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Barclays and JPMorgan Contribute $55M into Funding Round for $4.5B Insurance Tech Giant Wefox

Despite the troubled tech space, German InsurTech firm Wefox recently raised $110 million in debt financing and fresh equity funding.  On Wednesday, May 17, insurance technology startup Wefox announced $110 million in funding from investors, including JPMorgan (NYSE: JPM) and Barclays (LSE: BARC). According to Wefox, the American and British banking giants contributed half of

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BlockFi used customer money to buy $30M insurance, creditors claim

Disgruntled creditors of the bankrupt cryptocurrency lending firm BlockFi have submitted a new court filing in response to the company’s latest restructuring plan.On May 12, BlockFi outlined its Chapter 11 reorganization plan in a filing with the United States Bankruptcy Court in Trenton, New Jersey. The firm said that selling

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Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.’s Greg Foss – Bitcoin News

On May 4, in a recent Youtube video, Validus Power Corp.’s executive director, Greg Foss, discussed the potential for the banking industry’s failures to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” such as real estate, gold, and bitcoin. He believes that bitcoin, the leading

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Blockchain in the Insurance Industry: Transforming and Innovating Opportunities

Introduction to Blockchain and InsuranceBlockchain technology has been making waves across various industries, promising unprecedented levels of security, transparency, and efficiency. The insurance industry, a critical pillar of the global economy, is no exception. With an increasing number of use cases emerging, blockchain has the potential to transform the insurance

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Chinese state insurance firm launches two crypto funds in Hong Kong: Report

The Chinese government appears to be more bullish on the cryptocurrency industry than one might think, as a major state company is reportedly launching new cryptocurrency funds.CPIC Investment Management, a subsidiary of China Pacific Insurance (CPI), is launching two crypto funds in partnership with the investment firm Waterdrip Capital, the

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Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors – Bitcoin News

Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the

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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B – Bitcoin News

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across

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Midsize US Banks Ask Regulators to Extend FDIC Insurance to All Deposits for 2 Years Before Another Bank Fails – Regulation Bitcoin News

The Mid-Size Bank Coalition of America has asked federal regulators to extend FDIC insurance to cover all deposits for the next two years. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the group claimed.

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US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report

The Mid-Size Bank Coalition of America (MBCA) has reportedly asked United States federal regulators to extend insurance on all deposits for the next two years.According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation

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