Blockchain 

Germany’s Largest Bank Joins JPMorgan’s Blockchain Network

Germany’s largest bank, Deutsche Bank, has joined JPMorgan’s blockchain-based network, the Interbank Information Network (IIN). Two years in operation Launched as a pilot in 2017, the JPMorgan-led blockchain initiative now has a network of 320 banks that have entered the platform to swap global payments data using the Ethereum network, the Financial Times reported on Sept. 15. Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other large banks to join IIN. According to the report, Deutsche Bank is the world’s…

Read More
Bitcoin 

New Bitcoin Trading Record as Biggest Bank Embraces Petro

Venezuela’s largest bank, Bank of Venezuela (BDV), has added support for the country’s controversial Petro digital currency.  Bank of Venezuela hints at crypto wallet As cryptocurrency news outlet Decrypt reports on Sept. 13, BDV clients have discovered a new section in their online banking account dedicated to cryptocurrencies.  At present, the publication states, the only crypto wallet only caters to Petro, but as the section appears under development, speculation suggests more tokens may follow. Petro, launched by the Venezuelan government, is notionally pegged to the country’s oil reserves. The subject…

Read More
Blockchain 

Swiss National Bank President Says Stablecoins Could Hamper Policy

Swiss National Bank (SNB) President Thomas Jordan said that stablecoins pegged to foreign currencies could hamper Switzerland’s monetary policy in some circumstances. Cryptocurrencies’ limited use as payment instruments On Sept. 5, Jordan spoke at the University of Basel, saying that he is convinced that cryptocurrencies are of limited use as payment instruments, stores of value and units of account, as they are subject to major fluctuations. Jordan went on to say: “Crypto tokens are more like speculative investment instruments than ‘good’ money in terms of their characteristics. Users typically describe…

Read More
Blockchain 

PNC Bank Using Ripple XCurrent — Is Interest in Blockchain Rising?

Stablecoins have a goal of putting an end to the recent volatility of the crypto market — and in doing so, they have opened the door to crypto usage for institutional investors, which has long been considered an important milestone on the road to mainstream adoption. One of the ways that institutional investors are looking to implement crypto solutions is in cross-border payments and remittances.  The RippleNet blockchain is one such product, which aims to reinvent how these payments are made. Recently, Cointelegraph reported that PNC, the United States’ eighth-largest…

Read More
Bitcoin 

Germany’s Bitwala Launches All-In-One Mobile Bitcoin Bank App

On Aug. 29, German blockchain-based banking startup, Bitwala, announced the launch of its smartphone app for Bitcoin banking on iOS and Android. Customers in over 30 European countries can now open a German bank account with integrated Bitcoin wallet and trading.  Open an account directly from within the app in minutes The onboarding process for new customers has been directly integrated into the app. It uses a video identification feature, with which residents throughout the European Economic Area can verify and open an account within minutes. Bitwala CTO, Benjamin James…

Read More
Ethereum 

Switzerland’s First Licensed Crypto Bank is Eyeing Singapore Next

Sygnum is in talks with local regulators to seal a banking license in Singapore, Bloomberg reported on Aug. 28. The cryptocurrency firm has only just been issued a conditional banking and securities dealer license in Switzerland — and now aims to become a fully regulated bank on the island nation so it can provide a full suite of financial services. Becoming a full-fledged, regulated crypto bank Sygnum co-founder and chief strategy officer Gerald Goh said its application for the Singapore license will get underway once it becomes a fully fledged Swiss…

Read More
Blockchain 

HSBC Is First Bank to Finance Transaction via Hyperledger on we.trade

Multinational banking giant HSBC has reportedly become the first bank to complete financing transaction on European blockchain trade platform we.trade. Since we.trade started the project back in 2017, HSBC recently financed a transaction on the platform within a second round of pilots that started in June 2019, economics magazine Global Trade Review (GTR) reported on Aug. 22. The transaction involved HSBC’s client Beeswift, a Midlands-based producer of protective equipment, and their sale to a Rabobank-banked Dutch firm, the report notes. Based in Dublin, we.trade provides a Hyperledger Fabric-based tool for…

Read More
Bitcoin 

Brazil Central Bank Adopts IMF Guidelines for Crypto Classification

The Central Bank of Brazil has moved to classify bought or sold cryptocurrency assets per International Monetary Fund (IMF) guidelines. Brazil’s central bank announced its decision on Aug. 26. With the new classification under IMF standards, traded cryptocurrencies will be classified as non-financial products and as such, will be accounted as goods on the central bank’s balance sheet. A central bank balance sheet, just like a regular bank’s balance sheet, summarizes its financial position, and is made up of assets, equity and liabilities. Since purchasing and selling cryptocurrency involves the…

Read More
Bitcoin 

Estonia Grants Crypto Trading and Custody License to WEG Bank

German bank WEG Bank obtained a cryptocurrency trading and custody in Estonia. WEG Bank confirmed in a tweet published on Aug. 25 that it obtained a crypto trading and custody license in Estonia.  Estonia greenlights German bank to trade and hold crypto Furthermore, the firm also announced that it is now trying to take hold of a securities trading and custody license in Germany. The bank stated: “We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally…

Read More