Nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022. But given the recent “issues” in the space, Signature will reduce that amount to under 20% and potentially under 15% eventually, Signature CEO DePaolo said at a New York conference hosted by investment bank Goldman Sachs. Source
A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated these present several limitations still to be addressed. WEF Panel Explains Advantages of CBDCs A central bank digital currency panel, part of the World Economic Forum (WEF) Davos meetings, stressed it has high expectations for central bank digital currencies (CBDCs) as part of…
Moonstone Bank said that after exiting from the crypto space, it will go back to its original format of being a community bank with major rebranding. The contagion of the collapse of the crypto exchange FTX has far-reaching consequences in the crypto space. On Thursday, January 19, Moonstone Bank announced that it will be exiting the crypto space and will soon return to its “original mission” as a community bank. Moonstone and Crypto In its statement on Thursday, the bank said that as a result of “recent events in the…
Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its “original mission” as a community bank. In a Jan. 18 statement, the bank said that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.” As part of the bank’s initiative to “return to its roots,” it said that it will no longer…
Klaas Knot called the appealing localities with lax restrictions “sunny places for shady people.” Source
The sister company of collapsed crypto exchange FTX had taken an $11.5M stake in tiny Washington State-based Farmington State Bank in January 2022. Source
The East African Community (EAC) will decide during the course of the year 2023 when and where it will locate the envisioned regional central bank, the regional intergovernmental organization’s Peter Mathuki has reportedly said. The setting up of the regional central bank is expected to help the EAC achieve its goal of attaining a single currency regime in three years. Location of the Regional Central Bank As the East African Community (EAC) inches towards its single currency regime objective, a top official said the regional intergovernmental organization would decide when…
NAB chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin, which is backed 1:1 by the Australian dollar (AUD), was based on the bank’s belief that blockchain infrastructure will play a key role in the new evolution of finance. The National Australia Bank (NAB), one of the central banks in Australia, has launched a stablecoin named AUDN. The stablecoin is all set to be launched in the middle of this year, according to the Australian Financial Review (AFR) report. NAB will go on to become the…
The purpose of AUDN would be to allow its customers to settle transactions on blockchain technology in real-time using Australian dollars, NAB said. AUDN could also be used for several other purposes including “carbon credit trading, overseas money transfers and repurchase agreements,” NAB’s Chief Innovation officer Howard Silby told AFR. Source
National Australia Bank (NAB) is set to become the second “Big 4” Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network. Set to launch sometime in mid-2023, the AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit trading, according to a Jan. 18 report from the Australian Financial Review (AFR). NAB’s chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin on Ethereum — which is backed 1:1 by the Australian dollar (AUD) — was based on their belief that blockchain infrastructure…