Tag Archives: Banks

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...

The existing regulatory framework around cryptocurrency restricts Goldman Sachs from implementing its projects covering digital currencies, said the bank’s CEO, David Solomon. He added that customer demand has skyrocketed in recent months, which is the reason behind GS’s proactive crypto approach. US Rules Bring Challenges for Institutions Engaging with BTC Founded in 1869, Goldman Sachs is a giant US multinational investment bank that has displayed a somewhat controversial...

The Bank of Japan has officially kicked off experiments on a proof of concept for its central bank digital currency. The first testing phase is already live and should be completed by March 2022. BOJ Takes a Swing at CBDC Development Japan’s Central Bank has put its mind into issuing its own digital currency. The trial will consist of two phases, according to a recent Reuters coverage. The initial steps should continue until March 2022. They will concentrate on testing the...

Large banking organizations and institutional investors could reinvigorate their demand for bitcoin soon, commented researchers from JP Morgan Chase & Co. They reasoned that BTC volatility levels have been decreasing in recent weeks, which could be the primary benefit for institutions. BTC’s Volatility Plays a Role for Institutions Analysts representing the giant US multinational investment banks, led by Nikolaos Panigirtzoglou, have been increasingly interested in...

Ray Dalio has become a bitcoin fan in recent months. Following the cryptocurrency’s meteoric surge beyond $50,000, the economist from Bridgewater Associates believes that the currency is making serious waves in the financial industry. Why then does he suddenly feel it’s at risk of getting banned? Ray Dalio: The Government May Try to Outlaw Bitcoin In a recent interview, Dalio claimed that bitcoin could incur the same “outlaw status” that gold did in the early 1930s, and...