Tag Archives: Banks

The embattled Silicon Valley Bank (SVB) has officially been closed down by the California Department of Financial Protection and Innovation, making for the second-largest bank failure in U.S. history.  The Federal Deposit Insurance Corporation (FDIC) has been appointed as its receiver and will ensure all insured depositors gain full access to their funds by Monday, March 13.  Per a press release from the FDIC on Friday, the FDIC has simultaneously created the Deposit...

Silicon Valley Bank (SIVB) is reportedly seeking external acquisition after its efforts to raise over $2 billion in capital have failed. Shares in the bank were down 62% in pre-market trading on Friday, for which trading has now been halted. According to CNBC’s David Faber, Silicon Valley Bank has “hired advisors to seek a sale,” a result which is “not unexpected.” The bank’s stock plummeted 60% on Thursday after it announced a planned total raise worth $2.25 to “strengthen...

HSBC, Nationwide Building Society, and other banking heavyweights in the UK are reportedly implementing a new set of restricting rules aimed at purchasing cryptocurrency. The move comes amid a chaotic year for the crypto industry, which witnessed the failure of several industry giants. Same Old Song According to a Bloomberg coverage, the biggest banking institution in the United Kingdom – HSBC – banned clients from buying cryptocurrencies via their credit cards, citing...

A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the crypto market turmoil in the broader financial system. Retail Investors Bought the Dip Last year, the crypto space saw a lot of...

DZ Bank – the second-largest German bank by assets – is all set to offer digital asset custody services. The BaFin-regulated financial institution and custody provider has joined forces with Swiss firm Metaco and orchestration platform Harmonize for its upcoming digital currencies to its institutional clients offering. According to the official press release, Harmonize is designed to offer a versatile governance framework and has customizable risk and compliance controls...

Lee Reiners, policy director at the Duke Financial Economics Center, recommended that banking agenices restrict the crypto industry from accessing the banking system while testifying to the Senate Banking Committee on Tuesday.  The professor claimed that crypto has produced nothing of benefit during the 14 years since Bitcoin’s whitepaper was published.  What to Do About Crypto The hearing, titled “Crypto Crash,” explored why crypto needs tighter regulation and safeguards to...

Michael Demissie, the head of digital assets at Wall Street powerhouse Bank of New York Mellon (BNY Mellon), has disclosed that investors are still very interested in the digital asset space amid the bear market. According to a Reuters report, Demissie believes cryptocurrencies are here to stay as investors have not lost interest in the nascent industry, despite the collapse of several firms and other unfavorable events that occurred last year. Demissie: Digital Assets are...

American banking watchdogs warned domestic financial institutions that delving into the world of crypto could carry various risks, such as fraud. The warning comes as a result of a catalytic 2022, which saw the demise of multiple cryptocurrency giants, including FTX, Terraform Labs, Three Arrows Capital, Celsius Network, and more. The collapse of those firms triggered multi-billion investor losses and infused panic in the industry, resulting in a massive market decline....

On November 21, U.S. Patent and Trademark Attorney Michael Kondoudis announced that JP Morgan & Chase Co, the largest bank in the United States— and one of the largest financial companies in the world— registered a patent to venture into the Web3 with a digital crypto wallet. According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co.on November 15. The wallet will offer services like virtual currency transfer...

Mastercard is looking to bring the traditional world of banking and crypto together by making it easier for the former to get involved with the latter. The company has announced a new program that will allow banks to offer crypto trading. Mastercard: A Crypto Savior? This is huge news in that it blurs the lines between two arenas that have long been at war with each other. Traditional finance is all about getting third parties and prying eyes involved, whereas crypto is...