Banks Will Invest in Blockchain When They Make Money from Bitcoin ETF – Swarm Markets
The recent approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchanges Commission (SEC) is a significant development. According to Timo Lehes, co-founder of blockchain platform Swarm Markets, this move represents a “big bang” moment for digital assets entering regulated realms and gaining attention from major institutional finance players. It signals to the market that institutions can unlock new opportunities by fully complying with regulations, especially in the digital real-world asset (RWA) space. Katie Evans, Chief Business Development and Communications Officer at Swarm Markets, believes that banks and financial institutions will invest in blockchain technology only when they start making money from it, starting with the Bitcoin ETF.
Prometheum’s Digital Asset Securities Custody Platform is Launching in Q1 2024
Prometheum, a blockchain-enabled ecosystem for trading and custody of digital asset securities, has announced plans to launch its digital asset securities custody platform in Q1 2024. Prometheum Capital LLC, its subsidiary, has received membership approval from the Financial Industry Regulatory Authority (FINRA) to operate as a Special Purpose Broker-Dealer (SPBD) for custodying digital asset securities. This final regulatory approval allows Prometheum to offer trading and custody services for digital asset securities in 2024. The company will provide custodial services to institutional clients initially, with plans to expand its offerings to retail and institutional clients.
Ecosapiens and Polygon Labs Join Forces to Launch Carbon-Capture Digital Art Collectibles
Ecosapiens, a climate technology platform, has partnered with Polygon Labs to launch its first series of carbon-capture digital art collectibles. The collection, called Polysapiens, is created using blockchain technology and is free to mint for collectors, creators, and members of the Polygon community. The collectibles are backed by carbon credits from various providers and will support mangrove restoration and other sustainability initiatives. This collaboration represents a new way for corporations to leverage blockchain and NFT technology for impactful sustainability projects. The collectibles will account for Polygon Labs’ emissions for 2023 and contribute to the Voluntary Carbon Market (VCM) through the use of blockchain.
WisdomTree Reports New Record and Key Milestone with Over $100 Billion of AUM
Asset manager WisdomTree has achieved a milestone with over $100 billion in assets under management (AUM). It recorded over $10 billion of net inflows in 2023, posting a 13% pace of organic growth. However, it also reported $765 million of net outflows in December, driven by reallocation out of certain funds. Despite this, WisdomTree experienced organic revenue growth in Q4 2023 due to inflows into higher-fee products. Additionally, WisdomTree Prime expanded its product lineup with the introduction of three digital asset allocation funds. These metrics demonstrate the company’s strong performance and continued growth in the crypto market.
Hot Take: Banks Will Embrace Blockchain When Bitcoin ETFs Generate Profits
The recent approval of Bitcoin exchange-traded funds (ETFs) by the SEC is a significant step towards mainstream adoption of digital assets. According to Swarm Markets co-founder Timo Lehes, this move represents a major turning point for institutions entering the regulated space. Banks and financial institutions will only invest in blockchain technology when they see profits from it, starting with the Bitcoin ETF. This approval opens up new opportunities for institutions to fully comply with regulations and explore the potential of digital assets in real-world asset trading. As more financial institutions enter the space, blockchain technology will revolutionize back-office operations and create more efficient trading of traditional assets.
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