Former Employees of JP Morgan, Intel and TrustToken Launch Stablecoin
The Global Currency Organization (GCO) is launching a new U.S. dollar-backed stablecoin, dubbed the USD Digital (USDD).
GCO, a new project led by former employees of JPMorgan, Intel and TrustToken, said that it plans to make the stablecoin model available to a worldwide network of partners, to focus on the possibility for end users to move between cryptocurrencies and fiat.
The San Francisco-based team said that they decided to launch the organization “to focus on bridging the gap between traditional and decentralized finance.” Joe Vellanikaran, CEO of GCO, added:
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders. We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide.”
Vellanikaran further stated that thanks to the popularity of stablecoins such as USDC and GUSD, investors are now realizing just how important collateralization in the blockchain space is, adding:
“With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry.” (Neutral)
Ex-BlackRock and Goldman Sachs Exec Joins Blockchain Wallet
Crypto wallet and data provider Blockchain has picked up a veteran in the traditional finance space.
Howard Surloff has joined the crypto firm as the first general counsel to join Blockchain’s executive team. Also on the executive team is the company’s president and chief legal officer, Marco Santori.
Surloff comes with a combined 25 years of executive experience at BlackRock and Goldman Sachs.
Surloff had held positions like deputy general counsel and global chief operating officer at BlackRock’s ETF arm, iShares. He also served on several of the firm’s key committees and helped navigate BlackRock through 13 acquisitions.
Before BlackRock, he oversaw the legal strategy and structure of more than 1,000 investment products as managing director and general counsel for Goldman Sachs. These included U.S. mutual funds, hedge funds, private equity funds, derivatives and money market funds, among others. (Neutral)
CME Has No Plans to Launch Physically-Settled Bitcoin Futures
Derivatives exchange CME Group has no plans to offer physically-settled bitcoin futures contracts.
Tim McCourt, global head of equity index and alternative investment products at CME, said that in an interview.
CME recently announced that it is going to launch bitcoin options contracts in Q1 of 2020, based on “increasing client demand” and “robust growth” in its bitcoin futures markets.
“Since we launched bitcoin futures in December 2017, the number one demand from customers has been for options on our futures,” McCourt was quoted as saying in the interview, adding: “The institutional interest in bitcoin is growing but they need time to become familiar with the market and get approval to use new products.” (Neutral)