Tag Archives: Banks

The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year. By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning to offer wealthy customers digital currency investments.” The bank, based in Zurich, Switzerland, with over $1 trillion in Assets Under...

If you think the bitcoin or cryptocurrencies you purchased through PayPal are officially yours, think again. As it turns out, anyone who purchases digital assets through the company are not given private keys to these coins, thereby denying them ownership, though it is still possible to garner a hefty profit on these assets granted they move up in price. PayPal Is Looking to Retain Control PayPal first announced its venture into the crypto space during October of last...

Large American banking organizations are rushing into the cryptocurrency industry, according to recent reports. Goldman Sachs, a former Bitcoin critique, has enabled its institutional clients to trade BTC derivatives, while Citigroup is looking into releasing crypto-related services amid growing demand. Goldman Clients Trade BTC Derivatives Out of the largest US-based banking institutions, Goldman has perhaps the most controversial history with the crypto space. The entity...

Choosing stock of gold mining companies instead of shares of firms investing in bitcoin has caused an underperformance for BNY Mellon’s tech-focused funds. The giant US bank outlined MicroStrategy – the company owning over 90,000 bitcoins – as the biggest missed opportunity. BNY Mellon’s Funds Performance In recent filings with the US Securities and Exchange Commission, America’s oldest bank conceded that preferring to go with stocks of gold mining organizations instead of...

Six of the biggest banks in China’s megapolis Shanghai are supporting the digital yuan ahead of a May 5th shopping festival. The move represents a direct threat to the country’s top two payment providers – Alipay and WeChat Pay. The Digital Yuan vs. Alipay and WeChat Pay According to a Reuters report, some of the leading banks in China are pushing the digital yuan ahead of a shopping festival in the country. Purportedly, they are attempting to persuade merchants and retail...

Several years after its CEO called bitcoin “fraud,” JPMorgan Chase & Co has completed its U-turn. America’s largest bank is purportedly looking into launching a bitcoin fund, with the digital asset financial firm NYDIG to serve as custodian.  Citing people familiar with the matter, CoinDesk reported earlier today that JPMorgan intends to release an actively managed bitcoin fund soon.  According to the coverage, the New York Digital Investment Group (NYDIG), describing...

Coinbase has gone public, and it looks like Wall Street and some of America’s largest and most prestigious banks are feeling the heat. The popular cryptocurrency exchange began trading its new stock last Wednesday on the Nasdaq, letting the financial world know that it was here to stay, and that cryptocurrency is going to continue to attract the attention of investors. Banks Are Really Feeling Pressure as of Late For the most part, cryptocurrencies and banks have not...

Turkey’s government has introduced a new regulation that will prohibit cryptocurrency assets from being used as payment methods as of April 30th, citing significant risks. Nevertheless, banks are excluded from the legislation, meaning that users can still deposit the Turkish Lira on crypto exchanges through their banking accounts. Turkey’s Ban on Crypto Usage as Payment Methods According to the official statement from the Central Bank of the Republic of Turkey, the country...

London-based challenger bank Revolut announced that it will expand support for more cryptocurrencies. In an official PR, the firm announced that 11 new tokens would be added to its exchange platform in another effort to satisfy its customers’ appetite for cryptocurrencies. You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies. These new tokens embraced by Revolut are very focused on...

Shortly after the oldest US-based bank entered the cryptocurrency space, so has done the second-oldest – State Street Corporation. The banking giant with $3 trillion in assets under management will allow the London-based Puremarkets to use its Currenex platform for digital asset trading.  Launched by Puremarkets Ltd., Pure Digital is advertised as an “interbank marketplace for cryptocurrency price discovery and exchange of wholesale risk.”   According to an announcement from...