Crypto is no viable alternative to SWIFT for sanctioned Russian banks
Crypto is no viable alternative to SWIFT for sanctioned Russian banks | Fortune Source link
banks
Russian Banks Cutoff From SWIFT And Ukraine Receives Outpouring Of Crypto Support
SOLEDAR, UKRAINE – FEBRUARY 27: Soldiers in the Ukrainian Army withdraw 15, 100 mm caliber artillery … [+] guns in Soledar, eastern Ukraine, on February 27, 2015. In accordance with a February 12 ceasefire brokered by the leaders of Ukraine, Russia, Germany and France, Ukrainian forces and Russia-backed separatists agreed to stop fighting and withdraw … Read more
Sydney VC King River Capital banks $50m for new Web3 crypto fund
Instead of selling off bits of their company through private shares, crypto businesses often raise money by issuing tokens that can have utilities other than just representing fractional ownership.Last year, Senator Andrew Bragg suggested the government look into redefining “financial assets” to recognise tokens that give holders governance rights or other permissions, as part of … Read more
US banks partner with crypto custodians
Grayscale Investments’ latest report “Reimagining the Future of Finance” defines the digital economy as “the intersection of technology and finance that’s increasingly defined by digital spaces, experiences, and transactions.” With this in mind, it shouldn’t come as a surprise that many financial institutions have begun to offer services that allow clients access to Bitcoin (BTC) and … Read more
Banks are half-convinced about crypto transactions: Giottus CEO
India’s crypto exchanges have been seeing investor interest rise after the government unveiled plans to impose a 30 per cent tax on the transfer of digital assets in its annual budget.In a wide-ranging interview, Vikram Subburaj, the co-founder and chief executive officer of Giottus Cryptocurrency Exchange, told DH’s Veena Mani what he thought about the … Read more
Startup Meld partners with banks to lend dollars against crypto
A few years ago, Ken Olling began seeing more of his friends invest the bulk of their salaries in cryptocurrency.“It got to the point where when I went out with my friends, all of them had seven-figure portfolios, but I was the one who was buying dinner,” said Olling, who is co-founder and CEO of … Read more
Wall Street banks are expanding crypto sell-side research
Several traditional banks are looking to fill crypto-related roles within their research divisions — the latest sign that the digital asset ecosystem is becoming fully integrated with the broader market. Investment banks have long produced research on digital assets, but such firms are now wanting to pay closer attention, as the number of large publicly … Read more
Tom Brady’s buzzy celebrity NFT startup Autograph banks $170M from Silicon Valley’s top crypto investors – TechCrunch
Autograph, an NFT agency co-founded by athlete Tom Brady with a particularly deep bench of star power, has banked new funding from crypto investors who hope the platform can bring a new generation of celebrities and their fans into the fold of crypto collectibles. The startup tells TechCrunch it has closed a $170 million Series … Read more
Central banks strike back against crypto with their own digital currencies
Central banks strike back against crypto with their own digital currencies | Fortune Source link
Can Banks Overcome the Fear of Crypto?
If you ask crypto insiders, many of the bad investment decisions inexperienced cryptocurrency buyers make can be attributed to two different types of fear. One is FOMO — fear of missing out — which leads people to buy high, after a rally is well underway. The other is FUD — fear, uncertainty and doubt — … Read more
Germany’s trillion-euro savings banks mull crypto wallet
Representations of virtual cryptocurrencies are seen in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to reuters.comRegisterFRANKFURT, Dec 13 (Reuters) – Germany’s savings banks, a conservative bastion that holds more than 1 trillion euros for thrifty Germans, is examining offering a wallet to trade cryptocurrency, a group of them said … Read more
Are Banks Warming Up To The Idea Of Giving Loans Against Crypto Assets? Here’s What Is Happening
Crypto-backed retail loans are similar to any other secured loanThe rise of cryptocurrency has opened up a number of business opportunities for investors as well as lenders. While there are some risks associated with the crypto world, the incredible returns attract traders more intimately when compared to other investment tools. After initial hesitation, banks too … Read more
Banks Unprepared for Crypto-Powered Payments
If you’ve been following the regulation of cryptocurrency and the FinTech companies that use it, you probably won’t be surprised to learn that a lawyer for a FinTech-focused venture capital firm considers U.S. policy to be incoherent. While the first serious step towards regulation at the federal level came on Nov. 1 — when the … Read more
Private Banks Alert Customers About Crypto Risks: Report
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
IT key to Vast Bank’s bold bet on crypto
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
US banking regulators to clarify banks’ crypto role in 2022
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
cryptocurrencies: Banks informing customers about crypto pitfalls
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
10% of Banks Support Crypto for Cross-Border
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
Nigerian banks tracking customer accounts for crypto trading
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 warns banks against ditching crypto dealers
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
BoA COO Sees Value in Crypto for Banks
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
Watchdog Probes Aussie Bank’s Move into Crypto
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
Here’s Why Big Banks Are Going All In On Crypto: Should You Follow Suit?
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
Studio behind ‘early access’ crypto game Blankos Block Party banks monster $1.25B valuation from a16z – TechCrunch
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
Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).
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
U.S. regulators exploring how banks could hold crypto assets – FDIC chairman
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
ING says blockchain, crypto presents Blockbuster moment for banks – Ledger Insights
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
Trump regulator gave quiet legal blessing to crypto trading by banks
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
Mobius warns ‘crypto could really blow up’: central banks should pay attention
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