Banks Financial News

09.02 / 16:49

business Blockchain Tokens Banks Smart Contracts 2024 German DekaBank plans to launch tokenization platform by 2024

105-year-old German bank DekaBank is planning to launch a blockchain-based tokenization platform in collaboration with the digital asset firm Metaco.

08.02 / 18:51

business Blockchain Funding Venture Capital Banks seed funding UK blockchain carbon offset platform raises $45M in seed funding

According to a press release published on Feb. 8, blockchain carbon credit transaction network Carbonplace has secured $45 million in an investment round from its nine founder banks with a combined $9 trillion in assets under management. The banks are BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC, and UBS. The London-based fintech has also announced that it will become an independent entity, led by new CEO Scott Eaton.

05.02 / 17:03

business Government Blockchain Technology Adoption Banks Bitcoin global economy Financial What is the global financial crisis and its impact on the global economy

When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks.

03.02 / 17:05

business Technology Adoption regulation Fraud Banks 5 biggest economic bubbles in history

An economic bubble is a time of fast economic expansion that is driven by speculative enthusiasm and excessively high asset prices. A bubble is characterized by an increase in demand for an asset, such as commodities, stocks or real estate, which drives up its price. A number of factors, including easy access to credit, low interest rates and investor optimism, frequently combine to create financial bubbles.

03.02 / 05:33

business CBDC regulation Banks National Indonesia targets launch of its national crypto exchange by June

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022.

02.02 / 13:33

business CBDC Tokens HSBC Banks HSBC needs someone to helm its tokenization efforts

HSBC, the British multinational bank which manages the largest amount of assets in Europe, doubles down its interest in digital currencies. The bank is looking for a top executive to work with asset tokenization.

01.02 / 09:19

business Mining regulation SEC Banks Interest rates Loans Backed Crypto-friendly bank ends loans backed by crypto mining rigs

The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022.

28.01 / 09:07

business Report stocks Banks banking Silvergate suspends dividends to preserve 'highly liquid balance sheet'

California-based crypto bank Silvergate has suspended dividend payouts to preserve its “highly liquid balance sheet.”

27.01 / 21:39

business regulation Banks Federal Reserve Central Bank banking Reserve Fed denies Custodia Bank application to join the Federal Reserve System

The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the Fed with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency that found crypto assets to be at odds with sound banking practices.

21.01 / 20:57

business Banks Financial Services Financial Systems U.S. home-loan banks lent billions of dollars to crypto banks: Report

The United States Federal Home Loan Banks System (FHLB) is lending billions of dollars to two of the largest cryptocurrency banks in an effort to mitigate the effects of a surge in withdrawals, according to a report from The Wall Street Journal on Jan. 21.

20.01 / 01:45

business Blockchain Banks FTX exit FTX-linked Moonstone bank to exit the crypto space

Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its “original mission” as a community bank.

17.01 / 15:53

business Banks banking reports Silvergate reports $1B net loss in the fourth quarter of 2022

Silvergate Bank, which currently faces a class-action lawsuit over its FTX and Alameda dealings, has announced a $1 billion net loss attributable to common shareholders in the fourth quarter of 2022.

15.01 / 23:47

business Banks Central Bank Bank of Thailand to allow first virtual banks by 2025

Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows.

09.01 / 17:05

business Adoption Banks exits New York-based bank exits crypto after tumultuous year

The last year proved to be another turbulent year for the crypto industry. From a lasting market downturn and exploits in decentralized finance (DeFi) to the FTX scandal, no area was left unscathed.

09.01 / 16:53

regulation Banks Bitcoin German regulator warns of new banking and crypto malware ‘Godfather’

Financial authorities in Germany are raising the alarm amid the rapid spread of a new financial malware affecting banking and cryptocurrency applications.

05.01 / 18:33

Adoption Investments Trading Banks What is institutional DeFi and how can banks benefit?

Financial services institutions and banks have increasingly engaged with Web3 since 2020. This is also true within institutional decentralized finance (DeFi), as several potential use cases have emerged that could trigger a new wave of innovation within these organizations.

05.01 / 16:03

Blockchain Banks banking Bitcoin Withdrawals Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report

The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals.

04.01 / 01:45

regulation Banks Central Bank banking safe US federal agencies release joint statement on crypto asset risks and safe practices

United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the troubles of the crypto sector in 2022. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement on Jan. 3 on past problems and their efforts to maintain sound banking practices in spite of those challenges.

02.01 / 16:47

business economy Banks TradFi Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession

The United States economy could be in for an upset. Data from a Wall Street Journal survey revealed financial experts expect the country to face an economic downturn this year.

25.12 / 20:17

business Adoption Banks Crypto is a nonexistent asset for big institutional investors - JPMorgan exec

Big institutional investors are still largely staying away from the crypto market, as the asset class' volatility poses a challenge to money managers, Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management, told Bloomberg.

21.12 / 13:13

business Adoption Banks data Consumers are crypto-curious —one in five own digital currency: Accenture

Over the last year, the crypto space has endured lasting market volatility and scandals, which have negatively affected consumer trust in the industry. However, an end-of-the-year report from Accenture revealed that consumers are still holding crypto - and for the long term.

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