Silvergate CEO Alan Lane wrote a Dec. 5 public letter to reassure stakeholders that the firm employs the best due diligence process and has a robust risk management control. Silvergate addresses FTX, Alameda exposure Lane wrote that the financial institution conducted “significant due diligence on FTX and its related entities, including Alameda Research, both during…
Silvergate Company in North America Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry which is based in La Jolla, California. Learn More Info Twitter LinkedIn
According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings. The report stated that Bitcoin’s value stems from mere speculation, and its recent stability was the result of price manipulation. Despite being touted as a revolutionary payment system and an investment asset,…
Crypto custodian BitGo has been nominated as the official custodian to safeguard the remaining funds at FTX. Acting CEO John Ray III selected BitGo to take custody of the assets of the crypto exchange for the duration of the bankruptcy proceedings. FTX filed a motion to acquire a custodian in relation to the bankruptcy process…
The Reserve Bank of India (RBI), the country’s central bank, is finalizing the rollout of the retail digital rupee pilot, the Economic Times of India (ETI) reported on Nov. 19. The RBI initiated the wholesale central bank digital currency (CBDC) pilot on Nov. 1 to test its usage in settling transactions in government securities. At…
Silvergate Company in North America Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry which is based in La Jolla, California. Learn More Info Twitter LinkedIn
Binance CEO Changpeng Zhao, or CZ, recently announced that Binance will start proof-of-reserves to support “full transparency.” CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves. According to the CEO, fractional reserves are suited to traditional banks and not crypto companies. All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto…
Multinational investment bank Standard Chartered announced a financial commitment to JP Morgan-backed blockchain protocol, Partior. With the investment, Partior will gain support from the financial institution to enhance its international outreach. This development will allow Partior to broaden its currency offerings beyond the first slate of eight global currencies – USD, SGD, GBP, EUR, AUD,…
The Innovation Hub of the Bank for International Settlements (BIS) is leading a project to explore the use of Defi protocols to automate foreign exchange markets and settlement, CBDC payments via automated market makers (AMMs), according to a Nov. 2 blog post. Named Project Mariana, its participants include the Bank of France, the Swiss National…
JPMorgan has executed the first live trade on public blockchain as part of the Monetary Authority of Singapore (MAS) Project Guardian. The banking giant completed the transaction using DeFi, Tokenized Deposits, and Verifiable Credentials. Project Guardian is an initiative of MAS with financial institutions such as JP Morgan, Marketnode, and DBS Bank Ltd. Its focus…