The TBTs will be issued by “Hourglass custodian smart contracts,” and are semi-fungible tokens based on ERC1155s standard, Pyle said. Although the smart contracts are called custodian, the TBTs are non-custodial, so the founding team will have no control over the assets being deposited, Pyle noted.

Both firms are still making markets and not abandoning the crypto industry entirely, Bloomberg said citing the person. However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto – the digital assets trading unit of Jump Trading – is pulling back from U.S. markets, although it’s still planning to expand internationally, the news outlet reported citing two people familiar with the matter.

The crypto conglomerate has engaged Heidrick & Struggles for a new CFO search, according to a first-quarter shareholders letter seen by CoinDesk. DCG President Mark Murphy and Chief Strategy Officer Simon Koster will be co-leading the finance department in the meantime, the letter said.

“We strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan. We also continued to strategically manage our balance sheet through the addition of 7,500 bitcoin in the quarter,” said Chief Financial Officer Andrew Kang said in the statement. “The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”

Smith, however, provided a glimmer of hope for the industry during the panel, saying that a pro-crypto “army,” including the Blockchain Association, are fighting “in Washington every day” for the industry. “There’s a reason that Elizabeth Warren has stalled her bill that’s because she lost co-sponsors,” Smith said. “And that was because of the lobbying effort and education effort that went on,” from the pro-crypto groups.”

“Events of the last six months have put a damper on entities wanting to bank this space [crypto],” said another panelist, Richard Booth, chief compliance officer of Fortress Trust Company. “But it’s legal business and I think that every business in this country is entitled to access to banking rails,” he added, noting that “the regulation I think needs to be matured. Congress has clearly advocated what they’re supposed to be doing and the regulators are struggling to keep up.”

Robinhood Connect will also let developers embed the feature directly into their dapps, so that Robinhood users can buy, transfer and fund their self-custody wallets, the company announced at CoinDesk’s Consensus 2023 conference in Austin, Texas. “With the introduction of [Robinhood] Connect, customers will be able to access their Robinhood credentials and bypass additional steps,” the firm said in a statement.

“Today’s announcement with Google Cloud aims to increase transaction throughput enabling use cases in gaming, supply chain management, and DeFi,” Polygon President Ryan Wyatt said in the statement, adding: “This will pave the way for even more businesses to embrace blockchain technology through Polygon.”

“Crypto users understand now, more than ever, that there are serious risks with a third-party holding their tokens for them,” Giddy said in its statement. “Crypto, at its core, is about taking back control of your finances and embracing financial freedom, but this cannot happen as long as the mainstream continues to rely on centralized, custodial, trust-based platforms.”

Grayscale (which, like CoinDesk, is owned by Digital Currency Group) then sued the SEC over that decision, and its CEO, Sonnenshein, said Wednesday that he anticipates a decision in that case by the end of September.

“Effectively, it was a private ledger,” Powell said. However, that’s not the case for DeFi as there is more transparency in how the money is being stored and moved. “If you contrast that with, like, DeFi lending, whether it’s Aave, Compound or Maple, you can see the movement of funds at all times and it’s always controlled using Solidity and using smart contracts,” he added.

A substantive part of the $1 billion deal was allowed to proceed by the U.S. government on April 20 filing, despite concerns the fine print of the contract would pardon breaches of tax or securities law.

The “Google for Startups Cloud Program” initiative, which provides support for startups and emerging projects, will now be offered to builders in the Web3 industry to scale their projects faster and more securely, according to a press release on Tuesday. Eligible projects from pre-seed to Series A, will be able to apply for the program, which includes up to $200,000 in Google Cloud credits, over two years, as well as other technical support, the press release said.

“CDI’s rules-based methodology for our indices is robust and comprehensive, which we believe provides a real value add,” Andy Baehr, managing director at CoinDesk Indices, said, adding: “Advisers using Onramp’s Marketplace will be able to use CDI indices as building blocks for developing customized solutions for their clients.”

The bundle will be updated automatically by Luno, to track CoinDesk’s indices, keeping users portfolio up-to-date. Luno will also automatically rebalance the bundle every three months to align with the rebalancing of the indices by CoinDesk Indices.

“It’s a natural next step after leading Amber’s expansion in the Western hemisphere, which was focused on regulatory compliance,” Raazi said in the statement. “With 25 years of sales and trading leadership experience, in both New York and London, at Goldman Sachs and at start-ups, I’ll be helping the EDG team grow a compliant and dynamic derivatives and structured products business.”

“To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI,” the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country’s largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added.

“Our investors, who very often have gold in their portfolios, sees diamond as something that is uncorrelated to other assets,” providing them an opportunity for diversification and hedging, he said. Kinney noted that the price of diamond is still playing catch-up with other precious metals, opening doors for investors to participate in the appreciation.

In addition to exploring potential transactions for both of the subsidiaries, SIVB is also looking at all alternatives for addressing the roughly $3 billion of funded debt held by the holding company, which is recourse only to SIVB and not the any of the subsidiaries.