Ottawa, Ontario–(Newsfile Corp. – March 2, 2023) – With quantum computing expected to threaten the security of current blockchain cryptography in the near future, Canadian technology firms Brane Inc. (“Brane”) and Crypto4A Technologies Inc. (“Crypto4A”) have partnered to provide institutional clients with an innovative, quantum-safe custody solution for digital assets.
This jointly developed solution incorporates expertise, equipment, and intellectual property from both partners, combining to create an all-in-one (hardware and software), scalable, and highly secure custody platform that enables financial institutions to securely manage digital assets at scale across multiple blockchains.
“Our collaboration with Crypto4A, an industry leader in quantum-safe cybersecurity solutions, has been driven by a sense of urgency and responsibility to equip institutional clients to keep digital assets safe and secure,” said Christian Desjardins, Brane’s Head of Product. “For institutions managing crypto without a plan in place to counter quantum computing threats, the question is: what are you waiting for?”
While blockchains are highly secure by current standards, experts around the world recognize that quantum computing will soon change the game for every stakeholder in the digital asset ecosystem.
According to the Government of Canada’s recently released National Quantum Strategy: “Quantum computing presents a significant cyber-security risk, as it has the potential to break current security algorithms, including those commonly used over the Internet. Quantum computing-enabled malicious cyber activity could put personal information, financial systems, utility grids, infrastructure, and national security in peril.”
“In the last 12 months, we have seen a rapid acceleration from governments and industry as a whole to begin migrating to post-quantum cryptography. Our company had the foresight to see this reality a long time ago, resulting in quantum-safe security that is built in, not bolted on. Our products have been built on quantum-safe foundations from the very beginning to enable the cryptographic agility, mobility, and scalability needed to keep up with rapid advances in technology, ensure true ownership of cryptographic material without vendor lock in, and support flexible cloud-scale deployment architectures,” said John O’Connor, Vice President, Product Management at Crypto4A. “We’re excited to partner with Brane, a recognized leader in blockchain security solutions, to set a new quantum-safe standard for digital asset custody.”
Beyond the immediate use case for custody of crypto tokens like Bitcoin and Ether, the strategic partnership between Brane and Crypto4A will empower banks and other financial institutions to mitigate quantum computing risks, alongside the full range of existing security threats, as they explore other applications of blockchain to their operations.
In addition to its technology business, Brane is the sole owner of Brane Trust Company Ltd., a trust company regulated by the Government of Alberta for the purpose of digital asset custody. Incorporated in September 2021, Brane Trust is progressing toward registration by Alberta’s Ministry of Treasury Board and Finance and status as a qualified custodian under Canadian securities law, which will enable the company to provide industry-leading, regulated custody for crypto asset trading platforms and exchange-traded funds (ETFs).
For more information:
Founded in 2017, Brane Inc. is a carbon neutral Canadian fintech company dedicated to setting the standard in digital asset custody. Brane Vault, its core digital asset custody technology, is third-party certified to stringent global standards including SOC 2 Type 1, ISO 27001, ISO 27017, and NIST CSF Tier 4, and the company is insured against theft and crime. Brane has been recognized as one of Canada’s Best Workplaces in Financial Services and Start-Ups categories by Great Place to Work®, and one of Canada’s 10 Best and Brightest Companies by Canadian Business magazine.
Crypto4A Technologies Inc. is a Canadian cybersecurity technology company providing industry leading, next-generation Quantum-Safe Hardware Security Modules (HSM) and Security Platforms. Its products and solutions provide processing capabilities for classic and quantum-safe cryptography that is built in, not bolted on. Crypto4A enables the cryptographic agility, mobility, and scalability needed by enterprises and government agencies to secure their digital assets and infrastructure while adapting to changing markets, standards, and requirements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156847
Expressions of Interest for Director of the European Bank for Reconstruction and Development
The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.
The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.
Minister McGrath commented:
“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.
My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”
Expressions of interest will be accepted up to 3pm on 27th March 2024
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Council adopts regulation on instant payments
The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.
The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.
The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.
Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.
The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.
The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.
Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.
The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.
This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.
On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.
Source: European Council
FCA highlights need for enhanced competition in wholesale data markets
The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.
Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.
The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.
In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.
Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”
In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.
Source: Fintech Global
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