.@Fidelity hopes its Trading-Clearing-Custody-#ColdStorage system for #Crypto Assets Will be the #MissingLink to lure Institutional Investors

Fidelity plans to setup a trading/clearing/custody system that, "permits users to execute trades at one or more exchanges at best price, then determine how to settle. This is what institutional demand requires," Tom Jessop, Fidelity's new Crypto Head, says. 

Jessop believes that Fidelity's vaulted cold storage custody solution, when paired with its traditional security protocols (the "Fidelity standard"), will be the missing link that finally lures a herd of institutional investors into the cryptosphere.

https://www.newsbtc.com/2018/10/27/fidelity-will-provide-missing-crypto-link-for-institutional-investors-says-head-of-investment-arm/?platform=hootsuite

We Will Provide Missing Link for Institutional Investors, Says Fidelity Crypto Head

Nick Chong

The president of Fidelity Digital Asset Services has spoken about the company's plans in an interview, such as the decision not to launch an in-house exchange, how it intends to attract more institutional investors, and why it's crypto offering is focused on custody and trade execution.

Crypto Paired with More Traditional Financial Models

In his interview with Laura Shin, yesterday, on her Unconfirmed podcast, Tom Jessop, president of Fidelity's new investment arm, outlined the asset management's game plan.

Rather than operating an exchange — which Jessop says "other folks are already doing quite a good job at" — the firm instead wants to focus its energy on creating high quality market access services for its customers.

What do you want? #RenewableEnergy. When do you want it? Now!

Renewables are a public opinion juggernaut. Being against them is no longer an option. The industry's best and only hope is to slow down the stampede a bit (and that's what they plan to try).

100 percent renewables is a wildly popular goal

The core of the industry's dilemma is captured in this slide (on the left is the industry perspective):

EEI

Utilities don't think it is wise or feasible to go 100 percent renewables. But the public loves it.

And I mean loves it. Check out these numbers from the opinion survey:

In our polarized age, here is something we almost all agree on: Renewable energy is awesome.

Here's the most striking slide in the presentation:

EEI

In case you don't feel like squinting, let me draw your attention to the fact that a majority of those surveyed (51 percent) believe that 100 percent renewables is a good idea even if it raises their energy bills by 30 percent.

#Blockchain-based #Gold tracking coming to the #LBMA

London Bullion Market Association (LBMA) to create a set of standards for blockchain-based gold tracking, as well as an oversight committee to approve and monitor technology providers

London is the largest hub in the world for OTC gold trades and clearing. Wholesale gold trades across London's five precious metal clearing banks, overseen by the LBMA, reached a value of $6.7 trillion in 2017.

https://bitcoinist.com/blockchain-could-track-the-globes-gold-bullion-by-2019/

Blockchain Could Track the Globe's Gold Bullion by 2019

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Ethical sourcing is becoming critical in such a high-value sector as precious metals. It will become even more important as reserves of metals such as gold diminish and scarcity develops.

Proving the origins of gold could prevent smuggling from developing countries where mining practices can threaten lives and damage the environment. It ensures that everyone involved in the supply chain, including miners, are rewarded and reassures gold buyers and consumers that both people and the environment are being protected.

The tracking of gold bullion from its origin through its ownership and use cycle could prevent theft. It could also prevent illegal sales, smuggling, and use funding conflict and terrorism. Blockchain technology presents a way to remove illegal or unethical gold from the markets.

Achieving a Credible Blockchain Solution

The LBMA is a global authority on gold and the international trade association for the over-the-counter (OTC) gold bullion market. Its members include the largest gold miners, refiners and traders of gold.

The LBMA asked its members for proposals in March 2018 regarding how to track gold and prevent forgery. According to Reuters reporting, the LBMA received 26 proposals, including pitches from technology startups, and also from IBM. Out of the 26 proposals, 20 incorporated blockchain technology.

The authority will now create a set of standards for services, whilst understanding what a "credible blockchain solution" is, said LBMA's executive board director Sakhila Mirza who added:

Once those have been appropriately established, the result would be a selection of service providers that meet the minimum standards.

Tracking a Trillion Dollar Industry

Selecting service providers is likely to occur in 2019. The successful blockchain developer would be responsible for a system that provides tracking and transparency to a trillion dollar industry.  

London is the largest hub in the world for OTC gold trades and clearing. Wholesale gold trades across London's five precious metal clearing banks, overseen by the LBMA, reached a value of $6.7 trillion in 2017.

The estimated implied market capitalization for gold is over $7 trillion. It is an implied capitalization as it includes gold already mined, in circulation, and potentially still in the ground. London's gold vaults contain around 8,000 tonnes of gold bullion, second only to the gold held by the U.S government.

What are your thoughts om blockchain-based gold tracking? Let us know in the comments below!

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Royal Dutch Shell, Mercuria and Gunvor, and financial institutions such as ING, Société Générale, Citigroup and ABN Amro are backing two new blockchain platforms.

By digitising the large amount of contracts, letters of credit, invoices and other paperwork currently sent around the world by email, fax or post, and putting them on the Ethereum blockchain platform, they are hoping that the new platforms will lead to faster, cheaper and more secure ways of completing a trade as well as settling the transaction

Energy traders and banks back new blockchain platforms

Aim is to provide faster, cheaper and more secure ways of completing trades

A group of the world's leading energy traders and banks is looking to shake up the centuries-old trade finance industry with the launch of two new platforms underpinned by blockchain technology.

Yale’s endowment invests in #crypto funds

Yale CIO David Swensen's investments in Andreessen & Paradigm crypto funds represent a vote of confidence for an asset class that's yet to see the support of major endowments and foundations. 

"People are excited about it but afraid of being the first, or having to explain themselves," said Bill Barhydt, CEO of cryptocurrency exchange Abra. "That's the fear vs. greed of institutional investing. There's a herd mentality there as much as there is in retail investing."

The most influential endowment manager just jumped into crypto with bets on two Silicon Valley funds

CNBC, 7:24 PM ET Fri, 5 Oct 2018 | 05:18

Peter Foley | Bloomberg | Getty Images

David F. Swensen, chief investment officer of the Yale University Investments Office.

David Swensen, who's known as Yale's 'Warren Buffett' because of his investing success with the university's endowment, is making his first big bets on cryptocurrency following the recent swoon in the price of bitcoin and other digital currencies.

Swensen, who is chief investment officer of the university's $29.4 billion endowment, has invested in two venture funds dedicated to cryptocurrency, according to people familiar with the matter.

#Venezuela’s #Refugees Send Billions Back Home, Helping the Lucky Survive - Bloomberg

"Venezuela has essentially stopped exporting oil and in its place, started exporting people."

"Venezuela is moving in the direction of Haiti"

"Oil production has plunged almost two-thirds in the past 16 years, turning the country with the world's biggest proven reserves into a mere fringe player in global markets. Venezuelans, meanwhile, are fleeing in droves. An estimated 1.6 million have left since 2015—roughly 5 percent of the population. The United Nations now estimates that are some 2.3 million Venezuelans living abroad, while in 2005 there were only 437,000.

"This new export is paying dividends. As the Venezuelan diaspora earns ever greater income, they're sending more to struggling relatives back home. Remittances surged to $1.5 billion in 2017 and will climb a further 60 percent this year to $2.4 billion, according to Caracas-based consultancy Ecoanalitica"

https://www.bloomberg.com/news/features/2018-10-02/venezuelan-refugees-send-billions-back-home-helping-the-lucky-survive

Venezuelan Refugees Send Billions Back Home, Helping the Lucky Survive

The transfers, as little as $10 a month, trickle into people's pockets through networks of small businesses and relatives fortunate enough to have a foreign bank account.

More stories by Andrew RosatiOctober 2, 2018, 10:00 AM GMT+2

Photographer: Adriana Loureiro Fernandez/Bloomberg

Venezuela has essentially stopped exporting oil and in its place, started exporting people.

Oil production has plunged almost two-thirds in the past 16 years, turning the country with the world's biggest proven reserves into a mere fringe player in global markets. Venezuelans, meanwhile, are fleeing in droves. An estimated 1.6 million have left since 2015—roughly 5 percent of the population. The United Nations now estimates that are some 2.3 million Venezuelans living abroad, while in 2005 there were only 437,000.

This new export is paying dividends. As the Venezuelan diaspora earns ever greater income, they're sending more to struggling relatives back home. Remittances surged to $1.5 billion in 2017 and will climb a further 60 percent this year to $2.4 billion, according to Caracas-based consultancy Ecoanalitica.

This is a paltry sum, compared to the riches that a good year of oil exports can generate. And it's just a fraction of what traditional remittance-dependent nations receive. (Tiny El Salvador, for instance, takes in some $5 billion a year.) But in a country where millions have been driven into deep poverty by hyperinflation and economic paralysis, every dollar counts.

Kelly Marcano leaves her home in Petare, a slum in Caracas.

Photographer: Adriana Loureiro Fernandez/Bloomberg

The transfers, as little as $10 a month, evade currency controls and trickle into Venezuelans' pockets through networks of small businesses and relatives lucky enough to possess foreign bank accounts. Ecoanalitica estimates that roughly 2.1 million Venezuelans sent money home last year.