are more important than conventional, more functional reasons for investing like wanting to make their money work harder or save for their retirement. 38% of those surveyed did not list a single functional reason for investing in their top 3.

Sheldon Mills, Executive Director, Consumer and Competition at the FCA said: ‘Much of the consumer investments market meets consumers’ needs. But we are worried that some investors are being tempted – often through online adverts or high-pressure sales tactics – into buying higher-risk products that are very unlikely to be suitable for them.

‘This research has helped us better understand what drives and motivates consumers so we can tell them about the risks involved in these investments through our investment harm campaign.

‘We want to make sure that we encourage the ability to save and invest for lifetime events, particularly for younger generations, but it is imperative that consumers do so with savings and investment products that have a suitable level of risk for their needs. Investors need to be mindful of their overall risk appetite, diversifying their investments and only investing money they can afford to lose in high risk products.

‘We also hope our research will provide valuable insights for other organisations that are involved in tackling harm in this market.’

The research shows that investors often have high confidence and claimed knowledge. However, it also shows a lack of awareness and/or belief in the risks of investing, with over 4 in 10 not viewing ‘losing some money’ as one of the risks of investing, even though as with most investments their whole capital is at risk. In some cases, investors can lose more than they initially invested for example with contract for difference investments. These investors also have a strong reliance on gut instinct and rules of thumb, with almost four in five (78%) agreeing “I trust my instincts to tell me when it’s time to buy and to sell” and 78% also agreeing “There are certain investment types, sectors or companies I consider a ‘safe bet’”.

Research findings indicate that this newer audience has a more diverse set of characteristics than traditional investors. They tend to skew more towards being female, under 40 and from a BAME background. This newer group of self-investors are more reliant on contemporary media (e.g. YouTube, social media) for tips and news. This trend appears to be prompted by the accessibility offered by new investment apps.

These younger investors may have the lowest levels of financial resilience making them more vulnerable to investment loss. Research showed that a significant loss could have a fundamental lifestyle impact on 59% of self-directed investors with less than 3 years’ experience, who are more likely to own high risk investment products, compared with 38% of investors with greater than 3 years’ experience.

Tackling harm in the consumer investment market is a priority for the FCA. The FCA commissioned BritainThinks to conduct in-depth research into self-directed investors’ behaviours, attitudes and financial resilience. Together with feedback from its Call for Input on the consumer investment market, this research will underpin the FCA’s work in the consumer investment market. In particular, the research will help design a new campaign to address the harm caused from consumers investing in high risk, high return, illiquid investments that may not be suitable for their needs.

Alongside the publication of this research, the FCA has today launched its digital disruption campaign to prevent investment harm. The campaign uses online advertising to disrupt investors’ journeys and drive them to the high return investments webpage – which covers key questions consumers should ask before investing.

The FCA advises consumers to consider five important questions before they invest: 

  1. Am I comfortable with the level of risk?
  2. Do I fully understand the investment being offered to me?
  3. Am I protected if things go wrong?
  4. Are my investments regulated?
  5. Should I get financial advice?

The FCA has recently published work to tackle consumer harm in the investment market including banning the mass-marketing of speculative mini-bonds and will set out its further plans later this year. The regulator also published a warning to consumers on the dangers of investments advertising high returns based on cryptoassets.

CFTC Orders Coinbase Inc. to Pay $6.5 Million for False, Misleading, or Inaccurate Reporting and Wash Trading

The Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against digital asset exchange operator Coinbase Inc., based in San Francisco, California, for reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase’s GDAX platform.

The order requires Coinbase to pay a civil monetary penalty of $6.5 million and to cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, as charged.

“Reporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing,” said Acting Director of Enforcement Vincent McGonagle. “This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.”

Case Background

According to the order, between January 2015 and September 2018, Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated. During this period, Coinbase operated two automated trading programs, Hedger and Replicator, which generated orders that at times matched with one another. The GDAX Trading Rules specifically disclosed that Coinbase was trading on GDAX, but failed to disclose that Coinbase was operating more than one trading program and trading through multiple accounts.

In addition, the order finds that while Hedger and Replicator had independent purposes, in practice the programs matched orders with one another in certain trading pairs, resulting in trades between accounts owned by Coinbase. Coinbase included the information for these transactions on its website and provided that information to reporting services, either directly or through access to its website. Reporting firms such as Crypto Facilities Ltd., which publishes the CME Bitcoin Real Time Index, and CoinMarketCap OpCo, LLC, which posts such transactional information on its website, received access to Coinbase’s transactional information via Coinbase’s Application Programming Interface, while the NYSE Bitcoin Index, received it directly in transmissions from Coinbase. According to the order, transactional information of this type is used by market participants for price discovery related to trading or owning digital assets, and potentially resulted in a perceived volume and level of liquidity of digital assets, including Bitcoin, that was false, misleading, or inaccurate. 

The order also finds that over a six-week period—August through September 2016—a former Coinbase employee used a manipulative or deceptive device by intentionally placing buy and sell orders in the Litecoin/Bitcoin trading pair on GDAX that matched each other as wash trades. This created the misleading appearance of liquidity and trading interest in Litecoin. Coinbase is therefore found to be vicariously liable as a principal for this employee’s conduct.

The Division of Enforcement staff members responsible for this case are Jon J. Kramer, Bryan T. Hsueh, Elizabeth N. Pendleton, Scott R. Williamson, and Robert T. Howell.

Bordier & Cie SCmA to offer cryptocurrencies to their customers* via Sygnum’s all-in-one B2B banking platform

Bordier & Cie SCmA, a leading Swiss private bank founded in 1844, has expanded its offering to include cryptocurrencies by incorporating Sygnum’s B2B banking platform. This partnership enables Bordier’s clients* to invest today in the digital asset economy with complete trust, and lays the foundation for a broader offering of regulated digital asset products and services, including sophisticated trading strategies with options, and the ability to invest in previously hard-to-access asset classes via tokenization.

  • Bordier clients can now securely buy, hold and trade cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and Tezos, and gain diversified exposure via Sygnum’s suite of digital asset management products.
  • Total market capitalisation of cryptocurrencies increased almost four-fold in 2020, making it the best-performing asset class and a powerful tool for portfolio diversification – thus also increasing client-demand.
  • In under 60 days, Bordier & Cie was able to fully integrate Sygnum’s B2B banking platform and offer seamless access to digital assets to their own clients.

Driven by increasing client demand, Bordier has expanded its private banking services to include digital assets through a partnership with Sygnum Bank, leveraging the latter’s B2B banking platform. Sygnum’s all-in-one digital asset solution is seamlessly integrated with Bordier’s existing infrastructure. At this stage, clients* of Bordier can now buy, hold, and trade cryptocurrencies on an execution only basis. They can trade Bitcoin, Ethereum, Bitcoin Cash and Tezos, with the highest level of security and compliance provided by a Swiss regulated bank. The offering will be extended as clients become more at ease with the simplicity of the new service.

Investment diversification via cryptocurrencies has gained significant momentum

Cryptocurrencies have gained significant momentum in the past year, with total market capitalisation increasing almost fourfold to reach USD 1 trillion – making it the best-performing asset class in 2020. In a portfolio context, cryptocurrencies’ high-growth and low-correlation to traditional assets makes them a powerful tool to enhance diversification and achieve superior risk-adjusted returns. Bitcoin, in particular, which many see as the new “digital gold” due to its ability to hedge against inflationary pressure, has seen strong institutional adoption as an alternative investment.

Evrard Bordier, Bordier & Cie’s SCmA Managing Partner, says “We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets. By partnering with Sygnum Bank, we are providing our clients* with a one-stop, integrated solution while empowering them to invest in this new, high growth asset class with complete trust.”

Sygnum’s all-in-one, the integrated solution delivered quickly

Sygnum’s B2B banking platform is an integrated digital asset solution encompassing not only the technical infrastructure but also compliance as a service, research, and sales education as well as access to a broad range of digital asset products. With seamless integration and a modular set-up, Bordier was able to design, customise and implement their own secure digital asset offering with a short time to market of less than 60 days.

In this partnership, Sygnum provided the digital asset specialist expertise and an all-in-one, market-ready B2B banking platform which includes the safekeeping of private keys, selection of and connectivity to liquidity providers, digital asset AML, and transaction monitoring. Bordier & Cie will continue to manage its client* relationships, and clients* will be able to access Sygnum’s suite of digital asset management products. This new integration is aimed at simplifying the transactional process for clients, providing them with the option to invest in the asset class at their own convenience, and eliminating the need for multiple channels.

“Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients*. Bordier’s timeless values and Sygnum Bank’s vision for Future Finance is a powerful combination in the changing financial landscape,” adds Mathias Imbach, Sygnum Bank’s Group CEO.

* “execution only” clients

Toronto Stock Exchange Lists World’s First Bitcoin ETF

TSX welcomes Purpose Investments Inc. and celebrates with a virtual market close tomorrow

Toronto Stock Exchange (TSX) announced the world’s first bitcoin exchange traded fund (ETF), Purpose Bitcoin ETF, began trading under the symbols TSX: BTCC.B (Canadian dollar denominated ETF non-currency hedged units) and TSX: BTCC.U (U.S. dollar denominated ETF non-currency hedged units).

Purpose Bitcoin ETF is the first direct custody bitcoin ETF in the world. It’s designed to provide investors with exposure to the leading cryptocurrency by investing directly in physically settled bitcoin.

To celebrate this milestone, Som Seif, Founder & CEO, Purpose Investments, and the Purpose Investments team will virtually close the market tomorrow, February 19, 2021.

“On behalf of Toronto Stock Exchange, I’d like to congratulate Purpose Investments, a true industry pioneer, on this huge achievement,” said Loui Anastasopoulos, President, Capital Formation and Enterprise Marketing Officer, TMX Group. “The launch of trading in the world’s first publicly-listed bitcoin ETF establishes another important milestone for Canada’s markets as we strive to innovate to serve the evolving needs of clients across our marketplace. As the ETF industry and the broader investment landscape continues to expand and new sectors like blockchain and cryptocurrency and others emerge, we would like to acknowledge the dedicated efforts of stakeholders across our world-leading ecosystem, including regulators, for working to ensure Canada remains a leading marketplace for companies to access growth capital and for investors to participate in that growth.”

“We are so happy to be able to offer this innovation to investors, making the process of owning Bitcoin easier than ever, thanks in part to our friends at the Toronto Stock Exchange. We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset, further cementing the investment opportunity it presents,” said Mr. Seif. “Driving forward to be the leader in cryptocurrency investing is a testament to Purpose’s goal of providing investors with alternative investment solutions that are not based off of traditional benchmarks.”

As the ETF has grown into a leading global investment vehicle, the Canadian ETF market has remained at the forefront of the industry. At year-end 2020, there were 794 ETFs listed that held almost $250 billion in AUM.

For more information, including a full list of ETFs listed on TSX, visit tmx.com.

For Market Closes: Media may pick up a feed from the TOC (television operations centre) for all market close ceremonies. The feed is named TSX Transmit 1 (HD-SDI) and is produced at the TMX Market Centre and sent live to the TOC. To pick up the feed via the Dejero network, please contact avservices@tmx.com. The client feature video will begin playing on the TMX media wall at approximately 3:59 p.m. ET and the markets will close with the sound of a siren at 4:00 p.m. ET.

BNY Mellon Forms New Digital Assets Unit to Build Industry’s First Multi-Asset Digital Platform

New, innovative initiative will help accelerate the development of enterprise solutions to service the rapidly evolving digital asset space

BNY Mellon today announced the formation of a new enterprise Digital Assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies. The cross-functional, cross-business team, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, is currently developing a client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field. Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.”  

“The Digital Assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets,” said Demissie. “Consistent with our open-architecture approach, the unit will leverage BNY Mellon’s digital expertise and leading technologies from fintechs and other collaborators to speed up product development and help our clients tap into the best available solutions in the market.”

The Digital Asset unit will build on BNY Mellon’s digital savvy and strong expertise in investment services and investment management. By leveraging advanced solutions such as blockchain, the technology behind digital assets, BNY Mellon will improve custody and other investment services.

“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, head of Custody at BNY Mellon. “Building the bridge between the traditional and digital spaces will create a front-to-back ecosystem for innovation. Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments where BNY Mellon is a key service provider.”