Crypto Report - Monday June 12th, 2023
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Summary
Bank of China’s BOCI Issues Tokenized Securities on Ethereum in Hong Kong
10 Ways Crypto and AI Can Make Each Other Better (or Maybe Worse)
First Mover Americas: VC Giant Andreessen Horowitz Looks to U.K. for Expansion
Crypto Storage Firm Censo Offers Institutions Mobile Phone-Enabled Self Custody
Canada's Largest University Starts XRP Validator in New Partnership With Ripple
Bank of China’s BOCI Issues Tokenized Securities on Ethereum in Hong Kong
The Bank of China's investment banking arm, BOCI, has issued CNH 200 million ($28 million) of tokenized securities on Ethereum in Hong Kong, marking the first time a Chinese financial institution has done so. Swiss banking giant UBS underwrote the issuance and placed it with clients in the Asia Pacific region. Major banks like Citigroup and Bank of America believe that tokenization of real-world assets can increase crypto adoption and drive trillions of dollars in value to blockchains. This development also highlights Hong Kong's growing ambition to become a key hub for crypto amid increasing regulatory pressure in the United States. Just days after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for offering unregistered securities, Hong Kong legislator Johnny Ng invited digital asset trading platforms, including Coinbase, to establish operations in the city. Ying Wang, deputy chief executive at BOCI, expressed commitment to promoting the digital transformation and innovative development of Hong Kong's financial industry.
10 Ways Crypto and AI Can Make Each Other Better (or Maybe Worse)
Crypto and AI have become the leading technologies of our time, with AI now surpassing crypto in popularity and funding. However, some experts argue that instead of competing, these two technologies should work together to enhance each other's capabilities. Decentralized AI solutions like SingularityNET, Ocean Protocol, and Cortex are already being developed, and many believe that the intersection of AI and blockchain can lead to increased productivity, reduced power gaps, and more accessible development. While skeptics argue that AI may not be suited for decentralized systems, proponents remain optimistic about open-source approaches outperforming expectations. AI is also expected to impact crypto trading, with advanced bots offering new opportunities and challenges. Blockchain technology could help authenticate digital assets in a world where deep fakes blur the line between reality and fiction. Additionally, AI can assist with compliance in the heavily regulated Web3 space. As AI continues to develop, it might require its own financial infrastructure, possibly turning to cryptocurrencies as a functional solution. While some express concerns about AI potentially causing harm to humanity, experts believe that the two technologies can complement each other, much like electricity powers the internet.
First Mover Americas: VC Giant Andreessen Horowitz Looks to U.K. for Expansion
Venture capital firm Andreessen Horowitz (a16z) has selected London for its first non-US office, planning to invest in the UK and European crypto and startup ecosystems. The decision was influenced by the UK government's willingness to create policies encouraging startups to pursue decentralization. The new office, set to open later this year, will be led by Sriram Krishnan. A16z has recently invested in UK-based companies, including a $43 million Series A funding round for blockchain-based AI computing resources provider Gensyn. Meanwhile, open interest in Binance's BNB token has risen despite the ongoing lawsuit filed by the US SEC against Binance. Additionally, a key metric tracking crypto market liquidity experienced a sharp decline over the weekend, potentially amplifying price swings.
Crypto Storage Firm Censo Offers Institutions Mobile Phone-Enabled Self Custody
Cryptocurrency safekeeping firm Censo has introduced a mobile-phone based self-custody solution for institutions and smaller organizations, offering an easier-to-use and more affordable alternative to existing technologies. Unlike the complex and costly multiparty computation (MPC) technology commonly used in institutional crypto custody, Censo's open-source decentralized key management approach leverages secure hardware enclaves and biometric gating present in modern mobile devices to tightly bind cryptographic keys to real-world agents. This innovative method has been praised as a compelling alternative to MPC for organizations seeking truly decentralized key management and self-custody. Censo's technology can be employed in various situations requiring coordination between at least two signers, such as hedge funds, market makers, Web3 firms, and decentralized autonomous organizations (DAOs). The solution enables organizations to control key material while empowering individuals to be signers without granting them access to unencrypted versions of private material, ensuring complete self-custody.
Canada's Largest University Starts XRP Validator in New Partnership With Ripple
The University of Toronto, Canada's largest university, is partnering with Ripple to launch an independent XRP ledger validator as part of Ripple's University Blockchain Research Initiative (UBRI) in Canada. This initiative aims to support the next generation of the crypto industry by investing in the country's top universities and colleges, with over $2 million already invested over five years. The partnership will expand the UBRI program, fostering blockchain and crypto technology research while providing students with opportunities to develop technical skills for careers in the crypto sector. The University of Toronto joins existing Canadian UBRI partners, the University of Waterloo and Toronto Metropolitan University. Ripple initially committed over $50 million to UBRI in June 2018 and has since distributed more than $47 million to its global partners, increasing its commitment to $80 million this year. This collaboration comes amidst a crackdown on the crypto industry in the U.S., prompting companies like Coinbase to praise Canada's approach to regulating the sector. Ripple aims to support the next generation of crypto, blockchain, and Web3 leaders through strategic partnerships and funding for Canadian universities.
