Posts in category

Banks


This post was originally published here The president of the World Bank Group Jim Yong Kim has stated that distributed ledger technology (DLT) has “huge potential” and that the bank should keep pace with innovative technologies. Kim spoke at the International Monetary Fund (IMF) and the World Banks’ Annual Meeting in Bali, Indonesia Oct. 11. Kim addressed the importance of fighting poverty while …

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This post was originally published here Major crypto exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen and Pound Sterling. This is according to several reports today, Oct. 11. While the exchange has not specified a reason for the suspension, it states that deposits are “expected to resume …

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After a series of highly-publicized pilots, three companies are now making commercial use of Ripple’s xRapid product. XRapid employs the digital asset XRP, using it as a “bridge currency” in cross-border payments, which according to the company, reduces the cost and increases the speed of these payments by boosting liquidity. The three companies  – MercuryFX, …

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Investment bank Goldman Sachs has reportedly dropped plans to launch a cryptocurrency trading desk, for now at least. A Business Insider report on Wednesday, citing “people familiar with the matter,” said the decision has been made as the regulatory situation in the U.S. is still a gray area when it comes to cryptocurrencies. However, per …

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Japanese digital services firm GMO Internet has just launched a new web bank that it says will soon use blockchain to facilitate payments. The firm said in a company notice that it had teamed up with Aozora Bank Group on the joint enterprise and that the two firms had been preparing for the launch of the “next-generation” …

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It was news that was perhaps too strange for crypto’s typically divided reactions. First revealed Wednesday, the Litecoin Foundation, the non-profit that develops the software that powers the sixth-largest cryptocurrency, bought a stake in a very real, non-crypto bank. The move was met with applause and skepticism, but also a stunned sense of disbelief from nearly all …

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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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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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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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The U.K.’s Financial Conduct Authority (FCA) has written to bank CEOs over the potential risks they face when dealing with cryptocurrencies. As the British regulator for around 58,000 financial services firms and financial markets in the U.K., the FCA has issued formal warnings before on the risks of investing in cryptocurrencies. In this latest warning, the …

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Hackers who stole information on thousands of Canadian bank users have demanded $1 million-worth of the cryptocurrency XRP to not release the data trove. According to a CBC News report Tuesday, the two banks hit by the breach, Bank of Montreal and CIBC’s online bank Simplii Financial, have said that the personal information of a total of …

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South Korea financial regulators have confirmed a plan to inspect three domestic banks over their compliance with recently introduced anti-money laundering rules for cryptocurrency exchange accounts. According to a statement on Monday, the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) will conduct on-site inspections on the NongHyup, KB Kookmin and KEB Hana …

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Canada’s Bank of Montreal (BMO) will no longer allow customers to buy cryptocurrency using Interac debit cards. A spokesperson for the bank confirmed the move in an email to CoinDesk Tuesday, without giving an explanation. The Interac ban follows reports that the bank barred crypto purchases through Mastercard debit and credit cards weeks ago. In …

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Malaysia’s central bank hinted it is planning to integrate Blockchain in its banking sector, its deputy governor revealing ongoing development work in a speech Thursday, March 22. Speaking at the Asian Banker Digital Finance Convention 2018 in Kuala Lumpur, Bank Negara Malaysia’s (BNM) deputy governor Jessica Chew Cheng Lian announced that nine domestic banks had …

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A group of financiers will create a “complimentary global currency” subject to random identity checks and pegged to fiat, Financial Times reports March 22. Discussing plans for Saga, which will feature a Swiss foundation and advice from various banking figures, chairman of JPMorgan Chase International and ex-governor of the Bank of Israel Jacob Frenkel said …

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Stellar CTO and co-founder, as well as Mt. Gox creator, Jed McCaleb told CNBC March 21 about his vision for a singular global payments system – one that will crucially involve Blockchain technology. Stellar, which like Ripple is a Blockchain-powered international remittance setup with its own cryptocurrency, is currently attempting to create such a network. …

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The Royal Bank of Canada (RBC), reportedly the country’s largest bank, filed a patent for a credit score platform using Blockchain technology this past fall, according to the patent application from the US Patent and Trademark Office released March 15. The patent describes a Blockchain-based credit score platform where “credit records are recorded using blocks …

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India’s HDFC Bank, the country’s largest private bank, has informed clients that its debit and credit cards cannot be used to purchase cryptocurrency, local news source First Post reported March 14. In a letter to clients sent on Tuesday March 13, HDFC explained that the measure was taken in order to protect customers. The letter …

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South Korea’s largest cryptocurrency exchange Bithumb has partnered with BitPay to compete in the international remittance market, an executive announced March 13. Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply …

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A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that …

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