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German Asset Manager DWS to Issue Euro Stablecoin Along with Galaxy

To uphold the token’s value, stablecoin issuers often reserve cash or liquid assets. Amid rising interest rates, DWS is poised to manage the reserves for the new stablecoin. Deutsche Bank’s DWS Group, along with Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd, is set to establish a new entity named AllUnity. The primary objective of AllUnity is also to issue a euro-denominated stablecoin, aiming to foster wider acceptance of tokenized assets in...

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HSBC and Ripple’s Metaco to Launch Tokenized Securities Custody Service for Institutional Clients

HSBC, which is one of the largest banks in the world, revealed that for now, its custody plans involve “tokenized securities issued on third-party platforms.” HSBC Holdings (LSE: HSBA), in partnership with Ripple Labs subsidiary Metaco, has announced plans to launch a digital assets custody service for institutional clients. The service will offer custody for assets such as tokenized securities and is expected to launch next year. It will complement HSBC’s Orion digital assets issuance...

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Deutsche Bank and Standard Chartered Begin Testing UDPN

As blockchain technology continues to mature, Deutsche Bank and Standard Chartered’s initiative offers a promising vision of the financial world’s future. German banking giant Deutsche Bank (ETR: DBK) and Standard Chartered’s SC Ventures have begun testing the UDPN, a system that promises to ensure seamless communication and interoperability between various digital assets, stablecoins, and Central Bank Digital Currencies (CBDCs). Deutsche Bank and Standard Chartered Now Testing the Waters...

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Deutsche Bank Shares Jump 7% as Q3 2023 Revenue Beats Expectations

Thanks to its stellar financial performance in the third quarter, the bank has raised its full-year outlook for 2023. Shares of German banking giant Deutsche Bank (ETR: DBK) surged by a remarkable 7% on Wednesday morning following the company’s stellar Q3 2023 performance that exceeded market expectations. Despite an 8% decline in net profit compared to the previous year, the bank’s Q3 2023 net profit of €1.031 billion surpassed the €997 million analysts earlier predicted. Its strong...

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Standard Chartered’s SC Ventures and Deutsche Bank Make History with UDPN

To demonstrate the potential of UDPN, Standard Chartered’s SC Ventures and Deutsche Bank conducted a trial. Standard Chartered’s SC Ventures and Deutsche Bank have achieved a significant milestone by completing the first Proof of Concept (PoC) for the Universal Digital Payments Network (UDPN). This groundbreaking initiative aims to revolutionize the way digital payments are conducted by connecting payments across various Central Bank Digital Currency (CBDC) and blockchain networks, using a...

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Binance Publishes Q3 Market Pulse Report Describing Quarter as Challenging for Crypto Market

According to the Binance report, the crypto market saw declines across the board in Q3, as fundraising and developer activities tanked. Binance has called the third quarter of 2023 “a challenging quarter” for crypto. In its Q3 “Market Pulse” report, Binance highlighted a few drawbacks the crypto industry faced, adding insights and shedding light on the general state of the industry. The report revealed declines in the industry across several points. For instance, Binance notes that the...

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Former Deutsche Bank Executive Pleads Guilty to Crypto Fraud Charges

Rashawn Russell, a former investment banker and registered broker who worked for Deutsche Bank, has pleaded guilty to charges relating to investment fraud, after orchestrating a cryptocurrency scheme to swindle investors. The ex-Deutsche executive could face a maximum sentence of 30 years in prison for his crimes. Russell to Pay Restitution of Over $1.5 Million The United States Department of Justice (DOJ) announced Russell’s guilty plea in a press release on Sept. 19, 2023....

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Former Deutsche Bank Investment Banker Pleads Guilty to Crypto Fraud 

According to the DOJ, Russell defrauded at least 29 investors from the scheme of around $1.5 million. The United States Department of Justice (DOJ) has announced that Rashawn Russell, a former Deutsche Bank investment banker and registered broker, has confessed to participating in a fraudulent crypto scheme called the ‘R3 Crypto Fund’. According to the September 19 announcement, the 27-year-old financier pleaded guilty to the crime before Judge Sanket J. Bulsara at a federal court in...

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Gulity for Crypto Scams? Ex-Deutsche Bank Employee Headed for Change of Plea Hearing

Former Deutsche Bank investment banker Rashawn Russell intends to plead guilty to cryptocurrency fraud charges.  Russell initially contested the allegations against him; however, the case has now been forwarded to a magistrate judge for a change of plea hearing, signifying a shift in Russell’s legal strategy. Rashawn Russel Set to Plead Guilty to Crypto Fraud Charges Russell, a licensed broker aged 27, had previously denied involvement in deceptive crypto transactions....

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Deutsche Bank and Taurus Unite to Deliver Digital Asset Custody Service

German financial giant Deutsche Bank announced signing a global partnership agreement with Swiss startup Taurus to establish digital asset custody and tokenization services for its clients. According to the official announcement, Deutsche Bank, boasting a total assets exceeding $1.4 trillion, plans to tap Taurus’ custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies. In a statement, Taurus co-founder Lamine Brahimi said the...

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