Financial Industry News
Deposits from digital currency customers now make up nearly 16% of total deposits at New York’s Signature Bank. In an earnings call Thursday, Signature revealed that deposits from customers in the crypto industry now total $10 billion – twice that of California rival Silvergate Bank. “We’ve clearly become the preeminent player in that space,” said Eric […]
Continue ReadingCryptocurrency firms are often a rich source of low-cost deposits for the few banks that openly serve the sector. As such, analysts have paid close attention to non-interest bearing deposit growth at Signature. These deposits represent nearly 30% of total deposits at the bank. Total deposits increased at the bank quarter over quarter by $8.98 […]
Continue ReadingSilvergate Bank accepted a whopping $2.9 billion in new deposits from new and existing digital currency customers in the fourth quarter of 2020, according to an earnings report released on Wednesday. The majority of these new deposits came from crypto exchanges, which deposited $1.7 billion more in cash to their accounts quarter-on-quarter. Silvergate lists Coinbase, […]
Continue ReadingBrian Brooks, who was named the temporary head of the Office of the Comptroller of the Currency (OCC) last summer, made the announcement official a day after he was rumored to be departing. His departure will come a day after the federal banking regulator granted crypto custodian Anchorage a conditional trust charter, making it the […]
Continue ReadingCrypto custodian Anchorage has secured conditional approval for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S. The safekeeping, management and trading of digital assets have been regulatory stumbling blocks for large financial institutions – but those obstacles […]
Continue ReadingDigital asset manager NYDIG is joining forces with banking technology provider Moven to offer plugins for banks that want to launch bitcoin products. “Being able to offer it on our platform for U.S. banks, it’s the right time frankly,” said Moven founder Brett King. “If PayPal and Square can do it, then community banks should […]
Continue ReadingSingapore-based lending platform Vauld raised $2 million, led by Pantera Capital, to grow into a full crypto bank. Other investors include Coinbase Ventures, LuneX Ventures and individual investors including Robert Leshner of Compound Finance. So far, Vauld has established a foothold in India, where a favorable ruling from the courts earlier this year has unleashed […]
Continue ReadingAs recently as a few months ago, in summer 2020, the world has seen the DeFi boom. The tokens of the projects in the field of decentralized finances demonstrated six-figure returns. One example is YFI, the price of which has grown 130000% in one month. But this hype is already a part of history. The […]
Continue ReadingTraditional banks are now taking the plunge and coming out with crypto-related services. The shift coincides with bitcoin’s price hitting all-time highs in December. Banks may have been looking closely at digital assets for some time now, but have been skittish about saying anything in public. Now they appear to be joining a general shift […]
Continue ReadingQueens-based Quontic Bank is slated to become the first FDIC-insured financial institution to launch a bitcoin rewards checking program. Announced Tuesday, the bank plans to launch the product in the second quarter of 2021. Announced Tuesday, the program includes a bitcoin rewards debit card (1.5% back), mobile app, access to ATMs, and mobile payments options […]
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