The mainstreaming of bitcoin tech continues. Nearly 500 suit-clad Wall Streeters, regulators, professors, and tech execs gathered at the Depository Trust & Clearing Corp.’s attended first ever single-issue public symposium, on blockchain, Tuesday in midtown Manhattan. Earlier Tuesday DTCC, the bank-owned utility for settling trades, also announced its first test of an application of blockchain, for repo trades. Matt Harris, of Bain Capital Ventures, said he had never seen such high-powered talent drawn to back end of bank technology in his 20 years in the space. DTCC estimated that $500 million has been invested by VCs and banks in blockchain, which is touted to be a way to slash costs settling trades by creating one shared record protected by cryptography. Barclays PLC tech executive Lee Braine cautioned that a “perfect hype storm” had evolved. Still, the potential for big cost savings versus current systems stirs Wall Street’s passions. IBM’s Jerry Cuomo said his firm was using blockchain to try to reduce the 40% of its $44 billion in financing provided to customers that is tied up in disputes.
Wall Street goes big on Bitcoin tech
More of Today's Solutions
The gene behind congenital deafness, and how a single shot is fixing it
BY THE OPTIMIST DAILY EDITORIAL TEAM A girl born without the ability to hear was having everyday conversations with her mother four months after ...
Read More8 sky events all stargazers should catch this month
BY THE OPTIMIST DAILY EDITORIAL TEAM The flower moon came and went on May 1. Most of what makes this month interesting is still ...
Read MoreNew studies are showing signs of lasting immunity to Covid-19
With all that’s happened in the past few months regarding the coronavirus, we could use a bit of good news. And that’s exactly what ...
Read MoreThis gigantic vertical greenhouse uses 100% natural light
Vertical farming is an amazing solution that allows us to grow fresh produce using a fraction of the water and land that traditional agriculture ...
Read More
