Bitcoin-Friendly US Bank Silvergate Now Serves Over 500 Crypto Companies

Silvergate Bank, headquartered in San Diego as a California state-chartered bank, started its cryptocurrency-related business in 2013. Now over 500 companies from the digital assets industry are using its services as one of the very few “bitcoin-friendly” banks based in the U.S. Also Read: American Electronics Giant Avnet Now Accepts Bitcoin Cash Payments Silvergate Files Amended IPO Prospectus Silvergate Capital Corp., the parent of Silvergate Bank, filed an amended IPO prospectus with the U.S. Securities and Exchange Commission (SEC) on March 18 with updated data about its operation. According to…

Crypto Innovators Will ‘Ultimately Have to Use a Bank to Move Funds’

Ron Karpovich, Global Head of eCommerce Solutions at JPMorgan Chase, stated that there is “more partnership instead of competition” between the financial establishment and crypto disruptors when it comes to the payments space. Karpovich made his remarks during an interview on CNBC’s Squawk Box today, March 20. In response to a question from CNBC’s host as to how the banking giant is poised to compete with new and disruptive actors than can leverage blockchain and cryptocurrencies to offer the same services as the old guard, but with lower fees, Karpovich…

Silvergate Bank Onboarded 59 New Crypto Customers in Q4 2018

Crypto-supportive Silvergate Bank has signed on a slew of new cryptocurrency customers in the fourth quarter on 2018, according to a recent filing with the United States Securities and Exchange Commission (SEC). The filing reveals that as of Dec. 31, 2018, Silvergate had 542 digital currency-related clients including cryptocurrency exchanges and miners, custodians and global investors, among others. This marks an increase of 59 crypto-related customers since a previous filing in September 2018. By Dec. 31, 232 cryptocurrency customers were purportedly in various stages of the bank’s customer onboarding process,…

QuadrigaCX CEO Used Personal Money to Fund Exchange During Litigation With Bank in 2018

The late founder of Canadian crypto exchange QuadrigaCX, Gerry Cotten, was purportedly funding the exchange with his own money while it was in litigation with a major Canadian bank. Cotten’s widow Jennifer Robertson revealed details about the exchange’s financial situation in a statement published on March 13. The statement reads that Cotten was putting his own money into Quadriga to fund user withdrawals in 2018, after the Canadian Imperial Bank of Commerce (CIBC) had frozen five accounts holding $21.6 million. Robertson stated: “While I had no direct knowledge of how…

US Sanctions Moscow-Based Bank Accused of Financing Venezuela’s Controversial Petro

The United States Treasury Department has added Moscow-based bank Evrofinance Mosnarbank to its sanctions list, alleging it was the “primary international financial institution willing to finance” Venezuela’s controversial national oil-backed cryptocurrency, Petro (PTR). The news was announced in an official Treasury press release published on March 11. In its statement, the Treasury accused Evrofinance — which is reportedly jointly owned by Russian and Venezuelan state-owned companies — of materially assisting efforts to launch the cryptocurrency, which it characterized as a “failed” project: “When the failed Venezuelan cryptocurrency, called the Petro,…

Central Bank Suggests Limiting Sale of Crypto Assets for ‘Unqualified Investors’

The Central Bank of Russia wants to set an annual limit for so-called “unqualified investors” that want to purchase digital assets, local business media giant RBC reported on Tuesday, March 12. According to the documents obtained by RBC, the bank wants to amend the current draft crypto bill, dubbed “On Digital Financial Assets,” which recently passed a second of three readings in Russia’s parliament, the State Duma. The central bank’s paper recommends equating investor limits to the ones set in a draft bill on crowdfunding, which is also being reviewed…

ECCU Plans to Issue World’s First Blockchain-Based Central Bank Digital Currency in the Caribbean

About Richard Kastelein Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startupsand has written over 1500 articles on Blockchain technology andstartups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat Ad honorem – Honorary Ph.d –…

ECCU Plans to Issue World’s First Blockchain-Based Central Bank Digital Currency in the Caribbean

About Richard Kastelein Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startupsand has written over 1500 articles on Blockchain technology andstartups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat Ad honorem – Honorary Ph.d –…

Major Online Swiss Bank Integrates Bitcoin Custody, Boost in Institutionalization

Buckle up, the institutionalization of bitcoin and crypto, in general, has begun. Swissquote, a $618 million worth online banking group, announced Friday that it is partnering with Zug-based Crypto Storage to enable cryptocurrency custodial services on its platform. The Gland-based said that institutional investors on its platform would be able to transfer cryptocurrencies from their external wallets to a Swissquote account and vice versa. New swiss bank @Swissquote launching their #crypto custody. Which one will be the next ? Take a chance pic.twitter.com/tDdvKaZvx8 — Stéphane Lüthi (@luethistephane) March 8, 2019 The…