News
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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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.
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Crypto’s reputation is improving, but investors still complain that their banks are blocking their accounts for interacting with digital assets.
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Erebor doubled its valuation to $4 billion after a $350 million Lux Capital-led funding round late last year.
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Crypto exchange Bybit said its new “My Bank” accounts will give users personal IBANs, instant fiat access, multi-currency transfers and crypto trading under their own name.
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Banks argue that stablecoin rewards offered through exchanges exploit a GENIUS Act loophole, blurring the line between payment tokens and savings accounts.
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Cato Institute analyst Nicholas Anthony argues the US Congress needs to reform the Bank Secrecy Act, repeal confidentiality laws and end reputational risk regulation to address debanking.
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Custodia Bank is asking the full Tenth Circuit Court of Appeals to review the US Fed’s decision denying it a master account, which would allow it to process payments directly.
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Strike CEO Jack Mallers said JPMorgan closed his accounts without explanation, reigniting fears of Operation Chokepoint 2.0 and renewed pressure on crypto companies.
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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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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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