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Securitize, a tokenization company, has significantly expanded its operations by acquiring MG Stover's fund administration business, which has now been integrated into Securitize Fund Services. This acquisition has boosted Securitize's assets under management to over $38 billion across 715 funds, enhancing its capacity to cater to institutional clients. MG Stover, established in 2007, provides comprehensive fund administration services across various financial sectors, including digital assets. The acquisition does not include the entirety of MG Stover but focuses solely on its fund administration segment. Securitize's CEO, Carlos Domingo, highlighted the strategic importance of this move, noting that traditional fund administrators are ill-equipped for the demands of digital assets like 24/7 markets and real-time settlements. Securitize is also known for issuing over $3.3 billion in onchain assets, with a notable example being BlackRock's BUIDL fund, which dominates the tokenized US Treasury market. This acquisition comes at a time when the tokenization of real-world assets (RWAs) is gaining momentum, with Securitize also partnering with Ethena Labs to develop a new blockchain for RWA and DeFi applications.
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IBM has unveiled plans to build Starling, the world’s first large-scale, fault-tolerant quantum computer, expected to launch by 2029. Set to be housed in a new quantum data center in upstate New York, Starling will perform 20,000 more operations than existing quantum systems and tackle complex tasks like drug discovery and financial risk analysis without the errors that currently hinder quantum technology. IBM’s innovation includes a new error correction code, qLDPC, which is more efficient than competitors’ methods, such as Google’s surface code, enabling better scalability with fewer qubits. This announcement follows a surge in IBM’s stock, which hit an all-time high, reflecting a 60% increase over the past year. Meanwhile, tech giants like Amazon, Google, and Microsoft are also advancing in the quantum computing space, with recent chip releases intensifying competition. Industry analysts view IBM’s development as a major milestone, with the quantum market projected to reach $8.6 billion by 2028. Experts suggest useful quantum computers could emerge within five years, despite earlier skepticism from figures like Nvidia’s CEO. IBM’s progress with Starling marks a pivotal shift from incremental breakthroughs to a comprehensive, scalable quantum system, potentially reshaping fields reliant on complex problem-solving.
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US oil production is set to grow in 2023 and 2024, driven unexpectedly by the Gulf of Mexico rather than shale, as crude prices decline. The Gulf, dubbed the "Gulf of America" by President Trump, will add 300,000 barrels of daily output this year and 250,000 next year, accounting for significant portions of US growth, according to Wood Mackenzie. This marks a revival for the region, previously overshadowed by shale booms and setbacks like the Deepwater Horizon spill. While shale drillers cut back due to low prices, major Gulf projects by Chevron, Shell, and BP are coming online, bolstered by cost-effective innovations like simpler designs and tiebacks to existing platforms. Chevron’s production is set to rise 50% by 2026, while Shell and BP plan significant expansions. Trump’s administration supports this growth through policies and a new National Energy Dominance Council, though global trade tensions and OPEC+ supply increases challenge price stability. Despite technological advances unlocking tough reserves, the Gulf faces limits with no major discoveries since 2017, raising questions about long-term sustainability.
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Paraguay's President Santiago Peña's personal X account recently posted a claim that the country had recognized Bitcoin as legal tender and established a $5 million BTC reserve, even providing a wallet address for investors. However, the post was quickly removed, and the official government account on X urged followers to ignore unconfirmed content, emphasizing that only information from official channels should be trusted. The president's office is collaborating with the social media platform to address the situation. This incident reflects a broader pattern of hackers exploiting platforms like X to spread cryptocurrency scams, as seen in past breaches of accounts belonging to figures like Indian Prime Minister Narendra Modi and the U.S. Securities and Exchange Commission. Meanwhile, some Central and South American nations are reportedly considering Bitcoin adoption, following El Salvador's 2021 move to recognize cryptocurrency as legal tender, though its legal status remains ambiguous after a recent IMF deal. The event underscores the challenges of misinformation in the crypto space and the importance of verifying information through official sources.
