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Arizona State Considering Adding Digital Asset Exposure to Retirement Funds

Arizona is evaluating whether to add exposure to digital assets in government pension funds’ investment portfolios.

A new resolution passed by the Arizona state legislature would take a step toward converting pension funds for government and public safety employees into exchange-traded funds (ETFs) based on digital assets.

The proposal comes about a month after the US Securities and Exchange Commission (SEC) approved Bitcoin (BTC) spot ETFs. The agency may also approve additional ETFs for other digital assets like Ethereum (ETH) at some point in the future.

If passed, the resolution calls on the Arizona State Retirement System (ASRS) and Public Safety Personnel Retirement System (PSPRS) to take several actions that could lead to retirement funds gaining exposure to digital assets.

There are three main actions that ASRS and PSPRS must take:

“a) consider the implications of including a digital asset ETF in your investment portfolios.

b) closely monitor the development of Bitcoin ETFs and other digital asset ETFs and consider the implications of including such assets in your investment portfolio after consulting with any company to which the U.S. Securities and Exchange Commission has granted approval to offer a Bitcoin ETF digital assets.

c) present a comprehensive report on the feasibility, risk, and potential benefits of allocating a portion of state retirement system money to digital asset ETFs, including a list of options and recommendations on how the state could safely invest in the class of digital assets for the State. Treasurer, President of the Senate and Speaker of the House of Representatives at least three months before the beginning of the Fifty-seventh Legislature, First Regular Session.”

The Republican-sponsored resolution recently passed the state Senate by a vote of 16 to 13. Only Republicans voted for it, while only Democrats opposed it. The resolution is now being considered by the state House.

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Google will help digital asset platform Bakkt introduce cryptocurrencies to millions of consumers

cryptocurrencies to millions of consumers
Digital asset platform Bakkt announced a partnership with Google “to bring digital assets to millions of consumers”. With this partnership, Bakkt says consumers will benefit from “extended reach and access” to cryptocurrencies.

Google collaborates with Bakkt to expand consumer access to cryptocurrencies

Intercontinental Exchange’s digital asset platform Bakkt said on Friday that it has partnered with Google “to bring digital assets to millions of consumers.” When forming a partnership with Google, Bakkt said:

Consumers will benefit from greater reach and access to digital assets.

Launched in 2018 by Intercontinental Exchange Inc., the parent company of the New York Stock Exchange (NYSE), Bakkt allows institutions and consumers to buy, sell, store and spend digital assets, including cryptocurrencies.

Bakkt explained that “users will be able to add their Bakkt Visa virtual debit card to Google Pay to buy everyday products and services online, in stores or anywhere Google Pay is accepted.” Cryptocurrencies, such as bitcoin, will be converted into fiat currency for these payments to take place, the company said.

Several other cryptocurrency platforms have added Google Pay, including Bitpay and Coinbase, the Nasdaq-listed cryptocurrency exchange. The former added Google Pay for US cardholders to spend on encryption in August, while the latter allowed Coinbase card users to pay for Apple Pay and Google Pay in June.

Bakkt and Google Cloud

Additionally, Bakkt said that he has chosen Google Cloud as his preferred cloud provider. The company will market its Google Cloud-based solutions to major retailers and merchants across the United States. Bakkt also plans to leverage Google Cloud tools to create new analytics along with artificial intelligence (AI), machine learning (ML) and analytics capabilities. Platform. .

Bakkt CEO Gavin Michael said: “This partnership demonstrates Bakkt’s strong position in the digital asset market to enable consumers to enjoy their digital assets in real-time, securely and reliably.

Kirsten Kliphouse, president of Google Cloud North America, said:

We are proud to help Bakkt accelerate and develop the availability of its innovative solutions powered by our technologies.