FirstFT: BNY Mellon joins State Street in crypto trading push

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Two of the world’s largest custodian banks have publicly backed a London-based cryptocurrency trading platform, indicating a growing demand from traditional asset managers for bitcoin and other digital tokens.

Bank of New York Mellon has joined the consortium of six banks behind the launch of Pure Digital, three months after State Street became the first to announce support for the planned exchange.

The move suggests that the normally stable and conservative custodians, who protect the assets of some of the world’s largest asset managers, are seeing growing client interest in digital currency trading.

Investor interest in cryptocurrencies is increasing despite recent declines in the price of bitcoin. The FTX cryptocurrency exchange lifted one of the biggest funding rounds for a digital asset startup yesterday.

Regulators are also focusing more and more on the sector after years of almost unbridled growth. Janet Yellen, Secretary of the Treasury, convened a task force this week to discuss the regulations and said she expected to issue recommendations on stablecoins in the coming months.

Martin Wolf, in a column today, urges central banks to introduce digital currencies that work for all of society, not the privileged few.

“It’s the job of central banks (along with other regulators) to make sure the digital payments revolution works for society as a whole. There is now the possibility – the necessity, in my opinion – to increase liquidity with the digital currencies of the central bank. “

Five other articles in the news

1. Jeff Bezos completes his space flight The Amazon founder-turned-private space entrepreneur reached the lower reaches of space early yesterday after a series of long delays. He thanked Amazon employees and customers “because you paid for it”. Blue Origin’s successful mission was a moment to savor, but Elon Musk’s SpaceX stays ahead.

“All polluting industries will leave Earth and Earth will eventually be zoned residential” – Jeff Bezos

Jeff Bezos leaves the capsule of the New Shepard spacecraft after its flight yesterday © Blue Origin / AFP via Getty Images

2. Trump ally accused of acting illegally as UAE agent Tom Barrack, former CEO of Colony Capital who was chairman of Donald Trump’s inaugural election committee in 2016, has been arrested and charged with acting unlawfully as an agent of the United Arab Emirates.

3. UBS launches portfolio to invest in hedge funds led by women The Swiss bank’s asset management arm has launched a portfolio that invests only in female-led hedge funds with the aim of improving diversity and identifying talent in the male-dominated industry. Women’s representation in hedge funds, at 18.6 percent, is the second lowest among seven alternative asset classes.

4. Netflix is ​​losing its subscribers The streaming group lost 430,000 subscribers in the US and Canada in the second quarter and issued weaker-than-expected forecasts, rekindling investor doubts about how the market leader will fare after the economic reopening of the pandemic.

5. Floods in China kill a dozen people Severe flooding has killed at least a dozen people in the city of Zhengzhou, in central China. Torrential rains swamped the streets and stranded passengers in metro cars, in what local weather authorities called the worst flooding in the city since 1951.

  • Beijing must cut emissions this decade if the planet is to avoid “climate chaos,” US climate envoy John Kerry told the Financial Times as he published a harsh assessment that the world was not meeting its environmental commitments .

Coronavirus digest

  • Wall Street recovered its losses yesterday after a world rout a day earlier.

  • The Delta variant accounts for over 80 percent of new cases in the wehealth officials said.

  • Chicago expanded the number of states on its travel advice list and imposed new restrictions on unvaccinated travelers from Florida, Louisiana and Nevada.

  • Testing of blood samples in Italy revived a debate on the circulation of the coronavirus in Europe in October 2019, before the Chinese authorities confirmed the first case in Wuhan.

Follow our coronavirus live Blog and Register now for our Coronavirus Business Update newsletter to find out more.

The day to come

Earnings Johnson & Johnson, which is part of a proposed $ 26 billion settlement to resolve claims it helped fuel the opioid crisis, is releasing second quarter results today.

  • Also reports as the earnings season picks up: Coca-Cola, Verizon, Harley-Davidson and Baker Hughes show up before the bell. Texas Instruments, CSX, Las Vegas Sands, and Whirlpool report after market closes.

Infrastructure invoice Chuck Schumer, the Senate Majority Leader, plans to hold a controversial vote today to proceed with legislation on President Joe Biden’s billion-dollar bipartisan infrastructure bill. (CNBC)

Brexit The UK will now put itself on a collision course with Brussels by unveiling a set of demands that would revise post-Brexit trade deals between Britain and Northern Ireland.

What else do we read

Why Trump voters refuse to get vaccinated The pace of vaccinations in U.S. states has become strongly correlated with politics, with Republican voters less likely than Democrats to get a hit. This presents a huge challenge for local health officials in the Red States, as reported by Nikou Asgari of Little Rock, Arkansas.

scatter plot correlation between Trump's share of votes in 2020 and reluctance to get vaccinated, at the state level.  says Trump won a higher percentage of adults say they were

Europe’s Expensive Plan to Reach # 1 Chipmaker The EU is looking to enter the world’s leading semiconductor manufacturing division, with a goal of doubling its share of the global chip market by 2030. But will it end up wasting public money? in pursuit of geopolitical ambitions which might not be supported by market logic?

You can’t always get what you want From selecting the best stocks to listening to calls for results, artificial intelligence-based systems are transforming finance. But how big are the rewards? In the latest episode of the Tech Tonic podcast, FT global financial correspondent Robin Wigglesworth discusses how investors are using AI to gain an edge over their competition.

How Israel used NSO spyware as a diplomatic calling card Israeli company assaulted by human rights activists for selling military-grade surveillance software to repressive regimes has played a crucial role in its government’s attempts to woo countries such as United Arab Emirates, Bahrain and Saudi Arabia, revealing the technological unicorn’s close ties to the highest echelons of the Israeli state.

Company values ​​must go beyond buzzwords Official statements of company values ​​are often an infuriating mix of hokum and gibberish. Integrity, innovation, respect, responsibility and sustainability have dominated the list of popular buzzwords for the past two years. Brooke Masters suspects that their popularity lies in the fact that they are extremely difficult to measure.

Automotive

Classic cars, trendy trucks and a fleet of Silver Surfers. How to spend your summer series on the automobile is now available.

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