Chu says CBDCs “can serve as the operational basis for tokenization” as traditional financial institutions increasingly experiment with digitizing real-world assets. But these innovations may also pose significant risks to financial stability, consumer protection, anti-money laundering measures and market integrity, Chu warned. Source
BBVA Switzerland has migrated its crypto custody services to Ripple-owned infrastructure provider Metaco. Under the collaboration agreement, BBVA Switzerland will be using Metaco‘s Harmonize platform to connect between multiple blockchain networks, according to a press release published on Dec. 7, 2023. With Metaco, the Swiss branch of the BBVA banking group wants to expand its services beyond Bitcoin and Ethereum networks for fund managers and large companies, that need to “explore new business opportunities and opportunities to exchange value in a digital environment,” BBVA Switzerland says. In addition to custodian…
Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is continuing to consider its introduction. The central bank is seeking feedback from businesses and academics and will continue to work on platform design, Deputy Governor Mei-lie Chu said on Dec. 7. In a lengthy speech at an event for bankers, Chu outlined what she called Banking 4.0, or “services embedded in customers’ daily lives,” including the integration of artificial intelligence and advanced mobile and digital technology into banking. She devoted about half of…
That increasing size could pose risks for the wider financial environment, the bank said. The boom could “increase the interconnectedness of markets for crypto assets and traditional financial assets (since they are represented on the same ledger); and create direct exposures for systemic institutions,” the report said. Source
Saxo Bank expects crude oil to hit $150 per barrel in 2024 while the Japanese economy to grow by a staggering 7%. As the year draws to a close, Wall Street banks are unveiling their forecasts for 2024, and Denmark’s Saxo Bank has once again embraced its annual tradition of presenting outrageous predictions. Termed as “unlikely but underappreciated events,” these forecasts could potentially shake the global economy and elevate volatility in financial markets. Topping the list of Saxo Bank’s eccentric predictions for 2024 is the victory of Robert F. Kennedy…
Brazil’s largest lender, Itau Unibanco, announced its entrance into the crypto market by introducing a trading service for clients on its investment platform. The initial offering includes trading in Bitcoin (BTC) and Ether (ETH), with plans to incorporate additional cryptocurrencies. According to the announcement, the decision would position Itau to compete with local entities like crypto exchange MB, investment bank BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market. “Our initial focus is on Bitcoin, but our broader strategic plan involves expanding to other crypto…
Reuters said the launch of the BTC and Ether trading services by Unibanco comes a few months after two of the country’s companies exited the crypto market. Brazilian banking giant Itau Unibanco has joined the crypto bandwagon with the launch of digital asset trading services for customers as part of its investment platforms, Reuters reported Monday, citing an interview with the company’s digital asset head Guto Antunes. According to the report, the financial services company, standing as one of the largest lenders in Latin America, is commencing its foray into…
Brazilian bank Itau Unibanco has launched a cryptocurrency trading service for its clients as part of its investment platform, Reuters reported on Dec. 4. Itau, the largest bank by assets in Brazil and one of the leading lenders in Latin America, is debuting crypto trading with Bitcoin (BTC) and Ether (ETH), digital asset head Guto Antunes reportedly said. In the future, the bank plans to add more cryptocurrencies for trading, he noted. “It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the…
The transition began at the company headquarters in Switzerland, with plans for an eventual change of name and transformation across other offices located in financial hubs like Abu Dhabi, Hong Kong, and Singapore. The cryptocurrency bank, formerly known as Seba, is embarking on a major rebranding effort as it transitions to a new name – Amina Bank. The change comes following confusion with another bank in Sweden named SEB. The report stated that there was an agreement to adopt a fresh identity to stop whatever confusion the identical names may…
Major Swiss cryptocurrency-enabled bank Seba is changing its name amid growing ambitions to expand its trading services worldwide. Seba Bank AG has rebranded to Amina Bank AG, the firm announced to Cointelegraph on Nov. 30. “We opted to change our name from SEBA Bank due to similarities with SEB Bank in Sweden. SEB Bank and SEBA Bank agreed to a name change in 2023,” Amina CEO Franz Bergmueller told Cointelegraph. The new name, Amina, stems from the term “transamination,” meaning the transference of one compound to another, the firm said…