News
As of 2024, at least one-third of commercial banks were exploring or piloting tokenized deposits, according to a survey by the Bank for International Settlements.
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Bank Accounts News
A bank account is an account opened and provided by a bank for an entity or individual for their participation in a cashless money flow or storing of money for further use. There are about eight different types of bank accounts, depending of the purpose of use. Moreover, it is currently possible to check bank accounts online and get all the necessary information without leaving home. Since the cryptocurrency industry has grown and become more popular, many startups related to this technology have appeared. However, because cryptocurrency regulation has not been established in many countries, opening bank accounts for Bitcoin-related businesses can become a difficult task. The specificity of this market means that just a few countries are ready for such financial innovations and just some of them allow opening accounts for that purpose.
- News
Tokenized bank deposits lack the flexibility and technical features of stablecoins, making them an inferior product, according to Omid Malekan.
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A growing demand for stablecoin payments and tokenized real-world assets is creating more institutional interest in blockchain-based services, according to IBM.
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Tether has notched its 500 millionth user of its USDT stablecoin, an achievement its CEO Paolo Ardoino said is “likely the biggest financial inclusion achievement in history.”
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Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, which insiders described as “Operation Chokepoint 2.0.”
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Vietnam is reportedly closing 86 million bank accounts. Crypto advocates see it as the latest reason everyone should hold Bitcoin.
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UBS, Sygnum Bank and PostFinance completed a blockchain study proving the technology’s efficacy for bank deposits and institutional payment infrastructure.
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Evgeny Masharov, a member of the Russian Civic Chamber, says Russia should start a crypto exchange through a major financial institution.
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Despite blockchain’s decade-long presence in finance, many industry veterans remain skeptical about its practicality and necessity.
- Opinion
Big banks have closed thousands of customer accounts without warning or explanation to their customers. Saturday Night Live treated victims like a joke.
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The account services for crypto firms come at a time when United States-based companies are struggling to find local banking partners and are frequently looking abroad.
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Tether has hit back at a Wall Street Journal report detailing alleged shady dealings by it and Bitfinex to open bank accounts.
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Celsius halted withdrawals on the platform on Jun. 13 and filed for bankruptcy a month later on Jul. 13.
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The Bahamian Securities regulator was ordered to offer custody for digital assets belonging to bankrupt crypto exchange FTX on Nov. 12.
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United-States-based Twitter users had been reporting suspicious data access requests from FTX.US to their bank accounts.
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