Explained
Michael Saylor explains why governments should consider Bitcoin-backed digital banks. It is time to examine the potential benefits and risks of Bitcoin banks.
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.
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The conditional approvals clear a path for major crypto companies to operate as national trust banks under the supervision of the US OCC.
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Ripple Payments partnered with Swiss crypto bank Amina to plug its fiat-to-stablecoin payment infrastructure into the FINMA-regulated institution.
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Standard Chartered Malaysia and AirAsia parent Capital A plan to issue and test a ringgit-pegged stablecoin for wholesale applications.
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The guidance confirms that facilitating customer crypto trades falls within the “business of banking,” expanding the range of activities that national banks may offer under existing law.
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The move makes PNC the first major US bank to offer spot Bitcoin trading within its own digital platform, starting with private bank clients.
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A new Circle–Aleo stablecoin project highlights the growing demand for privacy features as companies weigh blockchain use against the risks of transparency.
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Office of the Comptroller of the Currency’s Jonathan Gould says crypto companies should have a path to supervision in the banking system, which can evolve to embrace blockchain.
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While crypto offers banks an opportunity to generate new sources of revenue, Fitch warns it could bring risks that could lead to rating revisions.
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Argentina’s central bank is reportedly considering whether to allow traditional financial institutions to offer crypto services, marking the potential lifting of a ban.
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The digital bank now offers BTC, ETH, SOL and more via a secure app integration with US fintech firm Alpaca.
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It was only last month when Jack Mallers, CEO of Bitcoin payments company Strike, accused JPMorgan of closing his personal accounts without explanation.
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BPCE will let millions of customers buy and sell BTC, ETH, SOL and USDC directly inside its banking apps.
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South Korea plans to hold crypto exchanges to the same no-fault compensation standards as banks after an Upbit hack exposed major gaps in consumer protection.
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Signature Bank founder Scott Shay has created N3XT, a bank aiming to provide instant 24-hour payments on a private blockchain.
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