opinion

Crypto SWOT: BNY Mellon has launched a blockchain-based accounting tool

Kitco Media
By Frank E Holmes
Published:
Updated:
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Crypto SWOT: BNY Mellon has launched a blockchain-based accounting tool teaser image

Strengths

  • According to CoinMarketCap, the best performing cryptocurrency this week was EOS, up 37.46%.
  • Solana's top DeFi exchange, Jupiter, has acquired digital collectibles platform DRiP Haus in an all-cash deal to expand into NFTs. The goal is to build a "Solana super app" that combines financial trading with digital culture despite the broader NFT market decline.
  • Curve Dao has broken above its 50-day moving average, during a time which Bitcoin, Ethereum and Solana are all trading below their 50 day moving averages. 

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Weaknesses

  • According to CoinMarketCap, the worst performing cryptocurrency this week was Pi, down 36.06%.
  • North Korean hackers have stolen over $6 billion in cryptocurrency through increasingly sophisticated cyberattacks—like the $200 million WazirX heist—to fund Kim Jong Un’s regime and nuclear program. This continues to exploit weak cybersecurity, fake job applications, and global crypto infrastructure.
  • An investor has filed a proposed class action lawsuit against Bakkt Holdings, alleging the company misled shareholders about the stability and diversity of its crypto services revenue. This was before disclosing the loss of major clients Webull and Bank of America, which together accounted for 73% of its top-line revenue.

Opportunities

  • Donald Fintech companies are increasingly seeking bank charters to gain stable access to capital, expand services, and compete more effectively, despite the regulatory challenges and systemic risks this trend may introduce.
  • Coinbase Institutional is set to launch regulated XRP futures on April 21, 2025. The launch would offer traders monthly, cash-settled contracts tied to XRP’s price, marking its latest move to expand crypto derivatives amid growing market interest and competition.
  • BNY Mellon launched a blockchain-based accounting tool that posts real-time NAV data for tokenized funds, with BlackRock as its first client, marking a major step in linking traditional finance to digital assets amid growing regulatory support.

Threats

  • Cloud computing firm Crusoe has exited Bitcoin mining by selling its crypto operations to NYDIG and is now pivoting fully to AI, focusing on building AI-optimized data centers to scale infrastructure and accelerate AI adoption.
  • After resigning as New York governor, Andrew Cuomo advised offshore crypto exchange OKX on handling a U.S. federal investigation—promoting his ally Linda Lacewell to its board. The company later pleaded guilty to operating illegally in the U.S. and paid over $500 million in fines.
  • Crypto exchange OKX has been fined €1.1 million by Malta’s financial watchdog for serious anti-money laundering violations, marking yet another regulatory setback following penalties in the U.S., Thailand, and previous Maltese actions.
Kitco Media

Frank E Holmes

Frank Holmes is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund (ticker PSPFX), the World Precious Minerals Fund (UNWPX) and the Gold Shares Fund (USERX).

Please consider carefully the fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk.

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CoinMarketCapBitcoincryptoDeFi exchangeNFTs
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