Banking

Custodian Anchorage Seeks Charter From Crypto-Friendly US Bank Regulator OCC

The cryptocurrency and banking worlds continue to draw closer together with digital asset custodian Anchorage seeking a national charter from the U.S. Office of the Comptroller of the Currency. The startup’s trust company unit, based in South Dakota, has applied to the OCC to convert to a national bank, according to a notice dated Nov. …

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This Crypto Custody Breakthrough Will Bring Banks Closer to Digital Assets

Stealth-mode crypto custody specialist Shard X has claimed a breakthrough, being the first company to successfully run math-heavy, multi-party computation (MPC) on hardware security modules (HSMs). So why does this alphabet soup of security tech matter?  In summary, HSMs are a battle-tested way to store private keys, particularly popular in consumer products like Ledger and …

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Indian crypto industry expanding, regulators seem reluctant to engage

The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year.  Considering that …

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Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank

Blockchain pioneer Caitlin Long is now the CEO of her own special purpose depository institution (SPDI) in Wyoming.  Avanti Financial’s banking charter was approved unanimously by the Wyoming State Banking Board on Wednesday, becoming the second newly chartered bank in the state in 2020 after Kraken Financial earned approval last month. Avanti, like Kraken, now …

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JPMorgan Invites Banks and Fintechs to Build on Its Revamped Blockchain Network

“Think of it as the foundation of an enterprise mainnet.”  That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business. The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like …

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Why Wyoming’s Governor Supports the State’s Crypto Banking Law

It took two years of infrastructure building but on Sept. 16 the Wyoming Division of Banking finally landed a prominent pioneer. That’s when Kraken Financial became the first entity to receive a special purpose depository institution (SPDI) charter in the Cowboy State, giving the cryptocurrency industry insight into roughly how long it takes to become …

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How US authorities are using old AML tools to crack down on crypto

The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of that year, there were no federal standards for banks to keep records on activity that fell under the category of “suspicious.” There were also no consistent reporting requirements — it was the BSA that …

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Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets. “When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, …

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Brazil is prepping an IPO for its state-run digital bank

Brazil’s Minister of Economy, Paulo Guedes, said during an online event this Tuesday that Brazil “is about to” join the Organization for Economic Cooperation and Development (OECD) and that the Brazilian government has plans to launch a public offering of shares (IPO) for the newly-created digital bank of Caixa Econômica Federal. Caixa Econômica Federal created …

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British fintech to expand banking services to Indian crypto customers

The London-based online banking platform Cashaa is planning to launch a crypto-friendly neobank — or internet bank — in India.  Kuman Gaurav, the founder of Cashaa, told Cointelegraph that Cashaa India will allow Indian businesses and individuals to open a savings account with them and buy, store and save cryptocurrencies just like any other financial …

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