Hong Kong Bank Partners with Aegis to Focus On Asset Digitalization Using Blockchain Technology

Sharing is caring! CTBC Bank in Hong Kong has cut a deal with San Francisco-based Aegis Custody to expand its digital financial asset business, launching bundle factoring, REITs and equity investment in special asset digitalization (security tokens) to tap into channels for cash flow and support diversification of the banking sector. Founder and CEO Serra Wei of Aegis said: “A stable cash flow is essential for big enterprises. They will be able to access a stable cash flow after the digital digitalization of traditional assets. This is indeed the practical…

South Korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future. According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January, 2020. KBDAC trademark application for crypto-related industries In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry. These include trading,…

South Korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future. According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January, 2020. KBDAC trademark application for crypto-related industries In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry. These include trading,…

Pioneering Crypto Bank Launches CHF-Backed Stablecoin

Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum’s ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank. According to local media outlet Swissinfo, DCHF is under consideration for support from the forthcoming SDX digital assets trading platform from SIX Group — of which Sygnum is a member. Swiss crypto bank announces CHF-pegged “settlement token” The crypto bank aims to target institutional clients with its stablecoin, emphasizing that the coin enables fast and frictionless settlements alongside novel…

Silvergate Bank Clients Experience Money Transfer Issues from Fedwire

A cryptocurrency-friendly firm is having problems receiving money transfers. According to sources available to Cointelegraph, clients at Silvergate Bank have been experiencing issues with certain types of wire transfers since Friday. The firm has stated an outage by their payment processor, Fedwire, is responsible for the drop in service.  CEO Alan Lane confirmed the bank has been having trouble processing payments from some clients, but stated this did not affect users who already had money with Silvergate. “Our trading partners send us money on Friday so they have funds on…

Bank of China Continues Anti-Crypto Narrative on WeChat

Financial markets are facing their worst crisis since 1929 and people are looking for alternatives to protect themselves from the crash. One option being considered by many is cryptocurrency. In response, Bank of China has continued its anti-crypto narrative in a long post titled “3.15 Protetion of Financial Consumption Rights and Interests”. The post was published on the bank’s official WeChat account on March 22. In the post, bank officials warn the public about cryptocurrency investment, calling out the three main scams seen on crypto exchanges. The bank stated: “First…

IMF Weighs the Pros and Cons of a Central Bank Digital Currency

In a recent keynote speech to the London School of Economics, International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang, briefed the positives and negatives of a central bank digital currency (CBDC). Zhang pointed toward greater efficiency and lower costs associated with a CBDC. “In some countries, the cost of managing cash can be very high on account of geography, and access to the payments system may not be available to the unbanked, rural, or poorer population,” he said in the Feb. 28 speech, which hit the web on March…

1.2 Million Italians Can Now Buy Bitcoin From Their Bank

Buying bitcoin just got easier for Italians. The country’s mobile bank Hype has announced a partnership with fintech startup Conio, enabling customers to buy, sell, and securely store BTC from within their banking app. With over a million Italians choosing to bank with Hype, and 60,000 new customers being onboarded each week, the challenger bank’s decision to offer bitcoin is significant. Also read: Onchain Data Suggests Bitcoin Sell-Off Fueled by New Investors Believe the Hype Launched in 2015 by Italian bank Banca Sella, Hype reflects the growing trend towards digital-first…

Zimbabwe Returns to Crypto as Reserve Bank Proposes Regulatory Sandbox

The Reserve Bank of Zimbabwe (RBZ) is reportedly developing a regulatory sandbox for cryptocurrency companies in the country. The news was reported on March 16 by local newspaper Chronicle, citing a representative from the bank speaking at a conference on March 13. Chronicle reports that RBZ’s deputy director for financial markets and national payment systems, Josephat Mutepfa, revealed that the bank is working on a regulatory framework that would see companies involved with cryptocurrency go through a special regulatory sandbox. The sandbox will reportedly help the bank decide if a…

Sending Cash to Friends and Family Through Bitcoin ATMs Is Safer Than Crowding Bank Offices During Pandemic

Transferring money over traditional channels may involve a lot of queuing in lines these days. Authorities around the world are trying to prevent large groups of people gathering in confined spaces to reduce the risk of transmitting the coronavirus infection. Remittances are a lifeline for people in many countries and cryptocurrency ATMs provide a way to send cash to loved ones without visiting a crowded bank office. Also read: These Online Stores Will Sell You Masks, Gloves, Emergency Items for Cryptocurrency Crypto ATM Transfers Safer Than Bank Wires in More…