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Peter Thiel and other billionaires are planning Erebor, a new bank to fill the void left by Silicon Valley Bank’s collapse — with crypto firms and startups in focus. Peter Thiel and other tech billionaires have reportedly spotted a major market opportunity in the void left by Silicon Valley Bank’s (SVB) 2023 collapse. They are…
Under Operation Chokepoint 2.0, more than 30 technology and crypto companies were denied banking services in the US after the collapse of crypto-friendly banks in 2023. The US Federal Reserve said it has directed its supervisors to no longer consider “reputational risk” in its oversight of banks, which the crypto industry had long argued was…
The GENIUS Act is one step closer to becoming law in a development that may make stablecoin issuers key players in the US economy. Stablecoin adoption among United States banks and financial institutions may accelerate following the passage of new legislation in the Senate. The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS…
Three JPMorgan executives met with the SEC’s Crypto Task Force to discuss which capital markets instruments could move onchain and how to best navigate the change. Executives with America’s biggest bank met with the Securities and Exchange Commission’s Crypto Task Force to discuss digital asset regulation and potential ramifications of capital markets moving onchain. The…
The Bank of Japan’s June meeting could trigger a Bitcoin rally if it restarts quantitative easing, as bond yield concerns push institutions toward BTC as a hedge. The Bank of Japan’s (BOJ) upcoming monetary policy meeting in June may provide the next significant catalyst for global risk assets like stocks and cryptocurrencies. The BoJ is…
Ledn will no longer lend out client assets to generate yield, opting instead to keep Bitcoin under full custody. Digital asset lender Ledn is transitioning to fully collateralized Bitcoin lending and discontinuing support for Ethereum, in moves designed to consolidate its BTC-focused business and further safeguard client assets against credit risks. In adopting a full…
A Fireblocks report shows 90% of institutions now use or plan to use stablecoins, with banks prioritizing cross-border payments and speed as key benefits. A new report from enterprise-grade digital assets platform Fireblocks shows that 90% of institutional players are either using or exploring the use of stablecoins in their operations. The report, published May…
StarkWare general counsel Katherine Kirkpatrick Bos said the OCC has shifted its approach and now appears to favor a focus on integrating crypto within banking frameworks. The US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities to…
With Bitcoin hovering around $95,000 to $97,000, Xapo Bank CEO Seamus Rocca sees growing investor confidence to borrow using BTC as collateral. Bitcoin holders are becoming more comfortable borrowing against their crypto as market confidence grows, according to Seamus Rocca, CEO of the Gibraltar-based private bank, Xapo Bank. In an interview at the Token2049 event…
The Financial Times reports that Tether will fork out $1.5 billion, Softbank Group will add $900 million and Bitfinex will put in $600 million to a new crypto acquisition company, 21 Capital. Brandon Lutnick, chair of investment banking firm Cantor Fitzgerald, is reportedly partnering with SoftBank, Tether and Bitfinex to create a $3 billion crypto…