Financial Services Industry to Spend $1.7B on Blockchain

Banks and other companies are moving from the proof-of-concept stage to the commercial use of technology
13 June 2018   336

The financial industry spends annually about $ 1.7 billion on solutions based on distributed ledger technology (DLT), according to Bloomberg.

Banks and other companies are moving from the proof-of-concept stage to the commercial use of technology.

Last year, the cost of blockchain increased by 67%. And every tenth company reports spending of more than $ 10 million. The study also notes that in 2017 the number of employees working on the blockchain projects has doubled.

Despite the fact that in recent years the attention of companies providing financial services has focused on DLT, not all of them have been able to implement the technology in their activities.

More than half the executives we interviewed told us that implementing DLT was harder than they expected.
 

Richard Johnson

Vice president, Greenwich Associates Market Structure and Technology.

Despite this, it is expected that more than three quarters of projects under development will be successfully implemented in the next two years

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.