According to Blockworks, the U.S. Federal Reserve Bank of New York (NY Fed) recently announced that it can complete foreign exchange payments within 10 seconds by using CBDC, a central bank-issued digital currency (CBDC) research project at the New York Innovation Center.
Project Cedar is a project that studies the impact of blockchain and distributed ledger technology on overseas payments, and the first stage of the 12-week experiment has recently been completed.
Regarding the study, NYIC also said, “Today, cross-border payments are working well without problems, but it usually takes two days for spot transactions to be settled.” Faster payment speed is essential because credit risk increases during this period. “If CBDC is used, the time required for payment can be drastically reduced,” he explained.
[Arca has suspended the operation of the “Digital Wild Fund” due to the sluggish market…The balance is refunded to the investor]
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According to Coinesk, a cryptocurrency hedge fund has reportedly suspended the operation of the “Digital Wild Fund” launched by Arca in September last year due to a market slump in the market. A related source explained that at the time of the suspension,
the value of the fund’s operating assets was slightly above $20 million, and the fund’s capital was refunded to investors. In a written interview with Coyndesk, Arca CEO Rayne Steinberg said, “After a business review, we decided to suspend the operation of the fund on August 31. Given the market situation, I believe this decision is in the best interests of investors,” he said.