Tag: Bank

Circle, Paxos, Bitstamp and Galaxy join Coinbase in scaling back partnerships with Silvergate Bank

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Several crypto firms have announced they will scale back or outright terminate their relationship with Silvergate Bank following an announced investigation into its alleged involvement in the FTX collapse. Amid news that crypto exchange Coinbase would no longer accept or initiate payments with Silvergate, companies including stablecoin issuers Paxos and Circle and Mike Novogratz’s Galaxy Digital have announced similar actions regarding their partnerships with the crypto bank. Galaxy Digital announced on March 2 that it had stopped accepting or initiating transfers to the bank “out of an abundance of caution.”…

Crypto Clients Flee Silvergate Bank, Stock Falls 50%

On Thursday, Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they would suspend Automated Clearing House (ACH) transfers and other business operations with the bank, days after crypto derivatives provider LedgerX announced the same. Kraken appears to be the only major crypto exchange to continue using Silvergate, having ended some transactions with rival bank Signature (SBNY) on Wednesday. Source

Xapo Bank enables faster Bitcoin payments with Lightning Network

Xapo Bank, an international private bank headquartered in Gibraltar, integrates the Lightning Network to improve its Bitcoin (BTC) capabilities. On March 2, Xapo officially announced a partnership with the Lightning Network infrastructure platform Lightspark, which allowed the firm to implement Lightning on its platform. The integration enables faster and cheaper transactions on Xapo, reducing blockchain confirmation waiting times and transaction fees on the original Bitcoin network. According to the firm, Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting…

Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain – Finance Bitcoin News

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A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan payments is growing. MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan Moscow Credit Bank (MKB) has issued what it described as Russia’s first digital bank guarantee for an amount exceeding 100 million Chinese yuan, using blockchain technology — the Masterchain platform developed by the Central Bank of Russia. In…

Xapo Bank Integrates Bitcoin’s Lightning Network, Partners with Lightspark

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“We are now a fully-fledged bank with a USD bank account, which we thought is most appealing to emerging markets,” Rocca said. “If you think about the U.S. and places like Europe, people are predominantly looking at crypto almost as a form of gambling. Whereas in places like Argentina, Venezuela, Lebanon, Nigeria, where currencies devalue and you can have hyperinflation, Bitcoin can change people’s lives.” Original

Coinbase no longer accepts payments via Silvergate Bank

Cryptocurrency exchange Coinbase announced that it had terminated its partnership with Silvergate Bank as its U.S. dollar banking partner, citing the ongoing investigation. In an announcement tweet, the exchange said: “In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.” The crypto exchange will facilitate institutional client cash transactions with their other banking partner Signature Bank. The decision will not impact payment instructions in GBP or euro. This is a developing story, and further information will…

Pro-Crypto Bank Silvergate Sees Stock Drop amid DOJ Congressional and Bank Regulator Inquiries

The stock of beleaguered crypto bank Silvergate has taken a new hit as the company weathers intense regulatory inquiries over its FTX association.  Silvergate (NYSE: SI) stock plunged more than 10% in after-hours trading after the crypto-friendly bank revealed it might face regulatory inquiries. Yesterday, Silvergate Capital also announced a delay in filing its annual report due to the inquiry. The bank’s health has been the subject of concern over the last few months following FTX’s collapse in November. Meanwhile, amid the current drawdown of its stock and regulatory inquiries, Silvergate revealed that…

Mastercard and Other Industry Leaders Join RBA in Testing Digital Dollar Use Cases in Australia Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including small fintech and large financial institutions. Several entities, including the Commonwealth Bank, Australia and New Zealand Banking Group Limited (ANZ), Monoova, the Australian Bond Exchange, Mastercard, DigiCash, and others, are collaborating with the RBA on various pilot projects. One of the pilot projects aims to test whether smart cards preloaded with money could activate offline payments. This project will aim to work on a consumer-to-merchant system, enabling users to conduct transactions even without an internet connection. A separate initiative explores the potential of utilizing the USDC coin to simplify all foreign exchange trades and cross-border money transfers.The objective is to experiment with carrying out global remittances around the clock, every day of the year, with an emphasis on minimizing counterparty risks. Central banks worldwide are pursuing digital currency experiments, and the RBA’s initiative is among them. The RBA expects to complete its CBDC pilot by mid-2023. The pilot, along with the broader research study, will serve two purposes. It will contribute to hands-on learning by the industry and policymakers’ understanding of how a CBDC could benefit the Australian financial system and economy. The RBA’s CBDC pilot has the potential to revolutionize the Australian financial system and open up new opportunities for businesses and individuals. As the world moves towards a more digitized economy, central bank digital currencies will play an increasingly significant role in financial systems worldwide.

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Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including…

Robert Kiyosaki Says World Economy on the Verge of Collapse — Warns of Bank Runs, Frozen Savings, Bail-Ins – Economics Bitcoin News

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The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the world economy is on the verge of collapse. He warned investors about the risks of bank runs, frozen savings, and bail-ins that may come next. Robert Kiyosaki on Collapsing World Economy The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more gloomy warnings about the world economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List…