Morgan Stanley created a new research division that aims to investigate the development of crypto assets and for this it appointed Sheena Shah as the main cryptocurrency analyst.  Shah comes from playing a crucial role as Morgan Stanley’s “chief currency strategist covering G10 currencies for over eight years and contributed to the bank’s cryptocurrency-related research efforts.”

As part of her new responsibilities, Sheena Shah will focus on studying “the impact of cryptocurrencies on stocks and fixed-income investments, such as treasury and corporate bonds.”

The decision was disseminated through an internal statement to the staff of the financial institution, in which the bank’s board of directors stressed that the formation and launch of a group of people dedicated to cryptocurrency research is due to the increase and importance that has been obtaining this type of digital assets in the world market.

Morgan Stanley, for about a year, has been breaking into the digital asset market, increasing its direct manifestation to Bitcoin through different “Grayscale Investments investment funds”. According to unofficial information, the financial institution “allegedly introduced an investment tool in Bitcoin for millionaire clients.”

The information on the formation of this research group is provided at a time when the traditional financial system is creating and applying strategies that allow it to adapt to the new cryptocurrency market, which is growing surprisingly, “going from about 350,000 million from dollars a year ago to 2.1 trillion today.”

The largest banks in the US are creating a unit within their organizational structure for digital assets. In July the Bank of America instituted a cryptocurrency research division. Previously, State Street had announced its division on digital finance and the big Wall Street banks, JPMorgan and Goldman Sachs Group, also implemented cryptocurrency trading services in 2021.

M. Rodríguez

Source: cointelegraph

La entrada Morgan Stanley launches cryptocurrency research team apareció primero en Bitfinance.

Coinbase President and Chief Operating Officer Emilie Choi reported that the reserves that support the USD Coin (USDC) stablecoin will be fully secured in cash and US government treasury bonds.

This was established by the CENTER consortium, in collaboration with Coinbase and the financial services company, blockchain Circle, responsible for issuing the USD Coin, who declared that “it will soon be held entirely in cash and US Treasury bonds of short duration.”

Choi used her Twitter account to report the reasons for the policy change, which is a consequence of “a backlash against USDC reserves that expanded beyond cash, cash equivalents and bonds from the US Treasury.”

She also indicated that they had not been able to report the changes originated in the cryptocurrency reserves and that “exacerbated public concern regarding the support of the stablecoin.” They admitted the mistake in not updating the information on the website in July when the Circle company first included a more diversified investment group.

The Coinbase president noted that the policy change will take effect from September, highlighting that the next two certification reports will continue to publish a “diversified portfolio for stable token reserves.”

For the month of May, the USDC certification report showed that the currency was backed 61 % by “cash and cash equivalents and 12 % by US Treasury bonds.”

M. Rodríguez

Source: ezanime.net

La entrada USDC to consolidate capital in cash and Treasury bonds apareció primero en Bitfinance.

The oldest bank in the United States, BNY Mellon, has reported on its new plans to safeguard bitcoin and other crypto, in order to hold, transfer and issue digital assets under the form of asset manager on behalf of its clients.

The initiative comes after institutional investors, corresponding to the top ranks of BNY Mellon’s clientele, insisted on this measure after seeing the significant impact that cryptos have manifested in the financial market on a global scale.

As the Wall Street Journal points out, BNY Mellon is not the first in traditional finance to adopt digital assets. Other companies like Fidelity Investments have also joined the management of cryptocurrencies, due to the impact they have on the traditional world.

According to the report issued by the entity where it announces the new measures, it is specified that BNY Mellon plans to execute its plan through a platform, now in a prototype version, which will also be used to manage traditional holdings such as Treasury bonds and stocks.

However, the old bank has not placed limits on the type of cryptocurrencies it will guard, what is known is that a specialized team of bank executives, led by Mike Demissie, will be in charge of supervising the integration of custody and cryptocurrency management in all the bank’s businesses.

K.Villarroel

Source: cointelegraph

La entrada US bank BNY Mellon will offer bitcoin services apareció primero en Bitfinance.