Only days after launching its first-ever Over-the-Counter Bitcoin derivatives to institutional clients, Japan’s largest investment bank Nomura doubled down on its crypto-based services by launching a new digital asset unit for institutional investors. The financial giant will house a mix of digital asset companies underneath its newly established subsidiary, which will recruit 100 employees by...Read More
São Paulo-based Nubank, Latin America’s largest digital bank, has signed a partnership deal with blockchain infrastructure platform Paxos to support cryptocurrency trading services within its banking app. Nubank Supports Direct Bitcoin and Ether Trading In a press release on Wednesday (May 11, 2022), Nubank said its customers will be able to buy, sell, and hold...Read More
Circle Internet Financial, the issuer of USDC stablecoin, is planning to apply for a crypto bank license in the US in the near future. According to co-founder and CEO Jeremy Allaire, the company has been in talks with regulators on the issue since August 2021, when it first revealed plans to convert into a bank,...Read More
Australia’s financial regulators have yet to approve plans by the Commonwealth Bank of Australia (CBA) to offer access to crypto products for its over 6.5 million customers. The regulatory watchdog says the onus is on the CBA to comply with laid-down rules and regulations for financial products. Opposition from the regulator has prevented the CBA...Read More
HSBC, a former cryptocurrency critic, continues with its involvement with the Metaverse after its recent partnership with The Sandbox. The latest initiative will allow certain Hong Kong- and Singapore-based investors to engage with companies focusing on the new emerging trend. Citing a statement from the bank on April 6, Reuters reported that the new funds...Read More
Italian banking giant UniCredit has been asked to pay a fine of about $144 million for allegedly closing accounts belonging to a cryptocurrency mining company. UniCredit in Hot Water A district court in Banja Luka, Bosnia and Herzegovina, has ruled that UniCredit’s branch office in the country will pay a fine of €131 million ($144...Read More
The number of large banking organizations opting in the digital asset industry continues to expand, with the latest example coming from Bank Leumi. The organization has partnered with blockchain company Paxos to provide Bitcoin and Ethereum trading services. Bank Leumi to Enter the Crypto World? Reuters reported on March 24 that Bank Leumi – the...Read More
Institutional clients of the New York-based independent investment bank will be able to get spot crypto trading services. This comes after multiple other Wall Street investment banks started offering various digital asset features, but not spot trading. Bloomberg reported on March 23 Cowen Inc’s new offering, allowing institutional investors to trade crypto, putting the bank...Read More
The rumors were true: Goldman Sachs has reportedly conducted its first OTC crypto option trade with investment firm Galaxy Digital. This marks the first of any such trade among all major US banks, and a big milestone for the crypto derivatives market. Bitcoin Options Trades Earlier this month, unidentified sources claimed that Goldman was contemplating...Read More
Russia’s central bank granted the country’s largest lender Sberbank a license to issue and exchange digital assets. The latest move opens new avenues for the nation’s economy hammered by western sanctions. The Approval According to the official statement, local companies will be able to issue their own digital assets to lure market investments, purchase digital...Read More
HSBC, a British banking organization with little-to-no positive words and approach to the cryptocurrency industry until recently, will collaborate with The Sandbox to foray into the metaverse. The announcement from the Animoca Brands subsidiary informed that the new partnership will allow the banking giant to “open up a host of opportunities for virtual communities across...Read More
CoinShares – a digital asset management firm – has increased its stake in the Swiss online banking platform ‘FlowBank’ following approval from the Swiss Financial Market Supervisory Authority. According to a press release from CoinShares earlier today, the increased investment will facilitate “increased digital asset exposure” for FlowBank’s clients using the CoinShares platform. CoinShares’ previous...Read More
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
