Banks News

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.

News
Martin Gruenberg was the FDIC’s acting chair while the agency issued cease-and-desist orders to crypto firms and suggested that payment stablecoins merited furt...
US President Biden announces pick for FDIC chair
Turner Wright
2022-11-14T22:11:33+00:00
3540
News
The call for a more detailed disclosure of liquidity through the use of Proof-of-Reserves has been backed by many high-profile industry figures.
Binance Proof-of-Reserve pledge gains support following FTX crisis
Brayden Lindrea
2022-11-09T02:40:32+00:00
8829
Markets News
Looking to buy BTC to avoid the CBDC “horror story?” The best time was “yesterday,” the former BitMEX CEO said.
Buying Bitcoin ‘will quickly vanish’ when CBDCs launch — Arthur Hayes
William Suberg
2022-11-06T12:20:00+00:00
112881
News
UnionBank, one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm.
UnionBank of the Philippines launches Bitcoin and Ethereum trading
Helen Partz
2022-11-02T13:17:53+00:00
5750
Interview
Mike Belshe, CEO and co-founder of BitGo, explains how decentralized finance will disrupt traditional finance through use cases like automated market makers.
‘DeFi will replace institutions entirely,’ says BitGo CEO Mike Belshe
Rachel Wolfson
2022-11-02T13:01:00+00:00
3042
News
Major Asian financial institution DBS Bank has applied DeFi technology to a project backed by the Monetary Authority of Singapore.
Singapore bank DBS uses DeFi to trade FX and state securities
Helen Partz
2022-11-02T04:05:00+00:00
3400
Analysis
While some security issues do exist, major internet outages like the one witnessed across the EU recently cannot really threaten cryptocurrencies or their assoc...
Crypto adoption via regulation: Setting rules for centralized exchanges
Prashant Jha
2022-11-01T13:01:00+00:00
2477
News
As a development bank for El Salvador, BANDESAL created a $150 million trust fund to guarantee the convertibility to dollars for citizens and merchants.
El Salvador’s Bitcoin purchase information can’t be made public: Trustee
Arijit Sarkar
2022-11-01T08:45:21+00:00
3965

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