Posts in category

Banking


One of the most unusual and potentially transformative deals in the cryptocurrency space started as an argument on social media. Back in April, Charlie Lee, the creator of litecoin, was exchanging barbs on Twitter with Derek Capo, the CEO of payment processor TokenPay. But their fight quickly turned into a friendly exchange of direct messages, …

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Binance, one of the biggest cryptocurrency exchanges in the world, is reportedly among a number of investors backing a decentralized bank to be launched in Malta. Bloomberg reported Thursday that Binance had confirmed it has acquired a 5 percent stake in the so-called Founders Bank at a €133 million euro ($155 million) pre-investment valuation. Founders Bank …

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The race among crypto custodians to secure high-end clients is growing fiercer by the day. Ledger, the France-based wallet and custody startup, is ramping up the number of cryptocurrencies it supports to meet the demand for multi-coin solutions, particularly from institutional investors.   Revealed exclusively to CoinDesk, the company will add support for new crypto assets …

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An Australian retail bank has revised its contract terms to prohibit borrowers from using loans such as mortgages to purchase cryptocurrency. According a report from Australia Finance Review on Thursday, Bank of Queensland, which is publicly traded on Australia’s stock exchange and one of the country’s oldest retail banks, has confirmed the change of the loan agreements, which …

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Litecoin Foundation, the non-profit that supports the popular cryptocurrency, has acquired a near 10 percent stake in a German bank. The deal comes as the result of an agreement with TokenPay, a crypto-to-fiat payments firm, according to an announcement on Tuesday. TokenPay has now passed ownership of the 9.9 percent of equity in WEG Bank …

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More than a year in the making, Corda Enterprise has arrived. Announced Tuesday, blockchain startup R3 has released a paid version of its signature open-source Corda blockchain technology, one that offers added features aimed at regulated institutions including 24/7 support, disaster recovery and more. The big reveal comes just over 13 months after R3 raised …

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The Industrial and Commercial Bank of China (ICBC), one of China’s “Big Four” state-owned commercial banks and one of the world’s largest by total assets, is seeking to patent a blockchain system for the exchange of financial assets. According to a patent application filed by the bank in January and revealed on Friday, the system …

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Analysts for Bernstein contended in a report published Friday that the cryptocurrency ecosystem is developing an alternative to Wall Street. The report argues that the blockchain industry is setting up “parallel financial networks” that exist as alternatives to incumbent systems in operation today. And while these new platforms still operate “on the fringes of the …

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Even if blockchain fatigue may have set in among bankers, there’s at least one use case they’re still clearly excited about: trade finance. At least, that was the impression given at the Blockchain Summit in London this week, where a range of bankers talked enthusiastically about the digital trade finance platforms they are building and …

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A group of European banks announced they have completed first live blockchain-based financial trades across borders via their jointly developed we.trade blockchain plaform. According to an announcement on Tuesday, the real-life trades were executed over the past five days among 10 companies and were facilitated by four banks using the blockchain technology. HSBC, one of …

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Executives at the blockchain arm of Qiwi, one of the largest e-payment providers in Russia, are launching a crypto investment bank, called HASH, to advise investors and help domestic companies tokenize their assets once appropriate regulations are in place. The new enterprise is being launched by senior staff at Qiwi Blockchain Technology – a Qiwi subsidiary formed in …

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Qiwi, one of the largest e-payment providers in Russia, is launching a crypto investment bank, called HASH, to advise investors and help Russian companies tokenize their assets once the appropriate regulation in Russia is in place. The company announced it was launching a new enterprise based on its fintech subsidiary Qiwi Blockchain Technology, created this …

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An industry group in Poland is attempting to challenge banks that are allegedly refusing to provide services for firms associated with cryptocurrencies. The Polish Bitcoin Association (PBS) has appealed to the Office of Competition and Consumer Protection (OCCP), requesting that the antitrust authority start investigating the alleged restriction of competition, Finance Magnates reports. A memo …

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Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, is planning to work with regulators in Abu Dhabi to develop a cross-border trade finance system that is built with distributed ledger technology (DLT). The HKMA signed a fintech co-operation agreement on Tuesday with the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi …

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With a plethora of business blockchains vying for prominence, banks are under increasing pressure to pick a winner – after all, without network effects, surely the benefits would be lost? While that might be conventional wisdom, Commerzbank AG, one of Germany’s largest financial institutions, is taking a different tack. Rather than choose one protocol on …

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For Lloyd Blankfein, bitcoin just isn’t his thing. The Goldman Sachs chairman and CEO said in an interview on Tuesday that “it’s not for me” when asked about the world’s largest cryptocurrency by market capitalization. Appearing at the Economic Club of New York, he remarked: “I don’t do it. I don’t own bitcoin.” Blankfein has struck …

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Yao Qian is the director-general of the Institute of Digital Money of the People’s Bank of China. This article represents his personal academic opinions and does not represent the opinions of the institution. Bookkeeping refers to the recording of economic data in account books. A ledger, therefore, is a book with a certain format based …

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Two of Russia’s largest banks are piloting cryptocurrency portfolios for their private clients, the Kommersant newspaper reported Friday. Under the watch of the Bank of Russia, Sberbank and Alfa Bank will offer their clients shares in a special fund that will be trading the six most popular cryptocurrencies on major exchanges, including Kraken and Bitstamp, …

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To most banks in the U.S., cryptocurrency businesses are pariahs. To Metropolitan Commercial Bank, they’re “pioneers.” At least, that’s how the New York financial institution’s chief technology officer, Nick Rosenberg, describes them. “We’re certainly very interested in growing this vertical,” Rosenberg told CoinDesk of the bank’s crypto clientele. “We’ve learned that it’s a serious industry. …

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To most banks in the U.S., cryptocurrency businesses are pariahs. To Metropolitan Commercial Bank, they’re “pioneers.” At least, that’s how the New York financial institution’s chief technology officer, Nick Rosenberg, describes them. “We’re certainly very interested in growing this vertical,” Rosenberg told CoinDesk of the bank’s crypto clientele. “We’ve learned that it’s a serious industry. …

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