Benedek Orban

🚨 Tokenisation, stablecoins, staking - what's next for the UK?🚨 Two speeches of note today at the City & Financial Global Tokenisation Summit. 1️⃣ Sasha Mills, Executive Director for Financial Market Infrastructure at the Bank of England, talked about innovation in wholesale financial markets. 2️⃣ Tulip Siddiq, Economic Secretary to the Treasury, talked about the government's plans for crypto, stablecoins and staking. 🤔 What did they say? 1️⃣ Sasha Mills, on innovation in wholesale financial markets: Digitisation has been the combustion engine of financial markets, transforming paper-based systems to computer-based activity, on to the digital systems of today. Tokenisation can further revolutionise financial markets. Not a novel concept – but the real innovation is the type of infrastructure on which that token sits, and what that enables. ✅ Distributed ledgers can reduce the need for a single central party to perform record-keeping on the ledger. ✅ No single point of failure in how critical data is stored. ✅ Cryptographic techniques to secure data can reduce risk by improving the security and integrity of financial transactions ✅ Programmability has facilitated the consolidation and collapsing of the trade and post-trade functions, resulting in reduced settlement risk, and unprecedented efficiency gains in the trade lifecycle. 🤔 What is the Bank of England’s role in this reinvention? ✅ Digital Securities Sandbox (DSS): ➡ allows industry to experiment with developing technologies to issue, trade and settle digitally native securities, and ‘digital twin’ tokenised securities in a safe and secure environment for a range of regulated asset classes. ✅ Innovations in Money: ➡ Money needs to keep up with tokenised assets. BoE considering ways to enhance usefulness of central-bank money as a settlement asset for digital asset transactions. Also considering what additional functionality a wholesale central bank digital currency could bring. ✅ Post-trade settlement: ➡ Traditional processes are sequential and often manual, time-consuming, costly, and operationally risky for all users of financial markets. The tokenisation of securities on distributed ledgers – digital securities – offers the potential to merge trade and post-trade functions, shortening settlement cycles and offering more programmability and automation in financial transactions. 2️⃣ Tulip Siddiq, on plans for crypto, stablecoins and staking: ✅ Government to introduce regulatory regime for cryptoassets. ✅ Stablecoins to be regulated at same time as cryptoassets. ✅ Issuance and custody will be regulated. ❌ No longer a phased approach. ❌ Stablecoins not to be in scope of payment services regulation. ❌ Staking is not a Collective Investment Scheme. ............. 🤔 What's next? ⏩ Expect to see the framework early next year. I'd love to hear your thoughts 👉 #HMT #BoE #innovation #tokenisation #stablecoins #staking

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According to the #Crowdfundinsider article and Bitpanda's survey of large European countries, almost 1 out of every 4 (23%) of Swiss people hold crypto, followed by Austria (18%) and France (14%). Out of those with digital wallets, it is the Millennials and Gen Z who hold the most. For example, in Switzerland, 32% of Millennials and 29% of Gen Z own crypto. It would be interesting to see how the US compares, given that the regulatory uncertainty surrounding the digital assets still remains. #crypto https://lnkd.in/emS_vy-Q

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Liquidity & Interoperability. In the world of digital assets, something of note happened in the last few days. Berlin Hyp issued a native digital bond and settled it with “old fashioned” money in Target 2, the Euro Systems payment platform. #interoperability was the magic ingredient. Wonderful progress. But, not nirvana. In this article, I’ll share a view on what the missing ingredients are for the means of payment aka money. This is the seventh edition of a monthly column on things liquidity for . If you have two minutes for a read, and one to leave a comment, I'd love to hear your views. Liquidity Finder is a professional network and service to assist trading businesses find well-matched liquidity and technology providers in FX, equities, money markets and crypto. #Liquidity #LiquidityManagement #LiquidityMatters #FinancialServices #digitalassets

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💡 What happened in Web3 in June 2024? See the summary of a few topics in the article below: ▶ Bitcoin Under Pressure ▶ Ethereum ETF Update ▶ Solana Ecosystem Update ▶ Regulatory Update ▶ VC Market and Portfolio Update ▶ Key events of the last few weeks ▶ What we’ve been reading https://lnkd.in/ekEvDp8t #web3 #crypto #blockchain #venturecapital #innovation

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One of Switzerland’s largest banks, Zürcher Kantonalbank (ZKB), has launched cryptocurrency trading and custody services for Bitcoin and Ethereum serving primarily retail segments, effective September 4, 2024. Congratulations to the entire ZKB team on this move. The community surely assumes this offering is only the start for more and more services ahead. This is after other state-owned Cantonal Banks like Luzerner Kantonalbank, St. Galler Kantonalbank AG and Zuger Kantonalbank have launched already. Along with Thurgauer Kantonalbank launching with the service of ZKB more or less simultaneously, we have 20% of Cantonal Banks live in Switzerland, at least in numbers not looking at AuM which would be surely a bigger part of the pie. Who is next? This marks a significant step towards mass adoption of digital assets, as ZKB's extensive client base now has direct access to cryptocurrencies. Clients can trade 24/7 via the bank’s eBanking and Mobile Banking platforms, with holdings seamlessly integrated into their existing portfolios. ZKB manages the secure custody of private keys, eliminating the need for customers to handle their own wallets. Key Highlights: ⌚ 24/7 Trading Access: Clients can trade cryptos anytime through ZKB's eBanking and Mobile Banking apps thus using the existing channels. 🔐 Secure Custody: No need for a separate wallet in self-custody, i.e. ZKB securely manages the client's private keys but clients also don't have access to the key which is common for this type of offering. 📦 Portfolio Integration: Crypto holdings are integrated into existing portfolio overviews for easy management. 🛍 Service Extended to Other Banks: Thurgauer Kantonalbank is the first partner bank to offer this service to its clients using ZKB's infrastructure. 💰 Fee Structure: Fees are 50 basis points for custody p.a. and 100 to 200 basis points for trading, depending on trading volume and channel. 🚥 Limitations for a start: There are no transfers of coins in or out so far, the base currency is USD which forces forex if paid in CHF and service hour limitations might occur on the weekend during regular update windows of the bank's IT. Also there is no financial advice on the coins and this offering comes as an execution only service. Hence cryptos are not part of managed mandates like discretionary ones. This development surely demonstrates ZKB's commitment to innovation and adapting to the evolving financial landscape. Here is of the official press statement to read (sorry, provided in German only, use your favorite translator): https://lnkd.in/dKX8czMM #web3 #digitalassets

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𝐓𝐰𝐨 𝐌𝐚𝐣𝐨𝐫 𝐔𝐒𝐃 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 𝐀𝐜𝐪𝐮𝐢𝐫𝐞 𝐒𝐭𝐚𝐤𝐞𝐬 𝐢𝐧 𝐄𝐔𝐑 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 The EUR stablecoin market is currently undergoing a transformation under the EU’s new MiCA regulations. In recent days, two USD stablecoin issuers have acquired equity stakes in existing stablecoin issuers: 📌 Paxos acquired Membrane Finance, the issuer of EUROe. 📌 𝐓𝐞𝐭𝐡𝐞𝐫, among others, invested in Quantoz Blockchain Technology, the issuer of EURD, EURQ. As seen with Circle (EURC), these U.S. companies bring significant experience to Europe and support the growth of the EUR stablecoin market. However, amidst discussions on European resilience and independence, particularly the ECB's push for a digital euro, a new payment system is emerging, with U.S. companies entering the space. Ignoring these developments could lead to a scenario where, in a few years, 𝐄𝐮𝐫𝐨𝐩𝐞 𝐟𝐢𝐧𝐝𝐬 𝐢𝐭𝐬𝐞𝐥𝐟 𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐨𝐧 𝐔.𝐒. 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐨𝐧𝐜𝐞 𝐚𝐠𝐚𝐢𝐧, trying to address the issue retrospectively, similar to the digital euro situation. Thoughts?

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Blockchain 3.0 and Agency Computing – an important area that we will now cover through a fund-in-fund investment in Frachtis.

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Really enjoyed the speech by SNB on their wholesale CBDC approach. SNB has been a true leader in wholesale CBDC exploration, very useful also for other central banks. Congrats!!! Some personal reflections and takeaways 1. Tokenization is still a niche. In total four real world transactions on the Swiss platform. This is expected as there are enormous transition issues at play. Don’t expect a quick change in here. Transition issues will not disappear overnight, at least for securities. We will probably see a quicker progress in other areas, where gains are larger and headwinds lower. 2. Three different settlement options are competing with each other, but there is no clear winner. 3. Private money settlement backed by central bank money at bankruptcy remote accounts would allow money and assets on the same platform, but this is settlement in private money, not in central bank money. Moreover, liquidity fragmentation is a possible concern as there may be multiple private initiatives. 4. RTGS link or using the existing settlement system. Great option as it is true settlement in central bank money and no liquidity fragmentation. Yet, money and assets not on the same system so losing on this ground to other options. 6. Wholesale CBDC on a private system. Great option as it is true settlement in central bank money and money and assets on the same system. But governance and liquidity fragmentation clearly negative factors. 7. ECB trial would also add an extra fourth option: a new settlement system in CeBM based on new tech. This is similar to RTGS link requiring synchronization. So where does this take us? My guess is we will see more private money settlement options backed by central bank money as a short term winner. Any takes?

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💡 What happened in Web3 in May 2024? See the summary of a few topics in the article below: ▶ Crypto Policy: Changing Tides ▶ Approval of the Ether spot ETFs ▶ Bitcoin ETF Update ▶ Bitcoin’s Corporate Adoption? ▶ Blockwall Portfolio Update ▶ Key events of the last few weeks ▶ What we’ve been reading https://lnkd.in/dceZbbB8 👇 If you want to learn more about Web3 and ventures in the space, make sure you subscribe to our substack channel.

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How to keep focus about #tokenization #blockchain here is the leading case of #Lugano !

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Crypto Exchange Bitpanda Eyes IPO or Sale Amid Rising Market Demand Bitpanda GmbH, the Vienna-based cryptocurrency and multi-asset platform backed by Peter Thiel’s Valar Ventures, is reportedly exploring an IPO on the Frankfurt Stock Exchange or a potential sale, advised by Citigroup and JPMorgan Chase. This strategic evaluation could value Bitpanda at over $4 billion, signaling growing investor interest in digital assets. With recent U.S. regulatory approval of spot Bitcoin ETFs and a possible pro-crypto shift in U.S. policy, the timing could be ideal for Bitpanda to go public. Founded in 2014, Bitpanda boasts over 4 million users and a current assets under management (AUM) exceeding €1 billion, offering a range of assets from cryptocurrencies to equities derivatives and commodities. Its growth trajectory positions it alongside platforms like eToro, Revolut, and Coinbase in Europe. Bitpanda reported a strong rebound with over €100 million in Q1 2024 revenue following a difficult 2022, which saw losses of €130 million. For 2023, Bitpanda achieved a pre-tax profit of €13.6 million, showcasing solid financial recovery. Features like real-time transfers for German clients via Deutsche Bank IBANs have further boosted the platform’s appeal. The potential IPO would mirror Coinbase’s NASDAQ debut and aligns with recent demand for retail digital asset access via new products like Bitcoin ETFs. Bitpanda’s valuation and user base would make it a prominent contender in a growing crypto market, poised to meet evolving retail and institutional demand. #Bitpanda #CryptoExchange #IPO #BitcoinETF #DigitalAssets #PeterThiel #ValarVentures #RetailInvesting #CryptoMarket #FrankfurtStockExchange #eToro #Coinbase #Revolut #ARKInvest

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Liquidity & Interoperability In the world of digital assets, something of note happened in the last few days. Berlin Hyp issued a native digital bond and settled it with “old fashioned” money in Target 2, the Euro Systems payment platform. #interoperability was the magic ingredient. Wonderful progress. But, not nirvana. In this article, I’ll share a view on what the missing ingredients are for the means of payment aka money. This is the seventh edition of a monthly column on things liquidity for LiquidityFinder . If you have two minutes for a read, and one to leave a comment, I'd love to hear your views. Liquidity Finder is a professional network and service to assist trading businesses find well-matched liquidity and technology providers in FX, equities, money markets and crypto. #Liquidity #LiquidityManagement #LiquidityMatters #FinancialServices #digitalassets

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TradFi versus DeFi - understanding the emerging trend in finance. DeFi, or decentralized finance, encompasses cryptocurrencies, digital assets, blockchain, and NFTs, often leaving many puzzled by this new market. It's akin to a paradigm shift where the "nerds" are at the forefront, a transition that mainstream adoption may eventually follow, like the internet's evolution from a niche to a ubiquitous tool. A recent milestone in this convergence is KFW's issuing a EUR 4 billion digital bond with a 2.75% coupon and a 3-year tenor, marking the largest digital bond issuance to date. Despite being centralized, this bond operates entirely on the blockchain, pointing towards the future direction of finance. This move signifies the wave of the future, where DeFi principles will likely reshape traditional finance operations. A pertinent question arises: Why are securities transactions (bonds and equities - these could be in real-time) not following suit if retail banking transactions are real-time in many non-US markets? Explore more about this groundbreaking bond issuance here: #TradFi #DeFi #Finance #Blockchain #DigitalTransformation #mikeduncan #makeithappen #LBFalumni #SkyHighTower🚀 https://lnkd.in/gKigm-dD

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We are getting many questions on our Crypto Multi Barrier Reverse Convertibles -> here some insights 👍 Can independent asset managers create their own MBRC with Helveteq? YES 👍 How is your latest MBRC developing? BTC >70% above barrier, ETH > 80% above barrier, runs until 8th November 👍 Can you also include other crypto currencies? YES, we have in other products, can do > 40 coins including SOLANA, AVALANCHE, CARDANO etc. 👍 Can your MBRCs be made with European observation? YES We'll advise you more, just send us your questions to [email protected] #Crypto #Bitcoin #Ether #Switzerland #investmentsolutions #structuredproducts #volatility #correlation #yield Bank Frick Helveteq AG ADEXAS Rechtsanwälte AG Baker McKenzie

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How and where are you using DLT and digital assets to transform your capital market operations? If you’re building any digital asset project, fill this survey #digitalassets #capitalmarkets https://lnkd.in/dP8AXV6F Broadridge Accenture Metaco Hyperledger Foundation Xaults EquiDEI

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🚀 Bitcoin Suisse AG Issues Tokenized Bond with Obligate! 💎 Bitcoin Suisse, a leading Swiss crypto-financial services provider managing $5.57 billion in assets, just launched a tokenized bond product in collaboration with Obligate, an on-chain capital markets platform Key Highlights: ▶ Investment-Grade Quality: The bond is considered investment-grade and overcollateralized, meaning the value of assets backing the bond exceeds the loan. ▶ Settled in USDC: Transactions are settled using USDC, the second-largest stablecoin by market cap. 🌐 Why It Matters: “The agreement creates faster, reduced-cost access to capital for Bitcoin Suisse, while at the same time creating a new tokenized real-world asset investment opportunity for Obligate’s accredited investors,” Obligate stated. 🚀 Growing Trend of Tokenized Real-World Assets: The market cap of tokenized treasury assets has more than doubled this year, currently exceeding $1.49 billion. Are you interested in exploring how tokenized assets can revolutionize finance? Let's connect and discuss the future of digital finance! 🤝 Kudos to Obligate Tobias Matthias Benedikt Stephan https://lnkd.in/ezv53iax

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1/ 🗳️ New #IOTA governance vote starts today! The IOTA Ecosystem team has put forward a proposal to supercharge IOTA EVM growth by utilizing the unmigrated token pool. Make sure you cast your vote ⬇️ https://lnkd.in/dWfJXRZv 2/ 📢 This proposal aims to boost the IOTA EVM ecosystem by leveraging unclaimed $IOTA tokens from the Legacy Network. This would increase on-chain liquidity, making our ecosystem more attractive and fostering growth. 3/ 🕒 Timeline: Commencement Phase: 7 days, starting today at 4 PM CEST until 4 PM CEST on Friday 19th. Counting Phase: 7 days, from 4 PM CEST on Friday 19th until 4 PM CEST on Friday 26th. 4/ 🙌 Dive into the details and help us create a thriving IOTA EVM ecosystem - every vote matters!

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Just in: Ledn secures industry-first $50M #Bitcoin-backed syndicated loan issued by Sygnum Bank! Read more in the article below. Interesting times ahead.. #crypto #lending #tech #bitcoin #digitalassets

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