Wall Street is ready to take over Crypto!
Wall Street is ready to take over Crypto and the biggest players made their first steps in 2023!
It’s going to be a wild 2024, and here’s what Wall Street did this year:
1. JPMorgan Chase & Co. Chase introduced euro-denominated payments to its blockchain system JPM Coin in June, letting companies shift cash automatically through programmable payments. BlackRock used JPMorgan’s Tokenized Collateral Network to turn shares in one of its money market funds into digital tokens, which were then transferred to Barclays as collateral for an over-the-counter derivatives trade.
2. Societe Generale crypto asset subsidiary Societe Generale — FORGE issued a euro-denominated stablecoin on the Ethereum blockchain, listed on crypto exchange Bitstamp. AXA Investment Managers used the stablecoin to purchase Societe Generale’s digital green bond that month.
3. Citi started piloting Citi Token Services, transforming customers’ deposits into digital tokens that can be sent instantly anywhere in the world. It is also working alongside an interoperable network for wholesale payments called the Regulated Liability Network. Citi became the first digital custodian participant in fractional bond.
4. HSBC launched a platform that uses DLT to tokenize ownership of physical gold held in its London vault and plans to offer institutional clients a custody service for tokenized securities.
5. Euroclear launched a platform for issuing traditional securities using blockchain which was used by The World Bank to raise €100 million through a digital note. The note was listed on the Luxembourg Stock Exchange. Citigroup acted as the issuing and paying agent, TD Securities as the dealer and Euroclear Bank was the issuer central securities depository in the transaction.
6. Franklin Templeton used the Polygon Labs blockchain to process transactions and record share ownership for a US-registered mutual fund and later applied for a spot Bitcoin ETF.
7. PayPal launched its US-dollar-denominated stablecoin PYUSD.
8. Fnality International digital payments system had processed its first sterling transactions. The platform enabled Lloyd’s, Santander, and UBS to transact in a digital cash asset-backed 1-to-1 by funds at the Bank of England. A month earlier it raised £77.7 million in a funding round led by Goldman Sachs and BNP Paribas.
9. DWS Group and Flow Traders teamed up with Galaxy to form a new company that will issue a euro-denominated stablecoin.
10. MoneyGram International enabled customers to use a stablecoin and blockchain infrastructure to send remittances.
11. The Depository Trust & Clearing Corporation (DTCC) is the main clearinghouse for the US stock market-acquired blockchain startup Securrency, whose technology could allow DTCC to facilitate the issuance of securities like exchange-traded funds on blockchain networks.
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