Tag: banking

Russia’s largest banks Sberbank and AlfaBank, are planning to pilot cryptocurrency investment portfolios for their clients. Russia’s Cryptocurrency Push According to Russian news site Kommersant, the banks concluded to “test boxed solutions for private banking, based on digital financial assets,” on June 13, 2018, during the discussion at the Digital financial assets for banks, funds, and large capital roundtable. Under…

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In its latest warning about the burgeoning cryptocurrency sector, the Bank of International Settlements (BIS) stated on June 17, 2018, that cryptocurrencies are not scalable and “are likely to face a breakdown in trust” as the number of people using digital currencies increases. Other concerns revolve around their inherently self-limiting design flaws, and the fact that they can neither handle…

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South Korea looks to blockchain technology to provide its next-generation digital identification system, according to a report on Korea JoongAng Daily. The new system proposed by the Korean Federation of Banks (KFB)  called BankSign, is a direct response to the recent move by the South Korean government in lifting its mandate stating that banks must rely on traditional methods of…

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Sachaknisay Sov is either a poor rural Cambodian with little access to the global economy or an early adopter of a technology solution that could sweep the world and raise two billion of its poorest people out of poverty. It depends on your perspective. Value In the Unbanked Market On one hand, Sov is a taxi driver in a small…

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The Japanese financial services behemoth, SBI Group, announced the launch of its in-house cryptocurrency exchange on June 4, 2018, following months of anticipation and delays. Delayed Plans In May 2018, BTCManager reported that SBI was looking to open Japan’s first banked-owned cryptocurrency exchange. Delays slowed plans due to security concerns following the loss of $432 million by Coincheck when it…

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IOTA has announced a partnership with Den Norske Bank (DNB) to explore useful solutions for Tangle Technology. IOTA revealed the collaboration via a press release on the IOTA Foundation website on May 31, 2018. Details of the Partnership The Norwegian is the largest financial group in the country with the market capitalization of $32 billion. IOTA and DNB plan to…

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The somewhat hyped Consensus 2018, witnessed a deep interest in a San Diego-based small community money-lender Silvergate Bank. It has been hailed as a lifeline for cryptocurrency exchanges and enterprises which have been shown the exit by Wall Street banks. The Lifeline for the Crypto Industry According to a report in CNBC, 2017 saw the tiny community bank more than…

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Two Canadian banks were in for a fix on May 28, 2018, after hackers gained access to account holders’ personal information, and threatened to sell it to interested parties unless a ransom was paid in XRP, Ripple’s native token. Hackers Infiltrate Bank Systems with Ease According to a report, Simplii Financial and Bank of Montreal (BMO) learned that personal information…

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Bancoestado, the only state bank in Chile, has reopened the accounts of cryptocurrency exchanges in the country. The move comes after a court directed banks to resume normal banking services to two cryptocurrency exchanges, Cryptomkt and Buda.com. Court Directs Banks to Resume Banking Services Chile’s Tribunal for the Defense of Free Competition (TDLC) passed an order in April 2018 directing…

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On May 27, 2018, ConsenSyS announced the selection of five rural banks in the crypto-friendly Philippines to try out its blockchain-based real-time payments solution. Banking the Unbanked The Union Bank of the Philippines has joined forces with the ConsenSyS blockchain startup to change the faces of five rural banks in the Mindanao region. The project dubbed “i2i,” shorthand for “island-to-island,”…

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