Tag: Bank

Digital Bank Revolut’s Crypto Exchange Goes Live for Experienced Traders

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This State-Owned German Bank Enters Crypto With New Blockchain-Based Digital Bond

German state-owned development bank Kreditanstalt für Wiederaufbau (KfW) is gearing up to issue its first blockchain-based digital bond, marking a significant milestone in adopting crypto technology within the financial sector.  According to a recent report by Bloomberg, KfW has already successfully issued a digital bond as a central register security in compliance with the German Electronic Securities Act (eWpG). The bank is preparing to take the next step by offering a blockchain-based bond to attract a wide range of investors. Streamlined Crypto Bond Offering Treasurer Tim Armbruster expressed optimism about…

Nigeria Cryptocurrency Clampdown: Central Bank Directs Fintech Firms to Stop Opening New Accounts

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The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s directive with a current audit of the Know Your Customer (KYC) procedures implemented by these firms. Fintech […] Source

Philadelphia’s Republic First Bank Closed by Regulators, Assets Assumed by Fulton Bank

In the wake of a turbulent period for U.S. banks, the Pennsylvania Department of Banking and Securities has shut down Philadelphia-based Republic First Bank, also known as Republic Bank. The Federal Deposit Insurance Corporation (FDIC) has stepped in as receiver, with Fulton Bank assuming nearly all deposits and assets. Republic First Bank Shuttered as FDIC […] Source CryptoX Portal

Republic First Bank Fails, Triggers Minor Crypto Market Downturn Amid Banking Sector Concerns

The United States witnessed its first banking failure of 2024 with the closure of Philadelphia-based Republic First Bank, creating ripples within the cryptocurrency community as Bitcoin, Ether, and various altcoins experienced slight price drops following the announcement. This event has spurred discussions among crypto enthusiasts and investors, with some seeing bank failures as a compelling […] Source CryptoX Portal

Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves

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The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central bank’s currency reserves. He stated that no decision has been made yet to invest in bitcoin, underscoring the necessity for currency reserves to be liquid, sustainable, and easily tradable, given their use in international payments. Swiss National Bank on […] Original

Custodia Bank Appeals Court Loss in Fed Membership Lawsuit

“Unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system,” Judge Scott Skavdahl wrote last month. “And in that scenario, one can readily foresee a ‘race to the bottom’ among states and politicians to attract business by reducing state chartering burdens through lax legislation, allowing minimally regulated institutions to gain ready access to the central bank’s balances and Federal Reserve services.” Source

Nigerian Central Bank Disavows Letter Directing Banks to Sever Ties With Crypto Exchanges

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The Central Bank of Nigeria (CBN) has disavowed a letter that allegedly instructed financial institutions to sever ties with four global cryptocurrency exchanges. The central bank stated that the letter did not originate from its office and recommended that individuals interested in “authentic updates” refer to its official website. Fake Content The Central Bank of […] Source

How a Conservative German Bank Offering Crypto Makes Sense

The current institution emerged in 1999 as the result of a merger, but the family tree goes back as far as 1818. Despite being owned by the Federal State of Baden-Württemberg, the Savings Bank Association of Baden-Württemberg, and the City of Stuttgart, LBBW has typically been more aggressive than many of its peers. It is one of the largest participants in Germany’s bond market, one of the largest real estate lenders in Germany, and yet can still boast high debt ratings. Source