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How Global Stablecoins Can Promote Financial Stability in the World

In the past year, three major financial oversight bodies have voiced concerns about threats to financial stability purported to be posed by stablecoins. While acknowledging the potential for enhanced payments efficiency, reports from the Bank for International Settlements, the United States Federal Reserve and, most recently, from the Financial Stability Board all emphasize numerous risks under the banner of “financial stability.” The concern is with global stablecoins, which the FSB defines as having...

Crypto Custodians Waiting on Regulators to Act

The business of cryptocurrency custody is getting more competitive and lucrative by the day. The most recent announcement has come from Switzerland, where local family-owned bank Maerki Baumann announced on May 29 that it had expanded its cryptocurrency services through the introduction of crypto custody and trading. The private bank first announced its crypto initiatives in 2019 by extending business account services to blockchain companies.Thanks to regulatory approval from the Swiss Financial Market...

‘We Have the Ability to Create Money Digitally’

Chair of the United States Federal Reserve Jerome Powell recently spoke about measures taken during the financial crisis, with many on Twitter viewing his remarks as evidence of the need for cryptocurrency.In a May 17 interview on 60 Minutes, Powell spoke to news anchor Scott Pelley, saying the Fed had essentially flooded the economy with money printed in response to the Dow Jones falling in March and investors turning away from U.S. Treasuries.According...

Multicoin Says ‘Super Apps’ Plan Behind $1.5M DeFi investment

Blockchain and cryptocurrency venture capital firm Multicoin Capital has led a $1.5 million seed round for Chinese decentralized finance (DeFi) protocol dForce. Mable Jiang, the principal of crypto venture capital firm Multicoin Capital, told Cointelegraph that dForce’s plan to launch a "super-app"-styled DeFi platform in the Asian market was a major factor in the firm’s decision.An Asian super app like WeChatJiang emphasized dForce’s presence within the Asian and Chinese markets as a draw,...

South Korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future.According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January, 2020.KBDAC trademark application for crypto-related industriesIn the application to the Korean Intellectual Property Office, the bank expresses its desire to...

Silvergate Bank Clients Experience Money Transfer Issues from Fedwire

A cryptocurrency-friendly firm is having problems receiving money transfers.According to sources available to Cointelegraph, clients at Silvergate Bank have been experiencing issues with certain types of wire transfers since Friday. The firm has stated an outage by their payment processor, Fedwire, is responsible for the drop in service. CEO Alan Lane confirmed the bank has been having trouble processing payments from some clients, but stated this did not affect users who already had...

STO Platform’s Registration with Traditional Bank Helps Move Security Tokens Forward

Security token offering (STO) platform, Blockpulse, has obtained registration with the ACPR Bank of France.Blockpulse “registered at ACPR Banque de France with its partner, Lemonway, the leading European digital payment solution for investment platforms,” Blockpulse COO Marien Irzykiewicz told Cointelegraph. The company also alleges that the outfit is the first STO platform to achieve registration with the french entity.Confirmation of their registration is available on the ACPR Bank of France registry.STOs are...

Chrono Tech Launches Australian Dollar Stablecoin in Spite of ‘Big Four’ Banks

Australian blockchain firm, Chrono Tech, has been experiencing difficulties securing a banking partner amid the launch of an Australian dollar (AUD)-pegged stablecoin earlier this month.The AUD Token (AUDT), available on Chrono Tech’s platform, can be redeemed 1:1 for Australian dollars held by a licensed Australian bank. However, as Chrono Tech’s CEO, Sergei Sergienko, reveals, securing a banking partner was not easy.In an interview with Cointelegraph, Sergienko discussed his company’s transition from planning...

Italian Bank Opens Bitcoin Trading to 1.2 Million During Lockdown

Growing crypto adoption and the COVID-19 outbreak has encouraged Italy’s Banco Sella to launch a Bitcoin trading serviceThe trading is conducted via the bank’s Hype platform, with the bank acting as an intermediary to mitigate against potential security risks with cryptocurrency exchanges. With the country in lockdown and everyone stuck at home, the bank is capitalizing on a growing interest in Bitcoin as a safe way to transfer money internationally in the...

China Everbright Bank Uses Ant Financial’s DLT for Supply Chain Finance

China Ever­bright Bank (CEB), a major commercial bank in China and one of the world’s largest public companies, is debuting a blockchain-based supply chain finance solution by Ant Financial.Ant Financial, the financial arm of Chinese e-commerce giant, Alibaba, has partnered with CEB to collaboratively implement Duo Chain — a network services platform designed to handle supply chain-related financial transactions.Ant Fi­nan­cial started working on the Duo Chain in 2019CEB and Ant Financial initially...
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