In an industry where counterparties are tightly bound together by a weave of debt and leverage, dominoes can fall fast and hard. Source
Behind Voyager’s Fall: Crypto Broker Acted Like a Bank, Went Bankrupt
Tag: Bank
France Starts Second Stage of Wholesale CBDC Experiments, Central Bank Governor Says
Retail CBDCs, issued directly by a central bank to a country’s citizens, who can use them to purchase goods and services, can theoretically cut out traditional intermediaries like commercial banks, Galhau said, addressing a more contentious type of CBDC. Source
Bank of Russia opposes private stablecoins in the country
In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country’s Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country. According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov. Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like “the ruble, gold,…
100-Year-Old Pennsylvania-Based Bank Approved to Leverage Makerdao’s Stablecoin Vault – Defi Bitcoin News
Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance vote that provides “collateral integration from a U.S.-based bank.” The Makerdao governance vote passed by a majority vote of more than 87%, and it allows the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault. Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million According to a Makerdao governance poll breakdown, the community has approved a collateral integration proposal with the…
Dutch bank ING sells digital asset tool Pyctor to GMEX
ING Group, Dutch multinational banking and financial services corporation, has spun out its digital asset business Pyctor to multi-asset trading infrastructure firm GMEX. GMEX has acquired ING’s institutional-grade digital asset custody solution Pyctor in a multi-million dollar deal, the companies said in a joint announcement on Monday. The Pyctor offering compliments GMEX’s MultiHub service, an institutional cross-platform business launched last year with the mission to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi), GMEX CEO Hirander Misra told Cointelegraph. Pyctor expands MultiHub with a number of digital…
What Happens If a Crypto Platform Such as Coinbase or Celsius Goes Bankrupt? | WSJ
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains. Photo illustration: Jordan Kranse More from the Wall Street Journal: Visit WSJ.com: Visit the WSJ Video Center: On Facebook: On Twitter: On Snapchat: #Crypto #Coinbase #WSJ ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version
Crypto needs regulation to mitigate risks, says Bank of England exec
Bank of England (BoE) deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations — similar to conventional financial systems — to tackle risks within the crypto ecosystem while improving investor confidence. Speaking at a press conference, Cunliffe highlighted the recent downfall of the Terra ecosystem, pointing out that cryptocurrencies that fail to maintain their value induce stress across crypto markets. He compared his idea for a crypto regulatory framework to similar instances in traditional finance wherein regulations shelter investors from unrecoverable losses, adding: “For me, it underlines…
ING Bank Spins Off Its Cryptocurrency Custody Platform to GMEX Group
“It made sense for ING to spin Pyctor out and then it becomes much more neutral,” said Misra in an interview. “We’ve got a strong go to market with the likes of AWS and others, and the bank can capitalize on that. These networks are all about wider adoption, so getting beyond a single player or a small set of players.” Source
Binance Gets VASP License From the Bank of Spain – Regulation Bitcoin News
Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange operate in compliance with the local laws. This certification means that the exchange is currently complying with its AML/KYC processes required by the government of the country. More than 17 companies have received this certification by now. Binance Gets Operating License From the Bank of Spain Binance, the cryptocurrency exchange, has received the certification of the Bank of Spain to operate as a Virtual Asset Service…
Bitcoin Skeptic Peter Schiff Will Sell Troubled Euro Pacific Bank for BTC if Regulators Let Him – Featured Bitcoin News
Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if the Puerto Rican regulators let him sell it. “My bank was not put into receivership for being insolvent. It was put there for being under-capitalized,” the bitcoin skeptic said. Peter Schiff Says He’s Willing to Sell His Bank for Bitcoin Bitcoin skeptic and gold bug Peter Schiff is still trying to sell his bank, Euro Pacific. However, the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended…