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Tether to File Motion to Dismiss Class Action Lawsuit Based on NYAG Claims

Tether has released a letter of intent saying that it plans to file a motion to dismiss the lawsuit that claims it manipulated the crypto market. The class action lawsuit seeks retribution for damages of more than $1 trillion. It’s based on an allegation made by the New York Attorney General’s office in April that USDT was not backed 1:1 by U.S. dollars and a study published by professors at the University of Texas at …

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Northern Trust Testing Fractionlized Bonds on Blockchain

Custody bank Northern Trust is testing the trading of fractionalized bonds on a blockchain.  Working with Singapore-based debt markets company BondEvalue, the bank is providing asset servicing for large, high-grade bonds that will be tokenized and divided for retail investors on Hyperledger Sawtooth. These bonds are normally too large for individual investors, but the quality of the bonds is attractive. The move shows Northern Trust’s continued interest in the technology after it developed then sold its private equities …

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Ledger’s Vault Scores $150 Million in Crypto Insurance From Lloyd’s Syndicate

Ledger, the creator of the iconic Nano hardware wallet, is wooing institutional investors to use its technology to custody cryptocurrency for themselves with the help of big-name insurance broker Marsh.  Marsh has arranged a $150 million insurance policy from Lloyd’s of London syndicate Arch for users of the startup’s Ledger Vault technology platform, the companies announced Thursday. The move is another sign that the insurance industry is gradually becoming comfortable writing coverage for digital assets – …

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Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise of $100 million, though that figure could go higher. Reuters reported in September that the company was looking for a New York listing after it failed to …

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HSBC, SGX to Investigate if DLT Offers Efficiency Boost for Bond Markets

Can digitalizing bonds with distributed ledger technology (DLT) bring benefits to market participants? That’s a question being asked by HSBC Singapore in a new trial being developed in partnership with Singapore Exchange (SGX) and investment firm Temasek. The effort will examine the potential of DLT to streamline the issuance and servicing of fixed income securities, debt instruments that pay fixed interest to investors, with a specific focus on the Asian bond markets. In an announcement on Wednesday, HSBC …

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BitGo Says It’s Now Processing 20% of Bitcoin Transactions

BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference today. The announcement by the crypto custodian and issuer of hot and cold storage wallets means that a sizable share of on-chain transactions pass through its services, a sign of consolidation, and power, in the crypto space. It also raises questions about market collapse: If BitGo goes down, would those assets be at risk? But when asked …

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Despite Denials, Tron Founder Confirms Investment in Poloniex Crypto Exchange

Justin Sun, founder of crypto platform Tron, said he is part of the investor group that recently acquired Poloniex from fintech firm Circle, after denying his involvement initially. Speaking at a joint Tron-Poloniex event live-streamed over Twitter on Tuesday, Sun said Tron was among several investors in the exchange, but the exchange is operated independently from his company. Founded in 2014, Poloniex was acquired by Circle in early 2018 for $400 million. The exchange, which …

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China Central Bank Official: Digital Yuan Should Have ‘Controllable Anonymity’ 

China’s proposed new stablecoin project should strike a balance between protecting privacy and regulatory enforcement, China’s Digital Currency Research Institute said Tuesday. Within the People’s Bank of China (PBOC), the Digital Currency Research Institute is part of the central bank’s payments division. Speaking at a conference in Singapore, Changchun Mu said the central bank will not seek full control of users’ personal details, while fulfilling authorities’ need for information, according to a report by Reuters. “We …

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French Central Bank Job Posting Reveals Digital Currency Program

The central bank of France, Banque de France, is seeking a blockchain analyst who will help the bank define a program for implementing digital currency. In a job opening posted on October 16th and listed under the Financial Stability and Operations branch of the bank, the bank called for an analyst with experience in crypto-economics, game theory and public or private blockchain. The bank is also hiring a development engineer to study the application of …

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Crypto and Blockchain Jobs Have Increased By 26% Since 2018: Research

Those seeking employment in the blockchain and cryptocurrency industry have reason to be positive, says employment search company Indeed. The number of bitcoin, blockchain and crypto-related employment ads in shares per million on the popular job listing site rose by 26 percent from 2018–2019, following a four-year trend of 1,457 percent growth in the sector, according to a “Seen by Indeed” study released Thursday. On the other hand, sector-specific job searches dropped 53 percent over the …

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