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Marquis, a technology company used by hundreds of banks to analyze and visualize their customers’ data, says hundreds of thousands of people had their personal and sensitive financial information stolen in a ransomware attack last year. The Plano, Texas-based fintech company is notifying at least 672,075 people that hackers stole their information during the August…
Europe’s banking sector is about to get a tough lesson about efficiency. According to a new Morgan Stanley analysis reported by the Financial Times, more than 200,000 European banking jobs could vanish by 2030 as lenders lean into AI and shutter physical branches. That’s roughly 10% of the workforce at 35 major banks. The bloodletting…
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…
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: Itaú Asset has recommended that investors hold 1% to 3% of their portfolios in Bitcoin next year, NYDIG says tokenization won’t hugely benefit crypto…
The EU is reportedly drafting a proposal to transfer crypto and financial sector oversight to the ESMA, as part of a wider push to improve capital markets for startups. The European Commission is exploring plans to bring stock and cryptocurrency exchanges under central supervision as part of a broader effort to make the bloc’s capital…
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…
Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, in what insiders describe as “Operation Chokepoint 2.0.” The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central…
Regional banks faced renewed stress despite 2023 crisis reforms, with Zions and Western Alliance stocks plunging as Bitcoin fell to a four-month low. Several regional banks in the United States are facing renewed stress despite strengthening their finances after the 2023 banking crisis, and Bitcoin could benefit from any liquidity crisis that follows. Strike CEO…
Chinese regulators are reportedly preparing to restrict mainland state-owned enterprises and banks from pursuing stablecoin and crypto initiatives in Hong Kong. Chinese internet giants, state-owned enterprises and financial institutions operating in Hong Kong may face restrictions on stablecoin and crypto activities. According to a Thursday report by local news outlet Caixin, mainland Chinese firms operating…
Federal Reserve vice chair for supervision, Michelle Bowman, says the central bank should roll back its restrictions that ban staff from buying crypto. The Federal Reserve’s top regulatory official says staff from the US central bank should be allowed to invest a small amount in crypto to help them understand the technology. Fed vice chair…