Which custody architecture uses distributed key shares so the private key is never fully reconstructed?
Explanation
: Multi-Party Computation splits the key; threshold signatures sign without reconstruction.
What FIPS certification level is required for enterprise-grade Hardware Security Modules?
Explanation
: FIPS 140-2 (or current FIPS 140-3) is the standard for HSMs in financial services.
What percentage of assets do best-practice institutional custodians typically hold in cold storage?
Explanation
: Most custodians hold >90% in cold storage; <10% in warm/hot for operational liquidity.
Which firm reported over $1 trillion in transaction volume using MPC-based custody?
Explanation
: Fireblocks uses MPC-based custody and reported $1T+ in transaction volume.
What is the approximate AUM of Coinbase Institutional custody (2024)?
Explanation
: Coinbase Institutional leads the market with approximately $130B in assets under custody.
What was the AUM of BlackRock BUIDL as of December 2024?
Explanation
: BUIDL reached $2.9B by December 2024, making it the largest tokenised fund.
On which blockchain was BlackRock BUIDL launched in March 2024?
Explanation
: BUIDL was launched on Ethereum via the Securitize platform.
Which fund was the first US-registered mutual fund to use blockchain for share record-keeping?
Explanation
: Franklin FOBXX (2021) was the first SEC-registered mutual fund with blockchain as share registrar.
JPMorgan Kinexys was formerly known as:
Explanation
: Kinexys was formerly branded as JPMorgan Onyx; rebranded in 2024.
What daily settlement volume does Kinexys process in repo transactions (2024)?
Explanation
: Kinexys reported $1B+ daily repo settlement volume in 2024.
What is the total on-chain RWA market size as of early 2025 (rwa.xyz)?
Explanation
: Approximately $15B in real-world assets deployed on-chain as of early 2025.
Which is the largest on-chain RWA category by value in 2025?
Explanation
: US Treasuries dominate on-chain RWA with approximately $9B, driven by BUIDL and similar funds.
What Swiss legislation created “ledger-based securities” as a legal asset class?
Explanation
: The Swiss DLT Act (February 2021) created the legal category of ledger-based securities (Registerwertrechte).
Which regulatory framework governs investment categories for Swiss Pensionskassen (pension funds)?
Explanation
: BVV2 (Verordnung \"uber die berufliche Vorsorge) / OAK BV guidelines govern Swiss pension investments. MiCA is EU-only.
Under BVV2, what “other investments” category cap typically applies to alternative assets like crypto?
Explanation
: BVV2 Art. 55 “other investments” category typically caps alternative assets at 15% of portfolio.
What event in January 2024 accelerated institutional crypto adoption significantly?
Explanation
: US spot Bitcoin ETFs were approved January 11, 2024, opening regulated exposure to pensions and SWFs.
SAB 121 (rescinded February 2025) was a rule that required:
Explanation
: SAB 121 required banks to hold customers’ crypto on their own balance sheet, making custody economically unattractive.
Under Basel III, what risk weight applies to most crypto assets (Group 2)?
Explanation
: Basel III assigns a 1250% risk weight to Group 2 crypto assets (most cryptocurrencies), making bank holdings very capital-intensive.
Which network combines Goldman Sachs, BNY Mellon, and Deutsche Boerse for institutional DeFi?
Explanation
: Canton Network (2023) uses privacy-preserving smart contracts (Daml) for institutional collateral management.
Which option is most compliant for a Swiss Pensionskasse seeking Bitcoin exposure (2024–2025)?
Explanation
: SIX-listed crypto ETPs are FINMA-regulated, exchange-traded, and the clearest BVV2 Art. 55 fit for Swiss pension funds.
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