Tag: Bank

Bitcoin rallies above $27,000 amid US banking crisis, Silicon Valley Bank drama unfolds

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This week, Bitcoin’s (BTC) upward surge was the most significant event. The coin rose above $27,000 amid a banking crisis in the United States. The situation reiterated the need for users to hedge against economic instabilities using digital assets. In the mid of this crisis, the Silicon Valley Bank (SVB) saga remained in focus as fresh details emerged. Meanwhile, the United States regulatory climate came under further criticism as industry leaders highlighted the potential dangers of unfavorable legislation. Bitcoin breaks above $27,000 Two weeks ago, bitcoin was under immense liquidation…

Nigerian Fintech Flutterwave Obtains Two Licenses From Rwandan Central Bank – Fintech Bitcoin News

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Flutterwave, the Nigerian fintech giant, recently said it had obtained two licenses from the National Bank of Rwanda, which allow it to offer its services to more than 13 million people living and working in Rwanda. According to Flutterwave’s representative in the country, the two licenses make it possible for her company “to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.” Helping Individuals and Businesses in Rwanda The Nigerian fintech giant Flutterwave announced on March 15 that it has secured two additional licenses in Rwanda,…

Burry on Banking Crisis, Kiyosaki Warns of ‘Fake Money’ Injections; Talk of ‘Anti-Crypto’ Agenda Behind Signature Bank Collapse — Week in Review – The Weekly Bitcoin News

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Speculation and debate continue to rage surrounding the current global banking debacle. Hedge fund manager Michael Burry — known for predicting 2008’s economic crisis — is drawing comparisons to the Panic of 1907, while Rich Dad Poor Dad author Robert Kiyosaki warned this week of more ‘fake money’ being injected into the U.S. economy. In related news, former member of the U.S. House of Representatives and Signature Bank board member, Barney Frank, said he suspects regulators meant to send an “anti-crypto message” in regards to the bank’s recent failure. All…

Blackrock CEO Warns More Bank Seizures and Shutdowns Could Result From Regulatory Changes – Economics Bitcoin News

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The CEO of Blackrock, the world’s largest asset manager, has warned about additional bank seizures and shutdowns that could result from regulatory changes in response to the failures of several major banks in the U.S. “It does seem inevitable that some banks will now need to pull back on lending to shore up their balance sheets, and we’re likely to see stricter capital standards for banks,” he added. Blackrock’s Chief on More Bank Seizures, Shutdowns Larry Fink, the chairman and CEO of Blackrock, the world’s largest asset manager, shared his…

Turkish bank wants to take control of Stablex, a crypto trading platform

Ak Investment, one of Akbank’s wholly owned subsidiaries, has officially applied to partner with Stablex, a crypto exchange. Akbank’s interest in crypto Ak Investment owns 100% of the company shares. Their recent partnership with Binance cemented its exploration and interests in crypto as the duo embarks on direct Turkish Lira transfers. According to DUNYA, a subsidiary of Akbank, Turkey’s second largest private bank, has applied to the govenment to become the main shareholder of the crypto trading platform Stablex. The majority of cryptocurrency companies in Turkey currently work with Akbank.… https://t.co/Q2DmP2seFZ —…

Protego’s conditional national bank status expired without approval: Report

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Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a March 17 report in Fortune. A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson: “[The] pre-conversion requirements included policies, procedures, systems and other measures to ensure the safe and sound operation of the bank as well as meeting minimum capital and liquidity requirements.” Protego, based in Washington state, was granted an 18-month…

Congress announces March 29 hearing into failures of SVB and Signature Bank

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Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks. In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — ranking member and chair of the committee, respectively — said U.S. lawmakers would listen to testimony from federal financial regulators “in response to the failures of Silicon Valley Bank and Signature Bank” in a March 29 hearing. FDIC chair Martin Gruenberg and Fed vice chair…

11 Banks Bail Out First Republic Bank From Collapse – Bitcoin News

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After the fall of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank (SNBY), First Republic Bank, a commercial bank and wealth management services provider, is the latest financial institution to receive a bailout. Close to a dozen lenders announced they will deposit $30 billion into the beleaguered bank’s coffers to shore up liquidity. U.S. banks have suffered from the financial contagion that followed the three bank failures last week. According to reports, depositors removed $8.8 billion from Charles Schwab Corporation’s prime money market funds. Impact of Recent Bank Failures…

US Bank collapse — Is crypto being targeted?

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Signature Bank in particular served the likes of Paxos Trust and Celsius and other major crypto firms that suffered as a result of the decisions taken by the Federal Deposit Insurance Corporation and New York State Department of Financial Services. Meanwhile Silicon Valley Bank (SVB) reportedly handled over $5 billion of funds for a handful of cryptocurrency venture capital funds including Andreessen Horowitz (a16z), Paradigm and Pantera Capital in recent years. USD Coin (USDC) issuer Circle was directly affected by the closure of SVB, with $3.3 billion tied up in…