Financial Institutions

News about Financial Institutions in Crypto Industry

Global Tech and Financial Companies Joins INATBA

More than 100 global technology and financial companies (like SWIFT, IBM, Ripple, Bitfury) have joined the International Association of Trusted Blockchain Applications (INATBA). The newly-established organization will be assisting the companies with the implementation of blockchain technology among the European countries which has its origin after digital signing ceremony at European Commission in Brussels.

Broadridge Financial Shares Agreement to Transfer DLT Platform

An agreement to transfer the distributed ledger technology (DLT) of Broadridge Financial and Northern Trust to Broadridge has been shared in an announcement. The head of asset management solution for Broadridge, Eric Bernstein explained, “Broadridge’s unique position as a network enabler, and successful record in utilizing blockchain technology, will allow us to help transform the private equity industry.”

Dutch Bank ABN AMRO Bitcoin Wallet Ceased

The ABN AMRO bank based in Netherlands has abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns. The bank’s senior press officer, Jarco de Swart, said in an email that the bank decided not to continue its plans after it concluded that cryptocurrencies’ unregulated nature are at the moment too risky assets for our clients to invest in. The rumors concerning alleged tests of the wallet first started in January.

Wells Fargo Goes Digital

Wells Fargo, which agreed to pay a $575 million settlement at the end of last year in connection with systemic wrongdoing, joins a long list of banks and financial institutions that are implementing innovative fintech solutions to maintain their edge in the digital economy. As the bank strives to stay competitive in the digital economy, TransferMate, one of the world’s leading cross-border B2B payment providers, will deliver its Global Invoice Connect platform for Wells Fargo clients.

European Central Bank Don’t Give Significant Weight To Cryptos In Monetary Policy

Even though the European Central Bank offers a bearish future to crypto is understandable, it goes a step further and states pose no tangible impact to the real economy. In its statement: “Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,”

Finastra Adds 3 more Banks To Fusion LenderComm

3 more pilot banks have been signed by Finastra to Fusion LenderComm, a DLT platform for the syndicated loan market developed in collaboration with R3. The global head of corporate banking operations at BNP Paribas, Philippe Boulas commented, “With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion.”

Medici to Introduce Blockchain-friendly Bank

A financial institution based in Italy, Medici Bank have shared in a press release regarding the launching of its new bank focusing on digital-centric commerce and investing. The CEO of Medici Bank, Ed Boyle commented, “We are building Medici Bank from the ground up, not reliant on aged infrastructures nor as an overlay on traditional banks.This is uncommon, especially in the USA where licensed challenger bank options are few and far between.”

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

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 (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,”