When Meta's CEO Mark Zuckerberg testified before Congress, the tech titan traded his hoodie for a suit. This place between "hoodies" and "suits" is exactly where the digital assets industry is right now. Hoodie-wearing entrepreneurs developed blockchain and created an alternative to banking and finance. Now it's time for the "suits" of Wall Street and Main Street to innovate digital assets for traditional, regulated financial markets. In From Hoodies to Suits: Innovating Digital Assets For Traditional Finance, finance innovation leader Annelise Osborne delivers an educational and…mehr
When Meta's CEO Mark Zuckerberg testified before Congress, the tech titan traded his hoodie for a suit. This place between "hoodies" and "suits" is exactly where the digital assets industry is right now. Hoodie-wearing entrepreneurs developed blockchain and created an alternative to banking and finance. Now it's time for the "suits" of Wall Street and Main Street to innovate digital assets for traditional, regulated financial markets. In From Hoodies to Suits: Innovating Digital Assets For Traditional Finance, finance innovation leader Annelise Osborne delivers an educational and entertaining guidebook for finance professionals, traders, asset managers, investment bankers, and corporate treasurers to apply digital asset technology to the traditional finance system. Osborne makes a compelling case for understanding, innovating, and adapting to the inevitable technology changes already in progress in finance. From Hoodies to Suits bridges the gap between the "hoodies" and the "suits" to shift the focus from cryptocurrencies to payments, investments and regulations. It explains the possibilities unlocked by these technological advancements, including alternative investment opportunities, new marketplaces, interoperability between counterparties, and new forms of diversification. You'll explore the past, present, and future of the digital asset industry, including its most promising platforms and technologies--and its most spectacular flameouts and missteps--as you firm up your understanding of the innovations that are poised to remake the regulated finance industry from the ground up. From Hoodies to Suits gives you a firsthand look at how the next decade (and beyond) may very well play out. It's a must-read resource for traders, investors, portfolio managers, bankers, asset managers, corporate executives, and other finance professionals.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
ANNELISE OSBORNE is a seasoned executive on Wall Street and within the digital asset ecosystem. After over 15 years in traditional finance, she moved to the tech startup world once she recognized the benefits of blockchain for traditional capital markets. Annelise is a thought leader that sits on company boards, is an angel investor, lectures at universities, and is a frequent speaker. She holds an MBA from Columbia Business School and a BA from the College of William & Mary. Annelise lives in Westport, CT with her three boys and rescue pups.
Inhaltsangabe
Acknowledgments xv Disclaimer xvii Introduction xix 1 Blockchain Is Not Bitcoin 1 When Bitcoin Stole Blockchain's Thunder 2 What Is Blockchain? 5 What Are Digital Assets? 5 Enter Ethereum 6 Consensus and Technical Terms 7 What Is Blockchain to Finance? 8 Public, Private, and Permissioned Blockchains 11 What Does This Have to Do with Finance? 12 Avoiding Kodak Moments 13 2 The House That Crypto Built 15 What Are Cryptocurrencies (and Why Should You Care?) 16 A Stable Crypto 23 Crypto Exchanges: From a Single Peer- to- Peer Trade to the NYSE 24 What's in Your Wallet? 28 Isn't Crypto Really Just for Embezzling? 29 The Birth and Growth of Decentralized Finance 30 DeFi Is the Future of Finance 31 Plenty of Interest: CeFi/DeFi Lending and Staking 33 Crypto Incentives 36 DeFi Derivatives 36 3 Crypto as a Proof of Concept for Traditional Finance's Capital Markets 39 What Traditional Finance Can Learn from Crypto 41 Changing How Payments Are Made 42 Shifts in Funding 44 Expanding the World of Lending 47 Non-Fungible Tokens 49 Security and Bond Registration 51 Improved Governance Rights 52 Accessible Royalty Payments 53 Novel Utility Benefits 55 4 What FTX, Hubris, and Crypto's Other Mistakes Can Teach Traditional Finance 57 LUNA/Terra: "LUNAtic" Millionaires Lose It All 62 Crypto Wasn't the Start of Algorithmic Disaster 65 Libra/Diem: Facebook's Stablecoin Fail Sheds Light on Regulation 66 Dogecoin: A Billionaire's Hubris Draws Hot Water 68 Hacking Shouldn't Be the Headline (Yet It Is) 68 Wormhole's Security Flaw Highlights Problems with Bridges 70 Three Arrows Capital: Setting off a Contagion 71 What to Learn from Crypto's Initial Blunders 72 5 Institutional Digital Assets: Securities, Only Better 75 Institutional Digital Assets Matter Now More Than Ever 76 Key Benefits to Institutional Digital Assets 77 Smart Securities: Programmable and Self- Executing 79 Built- In Security 81 Faster, Less Expensive Settlements 81 Lower Counterparty Risk 82 Potential Liquidity and Transferability 83 Standards in Digital Assets 84 Tokenization 85 Impediments to Tokenization Adoption 97 Prepare for the Upgrade 100 6 Incremental Wins in Wall Street's Pre- Season 103 The New Age of Digital Assets 104 Institutional Building Blocks 105 '40 Act Funds 106 Tokenizing Private Equity 109 Fixed Income 112 Repo and Securities Lending 115 Stablecoins 116 Custody 118 Foreign Exchange 121 Carbon Credit Market 121 Other Active Players 122 7 How Tomorrow's Investors Will Expect Change 125 Why Do Generational Shifts Matter to Finance? 127 The Great Wealth Transfer Will Change Finance 128 The New Pig in the Python 128 Millennials 132 Generation Z 134 Generation Alpha 136 How the New Workforce Affects the Economy 137 The Evolution of Finance Continues into the 21st Century 138 Generational Shifts in Financial Information 139 8 The Building Blocks of Securities 143 What Is a Security? 145 What Is a Commodity? 145 What about Debt Instruments: Loans? 147 What about Bonds? 148 What Does This Mean for Tokenized Products? 148 9 Here Come the Regulators 151 Setting the Stage 152 A Word from the Experts 155 10 Don't Be Afraid of Change 169 Digital Assets Are Here to Stay 170 The Age of Disruption 173 11 Finance's Imminent Upgrade 177 Where Finance Stands Today 178 Finance of Tomorrow: Emerging Trends 179 Eight Emerging Trends of Financial Markets 180 Five Business Shifts from Emerging Trends 190 Afterword 195 Notes 197 Index 241
Acknowledgments xv Disclaimer xvii Introduction xix 1 Blockchain Is Not Bitcoin 1 When Bitcoin Stole Blockchain's Thunder 2 What Is Blockchain? 5 What Are Digital Assets? 5 Enter Ethereum 6 Consensus and Technical Terms 7 What Is Blockchain to Finance? 8 Public, Private, and Permissioned Blockchains 11 What Does This Have to Do with Finance? 12 Avoiding Kodak Moments 13 2 The House That Crypto Built 15 What Are Cryptocurrencies (and Why Should You Care?) 16 A Stable Crypto 23 Crypto Exchanges: From a Single Peer- to- Peer Trade to the NYSE 24 What's in Your Wallet? 28 Isn't Crypto Really Just for Embezzling? 29 The Birth and Growth of Decentralized Finance 30 DeFi Is the Future of Finance 31 Plenty of Interest: CeFi/DeFi Lending and Staking 33 Crypto Incentives 36 DeFi Derivatives 36 3 Crypto as a Proof of Concept for Traditional Finance's Capital Markets 39 What Traditional Finance Can Learn from Crypto 41 Changing How Payments Are Made 42 Shifts in Funding 44 Expanding the World of Lending 47 Non-Fungible Tokens 49 Security and Bond Registration 51 Improved Governance Rights 52 Accessible Royalty Payments 53 Novel Utility Benefits 55 4 What FTX, Hubris, and Crypto's Other Mistakes Can Teach Traditional Finance 57 LUNA/Terra: "LUNAtic" Millionaires Lose It All 62 Crypto Wasn't the Start of Algorithmic Disaster 65 Libra/Diem: Facebook's Stablecoin Fail Sheds Light on Regulation 66 Dogecoin: A Billionaire's Hubris Draws Hot Water 68 Hacking Shouldn't Be the Headline (Yet It Is) 68 Wormhole's Security Flaw Highlights Problems with Bridges 70 Three Arrows Capital: Setting off a Contagion 71 What to Learn from Crypto's Initial Blunders 72 5 Institutional Digital Assets: Securities, Only Better 75 Institutional Digital Assets Matter Now More Than Ever 76 Key Benefits to Institutional Digital Assets 77 Smart Securities: Programmable and Self- Executing 79 Built- In Security 81 Faster, Less Expensive Settlements 81 Lower Counterparty Risk 82 Potential Liquidity and Transferability 83 Standards in Digital Assets 84 Tokenization 85 Impediments to Tokenization Adoption 97 Prepare for the Upgrade 100 6 Incremental Wins in Wall Street's Pre- Season 103 The New Age of Digital Assets 104 Institutional Building Blocks 105 '40 Act Funds 106 Tokenizing Private Equity 109 Fixed Income 112 Repo and Securities Lending 115 Stablecoins 116 Custody 118 Foreign Exchange 121 Carbon Credit Market 121 Other Active Players 122 7 How Tomorrow's Investors Will Expect Change 125 Why Do Generational Shifts Matter to Finance? 127 The Great Wealth Transfer Will Change Finance 128 The New Pig in the Python 128 Millennials 132 Generation Z 134 Generation Alpha 136 How the New Workforce Affects the Economy 137 The Evolution of Finance Continues into the 21st Century 138 Generational Shifts in Financial Information 139 8 The Building Blocks of Securities 143 What Is a Security? 145 What Is a Commodity? 145 What about Debt Instruments: Loans? 147 What about Bonds? 148 What Does This Mean for Tokenized Products? 148 9 Here Come the Regulators 151 Setting the Stage 152 A Word from the Experts 155 10 Don't Be Afraid of Change 169 Digital Assets Are Here to Stay 170 The Age of Disruption 173 11 Finance's Imminent Upgrade 177 Where Finance Stands Today 178 Finance of Tomorrow: Emerging Trends 179 Eight Emerging Trends of Financial Markets 180 Five Business Shifts from Emerging Trends 190 Afterword 195 Notes 197 Index 241
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