Large banking institutions, tech companies, and the FIFA World Cup are all showcased in cryptocurrency news this week…
BNY Mellon Launches Crypto Custody Platform
Large banking institutions are moving into the future as America’s oldest bank, BNY Mellon, will now enable select investment fund firms to hold and transfer bitcoin and ether on its new crypto custody platform.
“We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey,” BNY Mellon CEO Robin Vince said in a statement.
BNY Mellon partnered with Fireblocks and Chainalysis in early 2021 to develop a client-facing prototype of a multi-asset custody and administration platform designed for both traditional and digital assets. The platform, intended to meet technology, security, and compliance needs for institutions, is now live in the US. Onboarding to the platform will begin this week.
Updated Accounting Rules Could Benefit Companies Holding Crypto
The crypto market may be advancing to a new set of accounting rules that more accurately reflect the current value of holdings. The Financial Accounting Services Board (FASB) voted unanimously this week for fair-value accounting for crypto on the balance sheet for firms, though a public comment period is yet to follow.
If the new set of rules comes to pass, it could improve the picture of a company's financial position. Instead of reporting the lowest price since purchasing crypto, which has negatively reflected the assets with impairment charges, a fair value recording would standardize reporting of digital assets with other financial assets.
OECD Framework Could Unify Global Crypto Tax Reporting
Unification of global crypto tax reporting and transparency could be on the horizon. If approved, a new framework proposed by the Organization for Economic Cooperation and Development (OECD) would help prevent international tax evasion, according to a statement made by the agency.
Unlike traditional financial products, crypto assets can be transferred without intermediaries like banks. The new framework would formalize the automatic transfer of crypto asset taxpayer information between the OECD’s 38 member countries.
Google To Accept Crypto Payments for Cloud Services
Google will start to accept crypto payments for cloud services in early 2023. The multinational technology company has partnered with crypto exchange Coinbase. The new crypto payment system will roll out to a select number of Web3 industry customers early next year. Coinbase's custody service, Coinbase Prime, will also be made available.
Budweiser NFT Scoreboards Announced For The FIFA World Cup
Budweiser is extending its web3 offerings, this time amping up for the FIFA World Cup. The beer giant will be turning scoreboards into NFTs with the Budverse x FIFAWorldCup Live Scoreboard NFT Collection. Buyers will be able to track the progress of their chosen country throughout the competition via a minted scoreboard. They’ll also have access to a World Cup starter kit, access to holders-only Discord games, and will be entered to win a trip to the FIFA World Cup finals in Doha.
The new scoreboard adds to Budweiser’s 12 other NFT collections listed on OpenSea. 11 are part of its Royalty series of collaborations with musicians, along with its original collection, Budverse Cans Heritage Edition. We look forward to more news when the FIFA World Cup kicks off on November 20th.
Our team at Marfire aggregates crypto news each week to show the many diverse ways that crypto is manifesting in our daily lives. We provide top-tier, high-touch service at an affordable rate and complete cost transparency for fund or crypto projects. We welcome you to reach out at any time for a chat. We’re also happy to connect on LinkedIn.
NFA DYOR (Not financial advice. Do your own research.)
