Coinbase gets NYDFS virtual currency license
The New York State Department of Financial Services granted a virtual currency license after conducting an extensive review of the company’s applications. The agency also granted licenses to XRP II and Circle Internet Financial, and charters to Gemini Trust Company and itBit Trust Company, according to Finextra.
SWIFT, The DTCC and how blockchain will go mainstream
Banks are going to catalyze blockchain’s entrance into the mainstream, not nimble FinTech firms, writes Noelle Acheson for CoinDesk. Both DTCC and SWIFT are combining blockchain with their existing systems. “It will enable DTCC and its clients to further automate and reduce the cost of derivatives processing across the industry by removing disjointed, redundant processing capabilities and associated reconciliation costs,” writes Roger Aitken, who covers financial markets for Forbes.com.
Blockchain could save investment banks up to $12 billion a year: Accenture
A new report from Accenture found that blockchain could cut infrastructure costs from $8 billion to $12 billion per year by 2025, but its estimates did not include costs for integrating the technology, Reuters reports.