Credit Suisse – a Switzerland-based global investment bank – released a report yesterday predicting radical change to the global monetary system. Given western inflation dynamics and eastern geopolitical tensions, the firm expects a “new monetary world order” based on commodity-backed currencies to emerge – in which Bitcoin will likely benefit. Breton Woods III The analysis...Read More
ApplePay – Apple’s digital wallet service – is no longer providing support to Russian banks following sanctions from the United States and its western allies. Applications from Promsvyabank – a state-backed Russian bank – have also been removed from the App Store. Sanctioning Russia Apple’s removal of Russian financial services was reported by Russian news...Read More
Recently leaked documents showed that the giant private bank Credit Suisse had held hundreds of billions of dollars of clients alleged or involved in drug trafficking, corruption, torture, money laundering, and other serious crimes. This comes years after the bank bashed the cryptocurrency industry, claiming that bitcoin presents money laundering challenges. The Leaked Documents A...Read More
A top official at India’s central bank recently reiterated warnings to Prime Minister Modi’s government about the risks cryptocurrencies pose to the country’s financial system. This time, he compared digital assets to “Ponzi schemes”, mirroring some investors’ long-held criticisms of the asset class. Crypto Is A Ponzi, Says RBI Governor T. Rabi Sankar of the...Read More
Digital asset platform Bakkt Holdings has teamed up with Valliant Bank, an institution that provides financial services, to bring a seamless crypto experience to the bank’s customers. According to a press release on Monday (February 14, 2022), Valliant Bank would enable customers to easily buy, sell, and hold bitcoin (BTC), ether (ETH), and other altcoins...Read More
Leading Israeli bank, Hapoalim Bank, has recently filed a letter of defense to dismiss the claims of the 69-year-old pensioner, Esther Freeman, to allow the deposit of $320k profit she made from a $3,000 Bitcoin investment nearly nine years ago. According to a Thursday report by a local media outlet, the bank claims that its...Read More
The Central Bank of Ireland has released a February report on “Security Markets Risk Outlook,” in which it highlights key areas of risk for regulated financial service providers. Down on page 23 is a section on new products of which crypto assets get a mention. Echoing the sentiment of most central banks, the report stated...Read More
While the Federal Reserve continues to threaten interest rate hikes amid rising inflation, the ECB has taken a different approach. Bank President Christine Lagarde stated they will “not rush into a decision,” deeming inflation as merely a short-term problem. Interest Rates Remain Unchanged As reported by CNBC, the ECB’s refinancing rate will remain at 0%....Read More
Customers of U.S. financial service provider Five Star Bank will soon be able to securely buy and invest in bitcoin (BTC) directly from their bank accounts thanks to a partnership with NYDIG. Five Star Bank to Offer Bitcoin Trading Services New York Digital Investment Group (NYDIG) has struck a partnership with American-based Five Star Bank...Read More
The Bank of Thailand (BOT), Securities and Exchange Commission (SEC) and Ministry of Finance (MOF) have jointly decided to regulate the use of cryptocurrencies as a medium of exchange. They cite threats of financial instability and crime as primary justifications. Strictness On Crypto BOT announced its regulatory decision in a press release earlier today. It...Read More
That is precisely what has just happened to Uniswap founder Hayden Adams according to a Jan. 23 tweet. Adams revealed that JPMorgan Chase had closed his bank accounts with “no notice or explanation.” He added that he knew of “many individuals and companies who have been similarly targeted simply for working in the crypto industry”...Read More
The Union Bank of Philippines plans to open a custodial service for cryptocurrencies as the asset class becomes increasingly popular among the local population. A Strategy for Every Customer As cited by Bloomberg, Cathy Casas, the bank’s head of blockchain and applications coordination department, outlined the institution’s plans recently. The top exec explained that it...Read More
Sygnum Bank – a company that runs a digital asset bank and trading platform – reportedly finalized a $90 million funding round. Following the initiative, the firm reached a valuation of $800 million. Syngum’s First Crypto Steps in 2022 According to a January 6 report by Bloomberg, the fundraise was led by Sun Hung Kai...Read More
Banca Generali – an Italian Bank geared towards private banking and wealth management – plans to launch Bitcoin trading services in early 2022. These services will be enabled through an integration with Conio – a Bitcoin wallet/ exchange app. Bitcoin in Italy Financial magazine “We Wealth” provided details on the bank’s new services last month....Read More
The Bank of Israel (BoI) has reportedly instructed local banks to accept profits from digital asset endeavors as long as the source of the money is not related to criminal affairs. The procedure is intended to complement the Money Laundering Prohibition Ordinance, which applies to crypto-related entities and their operations. Israeli Banks May no Longer...Read More
New Jersey-based Manasquan Bank will participate in Bakkt Holdings’ early adopter program. When effective, it will enable customers of the financial institution to buy, sell, and hold cryptocurrencies. Bakkt Inks Another Partnership According to a recent press release, Bakkt’s project is anticipated to launch in Q2 2022. Initially, the platform will provide an entry point...Read More
The Bank of Thailand (BoT) plans to suggest comprehensive legislation on the digital asset industry in January next year. The rules will aim to reduce the risks to the financial network and provide greater protection for investors. ‘Cryptocurrencies Cannot Be a Means of Payment’ During a recent interview for The Bangkok Post, Sethaput Suthiwartnarueput –...Read More
Commerzbank and Volks- und Raiffeisenbank – a German universal bank and brand of cooperative banks respectively – have started developing concepts to enable customers to buy and sell cryptocurrencies. Frankfurter Allgemeine Zeitung – a German liberal-conservative newspaper – revealed the news on Monday. A spokesperson for Volks- und Raiffeisenbanken said the group is “pushing ahead”...Read More
Switzerland’s largest online bank, Swissquote, is planning to launch a cryptocurrency exchange early next year to meet clients’ surging demand for digital assets. Swissquote to Launch Crypto Exchange The bank’s sales manager Jan De Schepper shared the company’s plans to roll out a crypto trading platform during an interview with Finews.asia. “We want to enable...Read More
Wells Fargo – a leading American financial services organization – and HSBC Bank – a major British monetary institution – will employ a blockchain-based product to settle matched foreign exchange (Forex) transactions. Through the partnership, the two entities will use a shared ledger to process operations with US dollars, Canadian dollars, British pounds, and Euros....Read More
German Savings Banks Association – a network of over 400 savings banks throughout Germany – may allow customers to start trading cryptocurrencies from their accounts in 2022. As the market leader among Germany’s financial institutions, the service could give easy crypto access to more than 50 million people. Adopting Crypto Services As reported by the...Read More
The central bank of Thailand reportedly urged local financial institutions to stay away from cryptocurrencies citing risks coming from their enhanced volatility. It added that the broad employment of bitcoin and the altcoins could also impact the Bank of Thailand’s ability to monitor the national economy. BoT Against Crypto Trading According to a coverage by...Read More
Consensys – a blockchain technology company – announced that it has recently raised hundreds of millions of dollars from businesses, including HSBC and Third Point. HSBC is Europe’s largest bank, while Third Point is a US-based hedge fund with $17 billion in assets under management. Major Funding For Consensys Consensys announced the results of their...Read More
Israel’s Authority for Combating Terror Financing and Money Laundering will reportedly impose new regulations on various digital financial products, with cryptocurrencies being some of them. The government unit raised hopes that the legislation will diminish crypto’s use in criminal activities and grant more support to the local investors. Clear Standards for Crypto A recent report...Read More
ING – the Dutch multinational banking corporation – has begun collaborating with the Netherlands’ financial authority on utilizing decentralized finance. The Bank’s Defi Project Annerie Vreugdenhil – ING’s Chief Innovation Officer – said as much at the Singapore Fintech Festival earlier today. Speaking in a panel discussion, the CIO complimented Singapore’s welcoming regulatory environment. As...Read More
While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took the steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira. ‘Same Naira, More Possibilities’ In a press release syndicated through mass media but...Read More
US Bank – the fifth-largest retail bank in the United States – is launching a crypto custody service available to fund managers as more institutions race to meet clients’ demands for cryptocurrencies. Potential Room For Several of Coins The news, first reported by CNBC, revealed that US Bank partnered with New York Digital Investment Group...Read More
Bank of America has published its report “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, providing an in-depth analysis of the current state of the blockchain industry from cryptocurrencies to DeFi and NFTs. The report says that the industries of cryptocurrencies and decentralized finance...Read More
The major Brazilian bank – BTG Pactual – will enable its customers to trade digital assets directly through a new platform called Mynt. The offering will be available from the next quarter and will include the two leading cryptocurrencies – bitcoin and ether. The New Crypto Opportunity According to a local report, the initiative, which...Read More
In a recent report published by English bank Standard Chartered, analysts structurally value Ethereum at “USD 26,000- 35,000” while also predicting that Bitcoin will reach 170k. Standard Chartered: Why ETH beats Bitcoin for Investment The financial service giant’s report, titled “Ethereum Investor Guide,” explains the network’s value proposition while comparing and contrasting it with the...Read More
