Frictionless Markets Partners with Coinbase Prime for Trade, Execution, and Custody Services
- In line with our mission to create seamless, secure, and efficient financial solutions, we are excited to announce our decision to partner with Coinbase Prime for our trade, execution, and custody services. This strategic collaboration reflects our commitment to providing the highest level of security, liquidity, and performance for our institutional clients and investors.
The Frictionless BTC Yielding Money Market Fund
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On Tuesday 8th of October, we will be formally announcing the Frictionless BTC Yielding Money Market Fund, including its structure, yield mechanics, and how counterparties can participate.
- The Frictionless BTC Yielding Money Market Fund is a unique strategy that combines the stability of traditional money market funds (MMFs) with the growth potential of Bitcoin (BTC). This fund offers a principal-protected investment vehicle where investors can earn daily yields in BTC instead of traditional fiat currencies.
Taurus and Chainlink Partnership: Accelerating Tokenized Asset Adoption
- Taurus, founded in 2018, is a leading digital asset infrastructure platform that provides enterprise-grade solutions for banks and traditional financial institutions to issue, custody, and trade a range of digital assets. Chainlink, on the other hand, is the primary developer of Chainlink, an industry-standard decentralized computing platform that has securely enabled over $15 trillion in transaction value. Chainlink is known for its decentralized oracle network, which provides critical off-chain data and services to blockchain networks.The partnership between Taurus and Chainlink aims to accelerate the adoption of tokenized assets by global financial institutions.
- This collaboration addresses three key challenges in the tokenized asset space: security, data integrity, and asset mobility. Taurus will integrate Chainlink's full stack of essential tokenization infrastructure, including Data Feeds for market pricing and reference data, Proof of Reserve (PoR) for preventing over-issuance risks and improving transparency, and Cross-Chain Interoperability Protocol (CCIP) for enabling seamless transfer of tokenized assets across different blockchain networks. By leveraging Chainlink's infrastructure, Taurus will enhance the utility and liquidity of tokenized assets for its institutional clients, offering faster time-to-market, increased liquidity through cross-chain interoperability, and improved security.
Chainlink and ANZ Bank Collaborate in Singapore's Project Guardian
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Chainlink, a leading provider of decentralized oracle networks, has partnered with ANZ, one of Australia's largest banks, as part of Singapore's Project Guardian. This collaboration aims to enable secure cross-chain exchange of tokenized real-world assets and explore broader access to tokenized real-world assets in financial markets. By leveraging Chainlink's Cross-Chain Interoperability Protocol (CCIP), the partnership seeks to address the fragmentation in tokenized asset markets and enhance the interoperability of blockchain networks.
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Singapore's proactive approach to blockchain and cryptocurrency regulation has created an ideal environment for such partnerships to flourish. The city-state has positioned itself as a global blockchain hub, fostering innovation while maintaining rigorous standards. Project Guardian, initiated by the Monetary Authority of Singapore (MAS), exemplifies this approach by bringing together financial institutions, fintech companies, and technology providers to explore the potential of asset tokenization and decentralized finance (DeFi). The Chainlink-ANZ collaboration within this framework demonstrates Singapore's commitment to advancing blockchain technology in the financial sector and its ability to attract significant players in the industry.
Ripple's Strategic Expansion in Brazil
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Ripple, a leading provider of digital asset infrastructure, has made significant strides in expanding its presence in Brazil, Latin America's largest cryptocurrency market. The company first established its local office in Brazil in 2019, recognizing the country's potential for growth in the crypto and blockchain sector. In 2022, Ripple launched its first crypto-enabled payment service in the country through a partnership with Travelex Bank, marking its initial foray into Brazil's financial ecosystem.Most recently, Ripple has announced the launch of Ripple Payments in Brazil, partnering with Mercado Bitcoin, Latin America's largest cryptocurrency exchange.
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This collaboration introduces Ripple's managed end-to-end payments solution to the Brazilian market, enabling faster, cheaper, and more efficient cross-border transactions using blockchain technology. Initially, Mercado Bitcoin will use the solution to streamline its internal treasury operations between Brazil and Portugal, with plans to expand support for international payments for both corporate and retail clients in the future. This expansion is particularly significant given Brazil's progressive approach to cryptocurrency regulation, its leadership in the market, and the growing institutional and developer adoption in the country. Ripple's move into Brazil aligns with the country's position as a key player in the global cryptocurrency landscape, as evidenced by its recent ranking among the top 10 countries in Chainalysis' Global Adoption Index for 2024.
Japan's FSA Launches Comprehensive Crypto Regulatory Review
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Japan's Financial Services Agency (FSA) has initiated a thorough review of the country's cryptocurrency regulations, aiming to assess the effectiveness of current rules under the Payments Services Act (PSA). This review, set to take place over the coming months, is primarily focused on evaluating whether the existing regulatory framework adequately protects investors, given that cryptocurrencies in Japan are predominantly used for investment rather than payments. The FSA's examination could potentially lead to significant changes in how digital assets are classified and regulated in the country.
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The outcomes of this review could have far-reaching implications for Japan's crypto landscape. Potential changes include the reclassification of cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act (FIEA), which could enhance investor protection measures. This shift might also pave the way for the more favourable tax treatment of crypto profits, potentially reducing the maximum tax rate from 55% to 20%. Additionally, the review could open the door for the introduction of cryptocurrency exchange-traded funds (ETFs) in Japan, a move that would significantly expand investment options in the digital asset space. These potential reforms align with Japan's broader efforts to balance innovation in the crypto sector with robust investor safeguards, potentially solidifying its position as a key player in the global cryptocurrency market.
SEC Leadership Change Signals Potential Shift in Crypto Regulation Approach
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The U.S. Securities and Exchange Commission (SEC) is undergoing a significant leadership change with the departure of Gurbir Grewal, the agency's Enforcement Director, effective October 11, 2024. Grewal, who led over 100 enforcement actions against crypto firms during his three-year tenure, was a key architect of the SEC's "regulation by enforcement" strategy in the cryptocurrency space. His exit comes after several legal defeats for the SEC in crypto-related cases and has sparked speculation about potential shifts in the agency's approach to digital asset regulation.
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While Grewal's departure could signal a change in the SEC's aggressive stance towards crypto regulation, the agency continues to pursue legal actions in the space, as evidenced by their recent appeal of a court decision regarding Ripple's XRP token. The incoming acting director, Sanjay Wadhwa, may bring a different perspective to crypto enforcement, though it's too early to predict specific changes. This leadership transition creates some uncertainty about the future direction of crypto regulation in the U.S., with the industry closely watching for any signs of a shift in the SEC's approach. However, it's important to note that the SEC's overall stance on crypto regulation is influenced by multiple factors, including broader policy directives and legal precedents, beyond just personnel changes.