Tag Archives: Banks

Up to this point, the hidden narrative is that central banks are somehow threatened by bitcoin… That they are fearful of it, and that they will do all in their power to somehow keep it from spreading or reaching the top of the financial ladder. However, according to Huw van Steenis – a former top advisor to the Bank of England – this is not quite true. Huw vann Steenis: We’ve Got the Wrong Idea About Crypto and Banks Huw van Steenis presently works as a senior advisor to...

HSBC reaffirmed that it has no intentions to launch a cryptocurrency trading desk or offer Bitcoin as an investment option to its clients. According to the institution, the digital asset is too volatile and lacks transparency. ‘We Are Not into Bitcoin’ The current crypto market situation continues to be highly unstable, mainly fueled by China’s intentions to crack down on mining and trading with the primary digital asset. As such, it comes as no surprise that another major...

The investment department of the large multinational financial service organization, Wells Fargo, is looking into offering cryptocurrency products to its institutional clients. A senior executive outlined the innovation in a recent interview and called bitcoin “a nice diversifier.” Wells Fargo Getting on the BTC Wagon? In a recent interview with BusinessInsider, Darrell Cronk, president of the Wells Fargo Investment Institute (WFII), highlighted the bank’s recent...

American multinational investment bank Cowen Inc. will join some Wall Street organizations after announcing plans to hold digital assets for hedge funds and asset managers. The firm partnered up with Standard Custody & Trust Co. to provide ”institutional-grade” custody services for cryptocurrencies. The Demand Is Here The recent rally of most crypto assets has caught the attention of many investors and capital holders. Following the increased demand, the US investment...

The line between crypto and traditional banking services is beginning to thin out even more. UBS Group, one of the largest investment firms in Switzerland, has announced that it is looking into potentially offering its wealthiest clients varying crypto options as demand for digital assets has grown exponentially in the past few years. UBS Group Has Joined the Crypto Rankings Crypto continues to boom in popularity, with the space now becoming more legitimized and...

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...