Banks Financial News

Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions.

The pilot for Russia’s central bank digital currency (CBDC) pilot should have been launched on April 1, but it was delayed at practically the last moment due to the slow pace of the necessary associated legislation passing through parliament. 

Digital banking, also known as online banking or e-banking, refers to the delivery of financial services through digital channels such as the internet, mobile devices and automated teller machines (ATMs). Digital banking has become increasingly popular in recent years, but its origins can be traced back several decades.

Societe Generale, a major French banking and financial services firm, is launching an Ethereum-based stablecoin through its dedicated digital asset arm.

Ripple-based payment system MoneyTap continues growing in Japan, with several local banks opening access to the application for their clients.

Recent turmoil in the banking sector has shown that Bitcoin (BTC) and Ether (ETH) can withstand a shaky economy, outperform other asset classes and function like gold, says ARK Invest chief executive Cathie Wood — though one long-time investor still isn’t sold.

The failure of FTX triggered a notable growth of self-custody in 2022, with numerous cryptocurrency investors transitioning from centralized exchanges (CEX) to hardware or software wallets.

Executives at the stablecoin issuer Circle and the bankrupt cryptocurrency lender BlockFi have been questioned by two members of Congress investigating the so-called “mutual backscratching arrangements” alleged to have taken place with the now-failed Silicon Valley Bank (SVB).

Ethereum’s Shanghai/Capella upgrade — also known by the portmanteau Shapella — may not be the technical marvel of last year’s “Merge” or introduce turbocharged speeds to the network. 

Australia and New Zealand Banking Group (ANZ) has completed its use case in the pilot project run by the Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre using central bank digital currency (CBDC). ANZ partnered with Grollo Carbon Ventures (GCV) to trade carbon credits.

Reading blockchain books can be an effective way to understand blockchain technology comprehensively. These books can provide insights into the history and principles of blockchain, and how it works in practice. By reading these books, you can gain a deeper appreciation of the potential of blockchain technology and its various use cases across different industries.

The standards for Virtual Asset Service Providers (VASPs) in Hong Kong are set “incredibly high” as the Securities and Futures Commission (SFC) is wanting the crypto industry to match the same compliance standards as traditional financial firms.

PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers.

Tether, the firm behind the largest stablecoin by market capitalization, reportedly allowed its clients to send funds through Signature Bank’s payments platform — granting the firm access to United States banks.

More Americans are unable to pay their credit card bills in full at the end of the month, with 46% of credit cardholders carrying month-to-month debt, up from 39% in 2022. A recent report from the Federal Reserve Bank of New York highlighted how the current 15% year-to-year credit card balance increase represents the largest jump in more than 20 years.

US banks, already hesitant to work with crypto customers, are now even warier of providing services to the industry after a string of regional-lender collapses and amid heightened scrutiny by regulators. The closure of crypto-friendly Silvergate Capital Corp. and seizure of Signature Bank has left crypto firms struggling to find new banks for depository and payment services. While there's no blanket ban on serving crypto clients, financial firms are imposing lengthy application procedures, turning away smaller companies and some retail platforms, and in some cases shutting the door on crypto businesses altogether, according to industry participants, investors and bank executives. Cross River Bank, for example, received requests from more than 100 new clients not all of whom were crypto companies seeking a safe harbor for their deposits within days of SVB Financial Group's Silicon Valley Bank and Signature collapsing, according to a person with direct knowledge of the bank's business. The closely held company turned down almost all those requests, the person said. The bank is «only considering companies with existing relationships with Cross River that are blue-chip customers and integral to the fintech ecosystem,» said Eden Hoffman, a spokesperson for the Fort Lee, New Jersey-based lender. Among the few crypto companies that have won over the bank is stablecoin issuer Circle Internet Financial., which expanded a partnership with Cross River, announced after Silicon Valley Bank failed.

Since May 2022, the Bitcoin (BTC) margin markets on the Bitfinex exchange have been plagued by an unusually high open interest of over $2.7 billion. This information alone should raise a red flag, especially in light of Bitcoin's price decline from $39,000 to less than $25,000 during the same period.

ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push its customers toward using an ever-dwindling number of ATMs and deposit machines.

Over the years, the financial industry has undergone significant transformation as challenger banks and crypto institutions have emerged to challenge the traditional banking system (TradFi). According to data acquired by Finbold, downloads for selected six European mobile-only bank apps peaked at 26.3 million in 2022 for Android and iOS operating systems, representing year-over-year (YoY) growth of 54.09% from 2021’s figure of 17.06 million.

“The signal goes on, and he shows up. That's the way it's been. That's the way it will be.” Whenever Gotham faces an existential threat, the Bat-Signal lights up the night sky. In the DC Comics universe, Batman always shows up to save the day when he’s called upon.

The collapses of banks like Silvergate have certainly impacted cryptocurrency exchanges but there are ways for the industry to survive without the support of banks, one executive believes.