Banking Giants Tap into Digital Assets Amid NY’s Stricter Regulations

Written by BTSE

September 19, 2023

Banking Giants Tap into Digital Assets Amid NY's Stricter Regulations

Bitcoin (BTC) briefly surpassed $27,000 but quickly dropped back, trading at around $26,700 as the sun rose in Asia. Despite this, it remained 0.8% higher over the past day. Other cryptocurrencies like Solana (SOL), Litecoin (LTC), and Chainlink (LINK) saw gains between 3% – 4%. The rapid price fluctuations resulted in about $80 million in liquidated trading positions, with short traders losing $54 million and long traders losing $26 million, according to data on Coinglass.


What to Watch Out for Today


1. Citigroup Dives Deeper into Digital: Citigroup has unveiled its Citi Token Services, turning customer deposits into digital tokens for swift global transactions. What’s the big deal? This move is set to revolutionize cross-border money transfers, especially in trade finance. With major banks like Citigroup embracing digital assets, it’s clear that tokenized banking is not just a trend but the future. Is it time to keep a closer eye on institutional blockchain solutions?


2. Yield on Crypto with Zodia Custody: Standard Chartered-backed Zodia Custody is stepping up its game by offering institutional clients yield on their crypto holdings. Teaming up with OpenEden, they’re bridging the gap between crypto assets and real-world yield opportunities. Given Zodia’s rapid expansion and the growing demand for crypto custody services, could this be the next big thing in crypto finance?


3. New York Tightens Crypto Regulations: The NYDFS is setting the bar higher for crypto coin listings, particularly for retail clients. In a nutshell? Companies will need to be more transparent about the risks of new coins and their de-listing processes. With New York leading the charge in crypto regulation, it’s essential to stay updated on these guidelines. Will this bring more clarity or drive businesses away? Watch this space.


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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