Our May issue had a sharp focus on the future of trading technology with an emphasis on fintech and Blockchain.
This proved prescient as in August UBS announced the development, along with a team of the world’s largest banks, of a “Utility Settlement Coin” (USC), which is a digital cash equivalent of major currencies backed by central banks. According to a Reuter’s story, it is a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.
In addition to introducing the itBit settlement system in our May issue, we noted that Blockchain adoption would be one of the top 10 trends in fintech. That appears to be well on its way to happening. In May CME Group and Crypto Facilities Ltd. announced plans to create a standardized reference rate and spot price index with independent oversight to help accelerate the professionalization of bitcoin trading. CME Group is collaborating with several bitcoin exchanges and trading platforms on this including itBit.