DTCC Unveils ComposerX for Digital Asset Management, Ondo Finance Launches Institutional RWA Blockchain, and more!

Welcome to QX Snapshots - a weekly recap of the key news on emerging technologies. In this newsletter, you will get a "digest" of the latest info on Enterprise Blockchain, AI, Quantum Technology, and more.

Hope it brings you value :)

[Blockchain] DTCC Unveils ComposerX for Digital Asset Management, Ondo Finance Launches Institutional RWA Blockchain, Goldfinch Debuts ‘Prime’ DeFi Private Credit Pool, and Kraken Secures EU MiFID License. DTCC has announced ComposerX, a suite of platforms designed to streamline digital asset management and tokenization. The suite includes three core platforms: Capital Markets Platform (CMP) for token lifecycle management, Factory for tokenization and data management, and LedgerScan for monitoring token activity across networks. ComposerX incorporates the Compliance Aware Token Framework (CATF) for regulatory compliance and builds upon DTCC's goal of developing digital financial market infrastructure. Meanwhile, Ondo Finance has announced Ondo Chain, a new Layer 1 blockchain designed specifically for institutional-grade real-world assets (RWAs). The platform features permissioned validators, RWA-based network security, native bridging capabilities, and built-in DeFi support. Notable design advisors include Franklin Templeton, Wellington Management, WisdomTree, and Google Cloud. The chain aims to address current barriers in tokenized securities, including DeFi incompatibility, liquidity fragmentation, and regulatory concerns. It combines public blockchain accessibility with permissioned chain security features to create an ecosystem for traditional finance institutions to participate in decentralized markets. Also, Goldfinch has launched "Prime," a new DeFi pool offering non-US investors exposure to private credit funds like Apollo, Ares, and Golub Capital, which collectively manage over $1 trillion in assets. Investors can deposit USDC to receive GPRIME tokens, targeting 9-12% net returns with no minimum investment. The pool is managed by Heron Finance and requires fund managers to meet strict eligibility criteria. The launch aims to expand onchain access to private credit, which currently represents over 60% of the $11 billion tokenized RWA market. And, Kraken has acquired a MiFID license through the purchase of a Cypriot Investment Firm, approved by CySEC, enabling the crypto exchange to offer regulated derivatives trading in the EU. This expansion follows their 2019 acquisition of Crypto Facilities in the UK and strengthens their presence in Europe, a key market for crypto derivatives. 

[AI] OpenAI Unveils Deep Research in ChatGPT, Mistral AI Launches Le Chat, GitHub Upgrades Copilot, and Google Expands Gemini 2.0 Family. OpenAI has launched deep research, a new feature in ChatGPT that conducts comprehensive internet research and analysis. Powered by the upcoming o3 model, it can analyze hundreds of online sources, images, and PDFs to create detailed reports with citations. Deep research is designed for intensive knowledge work in fields like finance, science, and policy. Meanwhile, Mistral AI has launched Le Chat, a mobile app for iOS and Android, along with Enterprise and Pro ($14.99/month) tiers. The French startup aims to compete with OpenAI and DeepSeek by offering fast performance, data privacy under EU laws, and flexible deployment options. Le Chat features include code interpretation, OCR, document processing, and image generation via Black Forest Labs' Flux Ultra. Also, GitHub has announced major updates to GitHub Copilot, including a new agent mode in VS Code that can self-iterate and fix code errors automatically. The company also released Copilot Edits generally available, featuring multi-file editing capabilities and support for multiple AI models including GPT-4o, Claude 3.5 Sonnet, and Gemini 2.0 Flash. Additionally, GitHub previewed Project Padawan, an autonomous Software Engineering (SWE) agent that can handle issues and create pull requests independently. And, Google has expanded its Gemini 2.0 model family with three variants: Flash (now generally available with higher rate limits), Flash-Lite (a cost-efficient preview version), and Pro (experimental version for coding and complex tasks). The models feature native tool use, 1M token context window, and multimodal input capabilities. They show significant performance improvements over Gemini 1.5, with simplified pricing that removes the distinction between short and long context requests. The models are available through Google AI Studio and Vertex AI.

[Quantum Technology] BMO Joins IBM Quantum Network, Hitachi Launches $400M Fund for Quantum and Fusion, DARPA Selects Microsoft & PsiQuantum for US2QC, and SECQAI Unveils World's First Quantum-Enhanced LLM.  BMO has become the first Canadian bank to join the IBM Quantum Network, gaining access to IBM's quantum computing infrastructure and expertise. As part of its Digital First strategy, BMO plans to leverage quantum technology to develop solutions for investment portfolio optimization, risk management, and business growth. The partnership gives BMO access to IBM's quantum systems, experts, and resources to accelerate the development of quantum-powered financial applications. The bank joins a network that supports businesses and institutions in advancing quantum computing research and applications. Meanwhile, Hitachi has launched HV Fund IV, a $400 million venture capital fund, bringing its total CVC investments to $1 billion. The fund will target startups in quantum computing, nuclear fusion, and other advanced technologies, with operations beginning April 1, 2025. Managed by Hitachi Ventures, which currently oversees 38 startups, the fund aims to identify disruptive technologies in digital and industrial sectors. This represents Hitachi's largest CVC fund to date and aligns with the company's strategy to accelerate open innovation and adapt to rapid technological changes. Also, DARPA has selected Microsoft and PsiQuantum for the final phase of its Quantum Benchmarking Initiative's US2QC program, which aims to validate utility-scale quantum computers by 2033. Microsoft is developing a superconducting topological qubit system, while PsiQuantum is using silicon-based photonics. Both companies have undergone rigorous technical analysis by DARPA's evaluation team since 2023. The program will assess their final system designs, test hardware components, and evaluate prototype performance.  And, SECQAI, a UK-based secure technology company and NATO DIANA member, has launched the world's first hybrid Quantum Large Language Model (QLLM). The system integrates quantum computing with traditional LLMs to enhance computational efficiency and problem-solving capabilities. The technology has potential applications in semiconductor design, encryption analysis, materials science and pharmaceutical discovery.

[General technology] Kimsuky Credential Theft, Proofpoint Uncovers 13M Microsoft 365 Password Attacks, and Hackers Use Fake Job Interviews to Spread Malware on macOS. Cybersecurity researchers have discovered that Kimsuky group is using new malware called forceCopy to steal browser credentials. The attacks begin with phishing emails containing disguised LNK files that execute PowerShell or mshta.exe to download additional payloads. The campaign includes PEBBLEDASH trojan, RDP Wrapper, proxy malware, a PowerShell keylogger, and forceCopy, which targets browser directories where credentials are stored. Meanwhile, Proofpoint researchers have discovered cybercriminals using HTTP client tools like Axios, Go Resty, and Node Fetch for account takeover attacks against Microsoft 365 environments. Since June 2024, attackers launched 13 million password spraying attempts, averaging 66,000 daily attempts. While the success rate was low at 2%, they targeted 178,000 accounts across 3,000 organizations, primarily in education. A separate Axios campaign targeting executives and high-value employees achieved a 51% success rate. These attacks combine precision targeting with Adversary-in-the-Middle techniques to steal credentials and bypass MFA. Also, Microsoft has discovered over 3,000 exposed ASP.NET machine keys that could enable ViewState code injection attacks. The company observed attacks where threat actors used public static keys to inject malicious code and deploy the Godzilla framework. Unlike previous attacks using stolen keys from dark web forums, these keys are freely available in code repositories and may have been incorporated into development code. Microsoft warns that simply rotating compromised keys isn't sufficient as attackers may have already established persistence. The company recommends avoiding public keys and implementing regular key rotation. And, hackers are deploying FERRET malware through fake job interviews targeting macOS users. The campaign, known as Contagious Interview, tricks targets into installing malicious software disguised as video conferencing tools.  Attackers approach victims on LinkedIn posing as recruiters, ultimately deploying a Golang-based backdoors. The group has expanded their tactics to include targeting developers through GitHub and spreading malicious npm packages.

• Understanding the Canton Network and Ethereum for Post Trade - Finadium

• 2nd Global Cryptoasset Regulatory Landscape Study - University of Cambridge

• Coinbase acquires ads platform Spindl to tackle ‘onchain discovery problem’ - Cointelegraph

• Ethereum Protocol Studies 2025 - Ethereum Foundation

• Crypto Task Force - US SEC

• Interoperability Workshop for Financial Services (event) - LF Decentralized Trust

• Introducing: AFI (Artificial Financial Intelligence) - Chaos Labs

• 2025 e-Trading insights: What’s top of mind for institutional traders? (audio) - J.P. Morgan

• OpenEuroLLM - European Commission

• What's Happening at Reddit? - Back of the Envelope