Banking

Germany’s Crypto Custody Law Hits a Snag: Startups Can’t Get Bank Accounts

While more than 40 banks have reportedly expressed interest in Germany’s new crypto custody license, those firms may still have to put up with an anti-crypto sentiment among German banks. “If you try to open a bank account for a company that is in the space, you are working with the institutional banking arm of …

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Coinhouse Wins First Crypto License From French Regulator

Crypto trading company Coinhouse has become the first crypto company to be registered with France’s top financial regulator, the Financial Markets Authority (AMF). The registration means Coinhouse now has a shot at getting banking services in France, which could give the firm cheaper services than the German bank it currently works with. “It’s a recognition …

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R3 Teams With Custodian Hex Trust to Help Asian Banks Sell Security Tokens

Asian banks interested in issuing security tokens on R3’s Corda now have a local custodian. Hong Kong-based Hex Trust is partnering with the enterprise blockchain company to offer banking clients another option for issuing security tokens. The custodian began working with R3 when one of its clients issued collateral tokens for derivatives on Corda.  “A …

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HSBC Puts $10B of Private Placements on R3’s Corda Blockchain

HSBC has put $10 billion of paper-based private placement records on R3’s Corda blockchain and plans to ramp up the project through this year and next. “We’re confident that we’ll be able to put significant additional volume and value of private placements from new and existing clients [on the platform] over the next 12 to …

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1.2 Million Italians Can Now Buy Bitcoin From Their Bank

</header> <strong>Buying bitcoin just got easier for Italians. The country’s mobile bank Hype has announced a partnership with fintech Conio, enabling customers to buy, sell, and securely store <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a> from within their banking app. With over a million Italians choosing to bank with Hype, and 60,000 new customers being onboarded …

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Payments Unicorn Square Gets Limited Bank Charter for Merchant Lending

Square is launching a bank in 2021.  On Wednesday, the U.S. Federal Deposit Insurance Corporation Board (FDIC) gave the payments startup conditional approval for a bank charter to launch Square Financial Services, an Industrial Loan Company. Headquartered in Salt Lake City, Utah, the bank also received approval from The Utah Department of Financial institutions for …

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Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financial Institutions

</header> <strong>The Federal Financial Supervisory Authority of Germany, Bafin, has issued guidance to clarify the status of cryptocurrencies and the regulations that apply to related business activities. The recommendations are based on the country’s current legislation, taking into account the latest changes. </strong> Also read: Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive …

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JP Morgan: Digital Money Foundation Laid, Blockchain In Banking Years Away

A recent report by a Major United States bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away. A report published by JP Morgan on Feb. 21 suggests that the finance industry is moving beyond blockchain technology. Blockchain in banking still years …

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Morgan Stanley Buys E*Trade in $13B Deal

Investment bank Morgan Stanley is buying digital stock brokerage E*Trade for $13 billion. According to the Wall Street Journal, the consolidation will give Morgan Stanley an inroad with E*Trade’s 5.2 million retail investors in what will be Wall Street’s largest deal since the 2008 financial crisis. The bank is targeting this market, though Morgan Stanley’s …

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Bangladesh Bank with $4 Billion in Assets Now Employs RippleNet

Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network. The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document on Feb. 10. Still, the partnership must be well over a month old, given that the document in question was published in December …

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