Backing from CME sees Bitcoin rise to record $7,000
Bitcoin has continued to defy a large number of analysts and a huge amount of scepticism, with the digital currency having reached a record high of $7,000.
Bitcoin’s continual rise can somewhat be attributed to an announcement made by financial market specialist CME, with the firm having revealed that it will be introducing Bitcoin futures contracts in the coming quarter.
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract,” said Terry Duffy, CME Group Chairman and Chief Executive Officer.
“As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities.”
The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of last year in partnership with Crypto Facilities.
The announcement somewhat marks a turning point for Bitcoin – one that shows a greater level of trust and acceptance for the leading cryptocurrency.
Fintech specialist R3 has also just announced the development of an international blockchain payments system in partnership with 22 recognised banks that will look to incorporate emerging digital currencies, whilst Japan began to accept the use of Bitcoin as a means of payment in shops last year.
Whilst it still has its sceptics, with the likes of JPMorgan Chase CEO Jamie Dillon branding it as a fraud, it seems more and more firms are coming around to the idea that cryptocurrencies might be the future in digital finance.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”