#banking News

Fusion (FSN) Included in the Report of the European Central Bank

February 11, 2021 by Dalmas Ngetich at Altcoins

The European Central Bank's 2020 report (dated December) points to the urgent need for cryptocurrency to be introduced into everyday life. 2021 is a year of global changes in the economy of the whole world. The ECB is investigating issuing a digital Euro and a recent report suggests they are...

Bitpanda-Backed Project Partners with Austrian Bank for Blockchain Interoperability

October 27, 2020 by Dalmas Ngetich at Blockchain

A project backed by Bitpanda, a Fintech company offering digital currency trading with bases in Austria, has partnered with Raiffeisen Bank International (RBI), a corporate and investment bank with a presence in 13 markets across Central and Eastern Europe, to roll out a blockchain Proof-of-Concept for banking interoperability and give...

Banking on Crypto; Are Banking Licenses the Next Step Towards Adoption

October 14, 2020 by Ogwu Osaemezu Emmanuel at Altcoins

When the cryptocurrency industry first took root, it was a mostly unregulated affair. Exchanges opened and operated with relatively minimal oversight, laws regarding cryptocurrency were non-existent and the use of cryptocurrency for crime was common. As the industry has matured, however, these issues have been addressed. More laws exist to...

OCC Authorizes U.S. Banks to Hold Stablecoin Reserves

September 22, 2020 by Anthonia Isichei at Regulation

The U.S. banking regulator has issued guidelines that will enable banks to offer services to stablecoin coin issuers in the country. Federal Financial Institutions to Offer Services to Stablecoin Issuers In an interpretive letter published by the Office of the Comptroller of the Currency (OCC) on Monday (September 21, 2020)...

South Korean Banks to Utilize Blockchain for Digital ID

Bank of Korea Acquires Samsung-backed Blockchain Authentication Certificate System

July 13, 2020 by Osato Avan-Nomayo at Blockchain

South Korea’s central bank has signed a memorandum of understanding (MoU) with the country’s Financial Settlement Service to take over the management of BankSign; a blockchain authentication certificate service. Central Bank Acquires BankSign According to The News Asia, the move is the latest step by the Bank of Korea (BOK)...

Signature Bank Reports 15% Transaction Volume Surge with Its Ethereum-Based Signet Blockchain Solution

June 25, 2020 by Ogwu Osaemezu Emmanuel at Ethereum

Signature Bank (SBNY: NASDAQ), a New York-based full-service commercial bank, announced that the private beta launch of Signet, its Ethereum-powered distributed ledger technology (DLT) payments solution enabled it to increase its transaction volume by 15 percent, reports Forbes on June 24, 2020. Seamless Payments with Blockchain Technology In a bid...

IsDB Partners with Samsung-backed Blocko to Offer Sharia Compliant Blockchain Lending

Samsung-Backed Blocko Partners IsDB to Offer Sharia Compliant Blockchain Lending

June 17, 2020 by Anthonia Isichei at Blockchain

The Islamic Development Bank’s (IsDB) research division has collaborated with Blocko, a blockchain technology company, to build a blockchain-powered credit system. Sharia-compliant Blockchain Lending According to a report by Construction Business News on Tuesday (June 16, 2020) IsDB’s Islamic Research and Training Institute (IRTI) together with Blocko, is developing a...

European bank uses stablecoin instead of SWIFT for cross-border transfers

European Bank Ditches SWIFT for USDC Stablecoin Citing Faster Transaction Settlement

June 11, 2020 by Aisshwarya Tiwari at Altcoins

A leading European blockchain bank – Bank Frick – is mulling ditching SWIFT for Circle’s USDC stablecoin to execute and settle payments more efficiently, Decrypt reports, June 10, 2020. Bank Frick Embraces Stablecoin USDC Liechtenstein-based Bank Frick the time-tested international interbank settlement service SWIFT for Circle’s USDC stablecoin. The bank...

U.S. Banking Regulatory Agency Seeks Synergy Between Crypto and Banks

June 5, 2020 by Anthonia Isichei at Regulation

The Office of the Comptroller of the Currency (OCC), the agency responsible for regulating banks in the United States, has requested public input into possible interface points between crypto and blockchain tech and mainstream banking architecture. OCC Regulatory Review Could Pave Way for Crypto Regulations In a press release on...

A powerful crypto standing in Argentina skyscrapers

Argentina: Central Bank Tests Blockchain Settlement Solution

April 21, 2020 by Osato Avan-Nomayo at News

Argentina's central bank in partnership with blockchain development firm IOV Labs is testing out a blockchain-based institutional solution for payment settlement and improved traceability. Argentina’s Central Bank Leverages Blockchain Technology According to Fintechzoom, South-American blockchain heavyweight IOV Labs has developed a proof-of-concept roadmap based on its RSK Smart Contract. The...

Over 50 Percent of Square Merchants Ready to Accept Bitcoin, Survey Shows

Bitcoin-Friendly Square Obtains Conditional FDIC Merchant Lending License

March 19, 2020 by Osato Avan-Nomayo at Regulation

The U.S. Federal Deposit Insurance Corporation (FDIC) has granted conditional approval for Square to function as an Industrial Loan Company (ILC). FDIC Grants Square’s Deposit Insurance Application According to a press release issued on Wednesday (March 18, 2020), the FDIC Board approved Square’s deposit insurance application to create a “de...

Smartphone with Ripple coming out of the screen

Thailand’s Oldest Bank Launches Mobile Banking with Ripple

January 10, 2020 by Ashwath Balakrishnan at Altcoins

Siam Commerical Bank, a 112-year-old financial institution, announced a mobile banking interface that facilitates cross-border transactions at a lower cost. Asia is the world leader in mobile banking with China and Thailand boasting 86 percent and 67 percent mobile penetration respectively. This is an important move for Ripple as they...

U.K.: Ziglu Cryptocurrency Bank Eyes 2020 Debut

January 6, 2020 by Aisshwarya Tiwari at Regulation

Mark Hipperson, the former head of Barclays, recently shared his plans of launching a new digital banking venture dubbed Ziglu in the U.K. in 2020. This, according to a report by San Francisco Tribe, January 6, 2020. Ziglu to Bolster the U.K. Financial System The U.K. has recently found itself...

Ripple (XRP) to Onboard Brazillian Banks In 2020

December 30, 2019 by Aisshwarya Tiwari at Altcoins

In a bid to further its business footprint in South America, blockchain-based payments company Ripple Inc. Is mulling inking more partnerships with Brazilian banks in 2020. This, according to a report by The Block, December 30, 2019. Ripple Looking to Tap the Brazilian Market Ripple Inc., the distributed ledger technology...

Beijing Warns Residents That Cryptocurrency Trading Isn’t Legal

December 27, 2019 by Ashwath Balakrishnan at Regulation

Amid the blockchain hype that has emerged in China after an endorsement from President Xi Jinping, China has warned its residents not to take this for a sign of cryptocurrency legalization. Various regulatory bodies in Beijing have come forth to issue warnings to firms and individuals not to trade in...

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