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Matrixport’s Cactus Custody’s (TM) DeFi Connector Supports Multi-chain Capabilities with MetaMask Institutional

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Cactus Custody™, a qualified institutional custodian solution powered by Matrixport, today announced that it is the world’s first MetaMask Institutional (MMI) integrated custodian able to support MMI’s multi-chain capabilities and all EVM compatible chains. This feature called “DeFi Connector” offered by Cactus Custody enables institutional clients seamless and secure connection with decentralised finance (DeFi) protocols via MMI.

The successful upgrade now enables multi-chain connectivity access across all Ethereum Virtual Machine (EVM) compatible chains, sidechains and Layer 2s, including but not limited to Ethereum, Binance Smart Chain, Polygon, Smart Bitcoin Cash, Avalanche, Fantom, Arbitrum, HECO, Harmony One and Celo, etc.

Cynthia Wu, Head of Sales and Business Development, Matrixport said: “We are excited to be at the forefront of innovation in serving the interest of our institutional clients. Our offering concurrently delivers the highest level of security and usability to institutions seeking to tap into the vast opportunities within DeFi. We are fully committed towards enabling multi-chain capabilities that provide even broader access to DeFi, whilst adhering to world-class standards of security and compliance.”

Johann Bornman, Product Lead for MMI added: “EVM chain support is one of the most important institutional needs. With our latest custodial account multichain feature, Cactus Custody not only supports multiple EVM chains, but also allows institutions to freely bridge digital assets across these networks. This is a profound DeFi offering for institutions.”

Cactus Custody™ aims to bring increased security, transparency, and efficiency to the market. DeFi Connector offers audit trails that align with regulatory compliance requirements, and allows all decentralized application (DApps) interactions and wallet transactions on MMI to be traceable in the custody system. DeFi Connector also implements enterprise-grade controls and role-based approval process during the interaction with DeFi, as well as secure smart contract addresses whose private keys are safeguarded in a Hardware Secure Module by a qualified custodian.

Cactus Custody™ is the third-party institutional custody service provided by Matrixport, one of the fastest growing crypto financial services platforms in Asia — with over USD10 billion in assets under custody for clients including miners, funds, projects and corporations.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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