Banking

Understanding the systemic shift from digitization to tokenization of financial services

The financial industry has seen a rise in demand for exposure to digital — and crypto — assets in all asset classes. This has led to interest, demand and investment from institutional finance, ranging from digital asset custody to digital asset trading desks, regulatory and compliance frameworks, and audit and risk models.  It is fair …

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Got crypto? Here are 3 debit cards that let you spend your stack

As blockchain technology and the public’s awareness of cryptocurrency continues to grow, a range of new use cases a coming to market and enhancing the efficacy of legacy financial systems. Despite its many applications, the original use case for Bitcoin (BTC) as a medium of exchange remains one of the most fundamental applications of blockchain …

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The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates

<div class=”featured_image_container”> </div> <strong>The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday. Moreover, the central bank’s Twitter account recently shared a video of Lagarde defending negative interest rates, as the bank’s President stresses that they “support companies and …

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Paxos receives ‘preliminary conditional approval’ for US bank charter

The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies.  Paxos joins custody firm Achorage, who was the first to receive a charter in January, …

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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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