There is something seriously wrong with FDIC’s insurance strategy
Let’s cut straight to the chase—there’s a big, messy problem with how the Federal Deposit Insurance Corporation (FDIC) insures banks, and it’s time to talk about it. No beating around the bush, no sugarcoating. Just the hard, cold facts laid bare. We all love snagging a deal, right? Whether it’s choosing the local mom-and-pop shop […]
Banks Lagging in Adopting Generative AI, Report Finds
Despite the widespread recognition of the transformative potential of artificial intelligence (AI) in the banking sector, a recent report by Capgemini reveals that less than one in ten retail banks have established a viable roadmap for the implementation of generative AI (gen AI) capabilities at scale. The study, which evaluated 250 retail banks globally, highlights […]
Banks petition SEC for crypto custodianship role amid Bitcoin ETF surge
Major banking institutions in the United States are lobbying the Securities and Exchange Commission (SEC) to reevaluate its crypto asset definition, aiming to secure a more prominent role in the burgeoning cryptocurrency market. This push comes after the recent approval of spot Bitcoin exchange-traded funds (ETFs), which notably excluded American banks as asset custodians. Banking […]
World’s largest banks hold private meeting to discuss global economy
Amid the snowy peaks of Davos, a clandestine assembly of banking chiefs took place during the World Economic Forum, signaling a pivotal moment for the global economy. This exclusive gathering, veiled in discretion and comprising over sixty financial titans, including Jamie Dimon of JPMorgan Chase, tackled the labyrinthine issues currently throttling the financial sector. Chief […]
Top Banks Lead the Way in Embracing AI
In a bold move towards innovation and transparency, JPMorgan Chase has secured the top spot for the second consecutive year on Evident AI’s Index of banks embracing Artificial Intelligence (AI). The report highlights the banking giant’s remarkable achievements in both research and patent activities, as well as its impressive strides in transparency. This achievement signifies […]
U.S. banks on the hot seat with new fair lending rules
In the unfolding financial landscape, U.S. banks now find themselves subjected to intensified scrutiny. Regulators, in a fresh move, have decided to evaluate banks based on the communities and regions they serve through online lending. This modification in fair lending standards represents a pivotal shift in the U.S. banking sector, pushing banks to adapt or […]
Ripple study: Blockchain poised to cut $10 billion in cross-border payment costs by 2030
According to a new study released on July 29 by Ripple, a leading crypto firm, and the US Faster Payments Council (FPC), blockchain technology is poised to revolutionize the international financial system, potentially saving up to $10 billion in cross-border payment costs by 2030 if embraced by global financial institutions. The study, based on the […]
U.S. Lawmakers push for a new bill to hold bank executives accountable for collapses
In an effort to address failures at major banks, Democrats from the United States House Financial Services Committee have introduced a series of bills, which they described as the “first wave” of legislation. The proposed measures are a response to the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United […]
U.S. banks struggle to meet Mifid regulations
Regulation is a word that often leaves businesses unsettled, and U.S. banks are currently learning this lesson in real-time. They are grappling with a regulatory dilemma that brings them face to face with the European Union’s sweeping financial regulation overhaul—Mifid II. An unexpected regulatory challenge For decades, banks worldwide have grumbled about the pervasive influence […]
European banks trump their U.S. counterparts – How?
In a surprising turn of events, financial pundits at the Institute of International Finance conference in Brussels this week are lauding Europe’s banking sector, noting a remarkable resilience in their performance that outpaces their American counterparts. Stalwart performance Emanating from the heart of Europe’s financial sector, Santander Group’s executive chair, Ana Botín, recently illustrated an […]
USA banks are looking into going crypto
USA banks are looking into going crypto acting comptroller Brian Brooks confirmed. In a recent interview on the Unchained podcast with Laura Shin, Mr. Brooks explains that different USA banks are looking into the different possible paths they could take to adopt the digital coin. The Office of the Comptroller of the Currency (OCC) decision […]
Nubank, the leading digital bank in Brazil, introduces Bitcoin and Ether trading
Nubank, Brazil’s leading digital bank by market cap, said on Wednesday that users would be able to trade bitcoin (BTC) and ether (ETH) on its network. To show its confidence in bitcoin, Nu Holdings, the parent company of Nubank, will invest in BTC. The entity stated that it would invest around one percent of the […]
BBVA’s Swiss branch to start offering ETH services
TL;DR Breakdown BBVA’s Swiss branch adds ETH to its crypto custody services. The bank will offer ETH to private customers and other clients with New Gen account and complete the bank’s initial crypto custody offer. BBVA said that its Swiss branch is ready to offer Ether services to its customers as a part of its […]
KKR spearheads a $350million round fund for Anchorage Digital
TL;DR Breakdown KKR invests in a crypto organization for the first time in its operational history. Anchorage Digital announces the successful completion of a round fund that raised $350 million courtesy of KKR Investment. Anchorage digital announced the completion of a round fund that raised $350 Million. The bank said that the KKR Investment firm […]
Vikram Pandit: All large banks will embrace cryptocurrency in 3 years
TL;DR Breakdown Vikram Pandit believes that all large Banks will embrace cryptocurrency in 1-3 years. Most financial institutions will adopt cryptocurrency or will offer crypto services. Ex-Chief executive officer of Citigroup Vikram Pandit has a lot of faith in crypto. During the Singapore Fintech Festival, he painted a picture of cryptos taking shape. Vikram said that in […]
Bitcoin exchange operator seeks compensation over banned bank accounts
TL;DR Breakdown: A Bitcoin exchange operator in Australia has filed proceedings against Westpac and ANZ. The banks were alleged to have closed his accounts lawfully, which affected the exchange operation. An Australian Bitcoin exchange operator and the trader has filed proceedings against two banking institutions in the country, namely Westpac and ANZ, according to a […]
How Ripple will lose its coin identity
One of the lead investors of Ripple in 2013 himself declared at the start of the year that he never believed Ripple would be seen as a coin. Kevin Rose believes that Ripple is limited as a currency, but it excels as a transfer. In an interview with tech crunch regarding how he felt about […]
Is Bitcoin a reasonable option for developing countries?
A common reason developing countries turn to cryptocurrency is their country’s economic instability or the lack of banks. With some exchange channels allowing people to exchange their cryptocurrency for free, cryptocurrencies can be an effective way for people to send and receive remittances to developing countries. They can also be a way for the population […]
Google releases a digital wallet: Plex
Google releases a digital wallet with Citi bank, called Plex. The platform will provide savings accounts and online checking, which will all be a part of Google Pay. Google Pay will now come with a digital wallet. Google releases a digital wallet: Plex Google releases a digital wallet with Citi bank, called Plex. The platform […]
BoE is rooting for cryptocurrency
BoE policymaker believes cryptocurrency could be good for financial stability in the UK. Mr. Haldane dedicated 19 pages worth of transcript to describe what possibilities there could be for cryptocurrency in the future. One of the advantages the policymaker noted was that it would help them pursue their aims of narrow banking where they can […]
OCC says National Trust Charter is a pathway for crypto banks
TLDR Breakdown OCC says National Trust Charter is a pathway for crypto banks in an interview with Forbes. Forbes interviews the Comptroller of the Currency, Brian Brooks. The interview with Forbes revealed that the National Trust Charter is out and accessible as planned. OCC says National Trust Charter is a pathway for crypto banks OCC […]
Switzerland bank launches new blockchain token services
Switzerland bank has released services for its blockchain token Tezos ( XTZ). Sygnum bank which prioritizes dealing with verified digital assets in Switzerland has launched its first range of services for its proof of stake blockchain token. The news came out today that the bank will allow people to both trade, stake, and have custody […]
Bank of England prints more money for UK economy to survive
Bank of England (BoE) prints $196 million to sustain the UK’s failing economy amid a new lockdown. The announcement by the BoE came yesterday. The push of money into the economy was more significant than most people predicted. Bank of England prints more money for UK Economy to survive Bank of England (BoE) prints $196 […]
Russia bank launches cryptocurrency to Switzerland
Russia bank declares it will open up a crypto service in Switzerland. Gazprombank, a bank which is from Gazprom, an energy plant in Russia will be orchestrating the crypto service in Switzerland. The regulated service in Switzerland, approved by the Swiss Financial Supervisory Authority (FINMA), will initially run the service for a few clients. Russia […]
Caitlin Long now has the same powers as national banks
Caitlin Long has been granted the same powers as national banks for its specific business lines. Her company Avanti Bank and Trust, where she is the founder and chief, has been awarded a bank charter which for digital assets comes with custody services. By next year Avanti will be providing commercial accounts and in the […]
Blockchain predicted to take down commercial banks
Daniel Masters, in an interview with Forbes, announced that Blockchain would be the end of traditional banks. Mr. Masters was a commodities trader at JP Morgan but is now chairman of CoinShares, a niche exchange-traded bitcoin note provider for Europe. His career pivot and declaration legitimizes the crypto industry for many investors. Blockchain predicted to […]
Crypto bank grows deposits to an impressive 40%
Signature bank’s earnings release shows that deposits rose by 8% in Q3 Signature Bank continues to win crypto clients in 2020 Signature Bank, an NYC-based challenger bank, has reached a 40% increase in deposits, 8% of which were achieved in the last quarter. As previously reported, the crypto bank’s blockchain push, introducing the first (fiat-pegged) […]
Mulvaney and banking giants are joining the Chamber of Digital Commerce
Mulvaney, Visa, Goldman Sachs, and Six Digital Exchange are new members of the Chamber Mulvaney’s role will be vital in lobbying Congress The latest joining of the banks and individuals to the Chamber of Digital Commerce shows that crypto is widely supported Mulvaney, Visa, and Goldman Sachs are now the part of the leading blockchain […]
BRD collaborates with other blockchain enterprises to expand banking possibilities
BRD wants to meet banking industry regulatory needs Tech company partners with others to provide KYC and AML solutions This collaboration will provide a framework for third-party custody solutions BRD starts the collaboration with other tech companies in an effort to improve its offerings for the banking sector. The crypto wallet provider took this step […]
Ternio announce: direct BTC purchase now available from BlockCard accounts
Ternio announce: direct BTC purchase now available from BlockCard accounts Ternio BlockCard are now able to purchase BTC directly from the account dashboard BlockCard bank accounts have gone live recently Ternio is planning to launch BlockCard products for the global audience by the end of this year Ternio has just announced that holders of their […]
Blockchain experts: the Bank for International Settlements’ new hope
BIS, one of the most important banking institutions in the world, is hiring blockchain experts New hirings will be leads of development projects employing the blockchain technology It can be expected that such projects will be adopted by central banks of major economies The Bank for International Settlements (BIS) has today announced that they are […]
EU banks demand regulations of cryptocurrencies
EU banks demand from the European Commission to implement drastic regulations for cryptocurrencies. Reuters reported that Germany, Italy, France, the Netherlands, and Spain; demanded these rules in the name of users of cryptocurrencies. They are thinking the consumers are unprotected. But the other, and it seems a bigger reason, is that they want to protect […]
Bank challenger launches peer-to-peer crypto service
Ziglu, the first-ever bank challenger of British origin has announced that clients can now trade crypto on its new platform, however, some certain conditions need to be met. With this tactical move, the challenger bank joins other financial powerhouses such as Revolut which is also a challenger bank that allows crypto trading in its app. […]
Bank of England Governor asks G20 countries to set up stablecoins regulatory consensus
Governor of the Bank of England has charged the G20 countries to work together and come up with stablecoins regulatory consensus that would check its activities in the market Giving his speech at an event that was held in Brookings Institution, Andrew Bailey said the G20 countries need to work together to achieve the common […]
Crypto adoption in Latin America fueled by ineffective banking system
Reports have shown that crypto adoption has been on the rise in Latin America since the middle of March as a result of the ineffective banking system. According to the report, even though the coronavirus pandemic has limited the number of cash transactions, it has in no way affected crypto adoption and payments. The report […]
Revolut launches crypto trading services in Australia
Revolut has yet made another stride in the digital assets industry as it has extended its crypto trading services into Australia. According to Revolut, it wants to allow its Australian customers to purchase and trade crypto with the ease that the platform brings. It should be noted that the UK based banking outlet recently made […]
Stock exchanges in Singapore and Vienna list Bitcoin and Ethereum
Cryptocurrency has scored another big one after Bitcoin and Ethereum were listed on the stock exchanges in Vienna and Singapore. With the listing of the Bitcoin and Ethereum, the Vienna stock exchanges have taken the third position in a long list of the regulated market to list the digital assets. In the official statement, the […]
Swipe to launch crypto-supporting US Dollar Checking Accounts
Swipe has announced that in its quest to bring US Dollar Checking Accounts services to its clients in the United States, it has partnered with Evolve Bank &Trust. Swipe offers digital assets and debit cards services across the United States of America and boasts of a huge pool of clients across the country. In the […]
Ripple dragged to court in Australia over the PayID trademark
Ripple is set to spend the next few months arguing a court case after it was slammed with a PayID trademark infringement lawsuit. The National Payments Platform Australia (NPPA) has decided to sue Ripple following the use of the PayID trademark by the digital assets outfit. According to the NPPA, Ripple’s infringement on their brand […]
Invest in Bitcoin ahead of Bank crisis – Robert Kiyosaki
American businessman, author and founder of Rich Global LLC, Robert Kiyosaki has encouraged all investors to stake their funds on Bitcoin ahead of a looming bank crisis. After reports that American Billionaire, Warren Buffet slashed his Bank investment to purchase gold mining stock, a looming bank crisis is set to creep in. Warren Buffet gold […]
