Financial Institutions

News about Financial Institutions in Crypto Industry

Paypal Shares Current Project is Blockchain and Crypto-related

Paypal Shares Current Project is Blockchain and Crypto-related

The CFO of PayPal, John Rainey has commented during an interview with Yahoo! Finance that they’re currently working on the blockchain and cryptocurrency-related project. He then explained, “We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now .”

In 12 Months Michael Novogratz’s Crypto Bank Lost $270 Mn

In 12 Months Michael Novogratz’s Crypto Bank Lost $270 Mn

Novogratz is buying high, selling low, for crypto bank a mix of all losses caused by the crypto dealer bank in all of 2018 added up to $272.7 Mn(million). Galaxy revealed that an extensive lump of the originated from exchanging virtual monetary standards at a lower cost than the purchasing value which represents lost $104 Mn. The next huge loss $75.5 Mn, was from paper misfortunes on advanced monetary standards that lost in cost pursued by working costs and undiscovered misfortunes on the ventures.

Seed Equity Capital Rename as CoinZoom Securities

Seed Equity Capital Rename as CoinZoom Securities

Seed Equity Capital (an investment company) has announced that it has rebranded itself as CoinZoom Securities. Todd Crosland, CEO of CoinZoom commented, “The new name CoinZoom Securities allows us to emphasize our wide-ranging business objective around changing the way that capital is being raised, with the goal of increasing access, lowering costs and improving regulatory compliance particularly with the issuance of digital securities,”

Crypto Traders Has Got New Bank In Puerto Rico

Crypto Traders Has Got New Bank In Puerto Rico

A new Puerto Rico-based institution called San Juan Mercantile Bank & Trust International (SJMBT) will start aiding crypto traders in their business by providing custody and settlement services for both fiat and crypto traded on the exchange. Nick Varelakis, president & COO of SJMBT: “As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services…”

Three Companies Teams-up to Launch Digital Asset Platform

Three Companies Teams-up to Launch Digital Asset Platform

A strategic partnership has been established between three companies in launching a trusted and efficient digital asset platform. The collaboration was established between a leading Swiss ICT Company, Swisscom, largest market infrastructure providers worldwide, Deutsche Börse Group, and a Singapore-based fintech firm, Sygnum will be working together in making the project possible.

BankDhofar in Oman Extending RippleNet on Mobile App

BankDhofar in Oman Extending RippleNet on Mobile App

BankDhofar has become the latest financial institution that is extending RippleNet support to its Mobile App. Ripple has commented, “Ripple’s leading Blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables BankDhofar to save customer’s time when sending payments overseas, using BankDhofar Mobile banking App”.

Gemini Highlights More Rules in Crypto in New Ad

Gemini Highlights More Rules in Crypto in New Ad

A new advertising campaign launched by the cryptocurrency exchange founded by the Winklevoss twins, Gemini has highlighted the applications of consistent rules and standards on crypto industry. Its head of marketing at Gemini explained, “In our competitive set there are widely varying degrees of adherence to regulatory guidance from people that oversee the more traditional financial marketers.”

HitBTC Froze Customers’ Account

HitBTC Froze Customers’ Account

A Reddit user has made a complaint which accused HitBTC of suspending his withdrawal rights even after he has completed the KYC test. The post goes on to explain, “After months of sending 40 plus emails, HitBTC finally unfreeze my account I immediately withdrew most of my funds but left a small amount to day trade.”

Huobi Collaborates with Russian Bank for Legal Lab

Huobi Collaborates with Russian Bank for Legal Lab

A collaboration has been established between Huobi and a financial institution based in Russia, Vnesheconombank (VEB) to offer the legal services to blockchain and cryptocurrency sector. Elina Sidorenko, the head of the Huobi Legal Lab explained, “’in a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for business.”

Coinvest to Support 6 Tokens

Coinvest to Support 6 Tokens

An announcement has been made by Coinvest, regarding its plant support six initial coins for cryptocurrency exchange ecosystem. As per the report, Coinvest now allows the user to purchase, sell, send, receive and even store their Bitcoin, Ethereum and Litecoin apart from the native token of Coinvest, COIN. Also made it clear to support GUSD as its native stablecoin.