Goldman Sachs, BNY Mellon join ETS’ crypto standards committee

The Digital Token Identifier Foundation (DTIF) released details of the first meeting of its product advisory committee, (PAC). The DTIF is responsible for the DTI Registry and providing stewardship on DTI implementation, and is a new non-profit division of Etrading Software (ETS), the Registration Authority for the ISO digital standard.

The PAC has been established to discuss the new vendor-neutral, open, freely available, global DTI standard, and its first area of focus is stable-coins, a priority for the DTI Service upon launch in September. The PAC will also discuss such topics as how future regulatory changes will impact the crypto-market landscape.

The PAC comprises more than 20 members, representing a cross-section of crypto-market participants, global institutional investors, standards bodies, academics, asset managers and market infrastructure providers, from multiple global regions. Goldman Sachs, BNY Mellon and Citi are among the banks participating.

Sassan Danesh, managing partner of Etrading Software, said in a statement: “This broadest collaboration, expertise and knowledge represented in both the DTIF and PAC will ensure for a DTI which will bring efficiencies and transparencies to the market.”

The crypto asset class the DTI will cover includes cryptocurrencies such as bitcoin, as well as multiple other product types, such as stablecoins, security tokens and utility tokens. With thousands of crypto assets in the market, and the list rapidly growing, there has so far been no standard way to identify one digital token from another.

Currently, the same digital token can have multiple different identifiers. The DTI standard will work for industry to identify crypto asset trades to improve transparency and efficiency. It is expected standardization could help investors that operate at scale and consequently manage large operations groups to process crypto asset transactions without having to significantly rework their existing systems and processes.

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