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Behind the scenes, US banks are rebuilding core financial infrastructure so cash, custody and funds can move onchain under regulatory oversight. US banks are prioritizing tokenized versions of familiar products, including deposits, funds and custody, rather than launching new crypto-native assets. Most onchain bank activity is taking place in wholesale payments, settlement and infrastructure, largely…
The Singapore-based digital bank plans to broaden its crypto and fiat offerings for institutional clients, citing growing demand for programmable finance. Fintech Pave Bank has raised $39 million in a Series A funding round led by venture capital firm Accel. The company offers programmable banking solutions for businesses, combining crypto and fiat services. The round…
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. Today in crypto, major banks including Bank of America, Goldman Sachs, Deutsche Bank and Citi are entering the stablecoin race. Prediction platform Kalshi secured $300 million for…
Companies linked to JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin, The Wall Street Journal reports. Some of the biggest banking companies in the US are reportedly exploring a team-up to launch a crypto stablecoin. Companies owned by JPMorgan, Bank of America, Citigroup and Wells Fargo…
Republicans on the House Oversight Committee quietly sent six subpoenas as part of their investigation into Biden family finances, according to a memo from Rep. Jamie Raskin (D-Md.). Raskin, the ranking member of the committee, wrote in a memo to other Democrats on the committee that Chairman James Comer (R-Ky.) has issued six subpoenas and…
“Wall Street banks to slash bonuses up to 30% as slowdown looms” Big Wall Street firms reportedly are preparing to slash year-end bonuses — a sharp about-face from the lavish payouts handed out during the pandemic — as the industry braces for a major slowdown in dealmaking. Premier banks on Wall Street — JPMorgan, Bank…
” Bitcoin futures enter backwardation for the first time in a year “ Bitcoin’s (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls’ current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional…
“Bank of America’s Brian Moynihan downplays Jamie Dimon’s ‘hurricane’ warning” Bank of America CEO Brian Moynihan downplayed dire forecasts about the state of the US economy this week even as a fellow bank boss, JPMorgan Chase’s Jamie Dimon, warned of a looming “hurricane” for investors. Moynihan delivered his own outlook for the economy at the…
“Bank of America quarterly profits fall 12%, much less than rivals” Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week. The nation’s second-largest bank was helped by higher net interest income and very modest…
” Dedicated crypto teams booming within traditional financial firms “ Despite the financial volatility that has engulfed the global economic landscape over the last month or so, there seems to be no stopping the growth of the cryptocurrency market, especially the nonfungible token (NFT) sector. This growth is highlighted by the fact that crypto’s total…