Palmatrix

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. #wallstreet #blockchain #crypto #blackrock #paypal

2023 was the year Wall Street dipped its toes into blockchain Major financial firms like JPMorgan Chase & Co., HSBC, and Franklin Templeton are part of the "blockchain yes, but not crypto" agenda. Is it just a tech upgrade of the banks' back-office or a revolution? Look at the Bloomberg summary and make your own conclusions - there's definitely something cooking among the big players. A bold step or a risky gamble? Time will tell. #blockchai #wallstreet #bloomberg #crypto #2023year Follow me 👉 & hit the 🔔 on my LinkedIn to receive all content. 📲 Share with your network. ✍️ Provide feedback in comments. 📩 DM me if you want to speak more.

Swiss regulator warned Credit Suisse of a crisis back in the summer of 2022 but the government decided to sell the failed bank to UBS You just need to read the last paragraph of FINMA's report to fully understand what happened in the collapse of Credit Suisse. In March of 2023, the government changed laws overnight and sold the failed bank to UBS for peanuts (lawsuit by shareholders ongoing). See below the last paragraph: "FINMA also recognised the potential risk of the bank’s destabilisation at an early stage, and intensified its supervisory activities accordingly. Therefore, back in summer 2022 it asked the bank to put in place specific measures in preparation for a crisis, such as the sale of parts of the business, and later also the sale of the whole bank. For its part, FINMA simultaneously prepared for the possible restructuring of the bank. In March 2023, FINMA had prepared for the restructuring, so that this was available as an alternative scenario. However, the authorities came to the conclusion that the takeover of Credit Suisse by UBS was the fastest way to stabilise the situation and involved a lower risk" If you would like to get the full report, write "CS PDF" in the comments and I'll DM it to you. H/t to Loïc Staub #creditsuisse #finma #ubs Follow me 👉 & hit the 🔔 on my LinkedIn to receive all content. 📲 Share with your network. ✍️ Provide feedback in comments. 📩 DM me if you want to speak more.

The UK is set to launch a crypto sandbox. The sandbox is designed to explore DLT and how it can improve the UK's financial market infrastructure. Starting Jan. 8, 2024 the Financial Services and Markets Act of 2023 will apply to companies participating in and applying to the Digital Security Sandbox. https://lnkd.in/ebr8GPEC

🚀 It's finally out! 🚀 Today, together with INATBA - International Association for Trusted Blockchain Applications, Blockchain for Europe, and the European Blockchain Association e.V., we released a collaborative manifesto outlining a strategic vision for blockchain technology's role in advancing the EU's economic and societal future! We had the honour to present the manifesto during the Blockchain for Industry Conference, organised by the European Commission’s DG GROW. The document, strategically presented ahead of the upcoming European Parliament elections and the selection of a new College of the European Commission, emphasises the need for a cooperative approach involving policymakers, businesses, academia, and civil society to achieve the transformative potential of blockchain. It calls for regulations guided by proportionality to protect consumers without hindering innovation, stressing the importance of informed oversight through engagement with industry experts. Asserting the EU's commitment to fostering cooperation with citizens and advocacy groups, the manifesto underscores shared values of decentralisation, privacy, security, transparency, sustainability, and compliance with legal and regulatory frameworks. It challenges the EU to extend the reach of blockchain beyond IT and finance to become the cornerstone of a more transparent, empowering, and trusted internet. We urge the EU to synchronise its policies and services, advocating for standardisation to strengthen competitiveness and innovation within the Single Market and increased work in establishing public-private partnerships, following the already observable example of the European Digital Identity Wallet. The manifesto highlights the potential of blockchain to revolutionise global trade, enhance cybersecurity, and facilitate participatory decision-making processes. Addressing the environmental agenda, the manifesto aligns blockchain's capabilities with the European Green Deal's objectives, offering solutions for carbon tracking, sustainable supply chain management, and smart city development. In the domain of digital transformation, we encourage the consolidation of the EU's data economy through universally accessible digital services, leveraging cryptographic technologies that align with privacy and anti-money laundering standards. Our pledge is clear: blockchain is not merely a technological novelty but a strategic tool for societal and economic enrichment. In conclusion, we urge all stakeholders to champion an EU framework that fosters economic competitiveness, social justice, sustainability, and a future-oriented digital landscape, safeguarding the well-being and rights of every individual. You can read and sign the manifesto here: https://lnkd.in/dTUbEXKK #UnitedForEurope 🤝 #CryptoRegulation

Today I oficially ended my position at Palmatrix. It was exciting and full of challenges. All good to Palmatrix on further path.