Economic bubbles occur when the price of an asset, such as stocks or real estate, is driven up artificially and becomes disconnected from its underlying value.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
Indonesia’s financial services regulator had hoped to set up the crypto exchange by the end of 2022, but this was delayed by a number of obstacles.2265
According to a job posting, HSBC is looking for a candidate who knows of digital assets, especially asset tokenization and custody.3909
After a bullish 2021, crypto miners sought loans to expand, which backfired following difficult market conditions in 2022.5053
Silvergate reportedly cited restrictions on disclosing “confidential supervisory information” related to the collapse of FTX in response to a similar December 2022 letter.3360
January has been a rough month for Silvergate, with the dividend halts coming just a few weeks after it announced a Q4 2022 loss of $1 billion and laid off 200 employees.5292
The bank applied for the application in 2019 and sued the Fed in an attempt to speed up the decision.14527
Bitcoin price is down today after reaching a 2023 high above $23,300. Was the rally a bull trap and what will it take for BTC to regain its bullish momentum?66161
Signature Bank and Silvergate reportedly borrowed over $13 billion from the federal home loan system.34715
Following the collapse of FTX, the company has decided to rebrand and exit the crypto space.4998
This marks the second “Big Four” bank in Australia to launch an Australian-dollar pegged stablecoin in a bid to boost the digital economy.7881
The report highlighted that deposits in the fourth quarter were $7.3 billion, which was lower than the third quarter figure of $12 billion.3218
Mamoru Yanase said crypto needs the same safeguards as financial institutions and banks.5602
By allowing virtual banks, Thailand seeks to boost competition and economic growth.9402
The Metropolitan Bank Holding Corp, the holding company for Metropolitan Commercial Bank, says it’s completely exiting its crypto-asset-related vertical.9136