Month: June 2023

JPMorgan Partners wit Six Indian Banks to Settle Dollar Trades on Blockchain

The goal of this project will be to settle dollar trades in real-time which is significantly faster than the current settlement periods of a few days. Banking giant JPMorgan has partnered with six Indian banks to settle interbank dollar transactions over a blockchain platform in the country’s newest international financial hub of GIFT City. JPMorgan has joined hands with some of the top private-sector Indian lenders such as HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., and IndusInd Bank Ltd. Speaking in an interview, Kaustubh Kulkarni,…

IMF Chief Assures Robust Lending despite Economic Uncertainty

IMF director Kristalina Georgieva highlighted the stability of lending while urging the US Federal Reserve to consider further actions in response to an uncertain economic climate. In a recent interview with CNBC, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), said that lending remains strong despite the uncertain economic environment affecting banks. Georgieva’s remarks come as a reassuring voice amid concerns over the stability of lending in the current economic landscape. Despite the challenges faced by financial institutions, she underscored the resilience of lending activities. The IMF…

Met museum to refund $550k in donations from FTX

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In the aftermath of FTX’s bankruptcy, The Metropolitan Museum of Art confirms its decision to return $550,000 in donations from the crypto exchange. The Metropolitan Museum of Art, New York, has declared its intentions to refund $550,000 it received from FTX, a cryptocurrency exchange that folded last November. The museum stated its decision in a submission to the US Bankruptcy Court in Delaware on June 2, where FTX started its bankruptcy proceedings. The repayment results from…

Pro-Ripple Lawyer’s Twitter Hacked, Ends Promoting LAW Token

Similar to other phishing websites, the website for the LAW token asked users to connect their wallets. There haven’t been any reports of users falling victim to this scam or losing funds. Over the last Sunday, June 4, pro-Ripple lawyer John Deaton saw his Twitter account hacked amid relentless cyberattacks taking place over the past several days. The popular XRP lawyer was quick enough to alert his followers by tweeting through his other account CryptoLaw. Responding to the hacker’s tweet from the attorney’s account, CryptoLaw clarified that the tweets were…

Oil Prices Soars Following Saudi Arabia’s Plan to Cut Oil Output

The significance of OPEC+ in the global oil market cannot be understated, as the alliance accounts for approximately 40% of the world’s crude oil production. The impact of Saudi Arabia’s decision to cut oil output has been immediate with oil prices rising in response, reflecting the expectation of a tightening supply. According to reports, both global benchmark Brent Crude Futures and US West Texas Intermediate (WTI) Futures experienced a rise of over 2% during early Asia trade on Monday. As of the latest update, global benchmark Brent futures were trading…

Binance Rumored Successor Richard Teng to Battle Regulatory Problems if CEO Zhao Steps Down

Binance head of regional markets outside the US Richard Teng is rumored to be the chosen successor if CEO Zhao relinquishes his position. Reports about a Binance CEO successor are starting to fill the grapevine following the crypto exchange’s regulatory problems. Although there is no official word from Binance or current CEO Changpeng “CZ” Zhao, Binance executive Richard Teng is the most likely heir apparent if Zhao decides to step down. Binance is currently facing several problems in different regions. In May, the crypto exchange’s third-party payment provider abruptly discontinued…

Bitcoin transitions into bull market after bottoming, analysis shows

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Recent developments in the cryptocurrency market indicate a transition from a bear market to a more optimistic bull market, primarily driven by the movement of bitcoin (BTC). CryptoQuant, a prominent crypto analytics platform, highlights several factors that support this shift, suggesting that BTC has reached its bottom. Crypto Market – Currently transitioning into the Bull Market “It’s very unlikely that $BTC will make a new low and the recession induced drop will be rather the last…

JPMorgan uses blockchain for 24/7 dollar transfers with Indian banks

Global financial services company JPMorgan continues exploring the benefits of blockchain, deploying the technology to eliminate some restraints of traditional finance. JPMorgan has partnered with six major Indian banks to introduce a blockchain-based platform enabling interbank settlement of dollar transactions, Bloomberg reported on June 5. The participating banks include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit at Gujarat International Finance Tec-City, or GIFT City. The blockchain project aims to expand the capacity of the existing settlement system, JPMorgan’s senior country officer Kaustubh…

‘Crypto Tsar’ needed to ensure coordinated approach in the UK: EU lawmakers

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A parliamentary group in the United Kingdom has published its recommendations to the government for the crypto and digital asset sector. The list of recommendations includes the appointment of an official who will ensure a coordinated regulatory approach to crypto and digital assets.  To help policymakers better understand the crypto space, the Crypto and Digital Assets All Party Parliamentary Group (APPG) published a report containing 53 recommendations for the industry. In its key conclusions, the report highlighted that the rapid growth of crypto and digital assets suggests that “the sector…

Ethereum gas fees cool down after May memecoin frenzy

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The average transaction fee or gas fee on the Ethereum network has cooled substantially in the first week of June after reaching a multi-month high in May, owing to the meme coin frenzy and many MEV Bot activities.  The average gas fee on Ethereum has come down to $7.34, almost one-third from last month’s high of $20. In terms of Gwei, a denomination of Ether (ETH) that represents one-billionth of one ETH, the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last…