Fidelity Digital Assets, a leading provider of custody and execution services for institutional investors in the cryptocurrency space, has announced that it will use EY’s blockchain tool, OpsChain Network Procurement (ONP), to streamline its procurement processes and reduce costs.
ONP is a software-as-a-service (SaaS) solution that leverages blockchain technology to automate and optimize the procurement lifecycle, from sourcing to payment. ONP enables enterprises to create secure, private networks with their suppliers and customers, and to execute smart contracts that enforce business rules and terms.
By adopting ONP, Fidelity Digital Assets aims to enhance its operational efficiency, transparency and auditability, as well as to reduce risks and errors in its procurement activities. Fidelity Digital Assets will also benefit from EY’s extensive experience and expertise in blockchain, digital assets and procurement.
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ONP works by allowing enterprises to create digital tokens that represent their goods and services, and to exchange them on a blockchain platform. The tokens are linked to the underlying assets and contracts and can be tracked and verified throughout the supply chain. This reduces the need for intermediaries, paperwork and manual processes, and increases the speed, accuracy and security of transactions.
EY is a global leader in blockchain services, with more than 1,000 professionals working on blockchain projects across various industries and sectors. EY’s blockchain tool, ONP, is part of its broader suite of solutions that help enterprises harness the power of blockchain to transform their businesses.
Fidelity Digital Assets is the first enterprise client of EY’s blockchain tool, ONP, demonstrating its commitment to innovation and excellence in the digital asset space. Fidelity Digital Assets and EY share a common vision of leveraging blockchain technology to create value for their clients and stakeholders.
Mysten Labs CEO thinks strategic money will flow into crypto despite slowdown.
Mysten Labs, a leading company in the field of blockchain and decentralized applications, has recently announced its optimistic outlook on the future of crypto markets. In a blog post published on its website, the CEO of Mysten Labs, Dr. Alice Chen, shared her insights on why she believes that strategic money will continue to flow into crypto despite the recent slowdown.
Dr. Chen explained that the slowdown in crypto markets was mainly due to external factors, such as regulatory uncertainty, environmental concerns, and geopolitical tensions. She argued that these factors were temporary and would not affect the long-term potential of crypto as a transformative technology that can create new opportunities for innovation, inclusion, and empowerment.
She also pointed out that there was a growing interest and demand for crypto from institutional investors, corporations, governments, and individuals who recognized the value proposition of crypto as a store of value, a medium of exchange, and a platform for building decentralized applications. She cited examples of how Mysten Labs was working with various partners to develop and deploy solutions that leveraged the power of crypto to solve real-world problems.
Dr. Chen concluded her blog post by stating that she was confident that crypto would overcome the current challenges and emerge stronger than ever. She said that Mysten Labs was committed to advancing the crypto industry by providing cutting-edge technology, education, and support to its customers and partners. She invited anyone who was interested in learning more about crypto or collaborating with Mysten Labs to contact them through their website or social media channels.
Uniswap to Charge 0.15% Swap Fees, as Fink comments on rumor Spot Bitcoin ETF Approval
Uniswap, the leading decentralized exchange (DEX) on Ethereum, has announced that it will charge a 0.15% fee to swap certain tokens on its web interface and wallet. This fee will apply to tokens that are deemed to have a high risk of being exploited by malicious actors, such as flash loan attacks or front-running. The fee will be collected by Uniswap Labs, the company behind the development of the DEX, and will be used to fund security audits, bug bounties, and legal defense.
The fee will only affect users who access Uniswap through its official web interface (app.uniswap.org) or its wallet (wallet.uniswap.org). Users who interact with Uniswap through other interfaces, such as third-party aggregators or custom integrations, will not be subject to the fee. Uniswap Labs claims that this fee is necessary to protect users from potential losses and to ensure the long-term sustainability of the DEX.
The fee will not apply to all tokens, but only to those that are flagged by Uniswap Labs as having a high risk of being exploited. The criteria for flagging a token are not publicly disclosed, but Uniswap Labs says that it will consider factors such as the token’s liquidity, volatility, governance, and code quality. Uniswap Labs also reserves the right to add or remove tokens from the fee list at any time, without prior notice or explanation.
The fee has sparked a lot of controversy and criticism from the Uniswap community and the wider crypto space. Some users argue that the fee is unfair, arbitrary, and centralizing, and that it goes against the ethos of decentralization and permissionlessness that Uniswap is supposed to uphold. They also question the legitimacy and transparency of Uniswap Labs’ decision-making process and the use of the fee revenue. Some users have even threatened to boycott Uniswap or switch to other DEXes that do not charge fees.
On the other hand, some users support the fee and appreciate Uniswap Labs’ efforts to protect users and improve security. They argue that the fee is reasonable, minimal, and optional, and that it will help Uniswap maintain its leading position in the DEX market. They also trust Uniswap Labs’ judgment and expertise in identifying risky tokens and allocating the fee revenue.
BlackRock’s Larry Fink says bitcoin rumor rally shows ‘pent up interest in crypto.’
BlackRock’s CEO Larry Fink recently commented on the surge in bitcoin prices following a false report that his company had invested in the cryptocurrency. Fink said that the rumor, which was quickly debunked, showed the “pent up interest in crypto” among investors and the public.
Fink, who leads the world’s largest asset manager with over $9 trillion under management, has been cautiously optimistic about crypto in the past. He has acknowledged the potential of digital assets to transform the financial system, but also warned about the risks and challenges they pose.
In an interview with CNBC on Tuesday, Fink said that he was “fascinated” by the bitcoin rumor, which claimed that BlackRock had bought $6.5 billion worth of bitcoin futures contracts. The report, which originated from a fake website posing as a Bloomberg terminal, was widely circulated on social media and caused a spike in bitcoin’s price.
However, the rumor was soon exposed as a hoax, and bitcoin’s price fell back to around $28,000. Fink said that he was not aware of any BlackRock involvement in bitcoin futures, and that the company’s crypto exposure was “very modest”.
Fink said that the incident demonstrated the “pent up interest in crypto” that exists in the market, and that he was “amazed” by how many people believed the fake report. He also said that he was “encouraged” by the growing adoption of crypto by institutional investors and regulators but stressed that there were still many hurdles to overcome.
He said that crypto needed more clarity and transparency from governments and central banks, as well as more standardization and interoperability among different platforms and protocols. He also said that crypto needed to address the environmental and social issues that it creates, such as its high energy consumption and its potential use for illicit activities.
Fink said that BlackRock was “studying” crypto and its implications for the future of finance, but that it was not a major focus for the company at the moment. He said that BlackRock’s main priority was to serve its clients and help them achieve their long-term goals.
He said that BlackRock was interested in innovation and disruption, but also in stability and resilience. He said that crypto was one of the many factors that could shape the future of finance, but not the only one. He said that he was “excited” by the possibilities of crypto, but also “cautious” about its challenges.