The following is an excerpt from today’s Global Newsletter.

Another week, another crypto project with big tradfi names.

Last week, it was BlackRock announcing their bitcoin ETF, and now we have a consortium involving Citadel Securities, Fidelity, and Schwab launching a new crypto exchange called EDX Markets.

It appears crypto is not dead after all. 

That is three very big traditional finance names joining the growing list planting their stake in the ground in recent days, despite the crypto winter and regulatory pressures in the mix. 

They did not really need to launch now. No one would blame them for shelving the plan and waiting for calmer waters. You have to think the timing is intentional.

It is yet another bullish sign for crypto.

Will this trend entice Jamie Dimon back into the fray?

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Global

Crypto exchange EDX Markets starts operations www.wsj.com   The exchange, backed by Citadel Securities, Fidelity Investments and Charles Schwab, seeks business from those interested in digital assets but wary of troubles at FTX and Binance.,

From Fintech Nexus

Global AML efficiency from networks and AI By Isabelle Castro Margaroli    Money laundering is a perpetual thorn in the side of financial institutions. BIS reports that AI and the use of networks could be a way forward.

Global SMEs need better access to financial expertise By Mindaugas Mikalajunas    SME-focused fintechs are better known than banks as sources of advice and guidance on financial matters, such as cash flow management.

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Also making news

• Global: Payments startup picks up Wirecard’s pieces to enter Asia Pacific NomuPay has acquired parts of the disgraced processor that could help it overcome the barriers of entry to the lucrative market.
• Global: Majority of consumers trust generative AI for financial planning The majority (53%) of consumers trust generative AI technology to be used for financial planning, suggests recently published research.
• USA: SVB’s investment bank gets a rebrand A group led by SVB Securities CEO Jeff Leerink will buy the business from its bankrupt ex-parent company and rename it Leerink Partners.
• Global: Unified ledger for CBDCs, tokenized assets could enhance global financial system: BIS “This would be a game-changer in how we think about money and how transactions take place,” said the central bank group’s Head of Research Hyun Song Shin.
• USA: Diving into Plaid’s new Identity Verification experience Plaid has been undertaking some major expansions in its functionalities in the identity space. It all started last year when Plaid purchased Cognito for $250 million, a company that offers identity verification and KYC and AML solutions.
• Europe: UK crypto, stablecoin laws approved by Parliament’s Upper House The Financial Services and Markets Bill stands to recognize crypto as a regulated activity and stablecoins as a means of payment under existing laws.

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