Tag: Bank

Swiss National Bank Raises Interest Rate by 50 Basis Points amid Banking Crisis

According to the Swiss National Bank, additional interest rate hikes should not be ruled out in the mid to long term. The apex bank of Switzerland, the Swiss National Bank (SNB) has announced its latest interest rate hike by 50 basis points or 0.5%. According to the press release published by the SNB earlier today, the benchmark interest rate is now pegged at 1.5% in what the regulator tagged as its attempt to stem the soaring inflation rate. “The SNB is tightening its monetary policy further and is raising the…

Next Evolution of BlockChain Software Has Only Just Started: Bank of America

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CryptoX is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CryptoX employees, including editorial employees, may receive exposure to DCG equity…

Next Evolution of Blockchain Software Has Only Just Begun: Bank of America

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

Xapo Bank Integrates USDC Payment Rails

Asides from integrating a USDC payment rail, Xapo Bank recently partnered with Faster Payment System (FPS) to extend its global reach. Bitcoin custodian and privately licensed bank Xapo Bank is collaborating with Circle to use USDC payment rails as a SWIFT alternative. According to the bank, it has added rails to existing USDC onramps. Consequently, Xapo Bank customers can deposit and withdraw funds instantly using USDC. According to Xapo Bank CEO, Seamus Rocca, the new feature combines the speed and cost-efficiency of the digital dollar, with the security guarantees of…

US Senator Introduces Bill to Ban Direct-to-Consumer Central Bank Digital Currency – Regulation Bitcoin News

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U.S. Senator Ted Cruz has introduced “legislation to prohibit the Federal Reserve from developing a direct-to-consumer” central bank digital currency (CBDC). The lawmaker warned that it “could be used as a financial surveillance tool by the federal government.” Another senator stressed: “The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government.” Senator Ted Cruz’s CBDC Bill U.S. Senator Ted Cruz (R-TX) announced Tuesday that he has reintroduced “legislation to prohibit the Federal Reserve from…

Rapid Bank Runs Reveal Deposits Are Now Magic Internet Money, Too

One thing that has distinguished traditional banking from crypto, in the eyes of many financial experts, is stability. There’s a strong belief that most people who put money into an account at a prominent bank will generally leave it there, indefinitely – whether due to comfort, satisfaction, relationships, laziness, lots of things. Source BankDepositsInternetMagicMoneyRapidRevealRuns CryptoX Portal

Xapo Bank to enable USDC deposits and withdrawals

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Bitcoin custodian and licensed private bank Xapo Bank has partnered with financial technology company Circle to integrate USD Coin (USDC) payment rails as an alternative to SWIFT. Payment rails refer to the infrastructure and technology used to facilitate the movement of funds between parties in a financial transaction. Payment rails come in many forms, including traditional bank wires, credit card networks, and blockchain-based platforms. We are pleased to be the first bank in the world to fully integrate with USDC, enabling our members to send and receive USDC from their US Dollar accounts,…

Alecta Offloads First Republic Bank Stake amid US Banking ‘Uncertainty’

Sweden’s largest pension fund Alecta dumped its First Republic Bank stake at a $728 million loss amid broader US banking losses.  Swedish pension fund Alecta recently offloaded its First Republic Bank (NYSE: FRC) shares following the latter’s massive drawdown. The leading Swedish pension fund was the fifth-largest shareholder at the embattled bank but now appears to have lost faith in First Republic. According to Alecta CEO Magnus Billing, uncertainty regarding the future of First Republic Bank is “too great”. Magnus also explained that this uncertainty was partly due to the…

Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation – Economics Bitcoin News

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The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures. Central Bank of Venezuela Owes Public Four Months of Economic Data The Central Bank of Venezuela has not published the economic data corresponding to the last four months, making economists worried about…

Swedish pension fund Alecta dumps First Republic Bank shares after price plummets

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Private Swedish pension fund Alecta has sold its shares in First Republic Bank, the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder. Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank. First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month. Regarding the latest developments, Alecta CEO Magnus Billing told Bloomberg: “The uncertainty about First Republic’s future was…