BNY is launching a blockchain-based transfer agency platform as the bank expands its digital asset infrastructure and moves core financial records onchain. BNY, one of the world’s largest custodian banks, is taking a major step toward blockchain-based financial infrastructure by moving fund ownership records onchain. The New York-based institution will launch a blockchain-based version of its transfer agency business, which manages fund ownership records and investor transactions, the Financial Times reported Wednesday. “We think of BNY as modernizing a function that sits behind every single fund transaction by bringing the books and records on-chain,” Carolyn Weinberg, BNY’s chief product and innovation officer, reportedly said. Read more
Crypto’s fundamentals have never been stronger, yet degens keep chasing hot new narratives. Behavioral finance may explain why get rich quick stories continue to beat substance. “Investments change fast; human nature and human aspirations stay constant.” That’s how Meir Statman, behavioral finance pioneer, professor of finance at Santa Clara University and author of A Wealth of Well-Being, explains one of investing’s oldest puzzles. And it may be why every crypto cycle so far has been about chasing the next hot narrative rather than fundamentals, whether it’s DeFi, meme coins or decentralized compute. In an industry that has spent years maturing into an ecosystem of institutional investors, revenue-generating protocols and real-world use cases, investor attention still gravitates toward the next shiny thing that can offer the promise of outsized returns. Read more
The service is limited to eligible UAE residents and bookings are priced and settled in dirhams. Emirates, the Dubai-based flagship carrier, has launched Crypto.com Pay on its website and app, enabling eligible United Arab Emirates residents make flight bookings with cryptocurrencies, the airline said Tuesday. Mobile users are sent to the Crypto.com app to authorize payment from their wallet, while desktop customers scan a QR code at checkout, the companies said in an announcement. Emirates settles in UAE dirhams rather than holding crypto, with Crypto.com handling the conversion. The move “reflects the rapidly evolving preferences of a younger, digitally fluent generation who manage their money and plan their journeys primarily from their phones,” said Adnan Kazim, Emirates’ deputy president and chief commercial officer. Neither company indicated whether they would expand the Emirates service beyond eligible UAE residents. Read more