Cryptocurrency Analysis and News Portal
FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end. The repercussions are severe, with over a million people and businesses owed money following the collapse of the
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In a press statement following the collapse of crypto exchange FTX, the Bank Policy Institute, which represents big banks, said in a statement that “as FTX files for bankruptcy after failing to secure a bailout, policymakers should ensure they do not embed crypto firms in the heart of the financial
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The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets. Most recently, JPMorgan demonstrated how DeFi can be used to improve
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“Overall, banks’ interest in offering crypto-asset trading to their customers still seems, to me, to be limited,” Branson said in an interview posted on the ECB website, saying that blockchain technology needs to move from being merely “promising” to being “effective and scaleable.” Source
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Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC) decided to prioritize five key policies this year, which
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The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC.In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central
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The 12-week proof-of-concept pilot program will explore the use of a platform known as the regulated liability network, or RLN, whereby banks issue tokens that represent customers' deposits that are settled on a central bank reserve on a shared distributed ledger. Original Source
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Bitcoin (BTC) investors are more likely enticed by the cryptocurrency’s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests. In a “BIS Working Papers” report published on Nov. 14, the central bank
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Binance founder and CEO Changpeng CZ Zhao is looking into potentially buying banks as a way of bridging the gap between the worlds of traditional finance and crypto, according to an interview Zhao did with Bloomberg at the Web Summit conference in Lisbon. Zhao did not name any specific targets,
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Singapore has quietly been playing host to some of the most advanced explorations into cryptocurrency and decentralized finance (DeFi) ever done by big banks, institutions and regulators. Source
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