Banking

JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

<div class=”featured_image_container”> </div> <strong>JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs …

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Japanese bank Sumitomo Mitsui launches the country’s first ‘a-1’ rated security token

Japan-based bank Sumitomo Mitsui Trust Bank, or SMTB, has launched its first asset-backed securities token in partnership with Securitize on March 29. The instrument is the first security token compliant with the Financial Instruments and Exchange Act (FIEA) to launch in the Japanese Market. The token has received an “a-1 rating” from Japanese rating agency, …

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No-collateral lending protocol Teller opens public alpha to NFT holders

Teller Finance, a project building an undercollateralized lending protocol for decentralized finance, has announced the launch of its mainnet alpha stage. This will enable certain users to obtain credit without requiring to post collateral, which is the case for most other DeFi lending protocols. The Teller alpha will be accessible only to holders of a …

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Switzerland’s Crypto Broker AG Wins Securities House License From FINMA

Long in the making, Zurich’s Crypto Broker AG announced Monday it has been granted a securities house license by the Swiss Financial Market Supervisory Authority (FINMA).  Crypto Broker AG is part of a digital assets conglomerate that includes asset management and storage infrastructure services. The license means broadening the scope of its business and adding …

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Signature Bank Crosses $10B in Deposits From Crypto Customers

Deposits from digital currency customers now make up nearly 16% of total deposits at New York’s Signature Bank.  In an earnings call Thursday, Signature revealed that deposits from customers in the crypto industry now total $10 billion – twice that of California rival Silvergate Bank. “We’ve clearly become the preeminent player in that space,” said Eric …

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OCC Chief Brian Brooks Is Stepping Down Thursday

Brian Brooks, who was named the temporary head of the Office of the Comptroller of the Currency (OCC) last summer, made the announcement official a day after he was rumored to be departing. His departure will come a day after the federal banking regulator granted crypto custodian Anchorage a conditional trust charter, making it the …

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An online future for finance is inevitable, says OCC’s Brooks

The departing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday. Described by Elliptic CEO Simone Maina as “a fairy godfather to the crypto industry,” Brooks has been a leading light in U.S. federal policy …

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Mobile-first bank Simple is shutting down

Simple One of the first-ever mobile-first banks is shutting down. After an email notice started to circulate on Twitter earlier in the day, a spokesperson for BBVA confirmed to Engadget the company plans to shutter Simple. The move is part of an ongoing effort by the bank, one of the largest in the world, to …

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Lending Platform Vauld Raises $2M to Grow Into a Full Crypto Bank

Singapore-based lending platform Vauld raised $2 million, led by Pantera Capital, to grow into a full crypto bank. Other investors include Coinbase Ventures, LuneX Ventures and individual investors including Robert Leshner of Compound Finance. So far, Vauld has established a foothold in India, where a favorable ruling from the courts earlier this year has unleashed …

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A storm is brewing between state regulators and the OCC over fintech licensing

A leading association of state banking regulators is trying to put the U.S. national banking regulator in its place on the issue of fintech registration. Per a Dec. 22 filing, the Conference of State Bank Supervisors, or CSBS, says the impending approval of Figure Technology’s bank charter a bridge too far. Figure operates blockchain-backed lending and investment …

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