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Tag Archives: Banks

Bitcoin’s Run Won’t Harm Gold: Goldman Sachs Disagrees With JPM

With bitcoin climbing to new all-time highs, the cryptocurrency has garnered the attention of centralized financial institutions. Goldman Sachs Group Inc. offered its views on the market and said that BTC’s rise shouldn’t threaten gold’s position as the inflation hedge of choice as both assets can coexist.Bitcoin And Gold Can CoexistEver since bitcoin’s creation, the primary cryptocurrency has been largely compared to the yellow metal due to some of the common attributes, such as the limited...

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Wells Fargo Compares Bitcoin Investing To The 1850’s Gold Rush

Despite classifying bitcoin as the best performing asset in 2020, Wells Fargo said in a recent report that the industry is still predominated by speculation rather than traditional investing. The large US multinational financial services company compared BTC with the gold rush in the 1850s.Bitcoin Shows Similarities With The 1850’s Gold RushThe San Francisco-headquartered giant explored the performances of different financial assets through this “wild and crazy year” in its latest report.The...

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Bit Pay Is Trying to Open Its Own Crypto Bank

It looks like Bit Pay – a bitcoin and crypto payments company – is looking to establish its own bank. Recently, the company filed paperwork with the U.S. Office of the Comptroller of the Currency (OCC) to establish the Bit Pay National Trust Bank.Will Bit Pay Soon Have Its Own Bank?To be fair, this won’t be the first time that crypto and standard banking services – should the paperwork be approved – are fused together. News first came several months ago that many banks had received the...

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The Bank That Called Bitcoin a Ponzi, Has Now Launched A Crypto Exchange For Institutional Investors

A few months following the soft-launch of the DBS Digital Exchange, the Singaporean multinational banking and financial services corporation announced the release of its digital asset trading venue. In addition, the investment holding company Singapore Exchange has announced it will take a 10% stake in the platform.DBS Digital Assets Officially AnnouncedCryptoPotato reported in late October that DBS Bank has successfully trialed its trading venue enabling institutional investors to access...

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Australia’s Reserve Bank Partners With ConsenSys Over An Ethereum-Based CBDC

The Reserve Bank of Australia has partnered with two major local banks and ConsenSys to explore the potential use of Ethereum-based wholesale central bank digital currency. The announcement from Australia’s central bank named the other partners – Commonwealth Bank, National Australia Bank, and the financial services company Perpetual.  The research group will develop a “proof-of-concept (POC) for the issuance of a tokenized form of CBDC that can be used by wholesale market...

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Opinion: After Massive Gold Selloff, Central Banks Should Buy Some Bitcoin Now

For the first time in a decade, central banks around the world are selling off their bullion stocks. Economists have opined that this is a direct result of the coronavirus pandemic led fiscal stress. If the trend continues, gold prices are in for some serious freefall rides. The question is, will central banks start stockpiling on bitcoin now? Central Banks Dumping Gold For First Time in 10 Years In a surprising report published by Bloomberg, central banks for the first time...

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Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US

Now the United States can boast a new crypto bank: Welcome Avanti. Avanti Financial Group, a firm founded by the former managing director at Morgan Stanley, Caitlin Long, announced that it had been granted a license to offer banking services by the Wyoming State Banking Board. Avanti is The Second Crypto-bank Operating in the United States With this decision, Avanti becomes the second crypto company to receive a banking license after the crypto exchange Kraken was also...

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Singapore’s Biggest Bank Reportedly Launched A Bitcoin Exchange

Singapore’s largest bank, DBS Bank, has reportedly soft-launched an exchange offering fiat-to-cryptocurrencies trading pairs called DBS Digital Exchange.  According to the website and a few reports, it will enable customers to buy and sell four of the “top digital currencies in circulation” – Bitcoin, Bitcoin Cash, Ethereum (ETH), and Ripple (XRP). They will be traded initially against SGD, HKD, JPY, and USD. DBS Digital Exchange will not hold any cryptocurrencies. Instead,...

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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin

PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya. Banks Will Follow PayPal, Says Marcus Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon...

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The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank

2020 has been so far a challenging year. Issues such as the Australian wildfires and the global COVID-19 pandemic have harmed the planet and its inhabitants. The financial world has also suffered, especially during the first several months. The effects are evident within different sectors of the financial industry. While some have felt adverse consequences during these uncertain times, others have thrived and reached for the stars. BNN Bloomberg’s senior anchor, Jon...

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