Traditional financial companies are increasingly connecting services, portfolios and operations to digital assets, taking advantage of the crypto winter to create and discover a suitable market for crypto-related solutions.
Recent examples include Deutsche Bank’s asset management arm, DWS. announced a new venture To jointly issue a euro-denominated stablecoin with Galaxy Digital and Flow Traders. In another development, oil company Saudi Aramco signed an agreement With financial services firm SBI Holdings regarding potential collaboration on digital assets and co-investment in SBI’s digital asset portfolio.
Meanwhile, in the United Kingdom, pension fund M&G Have invested 20 million dollars In the country’s first regulated bitcoin (B T c) Derivatives Exchange, Global Futures and Options Holdings.
Crypto companies are also gearing up to receive additional demand from institutional investors in 2024. On December 13, the Iota Foundation announced integration with Fireblocks To allow tokenization Of real-world assets.
Check out this week’s Crypto Biz to learn more about the continuing transformation of the finance landscape, including S&P Global’s stablecoin rating, WorldCoin’s retail integration, and Coinbase’s international crypto spot trading.
Japan’s SBI looks to Saudi Aramco to continue expansion in the Middle East
Japanese financial services firm SBI Holdings and Saudi Arabia’s state-owned oil company Saudi Aramco Thinking of forming a team On digital asset investments and semiconductor production projects. The two signed a Memorandum of Understanding on cooperation which includes the establishment of SBI Middle East in Riyadh as a base for regional operations. According to the document, SBI and Saudi Aramco will consider collaborating on digital assets and co-investing in their digital asset portfolios. They may also identify Japanese digital asset startups interested in expanding in Saudi Arabia and begin semiconductor production projects in both countries.
S&P Global Launches Stablecoin Ratings, Gives GUSD, USDP, USDC Top Ranks
S&P Global has launched a stablecoin stability assessment Analysis of eight stablecoins. Initially, neither of them received the best ratings, but the two stablecoins were given the lowest ratings for their ability to maintain fiat pegs. According to S&P Global, ratings evaluate asset quality risks, factors that mitigate them, governance, legal and regulatory framework, callability, liquidity, technology and third-party dependencies. Gemini Dollar (GUSD), Pax Dollar (USDP) and USD Coin (usdc) received a rating of 2 (Strong), the highest given. TrueUSD (TUSD) and Frax (FRAX) both received a rating of 5, which was attributed to TrueUSD’s inadequate information disclosure and Frax’s ongoing reliance on algorithms.
Crypto may not care, but the much larger mainstream will. S&P issues stablecoin ratings using a 1-5 score.
1 “Very Strong” None
2 “Strong” USDC/USDP/GUSD
3 No one is “enough”
4 “Disrupted” USDT/FDUSD/DAI
5 “Weak”Frex/TUSDhttps://t.co/D1VkXZ3NkG– Novacula Occami (@OccamiCrypto) 12 December 2023
WorldCoin integrates with Shopify, Mercado Libre, Minecraft, Reddit, and Telegram
worldcoin has launched a new version Its World ID feature allows users to prove their humanity on Shopify, Mercado Libre, Reddit, and Telegram. The new feature, called “World ID 2.0”, allows developers to choose between different levels of authentication, ranging from “Lite” to “Max”. The startup claimed that the new features will help reduce the harm caused by bots without requiring users to give their personal information to the apps they use. Other integrations for WorldCoin include Discord, Talent Protocol, and Okta’s Auth0.
Coinbase launches spot crypto trading for institutional investors outside the United States
coinbase Availability of crypto trading services announced For institutional investors on its international exchange, allowing them to trade Bitcoin and Ether (ETH) against the USD coin in the spot market. Over time, the exchange plans to expand the service to include retail investors. Coinbase launched its international exchange in May, starting with perpetual futures trading of BTC and ETH for institutional investors, and expanded to provide similar services to retail traders in September. In the US, the exchange faced a lawsuit filed by the US Securities and Exchange Commission in June for allegedly operating as an unregistered securities exchange, broker and clearing agency.
We are excited to announce the next phase of our Coinbase International Exchange expansion – the launch of non-US spot markets for eligible clients, designed to meet the unique needs and demands of our global user base. pic.twitter.com/JWEChT5BDa
– Coinbase ️ (@coinbase) 13 December 2023
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