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America’s oldest bank gets into crypto

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good morning! BNY Mellon Enters Cryptocurrency. But it’s not rushing in, as you’d expect from America’s oldest bank.

slow and steady win the race

Caroline Butler joined Bank of New York Mellon two years ago as CEO of Custody Services, ensuring that the assets of clients of the country’s oldest bank are safe and secure.

That job could soon become much more difficult.The bank has announced it will begin holding crypto assets for select customers.

Institutional Investors Still Want Cryptocurrencies Despite the cryptocurrency crash, it has inspired banks to enter the space. Butler told Protocol’s Ben Pimentel Banks have been groping their way into digital assets for two years, and a surge in demand is actually motivating them to do so.

  • Since the “majority” of BNY’s customers have already invested in digital assets in some way, and no other traditional financial institution offers anything similar, it makes sense to be a one-stop-shop. Yes, Butler said.
  • “[I]Being able to go to a provider that can serve you across the different assets in your investment portfolio, whether it’s traditional assets or a mix of digital assets, was crucial.

BNY’s move comes with challenges. Enhancing cybersecurity is essential to keeping banks’ digital assets safe, Butler said.[U]Unlike traditional spaces, losing the key to a digital asset effectively results in the loss of the asset. ”

  • Among security, Butler focuses on wallet management and infrastructure. Interoperability “across digital and traditional spaces” is also what banks want to achieve. “It goes back to that client’s experience,” she said.

You can’t rush into this space. The fintech industry has criticized the pace of traditional banks, but BNY is slowing down for “a cautious, purposeful and highly disciplined way to bring its capabilities to market.”

  • And despite the reluctance of traditional banks, Butler said BNY institutional investors need a safe place to test crypto waters. “They need our institutional-grade standards to enter this market and mature in a safe and responsible manner.”

read more: How Caroline Butler is helping America’s oldest bank dabble in cryptocurrencies.

save the whale

The offshore wind industry could threaten the survival of Protocol, one of the most endangered whale species on the planet. book by lisa martin jenkins.

Boat traffic and offshore infrastructure need to surge To meet the Biden administration’s goal of developing 30 gigawatts of offshore wind by 2030.

  • However, North Atlantic right whales ‘Extraordinary fatal accident’ A recent report by the National Oceanic and Atmospheric Administration attributed it primarily to “rope tangles or ship collisions.”
  • Underwater noise pollution from construction can also affect hearing and behavior of whales.

Startups are working to find a solution. Offshore wind development company Vineyard Wind and startup incubator Greentown Labs have created an accelerator program for companies developing technologies to protect marine life.

  • Some innovations include aerial drone systems for maritime inspections and night vision cameras that can be customized to work with offshore turbines.

I want to help the government. The Department of Energy and the State of Maryland told SMRU Consulting, a marine mammal research group,Coastal Acoustic Buoy for Offshore Wind

  • Buoys can detect and locate high-frequency whale calls, letting offshore wind developers know when to slow or stop construction.

The risk to right whales demonstrates the need to balance climate change mitigation and conservation, and how people are using technology to stabilize scale. Whether these efforts will be sufficient remains to be seen.

read more: A version of this story appeared Protocol Climate Newsletter. SIGN UP HERE.

Itching to new things

Brad Olson spent six years growing Peloton’s subscription business into a popular consumer product. Now he wants to start over. Last month, Olson became CEO of Sollis Health. Sollis Health is a subscription-based concierge healthcare startup that gives members 24/7 no-wait access to doctors, ERs, and emergency care.

Olson is the first CEO, However, his last two roles in the peloton have left him ready to run Solis “on his own.” he told me in an interview.

  • Olson served as Chief Business Officer and Chief Membership Officer at the company, where he developed skills in B2B sales, program management, and cost management.
  • He also learned how to grow a subscription business. During his time at Peloton, Olson helped expand membership 100 times his.

Leaving the peloton was more important than the peloton itself. And Olson also talked about creating a “desire to be part of an early-stage company.”

  • “Concierge Healthcare is growing tremendously, and Solis is, so far, the only company in the market that is committed to urgent care and urgent care,” said Olson. “In a similar fashion, the Sollis co-founder created a new category, as did the Peloton founder.”
  • And Olson has seen firsthand that the U.S. healthcare system needs help. “I live with multiple sclerosis,” he said. “I’ve seen the best and worst that the U.S. healthcare system has to offer, but emergency and emergency care can be terrifying, especially for people with underlying medical conditions.”

But first-mover advantage doesn’t last forever. he told me To keep your subscription-based business successful, you must put your members first. “If you make your members the North Star and at the center of every decision, you can’t go wrong,” he said. “It’s this kind of virtuous circle. If it’s good for the members, it’s good for the business, it’s good for the employees because it brings growth and opportunity.”

read more: How Brad Olson decided to leave the peloton.

A message from Capital One Software

Many business leaders don’t know where to start when it comes to moving to the cloud.To help organizations adapt to this revolution, Capital One launched capital one softwareis a new enterprise B2B software business focused on providing cloud and data management solutions.

learn more

people are talking

Transportation Secretary Pete Buttigieg said the introduction of EVs will require acceptance by drivers. shorter range:

  • “[W]We tend to buy cars for longer trips rather than our most frequent trips. It will take some time to close the gap between what we think we need and what we actually need. “

Investor Chris Sacca said: climate investment is “evidence of recession”.

  • “[T]The reality that clean energy and clean products are reaching price parity is, quite frankly, a big tailwind we are catching up on. “

SAP is “Turning Point” Commenting on the growth and benefits of cloud, CEO Christian Klein said:

  • “Actually two years ago, we started transforming SAP, saying, ‘Hey, we want to move our portfolio completely to the cloud. because of the location.”

Apple’s Greg Joswiak said iPhones will switch to USB-C as a result of the recent EU decision, sounds like you’re not thrilled about it:

  • “Of course you have to comply. You have no choice.”

make a move

AWS Executive Pravin Raj said, leave the amazon. Raj is one of the cloud giant’s top leaders named in a lawsuit for discrimination and harassment by former employees.

Alexander Heptner is resignation of CEO Crypto exchange BitMex after about two years at the company. Stephan Lutz is appointed interim CEO.

EV startup Faraday 25% cut in salary to hold cash. The cuts, which will run from November 1 through the end of the year, come as the company seeks funding to release its first cars.

Memory chip maker SK Hynix reduced investment It dropped more than 50% due to an “unprecedented deterioration” in hardware demand.

in other news

Apple said it would make New investment European wind and solar projects and calls on suppliers to decarbonize the production of their products.

Elon Musk plans to complete a deal with Twitter A Delaware court ruling is due by Friday, according to Reuters.

Amazon is Venmo test. The service will be available to all US customers by Black Friday.

India fined Google $113 million for anti-competitive behavior; To restrict domestic app developers from using third-party billing or payment processing services.

Twitter is losing some of it heavy hitter user. At a minimum, heavy hitters are those users who make up less than 10% of all monthly users but generate 90% of all tweets and half of global revenue.

Alphabet Earnings It was not enough Wall Street expectations are rising as the digital advertising industry continues its downward trend.

Microsoft slowest revenue growth in 5 years. Weaker demand for devices didn’t help, but even cloud revenues fell short of expectations.

Amazon warehouse worker Southern California It abandoned plans for a union election after last week’s union defeat in New York.

of Uber drivers new zealand won a class action lawsuit Declare them employees rather than independent contractors.

celebrity deepfake promotion

someone’s deepfake tom cruise To Elon Musk I started down the road to advertising. While some ads are parodies, deepfakes have created a legal gray her zone as the continued evolution of his software creates new forms of unauthorized use of their likeness by celebrities. may be ‘We’ve had enough of fake information,’ said one expert wall street journal“Now we have a more convincing deepfake.”

A message from Capital One Software

The flexibility of the cloud enables companies like Capital One to unlock access to data with performance that scales instantly. However, this flexibility and scale can also pose unique challenges for organizations and users less adept at cloud optimization.

learn more

Thoughts, Questions, Hints? Send them to sourcecode@protocol.com or tips@protocol.com on the hint line. Enjoy your day, see you tomorrow.

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