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Chennai, Tamil Nadu, India
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N/A
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Headquarters
New York City, New York
Founded
1973
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Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENEPublic Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: After predicting it wouldn’t survive this long, Bakkt Holdings has undergone another transformation; the largest securities clearinghouse in the world doubles down on Ethereum; and Robinhood launches a prediction market for your March Madness bracket.Setbacks for Bakkt HoldingsThere’s new business afoot for crypto trading and payment solutions company Bakkt, which trades on the New York Stock Exchange under the BKKT symbol. But there’s also a bit of blood in the water.The company just hired a new co-CEO: Akshay Naheta, who oversaw SoftBank’s investments in chip manufacturer ARM and GPU giant Nvidia. Bakkt also inked a deal with Distributed Technologies Research, which Naheta founded, to integrate its stablecoin-based payments tech into its crypto trading platform.It’s unclear which other companies were already using DRT’s stablecoin payments tech.“Once this partnership takes effect, Bakkt believes it will be positioned to unlock new revenue streams in crypto trading and stablecoin payments, while adding efficiency to the vast and rapidly growing cross-border payments market,” the company said in its press release.But the company began the week in the uncomfortable position of having to announce that two of its largest clients—Bank of America and Webull—are not renewing their commercial agreements. The most damning line in the company’s SEC filing: Webull represented 74% of its crypto services revenue.This isn’t the first time things have looked bleak for Bakkt
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, has announced it is joining the ERC3643 Association. As a member, DTCC will contribute to the Association’s goals by promoting and advancing the ERC3643 token standard.The ERC3643 token standard, initially created by Tokeny, a leading provider of compliant tokenization solutions, is an open-source suite of smart contracts that enables the issuance, management, and transfer of permissioned tokens. With today’s announcement, DTCC is adding ERC3643 support to its ComposerX suite of platforms, including ComposerX Factory, a tokenization engine that enables sophisticated data management. DTCC will also support issuance of ERC3643 tokens.Combining DTCC’s technology with the ERC3643 token standard will introduce benefits to the digital asset markets including:Enhanced Risk Management, Security, and Compliance by automating the processing of tokenized securities globally, reducing operational complexities and costs.by automating the processing of tokenized securities globally, reducing operational complexities and costs. Robust Data Management that will ultimately lead to greater transparency, improved risk management, faster settlement times, and increased access to global investment opportunities.that will ultimately lead to greater transparency, improved risk management, faster settlement times, and increased access to global investment opportunities. Increased Market Liquidity by connecting real-world assets to a wide range of distributors and market participants that have adopted the ERC3643 token standard.by connecting real-world assets to a wide range of distributors and market participants that have adopted the ERC3643 token standard
The standard was initially created by Tokeny, and when the DTCC unveiled its ComposerX solution for tokenization in January, it said that ERC-3643 was one of the main standards it supports.
Volatility Shares, a Florida-based issuer of exchange-traded funds, will debut two ETFs on Thursday that track Solana’s price using futures contracts in the U.S., the firm’s co-founder and CEO Justin Young confirmed to Decrypt.The Volatility Shares Solana ETF (SOLZ) will track Solana futures, which recently launched in the U.S. through Coinbase’s derivatives arm, while the Volatility Shares 2x Solana ETF (SOLT) will allow investors to access amplified returns. Both funds will be listed on the Nasdaq, as first reported by Bloomberg.“We launched the first leverage Bitcoin and Ethereum ETFs in the U.S., so this fits really well into our wheelhouse,” he told Decrypt. “It’s really us being first to market again.”As the SEC mulls applications from several asset managers that seek to establish a spot Solana ETF in the U.S., Volatility Shares’ debut represents a tacit acknowledgement from the SEC that the top altcoin is a commodity.Volatility Shares first filed for a futures-based Solana ETF in December, and registration statements posted to the firm’s website say they are “subject to completion.”At the time, Volatility Shares filed for a “-1x Solana ETF.” However, the company has put that offering “on hold for now” despite a green light from the SEC, Young said.The Depository Trust and Clearing Corporation (DTCC) listed SOLZ and SOLT last month before futures regulated by the Commodity Futures Trading Commission began trading.Solana futures began trading on the Chicago Mercantile Exchange (CME) on Monday, generating $12.3 million in notional trading volume. Bitcoin and Ethereum futures debuted on the exchange in 2017 and 2022, respectively.Solana’s price jumped 5% to $130 in Wednesday trading, according to the crypto data provider CoinGecko. Over the past month, the asset has dropped 27% as U.S
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its National Securities Clearing Corporation (NSCC) subsidiary will increase clearing hours to support extended trading with implementation targeted for Q2 2026, subject to regulatory review and approval of any necessary rule changes. Extending clearing hours will deliver increased client value by maximizing liquidity and reducing counterparty risk as NSCC will be able to apply its central counterparty guarantee to overnight activity across different time zones for global participants.NSCC implemented phase 1 of the new extended trading hours schedule in September 2024 by enabling market centers and trading platforms to submit trades at 1:30 AM ET, approximately 2.5 hours earlier. Under plans for phase 2, which will take effect in Q2 2026, NSCC will operate 24×5, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET to support overnight trading activity from Alternative Trading Systems (ATS) and Exchanges. NSCC is aware that the industry has indicated a preference to establish standard operating hours across Exchange and ATS providers for the U.S. market, and NSCC will continue to work with SIFMA, regulators and the industry to support the alignment of extended trading hours and any required changes to post-trade processes.“As interest in near round-the-clock trading of U.S. equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets,” said Brian Steele, Managing Director, President of Clearing and Securities Services at DTCC