Blockchain
Brane Strengthens Technology Leadership Team with New Chief Technology Officer and Senior Vice President, Client Solutions
Ottawa, Ontario–(Newsfile Corp. – September 22, 2021) – Brane Inc. (“Brane”), a leading independent cryptocurrency custody service provider, announced today that it has recruited two highly accomplished technology executives to its leadership team: Feras Aslan as Chief Technology Officer, and Matt Pierce as Senior Vice President, Client Solutions.
Aslan and Pierce, together with Brane’s Vice President, Product, Christian Desjardins, will build on Brane’s success in developing, implementing, and customizing digital asset custody technology for regulated financial institutions – securing the world’s transition to blockchain.
Aslan joins Brane from global financial services firm Morningstar, where he most recently served as Chief Technology Officer, Americas Ex-US, responsible for leading the company’s Canada and LATAM technology teams. Prior to joining Morningstar, Aslan acquired extensive experience in the Canadian financial sector in senior technology roles at DBRS, Scotiabank, and RBC. He holds a graduate degree in Information Management from IAU with a diploma in Computer Engineering from Seneca College, and a master’s certificate in project management from The George Washington University School of Business.
As Chief Technology Officer, Aslan will drive Brane’s continued leadership in developing blockchain-native, compliance-focused, and highly flexible crypto custody technology.
Pierce brings over 20 years of international experience leading multidisciplinary teams in the design and launch of innovative solutions and new ventures in information technology and business services. A graduate of Duke University’s Master of Business Administration program, his previous roles include Senior Vice President, Enterprise Solution Sales & Marketing at NEC Corporation of America, Vice President of Technology Solutions at MD Financial Management, and Chief Advisor, Business Solutions Delivery at Export Development Canada.
In his new role at Brane, Pierce will lead all phases of project scoping, delivery, and implementation of Brane’s custody solutions for a growing roster of financial services clients.
“A growing number of Canadian, U.S., and global financial institutions are looking to Brane as the independent, reliable, and trusted partner for their crypto custody and related technology solutions,” said Jerome Dwight, Brane’s President and the former CEO of Bank of New York Mellon’s Canadian operations. “Adding further bench strength to Brane’s outstanding team, Feras and Matt will play key roles in successfully executing on these opportunities and positioning Brane’s innovative, highly secure custody technology for global growth.”
“As mainstream adoption of cryptocurrencies continues to accelerate, financial institutions of every size face growing pressure to provide their clients with crypto services. Brane is perfectly positioned to partner with banks, asset managers, and investment dealers as a trusted custody technology provider,” said Aslan. “I’m thrilled to be a part of Brane’s mission, bringing security and assurance to the crypto financial ecosystem.”
“I was drawn to Brane by the company’s outstanding crypto custody technology solutions, backed by an exceptional team of leaders from technology, banking, and government,” said Pierce. “I’m excited to work with that team to drive client success, develop new partnerships, and build Brane into a global crypto custody powerhouse.”
For more information:
Emile Scheffel
(343) 961-3318
[email protected]
Founded in 2017, Brane Inc. is an independent, carbon neutral, Canadian crypto custody service provider helping institutional clients unlock the opportunities of blockchain and digital assets. Brane Vault, its core digital asset custody technology, is third-party certified to stringent global standards including ISO/IEC 27001, ISO/IEC 27017, and NIST CSF Tier 4, and insured against theft and crime.
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities legislation, which reflect Brane’s current expectations regarding future events, including statements relating to: the ability of Brane to become carbon neutral, the ability of Brane and other market participants to reduce greenhouse gas emissions. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as “create”, “continue to”, “expand”, “accelerate”, “enhancing”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Brane’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof and Brane does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97175
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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