March 21, 5:33 am
| | US Banking Turmoil Has Reinforced Crypto's Long-Term Outlook: Coinbase
A recent report by David Duong, the head of institutional research for leading American crypto exchange Coinbase, suggests that crypto is the solution to the point of failure in the existing financial system.
The researcher opined that the recent U.S. banking turmoil has caused more people to see and appreciate the value proposition of having an alternative to the system. In turn, the development has reinforced the long-term outlook for digital assets to the upside.
Banking Turmoil Strengthened Crypto Outlook
In the report, Duong argued that poor asset-liability management and a challenging interest rate environment in the U.S. led to the recent banking distress. The past two weeks have seen several U.S. banks shut down, with others struggling with liquidity issues.
'Overall, we believe the medium to long-term outlook for cryptocurrencies has been reinforced to the upside. The technology behind open, trustless blockchains and transparent smart contracts stands in stark contrast to the poor risk management practices that led to the turmoil witnessed in the U.S. banking sector this week,' the researcher stated.
The banking crisis also stretched into European markets, with Credit Suisse, Switzerland's second-largest bank, reaching its breaking point. Interestingly, as the turmoil ...
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March 20, 2:00 pm
| | Several Major Central Banks Take Coordinated Action to Boost Liquidity A...
On Sunday evening, March 19, 2023, at 5:00 p.m. Eastern Time, the U.S. Federal Reserve, along with several central banks including the Bank of England, Bank of Canada, Bank of Japan, the European Central Bank, and the Swiss National Bank, announced a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swa...
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March 20, 12:47 pm
| | Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000,...
Bitcoin was trading above $28,000 on Monday, as cryptocurrencies extended a bull run to start the week. This upwards sentiment comes as the Federal Reserve and other major central banks made coordinated moves to enhance market liquidity. Ethereum continues to trade close to $1,800.Bitcoin
Bitcoin (BTC) started the week trading above $28,000, as mar...
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March 19, 11:30 am
| | Burry on Banking Crisis, Kiyosaki Warns of 'Fake Money' Injections; Talk...
Speculation and debate continue to rage surrounding the current global banking debacle. Hedge fund manager Michael Burry — known for predicting 2008's economic crisis — is drawing comparisons to the Panic of 1907, while Rich Dad Poor Dad author Robert Kiyosaki warned this week of more 'fake money' being injected into the U.S. economy. I...
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March 19, 7:00 am
| | Chair of EU Parliament's Committee on Budgets Calls for Crypto Ban Amid ...
A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value.Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies
Member of th...
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March 18, 6:30 pm
| | Analysts Suspect Banking Crisis Triggered 'Resting Bull Market' in Gold,...
At the start of the week, a troy ounce of .999 fine gold was trading at $1,813 per unit. Seven days later, gold rose 9.65% against the U.S. dollar to the current spot price of $1,988 per ounce. Gold's rise comes at a time when confidence in the global banking system is at an all-time low, and five major banks have received bailouts. An ounce of fin...
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March 18, 4:30 pm
| | Elon Musk Criticizes Federal Reserve's Data Latency and Calls for Immedi...
Amidst the chaos in the U.S. banking sector, Elon Musk, the CEO of Tesla and owner of Twitter, has been critical of the country's central bank. Musk insists that the U.S. Federal Reserve is operating with 'way too much latency in their data,' and he insists that the central bank needs to drop the federal funds rate 'immediately.'Musk's Criticism of...
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March 18, 2:30 am
| | Indian Central Bank Chief: US Banking Crisis Clearly Shows Risks Crypto ...
The governor of India’s central bank, the Reserve Bank of India (RBI), says the “ongoing U.S. banking crisis” clearly demonstrates the risks cryptocurrency poses to the financial system. The central bank chief added that the “Indian economy remains resilient,” emphasizing that the “worst of inflation is behind us...
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March 17, 10:30 pm
| | Undeterred by Fears of a Banking Crisis, ECB Raises Interest Rates by 50...
The European Central Bank (ECB) has convened to raise three of its key interest rates by 50bps (0.5%), fueled by the persistence in the inflation numbers reported by the bloc. Christine Lagarde, president of the institution, stated that the banking sector in Europe was resilient and that the institution was ready to provide liquidity if necessary.
...
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March 17, 12:00 am
| | European Commissioner Says Impact of SVB Collapse 'Limited' as Credit Su...
Silicon Valley Bank's (SVB) collapse has had a 'limited impact' on the European Union but authorities must still 'stay alert' to events as they unfold, European Commissioner Mairead McGuinness has said. Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15.Silicon Valley Ban...
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March 15, 10:30 pm
| | Michael Burry Compares Current Banking Turmoil to Panic of 1907 — ...
Michael Burry, a hedge fund manager renowned for predicting the 2008 financial crisis, has drawn parallels between the current banking turmoil and the Panic of 1907. He noted that three weeks after J.P. Morgan made a stand, the panic was resolved and the markets bottomed. 'A stand was made this past weekend,' the famous investor pointed out.Michael...
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March 15, 2:07 pm
| | Coinbase Announces Partnership With Standard Chartered Amidst Banking Se...
Coinbase is ramping up its expansion effort, with Singapore being the first stop. As part of its ambitious plan, the crypto exchange has announced forging a strategic banking partnership with Standard Chartered in the city-state to provide its users with an option to move funds between any lender and Coinbase.
The news comes amidst the crypto indus...
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March 14, 9:30 pm
| | Moody's Downgrades US Banking Sector to Negative After Collapse of Three...
After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody's Investors Service has downgraded the rating of the U.S. banking system from 'stable' to 'negative.' As one of the 'Big Three' credit rating firms, Moody's cited a 'rapid deterioration in the operating e...
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March 14, 1:30 am
| | Goldman Sachs Now Expects No Rate Hike in March Due to Stress in US Bank...
Goldman Sachs has revised its U.S. interest rate forecast due to 'stress in the banking system.' The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and Signat...
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March 12, 8:30 pm
| | Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Ban...
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why the prac...
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March 12, 7:30 am
| | Nigerian Central Bank Unveils Open Banking Guidelines
The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring 'consistency and security across the open banking system.'Customer Permissioned D...
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February 21, 7:31 am
| | European Union Wants to Fast-Track Banking Crypto Capital Regulations: R...
The EU is working hard to push through tough capital rules for banks that hold crypto assets.
The global Basel Committee of banking regulators from the world’s leading financial centers has set a January 2025 deadline. The rules are for capital requirements for banks that have exposure to cryptocurrencies and stablecoins.
According to a Feb. ...
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February 14, 11:59 pm
| | FinTech Law Professor Tells Congress That Crypto Should Be Restricted Fr...
Lee Reiners, policy director at the Duke Financial Economics Center, recommended that banking agenices restrict the crypto industry from accessing the banking system while testifying to the Senate Banking Committee on Tuesday.
The professor claimed that crypto has produced nothing of benefit during the 14 years since Bitcoin’s whitepape...
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January 25, 10:25 pm
| | Banking Giant Goldman Sachs Ranks Bitcoin As World Best Performing Asset
Ahead of Gold, US Treasury, the S&P 500, and others, banking giant Goldman Sachs ranks Bitcoin (BTC) in the top 1 best-performing asset year-to-date, per a Twitter user.
According to Goldman Sachs, Bitcoin has outperformed its cryptocurrency pairs and those major financial institutions of the traditional market with a risk-adjusted return (Sharpe ...
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January 23, 8:18 am
| | Binance's Banking Partner Will Start Ignoring Transactions Under $100K: ...
Crypto markets have been showing strong signs of recovery – but not everyone is convinced, and financial institutions are understandably on their guard.
According to the Federal Deposit Insurance Corporation (FDIC), offering crypto products and services should be considered a high-risk activity by traditional banks.
“Business models tha...
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January 22, 9:00 pm
| | Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.Bank Working With Binance Sets $100,000 Transaction Minimum for Crypt...
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January 20, 11:30 am
| | Davos 2023: Banking Panel Reinforces the Need for Crypto Regulation
A group of global banking experts hosted by the World Economic Forum (WEF) convened about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The panel agreed there must be at least some kind of base regulation for these assets and bank-equivalent regulation for blockchain applications seeking to offer products ...
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December 30, 11:30 am
| | Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve C...
Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Analysts have recently linked the situation in peer-to-peer (P2P) crypto markets to the recent drop in the value of the bolivar.
Venezuelan Gov...
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December 27, 1:00 am
| | Banking Giant HSBC Files Trademarks for a Wide Range of Digital Currency...
Banking giant HSBC has filed trademark applications with the United States Patent and Trademark Office (USPTO) for a wide range of digital currency products and services, including those related to the metaverse and non-fungible tokens (NFTs).HSBC's Trademark Applications for Crypto-Related Products and Services
HSBC has filed two crypto-related tr...
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December 19, 8:35 pm
| | The United States Might Need to Ban Crypto, Says Banking Committee Chief
U.S. Senator and chairman of the Senate Banking Committee, Sherrod Brown (D-OH), spoke on Sunday about what actions regulators need to take after the implosion of FTX.
He suggested that crypto may be something that “ought to be banned” if not for the risk of sending the industry offshore.
Banning Crypto
Speaking with NBC&rsq...
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November 23, 6:30 am
| | Brazilian Exchange Bitpreco to Expand to Banking Services; Bets on Cashb...
Bitpreco, a Brazilian cryptocurrency exchange, has decided to extend its functionality to offer banking services through a new platform called Bitybank. The company, which will also open payment and digital account services, plans to attract users to crypto through cashback programs that counter the fears of users purchasing cryptocurrencies in tod...
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November 12, 9:30 pm
| | Russia's Digital Ruble Integrated Into Banking App
VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials.VTB’s Mobile App to Support Digital Ruble Transfers and Payments
VTB Bank ...
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October 03, 9:30 am
| | Bank of Russia Adds Digital Assets to Banking Chart of Accounts
Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets.Russian Banks to Record Digital Currencies as Assets in Their Accounting...
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October 03, 6:22 am
| | Big Trouble for European Banking as Credit Suisse Flashes Warning Signs
Credit Suisse is currently fighting for survival following months of rumors regarding its liquidity and capital position. According to reports over the weekend, a negative outcome for the Swiss banking giant could have similar repercussions to the Lehman Brothers fallout, which triggered the 2008 financial crisis.
On Oct. 2, Reuters reported that b...
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September 21, 11:05 pm
| | Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Cap...
On Wednesday, the Japanese financial holding company and principal member of the Nomura Group, Nomura Holdings, announced the launch of a crypto-focused venture capital unit called Laser Digital Holdings. Nomura's move follows a number of financial giants entering the cryptocurrency industry this year.Nomura Introduces Laser Digital Holdings
The in...
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September 16, 2:30 am
| | HSBC's CEO Explains Why Crypto Is Not in the Banking Giant's Future
Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more negative on crypto than other banks, the executive stressed: 'I do worry about the sustainability of the valuations of crypto.'HSBC Will Not Get Into Crypto, CEO Says
The chief executive of HSBC, Noel Quinn, talked about his bank's cryptoc...
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August 19, 6:30 am
| | South African Banking Regulator: 'De-risking' Crypto Firms Potentially C...
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial inst...
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June 18, 7:00 am
| | Belgian Banking Group KBC Creates Blockchain-Based Coin
KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app.KBC Issues Digital Coin for Clients and Partners
KBC, the Brussels-based financial group wit...
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June 15, 10:03 pm
| | CFTC Commissioner Compared Crypto Crash to 2008 Banking Crisis
In an interview with Axios, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero urged Congress to close the regulatory gap on cryptocurrencies. Responding to the recent plunge that has drained over $400 billion out of the crypto market within days, she said the unregulated sector shares similarities with some parts of ...
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May 20, 8:01 am
| | Australian Banking Giant Halts Crypto Trading Pilot Amid Regulatory Unce...
Commonwealth Bank (CommBank), the largest bank in Australia, has reportedly suspended its planned in-app cryptocurrency trading pilot without setting a new timeframe for when it would resume the service.
CommBank Pauses Crypto Services at Pilot Phase
According to the Guardian Australia, on Thursday (May 19, 2022), Matt Comyn, the chief executive of...
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May 15, 9:30 am
| | Report: Central African Banking Regulator Says Crypto Ban Still Effectiv...
An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set Up System to Identify Crypto Transactions
An African re...
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May 12, 8:03 pm
| | Brazilian Digital Banking Giant Partners With Paxos to Offer Crypto Serv...
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...
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April 26, 2:33 pm
| | hi: A Next-Gen Crypto Exchange and Mobile Banking Platform
When Satoshi Nakamoto created Bitcoin, he had one thing in mind - to revolutionize existing financial systems using a cheap and fast, trustless peer-to-peer electronic cash network that eliminates the need for intermediaries such as banks and other financial institutions.
It’s been more than a decade since the creation of the first known cryp...
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April 02, 4:16 pm
| | Metaverse May Be Worth $13 Trillion By 2030, US Banking Giant Citi Says
Citi is the latest banking behemoth to give an optimistic forecast for the metaverse, which envisions the internet's future as a collection of decentralized technology and virtual environments.
According to the New York-headquartered global investment bank, the metaverse economy may be worth up to $13 trillion by 2030.
While some remain suspicious ...
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April 01, 6:34 am
| | $13 Trillion in Total Addressable Market for the Metaverse, Banking Gian...
Citi has taken a deep dive into the virtual world in a March report titled “Metaverse and Money.” The banking giant has predicted an extremely bullish future for the Metaverse following a slew of high-profile firms signaling their intentions to enter online digital worlds in one way or another.
City predicted that the next evolution of ...
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March 22, 10:50 pm
| | FTX Invests $100 Million in Banking App, Forges Strategic Partnership
FTX Ventures has invested $100 million in the public-traded banking app - Dave - which also announced forging a 'strategic partnership' with West Realm Shires Services, the operator of FTX US.
As part of the deal, the US crypto trading arm of billionaire Sam Bankman-Fried's exchange FTX will serve as Dave's exclusive partner for cryptocurrencies an...
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March 13, 12:30 pm
| | US Banking Giants Goldman Sachs and JPMorgan Wind Down Business in Russi...
Global investment banks Goldman Sachs and JPMorgan Chase are winding down business in the Russian Federation. The move comes as western sanctions against Moscow over its decision to launch a military invasion of Ukraine continue to expand, supported by leading financial institutions.Goldman Sachs and JPMorgan Scale Down Russian Operations
Goldman S...
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March 05, 8:30 am
| | Bank of Israel: Adoption of CBDC Will Not Materially Affect the Banking ...
Israel's central bank says the public's adoption of the digital shekel is not expected 'to materially affect the banking system.' The bank, however, warns that any issuance of such digital currency will likely result in a decline of the volume of the public's deposits. Increase in the Banking System's Interest Expenses
Israel's central bank, the Ba...
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February 23, 2:00 pm
| | VAF Compliance Is a Forensic Service Provider That Can Help You Pass KYC...
At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide.
What Is VAF Compliance?
The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily...
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February 17, 11:00 am
| | Exotic Markets Founder Joffrey Dalet Talks Defi Banking, Structured Prod...
Exotic Markets is a DeFi (Decentralized Finance) platform on the Solana Blockchain. It aims to become the most flexible structured products protocol, offering the widest range of payoffs and underlyings in DeFi. For example, it aims to offer payoffs based on baskets of tokens, trading ranges, accumulators, and capital preservation.
Joffrey Dalet is...
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February 17, 5:40 am
| | ADALend CEO Kaspars Koskins: “ $100M fine for BlockFi, Canada bank...
Welcome to the second installment of our interview series with the ADALend CEO Kaspars Koskins. Recent events in the US and Canada have illustrated that Decentralized Finance is more important than ever before. ADALend is at the vanguard of this revolution in the lending industry by using blockchain technology to disintermediate the traditional mid...
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February 16, 4:00 pm
| | US Senate Banking Chief Criticizes Super Bowl Crypto Ads, Claims '...
The United States senator from Ohio and Senate Banking Committee chief Sherrod Brown is not a fan of cryptocurrencies. This week during Tuesday's stablecoin hearing, Brown criticized all the cryptocurrency companies who advertised during the Super Bowl this past weekend and stressed that he's 'never seen the Federal Reserve buy a multimillion-dolla...
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January 14, 11:00 am
| | Revolut Launches Banking Services in Spain Featuring Deposit Insurance
Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with...
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