Banks

CEO of UBS: Blockchain Will Transform Cost Base of Financial Services Industry

2 months ago admin2 Comments Off on CEO of UBS: Blockchain Will Transform Cost Base of Financial Services Industry
The CEO of Swiss financial services provider UBS Group Sergio Ermotti said that blockchain will be essential for the financial services industry in an interview with CNBC June 18. Ermotti said that the underlying technology of cryptocurrencies will allow “ freeing up of resources to become more efficient,” adding that “ is a great way Read More

Why Chanda Kochhar needs to step down, according to an IIM-A professor

2 months ago admin2 Comments Off on Why Chanda Kochhar needs to step down, according to an IIM-A professor
Two of India’s most celebrated woman bankers have been in hot water for the last three months. Shikha Sharma, CEO of Axis Bank, the country’s third-largest private lender, stepped down reportedly following a strong signal from the Reserve Bank of India (RBI) that it was unhappy over rising bad loans and falling profits. The firm Read More

Circle Seeks Banking License, Trading Venue Registration to Expand Crypto Services

2 months ago admin2 Comments Off on Circle Seeks Banking License, Trading Venue Registration to Expand Crypto Services
Peer-to-peer payments platform Circle Internet Financial Ltd., is pursuing both a federal banking license with the Office of the Comptroller of the Currency (OCC) and registration as a brokerage and trading venue with the US Securities and Exchange Commission (SEC). The news comes from a Bloomberg report today, June 6. Robert Bench, COO of Circle Read More

South Africa’s Central Bank Pilots Tokenized Fiat Interbank Payment System

3 months ago admin2 Comments Off on South Africa’s Central Bank Pilots Tokenized Fiat Interbank Payment System
South Africa’s Central Bank (SARB) has successfully piloted a Proof-of-Concept (PoC) for an interbank payment system that tokenizes fiat using Quorum, according to an SARB press release published June 5th. Quorum is an Ethereum-based private blockchain. According to SARB’s report on the pilot, dubbed ‘Project Khokha,’ all of the bank’s goals were successfully achieved, the Read More

LexisNexis Partners With Australian Crypto Exchange Blockbid to Increase Security

3 months ago admin2 Comments Off on LexisNexis Partners With Australian Crypto Exchange Blockbid to Increase Security
Risk management giant LexisNexis has partnered with crypto exchange Blockbid to increase the exchanges security measures Blockbid reports on its Medium account June 4. Blockbid is reportedly one of the first trading platforms to voluntarily observe global anti-money laundering (AML) measures by partnering with LexisNexis and ThreatMetrix security technology firms. Boosting fraud prevention and know Read More

Norway’s Largest Bank to Explore Applications for IOTA’s Distributed Ledger Technology

3 months ago admin2 Comments Off on Norway’s Largest Bank to Explore Applications for IOTA’s Distributed Ledger Technology
DNB ASA (Den Norske Bank), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU), according to a press release May 31. DNB and IOTA will now reportedly cooperate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT). According to the press release, the two Read More

Hackers Demand $1 Million in XRP After Bank Data Theft

3 months ago admin2 Comments Off on Hackers Demand $1 Million in XRP After Bank Data Theft
Hackers who stole information on thousands of Canadian bank users have demanded $1 million-worth of the cryptocurrency XRP to not release the data trove. According to a CBC News report Tuesday, the two banks hit by the breach, Bank of Montreal and CIBC’s online bank Simplii Financial, have said that the personal information of a total of Read More

Fundstrat’s Lee Admits Poor Prediction of Bitcoin Rally, Still Expects $25k Price by Year End

3 months ago admin2 Comments Off on Fundstrat’s Lee Admits Poor Prediction of Bitcoin Rally, Still Expects $25k Price by Year End
Co-founder and head of research at Fundstrat Global Advisors, Thomas Lee has admitted that his prediction of a Bitcoin rally after the Consensus conference was wrong. Lee has claimed that the crypto market still “faces significant internal resistance and hurdles within traditional financial institutions,” Bloomberg reports May 18 Having accurately predicted the growth of crypto Read More

India: Supreme Court Denies Interim Injunction Against Reserve Bank Of India Restrictions

3 months ago admin2 Comments Off on India: Supreme Court Denies Interim Injunction Against Reserve Bank Of India Restrictions
The Supreme Court of India declined to grant an interim injunction against the Reserve Bank of India (RBI) circular banning banking services for companies dealing in cryptocurrency, according to a Twitter post by Crypto Kanoon May 11. Crypto Kanoon is a team of Indian lawyers engaged in crypto regulatory analysis and legal awareness. Supreme Court Read More

Bank Of America CTO Calls Bitcoin ‘Troubling’, Reconfirms Credit Card Purchase Ban

3 months ago admin2 Comments Off on Bank Of America CTO Calls Bitcoin ‘Troubling’, Reconfirms Credit Card Purchase Ban
Bank of America (BoA) doubled down on its decision to stop customers buying Bitcoin with its credit cards May 10. The bank’s official called cryptocurrency “troubling,” according to CNBC. Speaking to CNBC in an edition of the network’s Squawk Box segment, BoA’s CTO Kathy Bessant said that cryptocurrencies are “designed to be not transparent” and Read More