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In a press statement, Binance CEO Changpeng Zhao said his company will be one of the bank’s first clients as soon as it opens. Indeed, Pandolfino said that while her team is waiting for its European Union banking license, they are busy learning from their investors precisely what products and services the sector might need.“Having Binance as a seed investor,” Pandolfino said, “has allowed us to build everything knowing what the pain points are for complex organizations within the crypto space and how to solve those problems.”
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It was something of an underground phenomenon for the first five years, confined to a small circle of computer scientists and technically oriented laymen who were fascinated with that world. It wasn’t until 2014 that others began seeing the potential for blockchain to be used in different ways, and that’s when this sector truly started to become a real business.Because it was anonymous and largely untraceable in its early days - not to mention so technologically advanced that few regulators understood it - Bitcoin was used for some unsavory and criminal activities when it was first created, particularly in drug transactions on the infamous Silk Road dark web.
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The Lake Success, N.Y.-based company, an investor services firm with $4 billion in revenue and a $15 billion market cap, has invested heavily in blockchain projects, but the Shadow deal will be its foray into cryptocurrency.Broadridge did not disclose the terms of the deal or reveal what parts of post-trade processing for crypto the firm would implement. According to Justin Llewellyn-Jones, head of capital markets for North America at Broadridge, over the next month, the firm will perform due diligence on Shadow Financial to determine what its software can do for crypto post-trade services.
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Broadridge did not disclose the terms of the deal or reveal what parts of post-trade processing for crypto the firm would implement. According to Justin Llewellyn-Jones, head of capital markets for North America at Broadridge, over the next month, the firm will perform due diligence on Shadow Financial to determine what its software can do for crypto post-trade services.Broadridge did not disclose the terms of the deal or reveal what parts of post-trade processing for crypto the firm would implement. According to Justin Llewellyn-Jones, head of capital markets for North America at Broadridge, over the next month, the firm will perform due diligence on Shadow Financial to determine what its software can do for crypto post-trade services.
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The new rating services could enable a migration of the $117 trillion debt securities industry, which is administered and governed by custodians and trustees, to a decentralized financial network, Michael Brawer, chief operating officer at Morningstar Credit Ratings, said in a Forbes interview on Tuesday.The rating arm of Morningstar will give publicly available ratings of one to five stars to the crypto assets, while launching a premium custom service that uses its internal modeling to help a client evaluate such investments.
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Morningstar realized the demand for rating services in the crypto space when it was approached by a range of investors who issue and securitize debt securities, including small business loans and home equities on blockchain.While the company’s rating services cover both government and corporate bonds, its blockchain products are still limited to structured debt instruments, the company said in the report.Morningstar is still not sure if the U.S. Securities and Exchange Commission will ask them to “enhance” their blockchain methodology.
