Articles about the traditional banking system and its involvement in the crypto industry. Banking has essentially functioned the same way for hundreds of years now without major changes to how the world handles money and trade — cryptocurrencies are trying to change this and evolve how humans trade with each other. Historically, most global banks have been averse to cryptocurrencies but open to the efficiencies that blockchain technology could introduce.
Pictet Group tells private banks to stay away from crypto
Pictet's Asia arm CEO Tee Fong Seng said that though cryptocurrencies have potential, now is not the right time for private banks to invest.
Senator Warren takes aim at changing rules on crypto offerings from banks
Senator Elizabeth Warren is calling on the OCC to work with the Fed and the FDIC in replacing some regulations on crypto custodial services with more consumer-centric approaches.
ECB believes CBDCs are better than Bitcoin for cross-border remittances
The ECB believes that a CBDC would be superior for cross border payments versus private cryptocurrencies like Bitcoin.
Japan’s central bank scraps CBDC plans due to lack of interest from public
The Bank of Japan said it needs to explore the idea of a digital Yen further before giving it a greenlight as people have better options already.
Santander Brazil to launch cryptocurrency trading platform
Leading European banking institution Santander plans on providing its Brazilian clients with access to a crypto trading solution soon.
Nigerian banks impede e-Naira adoption over concerns it will impact banking revenue
Nigeria's low-cost digital currency e-Naira is having gaining traction as banks are reluctant to promote it due to concerns that it will impact their revenue.
Hong Kong Monetary Authority: Crypto is likely to integrate with the future financial system
Hong Kong Monetary Authority recently said that crypto will probably play a central role in the financial systems in the future.
JPMorgan loses 3 executives to crypto industry jobs
Several top executives of traditional firms have left their jobs for web3 projects.
The case for Bitcoin strengthens as Chinese bank depositors riot over frozen accounts
Angry crowds gathered in Zhengzhou demanding access to their bank deposits. Some say self custody of Bitcoin is the answer.
Banking Circle adds USDC payments and fiat conversion
Banking Circle announced that it will allow payments in USDC as well as conversion of USDC to fiat currencies.
Banks’ exposure to risky cryptocurrencies should be limited to 1%, Basel Committee proposes
This means banks can hold 1% of its core reserves in cryptocurrencies. For banking mammoths like JP Morgan, this means billions of dollars.
Circle inks custody deal with New York Community Bancorp
This partnership will see New York Community Bank become a custodian of Circle’s USDC stablecoin.
Babel Finance suspends withdrawals due to “unusual liquidity pressures”
The crypto finance provider is pausing withdrawals and redemptions in response to harsh market conditions.
Fed hikes interest rate by 75 basis points; Bitcoin continues to trade above $20,000
Crypto market remained stable following the US Federal Reserve's decision to raise interest rates will be raised by 75 basis points.
Tether claps back at rumors surrounding its commercial paper portfolio
Tether stated that commercial papers constitute less than 25% of USDT’s backing, adding that it does not have lending exposures to Celsius and Three Arrows Capital.
FTX and Goldman Sachs reportedly in talks over derivatives trading
FTX.US president Brett Harrison says major futures commission merchants are open to the exchange’s proposal.
Tether remains unshaken despite $10 billion withdrawals in 2 weeks
CryptoSlate data shows that the circulating supply of USDT dropped to $73.3 billion on Monday from the $84.2 billion on May 11.