Tag Archives: Banks

The Federal Reserve of Philadelphia believes that central bank digital currencies (CBDCs) could significantly impact global finance. In a recent paper, the Fed even suggested that digital currencies could replace commercial banks if they manage to tone down any associated risks.Fed Philadelphia Pro-CBDCIn its comprehensive report on the matter, the Fed examined the potential merits and drawbacks of CBDCs in an ever-digitalizing world.“The introduction of a CBDC can represent an important...

The three largest banks in Japan will set up a study group to examine the benefits of building a common settlement infrastructure for digital payments. Local cryptocurrency exchange DeCurret will organize the group and the meetings, which should take place twice per month.Japan’s Largest Banks Look At Digital CurrenciesAccording to the recent report from the New York Times, the core banks in question behind the study group are Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc,...

Avanti Financial Group – the cryptocurrency-native institution announced by the former Wall Street veteran Caitlin Long – has closed an angel round of funding for $5 million.Led by the University of Wyoming Foundation, the funds raised from the series will allow Avanti to comply with all required milestones in its application for a bank charter.Avanti Raises $5MPer the recent announcement, numerous prominent investors participated in the angel round, both inside and outside of the...

After fighting a legal case for two years, America’s largest bank, JPMorgan Chase will pay $2.5 million to settle a class-action lawsuit over extra fees on cryptocurrency purchases. In 2018, the plaintiffs – Brady Tucker, Ryan Hilton, and Stanton Smith – filed the lawsuit against JPMorgan in a Manhattan federal court, accusing the bank of charging customers additional fees in the form of cash advances for crypto purchases made with Chase credit cards.  JPMorgan Secretly Updated T&CThe...

One of Bitcoin’s most vocal proponents and early adopters, Tyler Winklevoss, took the opportunity to comment on Goldman Sachs’ most recent conclusions on the cryptocurrency.‘Probably’ Rebranding to Goldman Stacking SatsAs CryptoPotato reported yesterday, the large multinational investment bank Goldman Sachs hosted a conference call talking about Bitcoin and other cryptocurrencies. Somewhat unsurprisingly, the report compared BTC’s price action to the infamous tulip mania, claiming that it’s...

Discussions around Bitcoin and cryptocurrencies, in general, have reached the high seats of investment banking.This becomes clear as the behemoth multinational investment bank Goldman Sachs hosted a conference call headlined US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin.Perhaps somewhat expectedly, the banking giant used its platform to bash cryptocurrencies, making some particularly expressive comparisons.Bitcoin And Cryptocurrencies Are Not an...

The large American multinational investment bank Goldman Sachs will host a conference call regarding Bitcoin, gold, and inflation. While precise information on the call’s content is limited, the massive bank appears to be the latest Wall Street-based entity to acknowledge the primary cryptocurrency.Goldman Sachs To Talk About BitcoinAccording to the invitation, the event will take place on May 27th, and it’s called “US Economic Outlook & Implications of Current Policies for Inflation,...

A new report informed that Raiffeisen Bank International A.G. has successfully tested an end-to-end digitized national currency transfer by partnering with a blockchain-focused company called Billon. The pilot operates as a part of the bank’s tokenization platform, dubbed RBI Coin, and it should be launched by the end of the year.Raiffeisen Bank Tests Tokenization PlatformPer the report from earlier today, Billon developed the tokenization platform during the bank’s Elevator Lab program,...

Italian banks are now looking to cut their cost of operations with the help of a distributed ledger technology (DLT) application. According to a Tuesday report, the central bank of Italy, known in Italian as Banca d’Italia has been working behind the scene to integrate blockchain into the country’s core banking system.Reducing Operational Cost With DLTThe initiative is promoted by the Italian Banking Association (ABI), one of Italy’s oldest banking associations founded in 1919. Dubbed “Spunta...

Months after India’s Supreme Court lifted a 2-year-old directive against cryptocurrency usage in the country, the Reserve Bank of India (RBI) is still not cooperating with digital asset businesses. Several exchanges have requested clarifications from the bank regarding their status as the scrutiny from lenders continues.Crypto Exchanges Contact RBIA local report from today indicated that digital asset exchanges are still unclear regarding their stance. Therefore, many platforms have written...