Financial Firm Launches Crypto Group, MakerDAO Votes To Integrate With Bank

A major multinational financial institution recently "announced the formation of its Digital Assets and Financial Markets group." According to a press release, "[t]he new group combines the teams responsible for supporting the fast-growing digital asset markets and those dedicated to providing market access and insights across the traditional securities services markets."

In another recent development, MakerDAO, the decentralized autonomous organization (DAO) that governs the Maker Protocol, is reportedly voting on a proposal that would bring a traditional bank into the MakerDAO ecosystem. The Maker Protocol governs the DAI stablecoin, which is an algorithmic stablecoin pegged to the U.S. dollar and issued in exchange for user deposits of ether and other cryptocurrencies. According to reports, the proposal would involve allocating 100 million Dai (DAI) for the bank as part of a new collateral type in the Maker Protocol with the goal of allowing the Maker Protocol