In an unprecedented Enron-like move, Deutsche Bank, in partnership with Swiss crypto firm Taurus, is taking a bold stride to provide custody services for its institutional clients’ cryptocurrencies and tokenized assets. This partnership would grant Deutsche Bank the ability to hold a restricted quantity of cryptocurrencies, as well as tokenized versions of traditional financial assets. Paul Maley, Deutsche Bank’s Global Head of Securities Services, emphasized the significance of the digital space, poised to have trillions of assets under its umbrella.
In the same vein, a legal quandary is brewing; South Korean Bitcoin lender Delio is weighing an administrative lawsuit against the Financial Service Committee (FSC). Delio has contested the regulator’s allegations of fraud and embezzlement as unfounded, citing that the law was unjustly applied and misinterpreted in a burgeoning industry where there exist no clear regulations for virtual asset deposits and management products.
There’s a spark of excitement in the AI sector as Ernst & Young (EY) heralds the arrival of an AI-powered platform for its clients. Developed over the past 18 months, EY.ai is a groundbreaking platform consolidating EY technology platforms and AI expertise.
Elsewhere in the DeFi sphere, Decentralized Exchange (DEX) and a Uniswap V3 fork, Mauve, made big noise with its official launch, ramping up operations as a non-custodial Automated Market Maker (AMM) protocol. The new exchange aims to focus on real-world assets and uphold anti-money laundering compliance.
Meanwhile, web3 is set for revolution with blockchain development platform Alchemy unveiling the most economical full-stack infrastructure for web3 developers. The team had taken note from developer feedback, and is offering an inclusive solution that relieves cost burdens, thereby bringing more developers into their fold.
For payments, Cosmose AI, an AI-empowered retail analytics firm, introduced KAIKAINOW. This platform rewards users with KAIC tokens for their participation. Tokens can subsequently be used for shopping both offline and online, offering a unique and immersive experience.
Despite growing pains, maturing regulations and legal ambiguity, the expansive crypto world continues to penetrate every industry, from banking, legal, AI, DeFi to payments and beyond. The beauty of this technological revolution is its inclusivity, simplifying, making things more accessible, and holding the promise of financial transformation. But it also invites its own share of skepticism, questioning its sustainability, its ambiguity and the potential implications it holds for the future.
Source: Cryptonews
