Top Indian private sector banks are informing their customers about the risks in crypto asset investments. Axis Bank, HDFC Bank, ICICI Bank have sent out emails to customers in this regard, reported The Economic Times.The banks cited the aggressive advertising campaigns of cryptocurrency exchanges that seek to lure new customers with promises of extravagant returns … Read more
In this era of constant change, the cutting edge can come from seemingly unlikely places.Squeezed between megabanks and a rash of emerging fintechs, family-owned Vast Bank is seeking to stand out by becoming among if not the first US bank to offer cryptocurrency services directly to retail customers.The move, which sees the Tulsa, Okla.-based nationwide … Read more
WASHINGTON: US banking regulators intend to clarify in 2022 what role traditional banks can legally play in the cryptocurrency market, they said on Tuesday. In a statement, regulators said they plan to make clear what sort of activities banks can engage in involving cryptocurrency, including holding it on their balance sheets, issuing stablecoins and holding … Read more
Top private banks are reaching out to customers who invest in cryptocurrencies and informing them about the risks associated with the asset class, even as the government is working on legislation to regulate digital currencies. In the past two-three weeks, HDFC Bank, Axis and ICICI Bank have sent emails highlighting the risks to customers who … Read more
Despite the availability of new payment options, many financial institutions (FIs) lag behind marketplace interest in cross-border payments innovations, especially when providing B2B access to cryptocurrency tools. Just one in 10 FIs currently gives its B2B customers the ability to use cryptocurrency, according to “Cryptocurrency, Blockchain and Cross-Border Payments,” a PYMNTS and Circle collaboration that … Read more
In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading.According to a report by local publication Leadership, an … Read more
Austrac brushed off that defence from the banks, saying it had higher expectations the banks would not deem a customer high risk because of the sector they worked in.“Although the decision to close an account may remain a necessary risk control, Austrac considers with appropriate systems and processes in place, banks should be able to … Read more
Bank of America chief operating officer Tom Montag said at a Chainalysis event Thursday (Nov. 4) in New York City that some parts of the blockchain and cryptocurrency could enhance banks’ value. “I believe some of the things that are happening today will provide that technological jump that allows banks to be more efficient, (have) … Read more
Australia’s banking watchdog is taking a closer look into the decision by the Commonwealth Bank of Australia (CBA), the country’s largest lender, to move into crypto trading, according to Reuters and other media outlets. CBA, an Australian multinational bank with businesses across New Zealand, Asia, the U.S. and the U.K., is the first bank in … Read more
big banks crypto investmentsIt’s no secret that cryptocurrencies are an extremely popular asset class. They’re also a cultural phenomenon that has changed the way many retail investors save and plan for the future. In the past, big Wall Street firms haven’t paid much mind to cryptocurrencies. The new asset class has been dismissed as a … Read more
A16z Crypto has been minting plenty of NFT unicorns this year. In July, they backed NFT marketplace OpenSea at a $1.5 billion valuation. They participated in a September raise for NBA Top Shot-maker Dapper Labs, which valued the company at a whopping $7.6 billion. Just last month, they backed the team behind play-to-earn crypto game … Read more
Just as it does for stock and bond prices, Goldman recently began posting digital asset prices on its Marquee platform for big clients like hedge funds, preparing for a time when the bank might be able to support trading in cryptocurrencies.In 2019, a unit of JPMorgan called Onyx introduced JPM Coin, a digital currency backed … Read more
Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David SwansonLAS VEGAS, Oct 26 (Reuters) – A top U.S. bank regulator said U.S. officials are looking to provide a clearer path for banks and their clients that are looking to hold … Read more
During a panel of incumbent financial institutions at Digital Assets Week, the moderator asked whether they see the biggest cryptocurrency exchange Binance as a threat. Hervé Francois, Digital Assets lead at ING, responded, “It reminds me of when we asked a similar question to the CEO of Blockbuster regarding Netflix. At that time, he said they’re … Read more
A formal move to green-light crypto trading by banks would probably be met with resistance by advocates of tough financial rules. The value of cryptoassets can shift dramatically — Bitcoin is up about 400 percent from last year — making it potentially risky for both banks and depositors to trade in them. Michael Hsu, the … Read more
Mark Mobius, the veteran emerging markets investor, warned of a potential cryptocurrency collapse that would be felt across global stock markets. “Cryptocurrency is something that could really blow up. If bitcoin crashes, it will probably affect stock markets across the world, although temporarily,” Mobius, one of the world’s most renowned investors, told Financial News. The price of bitcoin … Read more