Morgan Stanley CEO James Gorman said he thinks bitcoin is “certainly something more than just a fad,” according to a Bloomberg report; he also stated that the concept of anonymous currency is interesting because of the privacy it provides; while he has yet to invest in the technology he does see more regulatory control coming soon. Source.
News Roundup
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Federal Reserve Bank of New York President William Dudley said the U.S. central bank is starting to think about adopting its own digital currency; while talks are in their infancy Mr. Dudley does see the value in the technology behind bitcoin; he doesn’t see bitcoin being a rival to the dollar as it is currently to unstable. Source.
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CNBC profiles three companies emerging in the banking industry with solutions built from machine learning technology; Digit has created a solution that integrates with a user's bank account to automate savings based on account balances and spending patterns; Zest Finance is offering credit scoring technology based on AI algorithms using alternative credit data; Adyen is also using machine learning for fraud prevention; overall machine learning solutions are evolving rapidly and speculators believe they will revolutionize the workforce; Goldman Sachs says machine learning and AI will enable $34 billion to $43 billion in annual cost savings and new revenue opportunities for the financial sector by 2025; it's also expected that AI and machine learning will begin to replace jobs that can be easily automated while also creating greater opportunities for software developers and data scientists. Source
An article from Bloomberg highlights bank investments in fintech companies; the article cites a report from Opimas noting that both Goldman Sachs and JP Morgan Chase are investing in companies that aim to disrupt banking; Goldman Sachs has invested in 15 fintech companies focusing on capital markets; JP Morgan Chase has invested in nine; the report states that banks and other companies will invest $1.7 billion in approximately 44 deals this year; this comes at a time when venture capitalists are shying away from the market. Source
ConsenSys has announced their latest venture, a peer to peer trading company called CarbonX; CarbonX plans to tokenize carbon credits; the company is backed by a co-founding group that includes the Tapscotts, authors of Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and the World; Joseph Lubin, Founder of ConsenSys stated, "As one of the fastest growing companies working on Ethereum, a platform that is poised to reformat how the world organizes itself, ConsenSys is committed to enabling technologies to be built that will facilitate attention to externalities like pollution and critical new foundations like sustainability. CarbonX has the potential to incentivize behavior that contributes to environmental sustainability, and is an excellent example of Ethereum-based technologies poised to make positive change." Source
One of the biggest questions the crypto and blockchain communities have yet...