Please note that iFOREX currently offers a maximum leverage of 200:1 on WTI Oil* Capital is at risk Find more on oil and other commodity trading advantages, …
Morgan Stanley has made its first capital investment foray into the blockchain space, co-leading a $48 million funding for Securitize.
According to a release issued on Monday, the Coinbase-backed asset tokenization outfit has completed a Series B funding round that drew participation from Morgan Stanley Tactical Value-managed investment funds and Blockchain Capital.
Other participants in the funding round included Sumitomo Mitsui Trust Bank (SMTB), Emin Gün Sirer’s Ava Labs, and venture capital fund IDC Ventures, among others.
The oversubscribed Series B round also saw participation from previous Securitize backers like Ripple and Borderless Capital.
Monday’s Series B funding announcement comes barely a month after successfully closing a $12.75 million Series B funding round.
As with other Securitize capital raises, the Series B investors will receive their shares as digital assets issued by the firm. According to the release, the asset tokenization platform already has over 300,000 verified investors.
In March, Securitize collaborated with SMTB to launch Japan’s first “A-1” rated security token.
Related: Japanese bank Sumitomo Mitsui launches the country’s first ‘a-1’ rated security token
As part of its investment, Morgan Stanley Tactical Value co-head Pedro Teixeira will join the Board of Directors at Securitize.
Commenting on Morgan Stanley’s first blockchain investment, Teixeira was quoted in the announcement as saying that the investment bank was keen on assets with long-term potential, adding:
“Our investment in Securitize is a sign that we believe in the growth and adoption of digital asset securities.”
Securitize CEO Carlos Domingo also echoed Teixeira’s comments stating that VC funding for the company demonstrates the growing popularity of digital asset securities among legacy finance stakeholders.
As previously reported by Cointelegraph, Morgan Stanley introduced a Bitcoin (BTC) investment product for rich clients back in March. The $4 trillion wealth management giant in April expanded its BTC exposure for wealthy clients to 12 investment funds.
Lawyer Jeremy Hogan has hinted at when the San Francisco-based payments company’s lawsuit with the US Securities and Exchange Commission (SEC) would be resolved.
Hogan claims in a new video that a settlement between Ripple and the SEC is likely to happen after the discovery phase, which is the pre-trial phase of a lawsuit in which both parties provide relevant information and evidence.
Jeremy Hogan talking about lawsuit
If the case does not settle, Hogan predicts a series of back-and-forth responses to the motion for summary judgement, which will push the case through November and into 2022. He said “I don’t see the case being decided at summary judgment until early 2022, maybe January.”
Hogan predicts when the discovery phase will end and thus when Ripple and the SEC will reach an agreement. There will be no settlement until the discovery process is completed. Is it possible that it will settle before then? Yes, but I don’t believe it’s likely.
So, any settlement will most likely come after the conclusion of fact discovery, which is now in early September, and even later, after October 16th. And if it doesn’t, I believe Judge Torres will make a summary judgement decision on two major points, he added.
He stated that if you take a quick look at the summary judgement rule, you’ll notice that motions for summary judgement must be submitted within 30 days following the end of discovery.
As a result, the parties must file motions for summary judgement within 30 days of the conclusion of all discovery, which is November 16th for us.
The lawyer claims that the SEC is unlikely to rush the case to a conclusion, noting that the top regulator was just granted a two-month discovery extension. He said very clearly that I don’t see any reason why the SEC would be in a hurry to resolve this lawsuit.
The SEC’s settlement position improves as time passes because Ripple suffers more pain. In my company, I witness it every day because most of my customers are fighting major insurance companies, and nothing pleases them more than killing my clients with time. It’s a common tactic.
On December 2020, the Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple over its XRP cryptocurrency, alleging that the company conducted an unregistered securities offering worth $1.3 billion. The suit claims that because Ripple is a security rather than a currency, it should be regulated by the SEC.
Jeremy Hogan justified that if the lawsuit of Ripple will not resolved soon then it is expected that this lawsuit will be pushed to 2022.
Three Ethereum testnets now have a set date for the London hardfork, a key step towards a full mainnet implementation.
The hotly anticipated “London” Ethereum hardfork now has a set block height for three Ethereum testnets — a key penultimate step towards a full mainnet launch.
In a blog post on the Ethereum Foundation’s website, Ethereum core developer Tim Beiko wrote that the Ropsten, Goerli, and Rinkeby testnets now have set block heights at which London will go live, with Ropsten expected to be the first at block 10499401, or sometime on June 24th. Goerli is expected to be next on June 30th, and Rinkeby on July 7th.
A release schedule for the all-important mainnet upgrade is still being determined, however.
“As of now, only the testnets (Ropsten, Goerli, Rinkeby) have been scheduled for London. Once the upgrade has successfully been activated on these networks, a block will be set for the Ethereum mainnet and be communicated on this blog and in other venues,” Beiko wrote.
The London hard fork upgrade includes five Ethereum Improvement Proposal (EIP) upgrades, but the star of the show is EIP-1559. An overhaul of Ethereum’s existing fee structure, EIP-1559 is expected to reduce gas costs for users significantly. It may also cut into miner revenues by upwards of 50%, however, which has led to some grublings about a “miner revolt” which has largely failed to materialize.
RELATED: Ethereum’s $1.5B options expiry on June 25 will be a make-or-break moment
The upgrade is considered to be one of many bullish catalysts on the horizon for Ethereum, not least of which is the ETH 2.0 upgrade. ETH 2.0 will transition the network to a more scalable proof-of-stake consensus mechanism, which will significantly decrease the energy consumption of validation blocks.
The blog post noted that such significant system upgrades to a decentralized system is a feat of coordination.
“The decentralized nature of blockchain systems makes a network upgrade more difficult. Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”
The post Ethereum’s ‘London’ hardfork set to go live on testnets starting June 24th appeared first on BTC Ethereum Crypto Currency Blog.
Fareed Zakaria gives his take on the massive ramp-up of vaccines under President Joe Biden, who has marshaled the full power of the federal government to …
After graduating from university, Reeves took a job with an insurance agency, where she was selected to take part in an educational Partnership Producer Program, sponsored by The St. Paul Companies, which is now part of Travelers. She was the only female of the 10 selected candidates, and she chose to focus her insurance and risk management education around the technology and life sciences sectors.
Read next: Marsh & McLennan Companies announces rebrand
In the early 1990s, the agency Reeves worked for was acquired by Marsh, where she then honed her skills as a producer for over a decade before being offered a leadership role as managing director, San Diego office head & pacific south sales leader in 2001. She stayed in that position until 2006, when she decided to “get back to what [she] loved” and refocus on sales.
She joined a long-standing San Diego-based insurance brokerage called Barney & Barney, where she led the sales operation and helped the firm more than double in size within seven years. In 2010, Reeves was named chief sales officer for the West region, and four years later, Barney & Barney was acquired by Marsh & McLennan Agency (MMA). In December 2020, she was promoted to chief sales officer for the entire MMA organization, which is a wholly owned subsidiary of Marsh, serving the risk prevention and insurance needs of middle market companies in North America.
“Thinking about my career as a salesperson and as a former athlete, I’m a very competitive person and I’ve always had a very strong work ethic. I believe that’s what has made me successful in sales,” said Reeves. “When I was in my 20s selling to 50-year-old men who had their golfing buddy handling their insurance, I really had to out-hustle them. I had to have excellent technical insurance skills in order to convince people to work with me.
“Now that I’m in a leadership role, my focus has shifted. It’s more about strategy, navigating the changes that are happening in the market, and setting our producers up for success. A big part of my job now is talent development. It’s not about being a lone producer; it’s about making our team of over 1,600 producers countrywide the best they can be.”
The national chief sales officer role is a new position within MMA and is reflective of the firm’s wider strategy of building a nationwide footprint of producers that are loyal to their local markets and provide high-touch service to clients, while also having access to centralized leadership, support, expertise, resources, and sales training and development.
“We’re able to offer Fortune 50 levels of service to our middle market clients – that’s what differentiates MMA,” said Reeves. “We’re a very responsive organization and we provide a wide range of value-added resources and services to clients in addition to taking care of their insurance and benefits needs. We have a saying internally around providing ‘the best of both worlds,’ which means that we want to be the local broker and take care of people in our local communities in the way that they want to be taken care of, but we also have access to the resources, technology, data and analytics of the world’s largest broker. We have the best of both worlds, and we’re able to deliver that to our clients.”
Read more: Top Producers 2021
In her new national role, Reeves has big plans for MMA, including a goal to double the revenue of the firm within eight years, a target she hopes to achieve primarily through organic growth. These ambitious growth plans will require a keen eye on talent development and recruitment, as well as diversity, equity and inclusion (DE&I) initiatives, which are all things that Reeves has advocated for throughout her career.
As a mom of two and a woman in the male-dominated realm of insurance sales, Reeves has made a very concerted effort to hire and promote more women in producer roles. She says it is “possible (if there is such a thing) to achieve a good work-life balance in the insurance industry” with the right mindset and the right support.
Reeves was instrumental in the creation of MMA’s GROW (Growth, Relationships and Opportunities for Women) program back in 2010, which is a women’s initiative focused on attracting, retaining, educating and supporting women within the firm. Since its founding, GROW has expanded significantly – both in terms of membership and scope of personal and professional programs offered – to the extent that it is now a key differentiator in why women choose to work for MMA.
In recent years, MMA has also made great strides in DE&I, launching several Colleague Resource Groups, which again facilitate critical mentorship and allyship programs. Reeves added: “It has been proven that organizations that are more diverse tend to perform better. We want to mirror what the communities and clients that we serve look like, and they’ve been excited to hear about the DE&I programs that we’ve launched. It’s also vital for talent development and recruitment. People want DE&I, and they want to ensure that it’s not just lip service and that companies are actually living it.”
Follow Us On Social: Our Website: Instagram: Facebook: Can …
Rep. Matt Gaetz (R-FL) plans to launch a speaking tour alongside Rep. Marjorie Taylor Greene (R-GA), beginning at a retirement community in Florida.