Tag: Bank

World Bank Blockchain Bond Debut

The World Bank International Bank for Reconstruction and Development (IBRD) has taken a pioneering stride in the realm of blockchain and digital finance, spearheading a groundbreaking €100 million digitally native note (DNN) issuance.  Facilitated by Euroclear’s cutting-edge distributed ledger technology (DLT) issuance platform, this monumental event has garnered significant attention across the global financial landscape. The announcement of the listing of the blockchain bond on the Luxembourg Stock Exchange has marked a significant milestone in the financial industry. Notably, Citi played a pivotal role as the issuing and paying agent,…

Euroclear launches digital securities issuance service, settles World Bank bond

Euroclear has launched a digital securities issuance service and settled a 100-million-euro ($106 million) digital World Bank bond. This is the first step in the Brussels-based settlement house’s digital infrastructure strategy, it said. The three-year bond, which is being called a digitally native note, was issued by World Bank lending arm International Bank for Reconstruction and Development to raise funds for sustainable development. It was listed on the Luxembourg Stock Exchange and was completed on Oct. 23. Related: Europe drives institutional crypto adoption: Blockchain Expo Amsterdam Euroclear’s digital infrastructure is…

Standard Chartered’s SC Ventures and Deutsche Bank Make History with UDPN

To demonstrate the potential of UDPN, Standard Chartered’s SC Ventures and Deutsche Bank conducted a trial. Standard Chartered’s SC Ventures and Deutsche Bank have achieved a significant milestone by completing the first Proof of Concept (PoC) for the Universal Digital Payments Network (UDPN). This groundbreaking initiative aims to revolutionize the way digital payments are conducted by connecting payments across various Central Bank Digital Currency (CBDC) and blockchain networks, using a messaging system similar to Swift. The Birth of UDPN UDPN is not the brainchild of Standard Chartered and Deutsche Bank…

Schwab bank deposits down 30% YoY, Bitcoin up 50%

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The Charles Schwab Corp. is experiencing a decline in customer deposits amid the rising interest rates in the U.S., while Bitcoin (BTC) is up by 50% year-over-year. Schwab’s financial odyssey Charles Schwab, recently spotlighted by Finbold, has experienced a notable decline in bank deposits, even as the price of BTC continues to rise significantly. The firm, known for its Bitcoin skepticism, reported disappointing third-quarter (Q3) results: consumer bank deposits saw a 28% year-on-year. Charles Schwab also recorded a 23.5% drop in net interest revenue. Overall revenue hovered at around $4.61 billion…

Argentine central bank to introduce digital peso bill ‘as soon as possible’

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After a series of remarks about the potential benefits of a central bank digital currency (CBDC) for the national economy, the Central Bank of the Argentine Republic said it has accelerated its work on legislation to implement the CBDC workflow in the country.  On Oct. 18, during a public discussion on the Filo News channel, Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed that the central bank is working on the legislative framework for the digital peso CBDC project recently proposed by the Minister of Economy and presidential candidate Sergio…

When Will The Bitcoin Bear Market End? US Mega Bank Has The Answer

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In a recent development, leading investment bank Morgan Stanley has weighed in on when the lingering Bitcoin bear market is likely to end. Interestingly, they share some similar views with analysts who have made predictions in the past.  Bitcoin Halving A Major Factor In an article released by the investment bank, Morgan Stanley highlighted Bitcoin’s importance as the leading crypto and how the Bitcoin Halving, which is set to take place in April 2024, could affect its price and other crypto tokens by extension.  Bitcoin halving is a deflationary measure…

Standard Chartered Bank to Launch Crypto Custody Service in Dubai

Starting from the first quarter of 2024, the crypto custody service will be operated by Zodia Custody – the leading institution-first digital asset custodian by Standard Chartered. British multinational services company Standard Chartered PLC (LSE: STAN) is planning to launch a crypto custody service for Bitcoin (BTC) and Ethereum (ETH) to institutional clients in Dubai, UAE. The service will be available as soon as the first quarter of 2024. In addition, the bank has ambitious plans to establish a cryptocurrency settlement network. Standard Chartered marked its presence in the UAE back in…

UK Inflation Holds for September Following as Bank of England Suspends Further Interest Rate Hikes

The UK Chancellor of the Exchequer Jeremy Hunt is optimistic that inflation would ease. UK inflation came in for September at 6.7%, higher than expectations set by analysts. Also, inflation in the UK remained unchanged from August. While inflation remained unaltered, the UK’s headline consumer price index (CPI) met expectations from economists polled by Reuters. The economists predicted a monthly increase of 0.5% and an annual 6.6%. For core CPI, the UK’s figure fell to 6.1% year-on-year (YoY), higher than the 6% expected but lower than the 6.2% in August.…

Bank of America Beats Expectations with Strong Q3 2023 Profit

Bank of America, once expected to be a major beneficiary of rising interest rates, has faced unexpected challenges in 2023. In a recent earnings report, Bank of America Corp (NYSE: BAC) showcased its resilience and financial strength, surpassing analysts’ expectations for the third quarter of the year (Q3 2023). Exceeding Earnings Expectations The North Carolina-based banking giant reported robust earnings per share and impressive revenue figures, further cementing its reputation as one of the leading financial institutions in the United States. One of the standout achievements for Bank of America…

Saudi Central Bank urges IMF to address crypto-related risks

Ayman Alsayari, the governor of the Saudi Central Bank (SAMA), is encouraging the International Monetary Fund (IMF) to regulate cryptocurrency. “We need good supervision, regulation, and coordination of crypto currency activities,” Alsayari said at a recent event in Marrakech, Morocco, where the IMF Annual Meetings were held from Oct. 9-15. “In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.” According to Saudi Gazette, the G20 Roadmap — unveiled at the G20 Finance Ministers and…