Sunayna Tuteja has joined the Federal Reserve System as the Chief Innovation Officer. Before heading this position, Tuteja was previously working at TD Ameritrade as the Managing Director, Head of Digital Assets & DLT (Blockchain, Crypto), reads her LinkedIn profile.
TD Ameritrade has been providing its services to cryptocurrency users for some time now. It also made a strategic investment in ErisX, the cryptocurrency spot, and futures exchange during the bear market.
Tuteja joined the broker in 2014 to head its digital strategy department, following which she changed the department that specifically dealt with cryptocurrencies and blockchain technology. Here, Tuteja only spent less than two years.
Under her latest role, she will be working on the Federal Reserve System’s digital innovation strategy. As a CINO, the official is required to stay abreast of the technology industry and market trends to understand their impact on the Fed system. The description for this position reads,
“This role will be responsible for identifying, researching, enabling and evangelizing for innovative new technologies while fostering a culture of technical innovation, encouraging System-wide collaboration and experimentation.”
This is another positive development for the cryptocurrency market, bringing us all that much closer to positive and clear regulations.
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.
ErisX, the TD Ameritrade backed crypto exchange, has tapped into the Silvergate Bank Bitcoin-friendly services. This Chicago based exchange whose niche is institutional investors will now offer its clients more options when it comes to crypto account management. It joins the likes of Anchorage, Bitstamp, CEX, Coinbase, Gemini, and Kraken, which was onboarded to the Silvergate Exchange Network (SEN) back in November 2019.
The move will allow ErisX clients to access deposit and withdrawal facilities based on the U.S dollar ecosystem. Compared to the Fedwire system, SEN proposes a higher value according to ErisX CEO, Thomas Chippas:
“If you think about the traditional means of moving fiat today, most institutional market participants would utilize the Fedwire system … You’re talking about the availability of getting your money around 4:30 p.m. or 5 p.m., depending on the bank.”
He went on to note that the underlying fees are less costly than a Fedwire transfer. Going by this value proposition, it is not surprising that SEN has attracted a significant clientele within the past year. The platform’s transaction activity shot up to 31,405 in Q1 2020 compared to 14, 400 during the last quarter of 2019; It is also an improvement from the 7,097 transactions recorded in Q1 of the same year.
Notably, Silvergate, which is listed in the NYSE, has further ventured into product development based on crypto assets. The firm recently scaled access to SEN leverage, a financial product structured to offer U.S dollar-denominated loans with Bitcoin pegged as collateral. ErisX CEO has since hinted that they are also evaluating this product but are yet to decide to bring to the exchange’s clients.