Digital Asset and DTCC Pilot Outcomes, Sky's $1B Spark Tokenization Grand Prix Attracts Major Players, Circle Launches Compliance Engine and more!
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[Blockchain] Digital Asset and DTCC Pilot Outcomes, Sky's $1B Spark Tokenization Grand Prix Attracts Major Players, Circle Launches Compliance Engine. Digital Asset and DTCC completed a successful pilot testing tokenized collateral optimization . The U.S. Treasury Collateral Network Pilot involved 14 participants operating Canton nodes, executing 100 transactions across 10 distributed applications. The pilot demonstrated the feasibility of complex transactions using tokenized assets, including creating digital twins of USTs, satisfying margin calls, and handling asset recalls and closeouts. The project builds on a previous Canton Network Pilot and leverages DTCC's LedgerScan for asset tracking. Meanwhile, Sky (formely MakerDAO)’s $1 billion Spark Tokenization Grand Prix concluded its application phase on September 20, 2024, attracting 36 applicants including major financial institutions. Participants like Societe Generale, Franklin Templeton, Sygnum Bank and WisdomTree joined prominent startups such as Ondo Finance and Superstate in the competition. The Grand Prix aims to onboard $1 billion in tokenized assets, focusing on short-duration US T-Bills. Applications will be judged on metrics such as liquidity and capital efficiency by a panel of experts in tokenization and decentralized finance. This initiative represents a significant step in merging traditional finance with decentralized governance. Also, Circle has launched Compliance Engine for Programmable Wallets, a native platform to help businesses meet evolving digital asset regulations . This tool offers customizable, automated compliance checks, including transaction screening, monitoring, and travel rule compliance. As the first stablecoin issuer to achieve MiCA compliance in Europe, Circle aims to simplify regulatory adherence for businesses building on-chain. The Compliance Engine allows for tailored risk management, real-time automated enforcement, and preventative blocklists. Currently in beta, the platform promises to streamline the process of bringing compliant products to market, potentially reducing the time required from months to a much shorter period. And, Ethena plans to launch UStb, a new stablecoin backed by BlackRock's tokenized U.S. Treasuries fund BUIDL and in collaboration with Securitize. ?
[AI] London Stock Exchange Whitepaper on Large Language Models in Finance, Bank of England Launches AI Consortium, and OpenAI Plans Major Restructuring to For-Profit Entity. ? The London Stock Exchange, in collaboration with Probability & Partners, has released a whitepaper on Large Language Models (LLMs) in finance. The document explores LLM implementation in financial institutions, highlighting potential applications, risks, and mitigation strategies. It covers the history of LLMs, current and future uses in finance, methods for adapting LLMs to specific tasks, and challenges associated with their use. The whitepaper also addresses sustainability concerns related to LLMs. This comprehensive guide aims to enhance understanding of LLMs within the financial sector and provide insights into their responsible and effective deployment. Meanwhile, the Bank of England is launching an Artificial Intelligence Consortium to facilitate public-private engagement on AI in UK financial services. The consortium aims to identify AI applications, discuss benefits and risks, and inform the Bank's approach to safe AI adoption. It will explore new capabilities, deployments, and use cases, considering both firm-level and system-wide implications. The platform seeks to gather stakeholder input on AI development and usage in the financial sector. Applications for the AI Consortium are open until November 8, 2024, inviting participation from relevant stakeholders in the industry. Also, OpenAI is planning to restructure its core business into a for-profit benefit corporation, removing non-profit board control. The non-profit will retain a minority stake. This move aims to attract investors and potentially affect AI risk management. CEO Sam Altman will receive equity in the for-profit entity, potentially valued at $150 billion post-restructuring. The company is working to remove the investor returns cap. While details are still being finalized, this change represents significant governance shifts at OpenAI. The restructuring coincides with leadership changes, including the departures of CTO Mira Murati and President Greg Brockman's leave of absence.?
[Quantum Technology] EU Launches €65M Quantum Chip Research Initiative, G7 Warns of Quantum Cybersecurity Risks in Finance, and IBM Expands World’s Largest Quantum Data Center in New York. The EU's Chips Joint Undertaking has launched a €65 million call for quantum chip research and innovation , focusing on computing and sensing technologies. This funding, expected to be matched by participating states, is part of a larger €200 million EU investment in quantum chips over three years. The initiative aims to develop and manufacture quantum technologies, fostering innovation and establishing a European quantum chip supply chain. Applications include optimizing logistics, accelerating drug discovery, enhancing cybersecurity, and improving AI algorithms. Proposals for this call are due by January 21, 2025, at 17:00 CET. Meanwhile, the G7 Cyber Expert Group (CEG) has issued a statement addressing potential cybersecurity risks from quantum computing in the financial sector. While offering benefits, quantum computers could defeat current cryptographic techniques, exposing sensitive data. The CEG recommends financial authorities and institutions take immediate action to build quantum resilience, including understanding the risks, assessing vulnerabilities, and developing mitigation plans. With NIST releasing initial quantum-resilient encryption standards, entities are encouraged to prepare for adoption. The timeline for quantum capabilities is uncertain but could emerge within a decade. Also, IBM has expanded its Quantum Data Center in Poughkeepsie, New York, now hosting the world's largest number of utility-scale quantum computers at a single location. The center features IBM's latest Heron processors, offering up to 16 times better performance and 25 times faster speed than 2022 systems. All quantum systems in Poughkeepsie now operate at utility-scale, surpassing classical computer simulation capabilities. This expansion enables global users to explore new quantum algorithms via IBM's cloud. IBM is collaborating with over 250 organizations and various startups to advance quantum computing applications. The company plans further upgrades in Poughkeepsie and will open a second Quantum Data Center in Germany.
[General technology] Meta Unveils Orion AR Glasses Prototype, Kaspersky Abruptly Replaces U.S. Software Amid Security Ban, and Microsoft Warns of Storm-0501's Ransomware Threats. Meta unveiled Orion, their most advanced AR glasses to date, combining regular glasses aesthetics with augmented reality capabilities. Orion features a large field of view, holographic displays, and seamless integration of digital content with the physical world. It runs Meta AI for contextual assistance and supports hands-free communication via WhatsApp and Messenger. While not intended for consumer release, Orion serves as a polished product prototype for internal development and testing with select audiences. Meta aims to refine display quality, reduce size, and lower costs for future consumer AR glasses. Orion represents a significant step towards Meta's vision of integrating digital experiences into daily life without compromising presence in the physical world. Meanwhile, Kaspersky, the cybersecurity company, abruptly deleted its antivirus software from U.S. customers' computers and replaced it with UltraAV's solution without warning. This action follows the U.S. government adding Kaspersky to the Entity List and banning its sales and updates starting September 29, 2024, citing national security concerns. Kaspersky had previously announced the closure of its U.S. operations and staff layoffs. While customers were informed about continued protection through UltraAV, they weren't warned about the sudden software switch. Many users reported unexpected installations of UltraAV, causing concern about potential malware infections. This move has sparked confusion and worry among Kaspersky's U.S. customer base. Also, Microsoft has identified Storm-0501 as a major threat actor targeting U.S. government, manufacturing, transportation, and law enforcement sectors with ransomware attacks on hybrid cloud environments. The group employs various tools for credential theft, data exfiltration, and persistent access. Storm-0501 has evolved from targeting education entities to becoming a ransomware-as-a-service affiliate, using payloads like Hive, BlackCat, and Embargo. The attacks culminate in ransomware deployment and double extortion tactics. Microsoft warns of the group's sophisticated methods in compromising both on-premises and cloud infrastructures.
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