Taurus says it works with more than 25 financial institutions, including Credit Suisse and Deutsche Bank, as well as Arab Bank Switzerland and Pictet Group, who also joined the funding round. Taurus offers custody, tokenization and trading of digital assets, including support for staking, decentralized finance (DeFi). Source
“The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil,” Lucas Schoch, the founder and CEO of Bitfy, said in a Portuguese-language statement. Source
Singapore state-owned megabank DBS Group is planning to expand its cryptocurrency services to Hong Kong as the Chinese territory pushes to become a digital asset hub. DBS Bank plans to apply for a license to allow it to offer crypto trading services to Hong Kong customers, Bloomberg reported on Feb. 13. “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,” DBS Bank Hong Kong CEO Sebastian Paredes said. Paredes noted that DBS welcomes new crypto-related…
The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program. In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE’s competitiveness as a financial and digital payment hub. The first stage of the FIT program includes the issuance…
Crypto bank Silvergate Capital Corp. stands in the second position as most-shorted stock in the United States, with over 72.5% of its shares shorted, according to the latest Short Interest Reporting from Feb. 9. The Financial Industry Regulatory Authority (FINRA) collects and publishes twice a month short interest positions of all equity securities. A short position means investors and traders believe the price of a security, such as a stock, will decrease in value. A short seller profits from the price decline of a security. At the time of writing,…
A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11 it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm Bitfy. This initiative is available to Brazilian’s who have their crypto under the custody of Bitfy, which will act as a “collection partner” for the major Brazilian bank. It noted that besides the convenience it…
India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T. Rabi Sankar. Digital Rupee Now Has 50,000 Users Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said Wednesday that the central bank’s digital currency pilot has reached its first milestones. The RBI official revealed that India’s central bank…
JPMorgan Chase and consultants Oliver Wyman took a look at blockchain technology in commercial banking in a report released Feb. 9. Stablecoins and central bank digital currencies (CBDCs) have dominated in the sphere so far, but the authors point out the advantages offered by deposit coins in terms of stability and reliability. Deposit tokens are issued on a blockchain by a depository institution to represent a deposit claim. This contrasts with stablecoins, commonly issued by a non-bank private entity, and CBDCs. This difference in the issuer is a key advantage:…
Blockchain tokenization has gained more traction in the financial industry recently. It allows people to convert their ownership rights or assets into digital forms to secure them. In the latest development, the German generational bank DekaBank revealed plans to release its blockchain-based tokenization platform next year. But as per the details, the focus is not on regular crypto assets such as Bitcoin but on funds and stocks. DekaBank Partners With Metaco To Launch Its Blockchain-Based Platform DekaBank is collaborating with Metaco, a digital asset management company, as it plans to…
The Central Bank of Brazil will focus its first digital real tests on determining the levels of privacy and security that can be achieved with the proposed central bank digital currency (CBDC) infrastructure. The tests will be conducted later this year and will set up a simplified operation to transact with a still-to-be-determined tokenized asset. Central Bank of Brazil to Launch Digital Real Test Operation Later This Year The Central Bank of Brazil is accelerating the digital real project, getting close to its pilot test phase. The institution announced that…