Latest Financial Services News

  • DeFi Will be an Integral Part of the Lives of Many, CEO of Crypto Exchange OKEx
    DeFi Will be an Integral Part of the Lives of Many, CEO of Crypto Exchange OKEx
    Hao believes that DeFi can bring financial services to “the people who are currently excluded or underserved by traditional finance.” Decentralized finance (DeFi) will be part of the lives of many people in the future, according to Jay Hao, the CEO of crypto exchange OKEx. When answering Cointelegraph’s recent inquiry concerning the listing of Compound (COMP) DeFi protocol’s token on OKEx, Hao predicted that the importance of decentralized finance will grow in the upcoming years.
  • PayPal Letter Seems to Confirm Crypto Capability Rumors
    PayPal Letter Seems to Confirm Crypto Capability Rumors
    Global payments giant PayPal could indeed be developing a crypto-based solution, this document shows. PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission. Originally submitted on March 20, the document was intended as a response to the European Commission’s public consultation on building an EU framework for markets in crypto-assets, whose feedback period lasted from December 2019 through March 2020.  In the letter, the payments giant admitted to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” stressing that it favors a “harmonized” regulatory approach that wouldn’t compromise innovation.  Further, PayPal addressed its relationship with crypto assets, noting that in 2019, it joined the Libra Association to learn “more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,” but later dropped because it started to work on its own solutions in the space: “Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service”. Previous rumors  Earlier in June, it was reported that PayPal is considering introducing direct sales of crypto assets and offering users to store their crypto using the company’s in-house digital wallet. When asked to confirm or deny that information, a representative for the payments juggernaut told Cointelegraph that “PayPal does not comment on rumors or speculation.” Around the same time, PayPal announced two crypto-related openings, as it was looking for blockchain and cr
  • We May Expect a Bitcoin Rally If Coronavirus Breaks Into a Second Wave
    We May Expect a Bitcoin Rally If Coronavirus Breaks Into a Second Wave
    Understanding the impact of the COVID-19 pandemic on cryptocurrency and blockchain-based asset markets: negligible or significant? COVID-19 has become a defining moment in the course of our society, but the impact of the pandemic can be seen through its effects on the economy and society in general.
  • Crypto Winter Could Really Be Over as New Bitcoin Starts to Bloom
    Crypto Winter Could Really Be Over as New Bitcoin Starts to Bloom
    Although the cryptocurrency industry still has many needed improvements, it nevertheless seems to be on an upward trajectory. There is no doubt that cryptocurrency — specifically Bitcoin (BTC), which is frequently used as a barometer for the health of the entire sector — has made a comeback.
  • On the Importance of Not Losing — A Guide to Compound Interest
    On the Importance of Not Losing — A Guide to Compound Interest
    Finding a high-performance asset without insight is challenging, but systematically controlling losses is what is really needed to succeed. When I began to get interested in trading, about 20 years ago, I read many books on the topic.
  • The United States Has to Upgrade the Legacy Financial System
    The United States Has to Upgrade the Legacy Financial System
    Slow-roll regulations in the United States may leave Americans behind in the financial innovations’ running. When the United States government voted in stimulus payments to its citizens in the wake of COVID-19, to say it went well would be… categorically untrue.
  • Deutsche Bank Ignored Suspicious Activity of Child Sex Trafficker Jeffrey Epstein, Bitcoin Community Screams Hypocrisy
    Deutsche Bank Ignored Suspicious Activity of Child Sex Trafficker Jeffrey Epstein, Bitcoin Community Screams Hypocrisy
    The NY State Department of Financial Services has slapped Deutsche Bank with a $150 million dollar fine, Bitcoin Community has been quick to call out the institutional bank’s shortcomings in funding international sex trafficker Jeffrey Epstein.
  • Japan Appoints Crypto-Friendly Leader as New Financial Services Agency Commissioner
    Japan Appoints Crypto-Friendly Leader as New Financial Services Agency Commissioner
    Japan’s government seeks to appoint crypto-friendly leader Ryozo Himino as the next commissioner of the country’s Financial Services Agency.
  • Former Facebook Counsel Joins Coinbase as Chief Legal Officer
    Former Facebook Counsel Joins Coinbase as Chief Legal Officer
    Former Facebook Vice President and Deputy General Counsel Paul Grewal will lead crypto exchange Coinbase’s legal team. Paul Grewal, a former US magistrate judge in California and Deputy General Counsel for Facebook, is joining crypto exchange Coinbase’s legal team. In a July 8 announcement on the Coinbase blog, the crypto exchange said the addition of Grewal will help “pave the way for the next phase of crypto awareness and adoption.” The new Chief Legal Officer will also lead the legal team as Coinbase partners with financial services regulators, and develops and releases new products and services. According to Coinbase, Grewal oversaw more than a thousand cases during his five years as a judge, and “played significant roles” in Apple v.
  • Institutions Will Drive Mass Adoption of Blockchain in Finance, Says Expert
    Institutions Will Drive Mass Adoption of Blockchain in Finance, Says Expert
    Blockchain experts discuss how institutions will play a major role in the mass adoption of blockchain-based financial infrastructure. Benjamin Soh, founder of blockchain development firm STACS, said that institutional players, not business-to-consumer companies, will drive the mass adoption of financial infrastructure built on blockchain technology.  During the Unitize virtual conference, Soh said that if they could bring bank institutions to use the blockchain, millions of bank customers will automatically be a part of the blockchain finance infrastructure without them even knowing. Providing bank customers with a blockchain-based wallet while still using the traditional payment gateways will be the necessary first step towards bringing the efficiencies of distributed ledger technology to the financial system, Soh added. Asia is leading in blockchain finance Speaking about the development of blockchain-based finance in Singapore, Soh noted that except for Switzerland, there are hardly any other European countries that are as supportive of blockchain finance as Singapore.  According to Soh, Singapore is the closest to fully replacing the current financial infrastructure with one based on distributed ledger technology. He also highlighted that the governments of other Asian countries like Malaysia, Thailand, China, Japan, and South Korea were taking strong initiatives to bring distributed ledger technology into finance.  Reflecting on a similar point, Vinay Mohan, one of the early members of ConsenSys Singapore, said that the more SMEs and retail users gain access to democratized finance, the more mature Asia’s financial infrastructure will become.  Mohan stated that due to the complex nature of current banking infrastructure, 70% of South-East Asian SMEs struggle with proper digital financial services and the advent of blockchain and central bank digital currencies may pave the way to deliver banking services to those Asian businesses and
  • New Head of Japan’s Financial Services Agency is Crypto-Friendly
    New Head of Japan’s Financial Services Agency is Crypto-Friendly
    The Japanese government will appoint Ryozo Himino as the next commissioner of Japan's Financial Services Agency. A crypto-sympathetic official has been named as the next leader of Japan`s Financial Services Agency. Jiji Press reported on July 7 that the Japanese government has decided to appoint Ryozo Himino to the next commissioner of Japan's Financial Services Agency (FSA).
  • Gibraltar Watchdog Grants License to Belarusian Crypto Platform
    Gibraltar Watchdog Grants License to Belarusian Crypto Platform
    Currency.com obtained a distributed ledger technology license from the Gibraltar Financial Services Commission. The Gibraltar Financial Services Commission, or GFSC, issued a new distributed ledger technology license to the Belarus-based cryptocurrency platform, Currency.com, on July 6. According to the announcement, the platform will be allowed to use DLT to store or transmit value belonging to others in connection with the provision of dealer and custody services thanks to the license granted by the GFSC. Jonathan Squires, CEO of Currency.com, gave some insight into the company’s intentions for the license: “Our operations in Gibraltar are part of our commitment to expanding across the globe, offering a blockchain-backed, highly regulated and secure service designed to give customers the flexibility they’ve been looking for.
  • Gemini Chose to Wade Regulation In New York, Weighs in on Conditional BitLicense
    Gemini Chose to Wade Regulation In New York, Weighs in on Conditional BitLicense
    Gemini looks at regulation as a good thing, with the recently suggested conditional BitLicense as a move in the right direction. Last week, the New York State Department of Financial Services, or NYDFS, proposed changes around its state-wide BitLicense legal guidelines.
  • 2020 Top DeFi Projects to Follow
    2020 Top DeFi Projects to Follow
    Decentralized finance (DeFi) is the idea of rebuilding the infrastructure of financial services and moving it onto decentralized networks to take the industry from a centralized system full of monopolies towards a trustless and transparent world that runs with no intermediaries.
  • The Word Stimulus Means
    The Word Stimulus Means "Buy Bitcoin" For This Exec
    The head of business development for blockchain financial services outfit, Unchained Capital, flees to Bitcoin when the government starts talking about stimulus spending. Parker Lewis, Unchained Capital's head of business development, said he sees recent government stimulus talk as a sign that it’s time to pick up more Bitcoin (BTC).  "Every time that I hear a new trillion-dollar stimulus will be announced, I immediately buy Bitcoin," Lewis told Morgan Creek Digital co-founder Anthony Pompliano in a June 26 interview.
  • SBI Invests $30M in B2C2, Largest Proclaimed Market Maker in XRP
    SBI Invests $30M in B2C2, Largest Proclaimed Market Maker in XRP
    SBI invests $30 million in major crypto liquidity startup soon after revealing Japan’s first digital fund comprising 50% XRP. SBI Financial Services, a subsidiary of Japanese financial giant SBI Holdings, has bought a $30 million minority stake in British crypto liquidity startup, B2C2. The investment marks the beginning of a strategic partnership between the firms as B2C2 is set to become SBI’s main liquidity provider.
  • Bitcoin is buckling under Ethereum’s gravitational pull
    Bitcoin is buckling under Ethereum’s gravitational pull
    With Compound, Maker, and others now offering permissionless financial services using Bitcoin as collateral, people are electing to migrate their native Bitcoin over to Ethereum.
  • Beyond Bitcoin: How Advances in Blockchain Can Improve Our Financial Ecosystem
    Beyond Bitcoin: How Advances in Blockchain Can Improve Our Financial Ecosystem
    Speed, reliability and availability are the cornerstones of modern finance, and DeFi has the potential to enhance and even supplant traditional finance. When blockchain technology began to expand beyond Bitcoin (BTC) and into more general-purpose applications, many within the industry saw an opportunity to remake key financial infrastructure using this technology.
  • How Global Stablecoins Can Promote Financial Stability in the World
    How Global Stablecoins Can Promote Financial Stability in the World
    Global stablecoins could provide market participants with a cost-efficient means to rebalance their capital across global markets. In the past year, three major financial oversight bodies have voiced concerns about threats to financial stability purported to be posed by stablecoins.
  • Bitcoin as Alternative to Privacy-Breaching Covid Health Certificates
    Bitcoin as Alternative to Privacy-Breaching Covid Health Certificates
    The Bitcoin (BTC) blockchain may offer an alternative to the “Orwellian” apps that have been used by governments around the world to limit the spread of the COVID-19 virus, an article from bitcoin-focused financial services company Unchained Capital argues. According to the article, the main issue with the current solutions is “the type and quantity of data”
  • NYDFS Reviews BitLicense Guidelines to Favor Crypto Agencies
    NYDFS Reviews BitLicense Guidelines to Favor Crypto Agencies
    With the New York Department of Financial Services guidelines, blockchain agencies will find easy entry into the cities blockchain ecosystem
  • Fake Transactions, Billions Missing, Insolvency and an Arrest As Wirecard Collapses
    Fake Transactions, Billions Missing, Insolvency and an Arrest As Wirecard Collapses
    German payments company, financial services provider and cryptocurrency processor Wirecard has crumbled, leaving creditors out of nearly $4 billion following a rapid collapse that sent the stock plunging from $58.50 on June 17th to $1.75 today.
  • New York Regulator Proposes Cryptocurrency Overhaul to Boost Adoption of Digital Assets
    New York Regulator Proposes Cryptocurrency Overhaul to Boost Adoption of Digital Assets
    The New York Department of Financial Services (NYDFS), which regulates the state’s financial infrastructure, is proposing a plan that would ease the city’s notoriously tight restrictions on cryptocurrency-related businesses.
  • Financial Inclusion, Cryptocurrency and the Developing World
    Financial Inclusion, Cryptocurrency and the Developing World
    Regions of the world with fast-growing economic potential and young populations, such as India and Africa, will become leaders in crypto adoption. Beyond rapidly changing how we create, store and transfer value, cryptocurrencies are accelerating financial inclusion in a way that traditional financial institutions have either been unwilling or unable to.
  • New York State Regulator to Make It Easier for Cryptocurrency Businesses
    New York State Regulator to Make It Easier for Cryptocurrency Businesses
    A new report informed that the New York State Department of Financial Services (NYDFS) had proposed new licensing rules that could ultimately facilitate companies to engage in any cryptocurrency business in the state.
  • NY Regulators to Pair Companies With 'Guardians' for a Conditional BitLicense
    NY Regulators to Pair Companies With 'Guardians' for a Conditional BitLicense
    The New York Department of Financial Services is requesting comments on its amendment to the BitLicense that would help smaller companies be regulated. The New York State Department of Financial Services, or NY DFS, is proposing a “Conditional BitLicense” framework to reform its controversial BitLicense regulation introduced in 2015. In a request for comment released on June 25, the regulator details its reformed approach to issuing conditional BitLicenses.
  • Today’s Shifting Gears Driving Tomorrow’s Mass Crypto Adoption
    Today’s Shifting Gears Driving Tomorrow’s Mass Crypto Adoption
    Three major shifts will lead to crypto and blockchain adoption worldwide, and they have already started reshaping our world. There’s a revolution happening.