State Street, a U.S. custody bank that oversees roughly $40 trillion in assets, has launched a cryptocurrency division called State Street Digital. The new branch of this bank will be led by executive vice president Nadine Chakar, who will report to Lou Maiuri, the current COO of State Street. 

The Basel Committee for Banking Supervision published a consultation on Thursday that proposed strict capital requirements be put in place for banks that have exposure to Bitcoin and other cryptocurrencies. The release comes at a time when many banks around the world are looking to pursue custodial services in response to growing demand from their clients. 

Atlanta based Invesco, an investment management firm with $1.5 trillion in assets, is the latest firm to enter the cryptocurrency space with a plan to launch two crypto-focused exchange-traded funds (ETFs).

Sponsored: Waivlength is a revolutionary social media platform allowing users to interact in a more open and trustworthy environment without bots, duplicate accounts, catfishing, and anonymous users. The platform will guarantee that by implementing a know-your-customer (KYC) solution to manage the user verification process. Personal data, used in the verification process, will not be monetized or sold to external businesses or advertisers.

Top stories in the Crypto Roundup today:

• State Street Bank Launches Cryptocurrency Division
• The Basel Committee Proposes Strict Capital Requirements for Banks With Bitcoin Exposure
• Invesco Plans Two Crypto-Linked ETFs Despite Regulatory Delays
• Sponsored: Waivlength Revolutionizes Social Media Platforms with the Power Of Blockchain Technology

State Street Bank Launches Cryptocurrency Division

State Street, a U.S. custody bank that oversees roughly $40 trillion in assets, has launched a cryptocurrency division called State Street Digital. The new branch of this bank will be led by executive vice president Nadine Chakar, who will report to Lou Maiuri, the current COO of State Street. 

The launch of this division signifies State Street's plan to evolve into a “multi-asset platform” with an expanding digital reach - this includes crypto, central bank digital currency, blockchain and tokenization. State Street has also announced that they would be upgrading their existing GlobalLink platform to a multi-asset digital trading system.

State Street is reportedly working on this new trading platform through a partnership between the bank’s Currenex trading technology provider and London based Pure Digital. 

“Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs,” State Street CEO Ron O’Hanley said in the press release.

The Basel Committee Proposes Strict Capital Requirements for Banks With Bitcoin Exposure

The Basel Committee for Banking Supervision published a consultation on Thursday that proposed strict capital requirements be put in place for banks that have exposure to Bitcoin and other cryptocurrencies. The release comes at a time where many banks around the world are looking to pursue custodial services in response to growing demand from their clients. 

The proposals by the influential Basel committee would split the digital assets into two broad groups - one surrounding tokenized assets and stablecoins, and another encompassing bitcoin and other cryptocurrencies. It’s the latter group that would come with strict capital requirements as a result of the perceived risk surrounding crypto investments.

The Basel Committee first indicated its intent to impose rules for crypto assets back in 2019 when the group published a discussion paper declaring that, at the time, the growth of cryptocurrencies could pose a risk to financial stability and banks.

“Any committee-specified prudential treatment of cryptoassets would constitute a minimum standard for internationally active banks. Jurisdictions would be free to apply additional and/or more conservative measures if warranted,” the group said.

Invesco Plans Two Crypto-Linked ETFs Despite Regulatory Delays

Atlanta based investment management firm, Invesco, with $1.5 trillion in assets, is the latest player to enter the cryptocurrency space with a plan to launch two crypto-focused exchange-traded funds (ETFs). 

Roughly 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the U.S. Securities and Exchange Commission. 

Invesco is the latest firm to look for an alternative way to gain exposure to Bitcoin and other digital assets as the SEC continues to delay making decisions on the numerous Bitcoin ETF applications. There are at least 12 issuers including VanEck, Fidelity Investments, Grayscale Investments and WisdomTree Investments that are currently pursuing a Bitcoin ETF.

It is reported that Invesco's funds may circumvent the SEC's Bitcoin ETF blockade by investing indirectly in cryptocurrencies.

Waivlength Revolutionizes Social Media Platforms with the Power Of Blockchain Technology

Waivlength is a revolutionary social media platform allowing users to interact in a more open and trustworthy environment without bots, duplicate accounts, catfishing, and anonymous users. The platform will guarantee that by implementing a know-your-customer (KYC) solution to manage the user verification process. Personal data, used in the verification process, will not be monetized or sold to external businesses or advertisers.

The Waivlength Platform

The platform would offer the same functionalities as mainstream social media platforms, like creating and sharing text-based, image-based, and video-based content publicly, among friends, or with selected individuals or groups. Waivlength would also facilitate a private messaging service, which enables users to choose whose content they want to see. 

Waivlength Roadmap

Waivlength’s goals include activities like finalizing the front-end concepts for the social platform, continuing marketing strategies, targeting partnerships with bigger influencers, establishing connections with venture capital funds, as well as launching the platform in November 2021.

The WAIV Token

The WAIV token is a governance token, operating under Binance’s BEP-20 token standard. The tokenomics of the governance token suggest a deflationary model, meaning the total supply is finite, and constantly shrinking down. A 10% tax for WAIV transactions is implied as the tax is divided into three sections. 50% of the tax would go back to WAIV holders, while 25% would ensure there is enough liquidity in the WAIV liquidity pool. The rest would be relocated to the burn address, community giveaways, marketing, and charity.

A total of 1 Quadrillion WAIV tokens were put as supply:

• 40% dedicated to the pre-sale (400T)
• 20% dedicated to PancakeSWAP liquidity (200T)
• 20% burnt (200T)
• 20% locked for 6 months for future development (200T)

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