Canadian Bank Announces Digital Safety Deposit Box for Crypto Exchanges and Investment Funds

VersaBank, formerly Pacific & Western Bank of Canada, announced one of its subsidiaries has completed beta testing for its digital safety deposit box and is now entering the commercialization phase, which will include the offering of digital safe keeping as well as multi signature services for cryptocurrency exchanges and crypto-based investment funds. Canadian VersaBank Announces Digital Safety Deposit Box for Cryptocurrency Holdings The testing phase of the company’s digital safety deposit box was conducted to ensure the product’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds. Target clients…

Central Bank Digital Currencies Could Have Legitimate ‘Role,’ Says IMF’s Lagarde

The head of the International Monetary Fund (IMF) has said the international community should “consider” endorsing central bank issued digital currencies (CBDCs) in a speech at the Singapore Fintech Festival Nov. 14. IMF managing director Christine Lagarde said that despite being “not entirely convinced” on the concept of cryptocurrencies more generally, there may be a case for states to issue government-backed tokens or similar assets. “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital…

Bank of America Wins Patent for Storing Clients’ Crypto Holdings in Enterprise Accounts

The Bank of America (BoA) has won a patent for a system for enterprises to store customers’ crypto deposits, published by the U.S. Patent and Trademark Office (USPTO) yesterday, Nov. 13. The patent, first filed in mid-June 2014, outlines the background to the invention by stating that “as technology advances, financial transactions involving cryptocurrency have become more common,” and noting: “For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.” The patent filing outlines different interactions between customers’ crypto holdings and an enterprise…

Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’

Twitter Facebook LinkedIn A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s National Disability Insurance Scheme (NDIS) benefited from increased choice and control using the smart money that they accessed via a prototype app. Not only were administrative costs reduced but the risk of…

Judge Rules in Favor of Canadian Bank in Dispute With Crypto Exchange

A $19.6 million disputed sum between Canada’s largest crypto exchange QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) has been handed into the custody of the Ontario Superior Court, per a court document filed Nov. 9. On Oct. 8, Canadian newspaper the Globe and Mail reported that Vancouver-based QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability…

Bitcoin.de Crypto Exchange Operator to Acquire 100% of Investment Bank Tremmel

German holding company Bitcoin Group SE has acquired a 100 percent stake in investment bank Tremmel Wertpapierhandelsbank GmbH, Cointelegraph auf Deutsch reports today, Nov. 13. Bitcoin Group SE, based in Herford, Germany, operates what is reportedly the country’s only regulated crypto exchange, Bitcoin Deutschland AG, also referred to by its domain, Bitcoin.de. Upon acquisition of the banking institution, which according to its website focuses on securities trading, the crypto holding will in turn obtain the use of Tremmel’s banking license. As a press release from Bitcoin Group SE states, the…

Bitcoin Group SE Buys Investment Bank Tremmel For Undisclosed Figure

Bitcoin Group SE has bought 100 percent shares of investment bank Tremmel for an undisclosed amount. This is the German digital currency exchange operator’s second acquisition in 2018. Bitcoin Group, which holds current assets of $40 million, said Tremmel allows it to issue its own cryptocurrency-related products, conduct proprietary trading and operate bitcoin ATMs. Also Read: Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa Acquisition to Expand Bitcoin Group Services Portfolio The Frankfurt Stock Exchange-listed company operates Bitcoin.de, Germany’s only regulated digital currency exchange, trading BTC, BCH and ETH.…

Iran turns to crypto as SWIFT disconnects the Iranian central bank

SWIFT, a platform which facilitates cross-border payments globally, has once again disconnected the Iranian central bank as Iran turns to crypto to bridge the gap. Iran was reconnected back to SWITF’s network in 2016 after four years of being in the dark of international money transfer and after the U.S. lifted the economic sanctions hovering over the country. But on March this year, President Donald Trump led the United States in withdrawing from the agreements signed in 2016. This threw Iran back to an economic sanction which took effect in…

Raiffeisen Bank, Gazprom Partner to Issue Bank Guarantee on Blockchain

The Russian subsidiary of Raiffeisen Bank International has partnered with local state-owned oil giant Gazprom Neft to issue a bank guarantee on blockchain, Russian business newspaper Kommersant reported Nov. 12. According to Kommersant, the bank guarantee was issued to conduct a trade finance transaction involving four parties, Raiffeisen, Gazprom Neft, Belarusian firm Mozyr Oil Refinery, Priorbank of Belarus. Raiffeisen acted as an advising bank for the Russian oil company, while Priorbank of Belarus, which is part of  Raiffeisen bank group, issued a bank guarantee for the deal via blockchain. The…

Australia’s Biggest Bank Trials Blockchain-Based ‘Smart Money’ for Disability Insurance

The Commonwealth Bank of Australia (CBA) and government-run digital innovation center Data61 have released the results of their trial for a blockchain-powered “smart money” system for Australia’s National Disability Insurance Scheme (NDIS). The development was reported by local financial and business news platform Business Insider Australia today, Nov. 13. Data61 is a digital innovation hub that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) — an Australian government corporate entity that undertakes scientific research to advance diverse local industries. The $93.5 billion market cap CBA is the…