Blockchain 

Crypto-Friendly Mobile Banking Firm Revolut to Attempt Raising $500M+

British mobile banking firm Revolut is negotiating with investors to raise at least half a billion dollars next year, Reuters reports on Nov. 12. Since the end of 2017, Revolut’s app has allowed its users to complete transactions in cryptocurrencies including Bitcoin (BTC), Litecoin (LTC) and Ether (ETH). According to Reuters, Revolut plans to raise the funds next year to fuel its expansion and hire new personnel, and will expand its partnership with payment firms Visa and Mastercard. The firm’s co-founder and CEO Nikolay Storonsky said: “We want to raise…

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Blockchain 

Standard Chartered Banking Group Joins Ethereum Enterprise Alliance

International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance (EEA). In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets. Standard Chartered is latest EEA banking member “Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, commented. The EEA formed in March 2017 as a collaborative effort…

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Blockchain 

ESET Flags New Latin American Banking Trojan That Targets Crypto

Major Slovakia-based antivirus software provider ESET has discovered a banking trojan that can steal cryptocurrencies and is especially widespread in Latin America. Primary targets Known as “Casbaneiro” or “Metamorfo,” the newly found malware family targets banks and cryptocurrency services located in Brazil and Mexico, ESET’s editorial arm WeLiveSecurity reports Oct. 3. According to the report, Casbaneiro uses a social engineering execution method, which displays fake pop-up windows misleading potential victims to enter sensitive information. The capabilities of the malware are typical of Latin American banking trojans that can take screenshots…

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Blockchain 

Crypto Banking Regulation Around the World, First Signs of Growth

Banking is often seen as the antithesis of Bitcoin (BTC), the very industry the nascent protocol looks to defuse and disrupt. Ironically, many banks are desperately in need of the attributes and facilities afforded by cryptocurrencies — specifically blockchain, their underlying technology. Perhaps then, it’s not too surprising that more and more cryptocurrency banks are springing up, offering an alternative to tired legacy systems and allowing room for an emerging asset class. However, some significant hurdles remain for these emerging institutions. Regulatory uncertainties are rife within the world of cryptocurrency…

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Blockchain 

Coinbase Custody Adds New York Banking Regulatory Experts to Its Board

Coinbase Custody Trust Company has appointed two new members, previously of the New York State Banking Department and the New York Department of Financial Services, to its Board of Directors. Welcoming banking regulatory veterans Per a blog post published on Aug. 8, New York banking regulatory experts Richard Neiman and Robert Easton will now be a part of Coinbase Custody’s Board of Directors. The company claims Neiman and Easton to be particularly important for its further development as Coinbase Custody is regulated by the New York Department of Financial Services…

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Ethereum 

Crypto Banking Firm FairX Shuts Down Due to Lack of Financing

FairX, a financial services company involved with banking and digital assets, has shut down its operations as it failed to establish a licensed national bank. According to a FairX Twitter thread on July 19, the company has fallen short of setting up a licensed national bank due to a lack of funding. FairX was trying to raise funds for the planned bank over the past 14 months, which it described as: “… a new, licensed, fully regulated national bank, modeled as a financial market utility, that would work with individuals…

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Blockchain 

Share Internet Data Launches Banking App in Tandem With LDJ Capital

Internet crowdsourcing company Share Internet Data Ltd (SID) has partnered with private equity firm LDJ Capital to launch a blockchain-based digital banking solution. The new digital banking app is called LDJ Digital, according to a press release on July 16. According to the announcement, LDG Digital can function as a debit card and it supports both fiat money and cryptocurrencies. Moreover, the professed goal of LDJ Digital is to provide banking services to the unbanked, as per the report. LDJ Digital will reportedly be a part of the existing SID…

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Ethereum 

Bitcoin Suisse Applies for a Banking License in Switzerland

Swiss crypto broker Bitcoin Suisse has applied for banking and securities dealer licenses from Switzerland’s finance regulator, the company confirmed in a press release on July 16.  Bitcoin Suisse, which forms part of the country’s Crypto Valley Association, said it had submitted requests to the Swiss Financial Markets Supervision Authority (FINMA). The reason, it said, was in order to adapt to a rapidly-changing regulatory landscape vis-a-vis cryptocurrencies, even in Switzerland, which is known for its proactive stance on the industry. “These licenses would allow Bitcoin Suisse to further expand its…

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Ethereum 

Senate Banking Committee Sets Hearing on Facebook’s Crypto for July 16

The Banking Committee of the United States Senate will hear testimony on Facebook’s Libra cryptocurrency project on July 16, economic news site MarketWatch reports on June 19. The social media giant released the white paper for its Libra token yesterday.  The stablecoin, will operate on a native eponymous blockchain, and will be backed by a basket of reserve assets “designed to give it intrinsic value” and mitigate volatility fluctuations.   Following the release of the project, U.S. regulators expressed their concern about the project’s possible effects on financial stability. Rep.…

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Ethereum 

Reserve Bank of India Developing Blockchain Banking Platform

The Reserve Bank of India (RBI) is developing a blockchain platform for banking in its R&D branch, according to a report by BusinessLine on June 28 The blockchain platform will reportedly host a number of blockchain applications, and is slated to launch next year. This model platform is reportedly being designed to serve banks; according to the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform is “for blockchain applications for the government in banking.” While RBI appears to be moving into the…

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