The biggest news in the cryptoverse for Sept. 7 includes Signature Bank seeing outflows in the digital asset banking space totaling $4.27 billion, Ripple’s CBDC initiatives, and Coinbase’s proposal that could generate up to $24 million annual passive income for MakerDAO. CryptoSlate Top Stories Signature Bank suffers $4.27B deposit outflows as crypto uncertainty takes hold…
The Reserve Bank of India (RBI) is engaged in talks with fintech companies and four public sector banks to pilot Central Bank Digital Currency (CBDC) project, with a potential launch planned later in 2022, Moneycontrol reported Sept. 5. Fidelity National Information Services (FIS) is reportedly one of the companies the central bank is consulting. FIS offers…
Signature Bank has released its mid-Q3 update showing a decrease in spot deposit balances attributed to crypto outflows totaling $4.27 billion. “Digital deposit outflows are driven by the recent “crypto winter”, or downturn in cryptocurrency markets.” By contrast, non-crypto deposits increased to $2.64 billion quarter-to-date, with “specialized mortgage banking solutions” making up the bulk of…
Singapore’s largest bank DBS hinted at plans to open its cryptocurrency and digital asset services to 300,000 high-net-worth clients across Asia, the Financial Times reported. The leading bank received a virtual currency license from the Monetary Authority of Singapore in 2021 to offer crypto services to its clients. So far, DBS has offered the service…
Famous investor Simon Dixon recently described El Salvador’s Bitcoin policy as “very responsible” and said it could be the first domino to fall in bringing down the International Monetary Fund’s (IMF) “fiat-based Ponzi scheme” debt mechanism if it succeeds. Dixon summarized the world’s financial history to highlight that every financial crisis has led to countries…
The Director of Research at Coin Center Peter Van Valkenburgh raised an interesting point on Monday when he tweeted a screenshot from the SWIFT website detailing the entity’s role in sanctions enacted by “national authorities.” Comments on the tweet immediately compared the information to Ethereum’s role in processing transactions. Send tweet. pic.twitter.com/82IRrRLbDR — Peter Van…
Crypto-adaptive commercial bank BankProv is collaborating with crowdfunding marketplace Republic to offer escrow accounts to BankProv customers who want to raise funds on their platforms. Republic will be modifying BankProv’s Banking-as-a-Service (BaaS)service, which was outsourced from financial technology company Treasury Prime. With the new collaboration, Republic will use Treasury Prime’s API-based financial services to offer…
Digital Currency Group CEO Barry Silbert suggests that BlackRock’s bitcoin private trust makes it easier and safer for Central Banks around the globe to invest in Bitcoin. Following the launch of the bitcoin private trust on Thursday, Barry in his tweet presented fun facts about BlackRock’s business relationship with central banks and hinted that central…
Wells Fargo, the fourth largest bank in the U.S. by market capitalization, has released a special report entitled “Understanding Cryptocurrency,” which compares digital assets to the invention of “the internet, cars, and electricity.” The Internet of Value Produced by its Global Investment Strategy Team, the report published at the start of August bullishly called digital…
Amid the current market meltdown, Swiss wealth management firm Pictet Group is cautioning private banks against investing in crypto, Bloomberg News reported Aug 4. Speaking on a panel at the Bloomberg Asia Wealth Summit in Singapore, CEO of Pictet Group’s Asia wealth management arm Tee Fong Seng said: “Crypto will be an asset class that…