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” US banking giant BNY Mellon says digital assets are ‘here to stay’ “ Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon) is adamant that the cryptocurrency market fall in 2022 won’t waver institutional interest in digital assets. At a conference run by Afore Consulting on Feb. 8,…
” What is the global financial crisis and its impact on the global economy “ When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline…
” 5 biggest economic bubbles in history “ An economic bubble is a time of fast economic expansion that is driven by speculative enthusiasm and excessively high asset prices. A bubble is characterized by an increase in demand for an asset, such as commodities, stocks or real estate, which drives up its price. A number…
” Indonesia targets launch of its national crypto exchange by June “ Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022. Trade Minister Zulkifli Hasan shared the new target launch date on Feb. 2 at the opening…
” HSBC needs someone to helm its tokenization efforts “ HSBC, the British multinational bank that manages the largest amount of assets in Europe, doubled down on its interest in digital currencies. The bank is looking for a top executive to work with asset tokenization. On Jan. 30, HSBC opened the GPBW product director of…
” Crypto-friendly bank ends loans backed by crypto mining rigs “ The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities…
” US lawmakers renew request for answers from Silvergate on FTX: Report “ Several United States senators have reportedly penned a letter requesting answers from Silvergate Capital — the parent company of Silvergate Bank — related to the collapse of cryptocurrency exchange FTX. According to a Jan. 31 Bloomberg report, U.S. senators including Elizabeth Warren,…
” Silvergate suspends dividends to preserve ‘highly liquid balance sheet’ “ California-based crypto bank Silvergate has suspended dividend payouts to preserve its “highly liquid balance sheet.” In a Jan. 27 announcement, the firm stated that it is halting “the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order…
” Fed denies Custodia Bank application to join the Federal Reserve System “ The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia…
” U.S. home-loan banks lent billions of dollars to crypto banks: Report “ The United States Federal Home Loan Banks System (FHLB) is lending billions of dollars to two of the largest cryptocurrency banks in an effort to mitigate the effects of a surge in withdrawals, according to a report from The Wall Street Journal…