Articles about the traditional banking system and its involvement in the crypto industry. Banking has essentially functioned the same way for hundreds of years now without major changes to how the world handles money and trade — cryptocurrencies are trying to change this and evolve how humans trade with each other. Historically, most global banks have been averse to cryptocurrencies but open to the efficiencies that blockchain technology could introduce.
JPMorgan loses 3 executives to crypto industry jobs
Several top executives of traditional firms have left their jobs for web3 projects.
The case for Bitcoin strengthens as Chinese bank depositors riot over frozen accounts
Angry crowds gathered in Zhengzhou demanding access to their bank deposits. Some say self custody of Bitcoin is the answer.
Banking Circle adds USDC payments and fiat conversion
Banking Circle announced that it will allow payments in USDC as well as conversion of USDC to fiat currencies.
Banks’ exposure to risky cryptocurrencies should be limited to 1%, Basel Committee proposes
This means banks can hold 1% of its core reserves in cryptocurrencies. For banking mammoths like JP Morgan, this means billions of dollars.
Circle inks custody deal with New York Community Bancorp
This partnership will see New York Community Bank become a custodian of Circle’s USDC stablecoin.
Babel Finance suspends withdrawals due to “unusual liquidity pressures”
The crypto finance provider is pausing withdrawals and redemptions in response to harsh market conditions.
Fed hikes interest rate by 75 basis points; Bitcoin continues to trade above $20,000
Crypto market remained stable following the US Federal Reserve's decision to raise interest rates will be raised by 75 basis points.
Tether claps back at rumors surrounding its commercial paper portfolio
Tether stated that commercial papers constitute less than 25% of USDT’s backing, adding that it does not have lending exposures to Celsius and Three Arrows Capital.
FTX and Goldman Sachs reportedly in talks over derivatives trading
FTX.US president Brett Harrison says major futures commission merchants are open to the exchange’s proposal.
Tether remains unshaken despite $10 billion withdrawals in 2 weeks
CryptoSlate data shows that the circulating supply of USDT dropped to $73.3 billion on Monday from the $84.2 billion on May 11.
BNP Paribas joins JP Morgan’s blockchain to trade tokenized bonds
BNP Paribas will be able to borrow cash against tokenized U.S. treasury bonds for a few hours on J.P. Morgan's blockchain Onyx.
Goldman Sachs says the crypto crash will have a small impact on the U.S.
The 2022 crypto crash has deleted approximately $1 trillion from the market capitalization of the nascent sector.
South African central bank mulls digital rand to streamline cross-border payments
South African central bank's Deputy Governor Kuben Naidoo said a digital rand could reduce the cost of cross-border payments for banks.
President Nayib Bukele announces that 44 countries will meet in El Salvador to discuss Bitcoin
The President of El Salvador announced that he would be meeting with representatatives from 44 different countries to discuss Bitcoin, financial inclusion, digital economy and banking the unbanked.
Largest private bank LGT to offer direct Bitcoin and Ethereum investments
The crypto investment option would first be open to LGT clients in Liechtenstein and Switzerland.
Goldman Sachs recently offered its first Bitcoin (BTC)-backed loan
The large investment bank announced the opening of its first-ever loan facility backed by Bitcoin. This comes a few months after their $100k price forecast for the popular cryptocurrency.
EU traditional banking interest in crypto is going mainstream
A French bank opens digital asset investments for clients with others looking to follow