Banks Who Choose the Block Chain Can Save $20 Billion Per Year
One of the less-discussed features of digital currencies are how they can help existing financial institutions. In the crypto world, we like to talk more about how Bitcoin and others enable us to have no need of the banks. More recently, there has been a lot of buzz around how the real winner of the cryptocurrency movement has been the revolution of block chain technology, the decentralized ledger which underpins Bitcoin and others and is integral to its function. Without the block chain, there is nothing special about Bitcoin, and without bitcoins, say many, there is no incentive to....
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Blythe Masters, the Wall Street banker famous for being called "the woman who invented financial weapons of mass destruction" in regards to credit default swaps, a key misuse of which contributed greatly to the financial meltdown at the end of the last decade, has made yet another move in the cryptocurrency space. The firm she heads, Digital Asset Holdings, has acquired two start-ups in the space the firm aims to reign in: HyperLedger and Bits of Proof. HyperLedger may seem familiar, as it has made headline after headline. The "distributed asset ledger" company did not focus solely on....
Bitcoin will be the sixth largest global reserve currency by 2030, according to research by Silicon Valley investment firm Magister Advisors, which surveyed some 30 block chain companies, the International Business Times reported. The research also indicates banks will invest $1 billion in block chain technology in the next few years and that the block chain will become the rails on which finance runs. Block chain is "without question" the most important enterprise IT development in a decade, said Jeremy Millar, a partner in the investment firm. He characterized the block chain as being on....
Credit those who are trying to bring the transparency and security of the block chain to the chaotic financial markets. They recognize the need for a reliable mechanism to prevent the type of disaster visited upon the credit default swaps (CDS) market this past weekend. A cadre of financial institutions agreed in principle to a $1.87 billion settlement for allegedly conspiring to muzzle competition in the CDS market. The complete story behind this record settlement could take years to unravel. U. S. and European regulators are still investigating. In the meantime, the growing chorus of....
Nine of the largest investment banks have partnered with a block chain startup to integrate the block chain into financial services. Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS all formed a partnership with a block chain oriented firm to create industry standards for using block chain technology in banking. The initiative is led by New York and London startup R3, whose CEO David Rutter spent 32-years on Wall Street. Financial Times has reported Goldman Sachs have also partnered with R3. The block chain is a major....
The adoption of block chain technology will revolutionize capital markets as early as next year, according to a report by TABB research carried by CNBC TV. The report noted that the adoption is not a matter of if, but when. The TABB Group is a New York City-based company that provides insight on securities and investment management. The block chain, the report noted, serves as a big, decentralized ledger that records transaction information and stores it on a global network that can't be tampered with. It noted that R3, a fintech company, leads a 20-bank consortium that is developing a....