Blockchain
C3 Rules and HyperRisk Solutions Forge Strategic Alliance to Transform Cryptoasset Compliance
In a dynamic shift within the finance sector, traditional banking institutions are increasingly investing in a variety of cryptoasset exposures, including stablecoins, tokenized assets, ETF products, and cryptocurrencies. However, the Basel III framework tempers this forward thrust, requiring substantial capital reserves against investments that fail to meet exacting standards, alongside rigorous evaluations, and detailed submissions for regulatory scrutiny. To address these challenges, C3 Rules, a leading developer of cryptoasset compliance solutions, has teamed up with HyperRisk Solutions, a leader in regulatory technology software. Their joint effort integrates C3 Rules’ cryptoasset classification and compliance reporting solution with HyperRisk Solutions’ RiskGuard software, creating a comprehensive system for cryptoasset capital calculations.
This integration promises transparency and efficiency in cryptoasset exposure classification and capital calculations, meeting the Basel Committee’s new cryptoasset capital and prudential standards. It offers a modular approach to compliance management, allowing seamless integration with existing risk management infrastructures or complete overhauls for advanced cryptoasset classification services.
The partnership targets a global userbase of banks and financial institutions. HyperRisk Solutions‘ RiskGuard software is widely used in Southeast Europe, counting eleven leading banks and financial institutions as its clients. The enhanced offering, available world-wide and a global first, will bolster their position in financial innovation and risk management. Markets more advanced in the adoption of regulation, such as Hong Kong, Singapore, and Switzerland, will likely benefit first.
Ben Stolman, CEO at C3 Rules, expressed his enthusiasm about the partnership, stating: “This strategic alliance with HyperRisk Solutions is a game-changer for the financial industry. By combining our cutting-edge cryptoasset classification system with HyperRisk’s robust capital calculation engine, we are setting new standards in risk management and regulatory compliance for banks with cryptoasset exposures.”
Aleksa Jorga, a partner at HyperRisk Solutions, states: “We are excited to start on a partnership with C3 Rules, with its bold and innovative approach to crypto regtech. The classification tool is an organic fit for our RiskGuard suite and prepares us for a future in which cryptoassets may be integrated into the mainstream banking industry. RiskGuard evolved with the Basel framework, with a track record of 15 years, so we are anticipating the next market move.”
Andrew Fei, a partner at law firm King & Wood Mallesons who regularly advises clients on digital assets and Basel standards, observes: “The Basel cryptoasset standards are important because they tell banks how much capital they need to hold against their cryptoasset exposures. The Basel standards require banks to classify each of their cryptoasset exposures into one of four tightly-defined categories, fully document their classification decisions with supporting evidence, and make these available to their banking regulators for review. This is a significant compliance undertaking for banks. Against this backdrop, regtech solutions have the potential to significantly alleviate banks’ compliance burden.”
The post C3 Rules and HyperRisk Solutions Forge Strategic Alliance to Transform Cryptoasset Compliance appeared first on HIPTHER Alerts.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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