Banking

Kraken Becomes First Crypto Exchange to Become a US Bank

Kraken is the first cryptocurrency firm to become a bank. On Wednesday, the Wyoming Banking Board voted to approve the San Francisco-based crypto exchange’s application for a special purpose depository institution (SPDI) charter. Kraken is the first SPDI bank in Wyoming and according to the Wyoming Division of Banking’s general counsel, Chris Land, Kraken will …

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The Crypto Firms Collaborating on a Swiss Franc Stablecoin

The folks building the next generation of digital money in Switzerland understand the need to collaborate. Stablecoins, digital tokens pegged one-to-one to the Swiss franc (CHF) in this case, are a prime example. SEBA Bank and Sygnum Bank, the two B2B players that hold banking licenses from the Swiss Financial Market Supervisory Authority and that …

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Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist

“A pandemic-led acceleration of adoption.”  That’s how Singapore-based DBS Bank describes the current state of digital assets in its quarterly report on cryptocurrencies published in August. It’s interesting to hear such an observation from a respected multinational bank and its chief economist, Taimur Baig. However, there have lately been murmurings about certain large financial institutions …

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Blockchain platform commercializes digital bank guarantees in Australia

The Lygon blockchain platform, which runs on IBM Public Cloud, has reportedly successfully conducted its pilot since last year with Australian banks ANZ, Commonwealth Bank of Australia (CBA) and Westpac and a group of 20 Australian businesses.  Banks are expected to issue bank guarantees in just one day once they implement Lygon compared to the …

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China’s digital yuan trials reportedly limited to small retail transactions

The People’s Bank of China (PBoC) announced that the test run of its central bank digital currency is currently limited to small retail transactions. According to the Global Times on Aug. 24, the central bank has clarified some details regarding the recent digital yuan — also known as digital currency electronic payment, or DCEP — …

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Turkey Residents Panicking Over Massive Inflation

Rampant inflation is affecting Turkish residents’ confidence in the lira fiat currency. According to a Reuters report on August 14, locals are dumping lira and converting it to dollars and buying gold.  Even with market interventions and reassuring stories about monetary stability coming from the government, local’s faith in the lira is on a downwards …

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Standard Chartered Conducts First Blockchain Trade in Bangladesh

Standard Chartered PLC,  a British multinational banking and financial services company headquartered in London, England, has successfully leveraged blockchain technology to conduct Bangladesh’s first blockchain trade transaction, according to Newage on August 16.  The Standard Chartered bank issued a Letter of Credit (LC) for the trade between garment exporter Viyellatex Ltd and Viyellatex Spinning on …

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Blockchain Firm Says Banks Need DLT to Manage Identities Better

Blockchain firm HashCash Consultants claims that banks are “chief arbiters” of people’s identities, and need blockchain technology to do it better. According to an Aug. 11 announcement, “accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities.” Still, the current system is not without its issues: …

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Swiss Bank InCore Enables Euro On-Ramp for Crypto Exchange Kraken

Switzerland’s InCore Bank AG has become the first financial institution in the country to offer banking services to Kraken clients. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital …

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Sri Lanka’s Blockchain Bank KYC Platform to Enter Development ‘Shortly’: Central Bank

The Monetary Board of the Central Bank of Sri Lanka is close to starting development of a blockchain platform expected to speed up the processing of bank users’ ID information. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of …

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