TL;DR Breakdown OpenAI will be tested by Mizuho’s 45,000 workers and used as a possible guide for company policy. Both Daiwa Securities Group and Mitsubishi UFJ Financial Group use ChatGPT as part of their daily business. In contrast, ChatGPT is subject to limitations at Bank of America, Citigroup, Goldman Sachs, and Wells Fargo. Description Mizuho Financial Group, one of the largest banks in Japan, recently made an announcement that has the interest of people in the financial and technology sectors all around the world. The business has made an informed decision to let its staff members test out OpenAI, a cutting-edge language model created by OpenAI, a renowned artificial … Read more Mizuho Financial Group, one of the largest banks in Japan, recently made an announcement that has the interest of people in the financial and technology sectors all around the world. The business has made an informed decision to let its staff members test out OpenAI, a cutting-edge language model created by OpenAI, a renowned artificial intelligence research lab. Contents hide 1 Mizuho embraces OpenAI 2 Mizuho Bank to…

TL;DR Breakdown DeepMind’s Gemini AI system aims to surpass OpenAI’s ChatGPT with additional planning and problem-solving skills. Gemini’s release is eagerly anticipated, but further research is needed to understand the potential risks of advanced AI systems. Google faced setbacks with its chatbot project, Bard, due to concerns over societal implications and inadequate documentation. Description In a bold move to outshine its competitors, DeepMind, Google’s renowned AI arm, has unveiled its highly anticipated Gemini AI system, poised to surpass the capabilities of OpenAI’s ChatGPT. Gemini, a large language model (LLM), is set to revolutionize the field of AI by integrating additional skills such as planning and problem-solving, according to DeepMind … Read more In a bold move to outshine its competitors, DeepMind, Google’s renowned AI arm, has unveiled its highly anticipated Gemini AI system, poised to surpass the capabilities of OpenAI’s ChatGPT. Gemini, a large language model (LLM), is set to revolutionize the field of AI by integrating additional skills such as planning and problem-solving, according to DeepMind CEO Demis Hassabis. During Google’s recent I/O developer conference, Hassabis showcased Gemini alongside…

TL;DR Breakdown Europe’s largest bank, HSBC, predicts a U.S. recession by the end of the year, possibly leading to a broader European recession in 2024. High inflation rates are expected to moderate swiftly, opening up opportunities for policymakers to reduce interest rates. Despite inflation challenges, the U.S. Federal Reserve might cut interest rates before the end of 2023. Description Economic alarm bells are ringing loudly in the ears of major financial institutions. HSBC Asset Management, a division of Europe’s largest bank, warns that the United States is poised to descend into a recession before the close of this year. Not only that, but this fiscal downturn, it suggests, could be a foreboding precursor to … Read more Economic alarm bells are ringing loudly in the ears of major financial institutions. HSBC Asset Management, a division of Europe’s largest bank, warns that the United States is poised to descend into a recession before the close of this year. Not only that, but this fiscal downturn, it suggests, could be a foreboding precursor to a broader European recession come 2024. Blinking red:…

TL;DR Breakdown OKX introduces “Nitro Spreads,” an innovative tool transforming crypto-basis trading for institutional traders. Nitro Spread simplifies basis transactions, allowing traders to execute precisely and reliably. Traders can lever Description To cater to institutional traders seeking reliability and innovative solutions, OKX, the renowned institutionally liquid over-the-counter (OTC) marketplace, has introduced a groundbreaking tool called “Nitro Spreads.” This cutting-edge feature empowers traders to execute intricate basis transactions with a simple click, revolutionizing crypto basis trading. Basis trading, which involves capitalizing on the price differential between two … Read more To cater to institutional traders seeking reliability and innovative solutions, OKX, the renowned institutionally liquid over-the-counter (OTC) marketplace, has introduced a groundbreaking tool called “Nitro Spreads.” This cutting-edge feature empowers traders to execute intricate basis transactions with a simple click, revolutionizing crypto basis trading. Basis trading, which involves capitalizing on the price differential between two markets, such as spot and futures, has traditionally been a complex endeavor. However, OKX’s Nitro Spread tool streamlines this process, making it as straightforward as clicking a button. The platform boasts that traders can leverage this…

TL;DR Breakdown FTX’s former executives allegedly spent millions on unusual projects, including a $1.8 million property known as the “Pineapple House”. Customer funds were reportedly used for these ventures, which also included grants to entities producing animated YouTube videos and a writer exploring the human utility function. The search for misappropriated funds, currently estimated at $8.7 billion, continues, with FTX recovering around $7 billion so far. Description Extravagance and whimsy are two terms that are now associated with FTX after a recent revelation by its CEO, John Ray. This revelation discloses the lavish expenditures of the cryptocurrency exchange’s former executives on projects far removed from the typical boundaries of cryptocurrency or Web3. Among the expenditures was a jaw-dropping $1.8 million on a … Read more Extravagance and whimsy are two terms that are now associated with FTX after a recent revelation by its CEO, John Ray. This revelation discloses the lavish expenditures of the cryptocurrency exchange’s former executives on projects far removed from the typical boundaries of cryptocurrency or Web3. Among the expenditures was a jaw-dropping $1.8 million on a…

TL;DR Breakdown The Digital Services Act (DSA) is facing its first legal challenge from Zalando, Europe’s largest online fashion retailer. Zalando argues that it’s unfairly labelled as a “very large platform” which incurs extra obligations to tackle online disinformation. Description The vanguard legislation of the European Union (EU) crafted to impose stringent regulations on major technology companies, compelling them to intensify content monitoring on their platforms, is now caught in the crosshairs of its maiden legal tussle. The dispute arose from a claim made by Europe’s premier online fashion powerhouse that it is being disproportionately … Read more The vanguard legislation of the European Union (EU) crafted to impose stringent regulations on major technology companies, compelling them to intensify content monitoring on their platforms, is now caught in the crosshairs of its maiden legal tussle. The dispute arose from a claim made by Europe’s premier online fashion powerhouse that it is being disproportionately affected by the new edicts. A surprising challenger steps forward Zalando, a German-based company, incited this legal battle on Tuesday by lodging a complaint at the EU’s…

TL;DR Breakdown The SEC’s Investor Advisory Committee (IAC) is pushing for a rebranding of single-stock and leveraged ETFs, due to their distinct functionality from traditional ETFs. These non-traditional ETFs are seen as riskier and have higher fees than traditional ones, leading to investor confusion. Description The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs … Read more The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs Single-stock ETFs, which invest directly in one security or via options markets, and leveraged ETFs, which can offer leverage up to five…

TL;DR Breakdown The IMF’s deputy head, Gita Gopinath, suggests central banks may need to tolerate inflation above their 2% target longer to prevent a financial crisis, especially among heavily indebted countries. The IMF warns that enduring higher inflation could make price growth more entrenched, referencing the inflation issues of the U.S. in the 1960s. Gopinath advises that central banks should be prepared to react strongly to persistent inflation signs, even if it cools labour markets significantly. Description The fight against inflation by central banks worldwide could be facing a significant shift in strategy, according to recent comments by the deputy head of the International Monetary Fund (IMF). As an influential financial authority, the IMF’s perspective could significantly impact the tactics central banks use to combat rising inflation rates. Enduring inflation to ward … Read more The fight against inflation by central banks worldwide could be facing a significant shift in strategy, according to recent comments by the deputy head of the International Monetary Fund (IMF). As an influential financial authority, the IMF’s perspective could significantly impact the tactics central banks…

TL;DR Breakdown Fireblocks expanded its services to major cloud platforms, including Amazon Web Services, Google Cloud Platform, and Alibaba Cloud, covering most of the cloud industry’s market share. The company has helped over 50 financial institutions enter the digital asset space by providing infrastructure support and a technology stack to manage risk. Fireblocks received the Cryptocurrency Security Standard (CCSS) certification, underlining its commitment to digital asset management and custody security. Description Fireblocks, a leading provider of cryptocurrency custody services, announced on Tuesday that it is now offering support for major cloud service providers, including Amazon Web Services (AWS), Google Cloud Platform (GCP), and Alibaba Cloud. This initiative is part of Fireblocks’ efforts to make its services more widely accessible to businesses and cater to banks that … Read more Fireblocks, a leading provider of cryptocurrency custody services, announced on Tuesday that it is now offering support for major cloud service providers, including Amazon Web Services (AWS), Google Cloud Platform (GCP), and Alibaba Cloud. This initiative is part of Fireblocks’ efforts to make its services more widely accessible to businesses and…

TL;DR Breakdown Circle Internet Financial is closely watching Hong Kong’s new crypto regulations and considering expanding its operations in the region. Circle recently obtained a major payments institution license in Singapore, positioning the company to offer digital payment token services and cross-border money transfer solutions. Description Circle Internet Financial Ltd., a leading stablecoin issuer based in the United States, is closely observing the evolving crypto regulations in Hong Kong. As the region’s new crypto rules went into effect earlier this month, Circle’s CEO, Jeremy Allaire, has expressed a strong interest in the potential expansion opportunities that Hong Kong presents. While the … Read more Circle Internet Financial Ltd., a leading stablecoin issuer based in the United States, is closely observing the evolving crypto regulations in Hong Kong. As the region’s new crypto rules went into effect earlier this month, Circle’s CEO, Jeremy Allaire, has expressed a strong interest in the potential expansion opportunities that Hong Kong presents. While the United States tightens its regulatory grip, Asian markets continue to be a focal point for crypto firms, prompting Circle to explore…