The Switzerland-based branch of a major Russian bank has also joined OpenVASP.
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.
The $3 billion blockchain bond has been effectively cancelled.12464
MPC is a regulated, fee-centric model that is almost an exact replica of today’s banking system.11718
New rule-making aims to stop "creeping politicization of the banking industry," says OCC head.9348
Could a new, coordinated effort to digitalize the Japanese economy be strong enough to compete with residents’ persistent use of cash?4343
Another bank is reportedly moving into crypto amid a major bull run in crypto markets.7608
Deutsche Bank has called on Europe to accelerate the development of central bank digital currencies.12743
Multiple United States congresspersons recently expressed their displeasure at the OCC's focus on crypto this year.7671
Crypto Finance Conference to host industry experts in-person in January 2021.824
Bitcoin surged from $190 billion to around $280 billion in recent months, surpassing some big-name companies, including banks, by market capitalization.47251
Paulo Guedes said that the Brazilian real will have a digital counterpart and also highlighted the autonomy of its central bank.7510
A major global blockchain trade network welcomes one of Russia’s largest banks.6985
Russian banks tap Bitcoin services abroad while the government at home sees no future for private cryptos.3245
The country continues to make slow but sure steps on its way to being a crypto-friendly nation9485
Canada's central bank recognizes that CBDCs are a necessarily international issue.4019