Coinbase has launched TRUSThub, a new platform designed to simplify compliance and secure data sharing among Virtual Asset Service Providers (VASPs). Unveiled on 5 December, the platform aims to help VASPs meet the requirements of the Travel Rule, which mandates the exchange of specific customer information for certain transactions. TRUSThub will enable seamless data transmission, even to non-members or unregulated entities, and is set to be accessible to TRUST members by the end of 2024.
With prominent VASPs like BitGo, Binance.US, and PayPal on board, TRUSThub will provide a range of features to support compliance and innovation in the rapidly evolving digital asset market. By automating recipient identification and securely sharing Travel Rule data, the platform addresses the growing need for secure information sharing in the crypto industry.
The TRUSThub platform focuses on five key principles: compliance, interoperability, simplicity, usability, and security. These pillars ensure that data sharing aligns with regulatory expectations while maintaining privacy and user satisfaction. As a result, TRUSThub is expected to make compliance more scalable and user-friendly, offering significant benefits to both members and the broader crypto ecosystem.
The Central Bank of Chile has firmly rejected Bitcoin as a national reserve asset, citing regulatory and practical challenges. According to the institution, Bitcoin fails to meet the International Monetary Fund’s standards for reserve assets, which demand security, liquidity, and reliability. Legal restrictions further limit the bank’s reserves to traditional assets like gold and government-backed securities.
Officials emphasised that reserve assets must provide stability during economic stress, a requirement Bitcoin’s volatility does not satisfy. The bank also pointed out technical hurdles in integrating cryptocurrency with its existing systems, reinforcing its preference for conventional financial tools.
Chile’s cautious stance diverges sharply from neighbouring Brazil, where lawmakers are considering legislation introducing strategic Bitcoin reserves. As global debates on cryptocurrency adoption continue, Chile remains committed to its conservative financial policies, prioritising stability over experimentation with digital assets.
Former PayPal COO David Sacks has been named as President-elect Donald Trump’s advisor on cryptocurrency and AI policy. Trump announced the appointment on Truth Social, stating Sacks would focus on creating a legal framework to support the US cryptocurrency industry and foster growth.
Sacks, a prominent venture capitalist and co-founder of Yammer, has been a longtime advocate for cryptocurrencies, describing them as aligning with PayPal’s original vision of a ‘database of money.’ His firm, Craft Ventures, has invested in major startups like SpaceX and Reddit.
While Sacks’ cryptocurrency stance is clear, his approach to AI policy remains less defined. However, his deregulatory leanings suggest a shift from the stricter policies of the outgoing Biden administration.
At the Investment Forum in Moscow on 4 December, Russian President Vladimir Putin hailed Bitcoin and digital currencies as essential for reducing financial inefficiencies and increasing economic stability. He argued that cryptocurrencies like Bitcoin provide an alternative to the US dollar, which he criticised for being used by the US government to push its political agendas.
Putin pointed to Russia’s $300 billion in frozen reserves, highlighting how this has led many countries to explore safer alternatives like Bitcoin. He emphasised that no one can ban Bitcoin, asserting that these technologies will inevitably evolve as nations seek to lower costs and improve reliability.
Russia has already taken significant steps in embracing cryptocurrencies, with new legislation recognising them as property and offering tax relief for crypto transactions. It signals Russia’s intent to foster innovation and protect its financial system from external pressures.
Putin’s comments align with broader discussions within BRICS nations about using digital currencies for cross-border payments, further challenging traditional financial systems and solidifying crypto’s role on the global stage.
Asia’s data centre market is attracting global investors despite sky-high valuations, thanks to surging demand driven by artificial intelligence services. Industry leaders expect the sector to remain lucrative, with data centres critical for housing the infrastructure needed to support AI and other digital technologies.
Recent deals highlight this growth, including Blackstone’s $15.5b acquisition of Australia’s AirTrunk, which set a benchmark with valuations exceeding 20 times core earnings. Similarly, Indonesia’s NeutraDC is drawing interest from major players like Singapore Telecommunications and BDx Data Centres, with a partial sale valuing it at over $1b.
Australia has also seen significant activity, with the DigiCo IPO increasing by $100 million to meet strong investor demand. This trend underscores Asia’s AI dominance in global data centre transactions, representing over half of 2024’s deal value. However, some experts warn of risks in markets lacking robust infrastructure to keep up with capacity expansion.
While execution risks remain, Asia’s data centre market is poised for continued growth, fueled by both technological advances and the expanding needs of hyperscale customers.
Cleerly, an AI-driven cardiovascular imaging startup, has raised $106 million in a Series C extension round led by Insight Partners. The company, founded by cardiologist James Min, uses advanced software to analyze CT scans and detect early-stage coronary artery disease before symptoms appear. This innovative approach aims to improve preventive care for heart conditions, which remain the leading cause of death in the US.
The technology has already received FDA clearance for diagnosing symptomatic patients and recently gained Medicare approval for its plaque analysis test. Cleerly’s software provides a less invasive and more accurate alternative to traditional diagnostics like stress tests or angiograms. With a compounded annual growth rate exceeding 100% over the past four years, the company is poised to expand further as health insurers increasingly cover its tests.
The latest funding will support Cleerly’s ongoing multi-site clinical trials and future growth. Insight Partners’ involvement highlights the growing confidence in AI-driven solutions for healthcare. While facing competition from companies like HeartFlow and Elucid, Cleerly’s goal of screening the global population for heart disease positions it as a potential leader in this emerging market.
Apple and Baidu are collaborating to bring AI features to iPhones in China, leveraging Baidu’s Ernie 4.0 language model. However, technical challenges, including the AI’s response accuracy and understanding of prompts, have slowed progress.
Sales pressures in China are mounting for Apple, with its market share slipping and Huawei reporting significant growth. Criticism of the iPhone 16‘s lack of AI features has further strained Apple’s competitive position in the region.
Privacy policies also pose hurdles, as Apple’s restrictions prevent Baidu from collecting data from AI interactions, potentially limiting the effectiveness of these features. Siri is expected to incorporate Baidu’s AI models.
The Federal Deposit Insurance Corporation (FDIC) has begun directly monitoring financial technology (fintech) companies partnering with banks across the United States. New system like this one aims to enhance oversight by identifying risks associated with these partnerships before they threaten banking stability. The monitoring system also allows regulators to maintain consistent supervision, even if fintech firms change their banking partners.
The move comes amid heightened scrutiny of bank-fintech collaborations, following the collapse of Synapse Financial Technologies in April. The startup, backed by Andreessen Horowitz, had provided critical services enabling fintech firms to offer financial products via FDIC-insured banks. Its failure left thousands of users without access to their funds and brought significant regulatory attention to the sector.
In response, the FDIC has proposed strengthening bank record-keeping requirements and expanding the definition of brokered deposits to include fintech-related funds. While these rules are not expected to take effect before 2025, the new monitoring framework provides examiners with an additional tool to safeguard financial stability without waiting for legislative approval.
FDIC Chairman Martin Gruenberg, who is stepping down in January, has played a central role in developing this regulatory approach. His leadership has been pivotal in navigating the challenges posed by the evolving relationship between traditional banking and fintech startups.
Citigroup has launched new AI tools to enhance workplace efficiency for 140,000 employees across eight countries. The tools, named Citi Assist and Citi Stylus, aim to simplify tasks such as navigating internal policies and analysing multiple documents. Initially available in countries including the US, UK, and India, the tools will be gradually introduced in more markets.
Citi Assist functions like a highly knowledgeable colleague, guiding users through HR, compliance, finance, and risk procedures. Citi Stylus, on the other hand, allows employees to summarise, compare, or search through multiple documents simultaneously, improving productivity and workflow.
Tim Ryan, Citigroup’s Head of Technology and Business Enablement, explained that staff can propose new uses for the tools, ensuring they evolve alongside employees’ needs. While separate from the bank’s broader efforts to enhance data management, the AI tools are expected to contribute to overall operational improvement.
Chief Technology Officer David Griffiths emphasised that the AI rollout aligns with Citigroup’s commitment to innovation and efficiency in a rapidly evolving financial landscape.
French electrical firm Schneider Electric has teamed up with Nvidia to develop cutting-edge cooling systems for AI-focused data centres. These designs will cater to Nvidia’s powerful AI servers, which feature 72 advanced chips and are set to debut next year.
The energy-intensive servers, consuming up to 132 kilowatts per rack, necessitate liquid cooling technology. Schneider‘s scalable solutions will support various configurations for cloud computing firms and data centre customers, enhancing adaptability and efficiency in AI infrastructure.
Schneider’s push into AI data centres follows a $3 billion deal with Compass Datacenters in 2023, underlining its commitment to innovative technologies. Nvidia‘s switch to liquid cooling has spurred significant developments in data centre construction and upgrades, driving collaboration with industry leaders.
