Hundreds of billions of dollars in deposits has left America’s four biggest banks in the past year, according to new data from S&P Global. In a new market report, S&P analysts say the entire US banking industry has lost a total of $872 billion in a year that witnessed the collapse of three large American […]
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Four banking giants are preparing to pay nearly half a billion dollars to settle a class action lawsuit brought against them for allegedly attempting to thwart competition in the stock-lending market. JPMorgan, Goldman Sachs, UBS and Morgan Stanley have agreed to collectively pay $499 million to end the suit, which was filed in 2017 by […]
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One of America’s biggest banks reportedly refused to refund a customer who had her account drained by a scammer – until the bank faced questions from the media. Cheryl Friedman of Norton, Massachusetts says she received a call from a scammer claiming to be an employee at PayPal, leading to thousands disappearing from her Bank […]
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During a recent podcast interview, Michael Saylor explained that Bitcoin being bought and centralized by corporations should not be feared. He also outlined three main reasons driving the need for custodians.
During a recent podcast interview, MicroStrategy’s Michael Saylor expressed the opinion that large corporations purchasing and then proceeding to centralize Bitcoin (BTC) should not be a cause for concern.
While speaking to Natalie Brunell on the Coin Stories podcast, released on Aug. 7, Saylor emphasized the inevitability of third-party and corporate participation growing in the Bitcoin space.
However, he suggested that while Bitcoin enthusiasts may desire total self-control over their Bitcoin – aka self-sovereignty – it might not be the only answer, as people will be using Bitcoin for diverse purposes.
“We need to be prepared for Bitcoin to infuse everything” Saylor stated, explaining that as Bitcoin becomes more integrated into society, it will have many use cases and there will not be a one-size-fits-all model.
“There are different type of wrappers. Some people will always be self-custody, some will be multi-sig, some will need a layer 3 custodian. There will be a need for political or utility or functionality purposes.”
Saylor outlined three main reasons underpinning the need for custodians – technical, political, and natural reasons.
From a political standpoint, relying on a third party might be the only course of action.
“The mayor of New York is still the mayor of New York. Unless you get rid of New York City, California, or Iceland the country, political reasons will mean the need for custodians.”
Related: Saylor’s MicroStrategy plans $750M stock sale, possibly buying more Bitcoin
On a technical note, there will be people that will want to transact crypto with their mobile phones, so trusting layer 3 third parties, such as Bank of America and Apple is going to be unavoidable.
“Bitcoin is going to be a base layer. There is going to be layer 2's like lightning to make things fast. Then there is going to be layer 3's like Bank of America and Apple. Custodial layer 3 is going to exist to provide functionality.”
As for natural reasons, Saylor suggested the possibility that it is safer for certain people to entrust their assets with others.
He gave the example of an 85-year-old grappling with Alzheimer’s, or the desire to secure holdings for a yet-to-be-born grandchild.
“I didn’t complain that my mother and father had the car keys when I was twelve years old, and I didn’t get the car key” Saylor stated.
Saylor stated that the optimal blend of Bitcoin integrations will be determined by the market.
“We shouldn’t be afraid of all the different ways people integrate, wrap, embed or execute with bitcoin, there is no one right answer, the marketplace will determine the right mix of integrations of bitcoin."
Magazine: Why Coin Stories’ Natalie Brunell doesn’t want a Bitcoin ATH anytime soon: Hall of Flame
The US will most likely head into a slight recession early next year, according to Bank of America Chairman and CEO Brian Moynihan. In a new FOX Business interview, Moynihan says that the Federal Reserve’s late start to fighting inflation and subsequent aggressive interest rate hikes will probably cause a recession by Q1 of next […]
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The Bank of America’s metaverse trains staff on resolving customer disputes or helps them relax by riding a virtual unicorn.
The Bank of America is mixing a virtual reality metaverse and artificial intelligence to train new employees on everything from handling angry customers to bank robberies.
Bloomberg reported July 13 that the bank’s 2,000 new hires undergo a week-long training regime that includes slipping on a VR headset to practice responding to a variety of simulated situations.
The VR modules include mundane situations like helping an upset customer or quizzing one which asks for a large swath of cash, and extreme ones, like a full-blown bank robbery.
The newcomers can also just chill out in VR by riding a unicorn or sitting on an island.
AI is also deployed in the training, the new hires practice conversing with a bot acting as a customer and are helped through the conversation by yet another AI bot.
Currently, over 200,000 global BoA staff have been privy to the virtual training. The bank’s call centers also have an AI coaching bot to assist in drilling conversations with clients. Managers can also handball further staff training to the bots.
The innovation and design executive of the BoA’s Academy, Mike Wynn, told Bloomberg that the training is advantageous as these scenarios are “hard to teach traditionally.”
“VR creates anxiety, it gets your heart rate up. It makes you nervous,” he added.
Use of its metaverse is also being mulled for use at job fairs in a bid to entice a younger audience for an enthralling career in banking by having them virtually live out the hum-drum of a bank associate.
Former United States president Donald Trump’s nonfungible token (NFT) licensing business is seemingly choosing to hold its funds on Ethereum, with recently updated disclosures showing next-to-nothing in its bank account.
The update disclosures filed by Trump with the Office of Government Ethics made public on July 13 provided more details on his finances and business dealings — a legal requirement as he again makes a bid for the presidency.
CIC Digital, the firm that gains the revenue from licensing fees for the NFT collections that use Trump’s likeness, has a U.S. bank account with a balance of less than $1,000.
Meanwhile, the company’s Ethereum wallet holds anywhere between $250,000 and $500,000.
In a previous April disclosure, Trump said he earned anywhere between $500,000 to $1 million from his NFT licensing deals.
Trump’s renewed bid for president legally requires him to file a “Personal Financial Disclosure” which can be broad in nature, but it's unclear why he updated his financial disclosures to be more specific.
Two rounds of NFT collections have been released bearing Trump’s image the last of which, released in April, sold out on their first day.
German tech conglomerate Siemens has committed to building a $560,000 (500 million euros) new tech campus in near Nuremberg, Germany, but will appear first digitally in the metaverse.
On July 13 Siemens said it’s spending $1.1 billion (1 billion euros) investment to make a “blueprint for the industrial metaverse” in the country. Half that amount is going to the campus with the goal of making it a hub for what it calls the industrial metaverse — a digital recreation of locations used for troubleshooting and analytics.
The campus will be built just north of Nuremberg and before construction begins the buildings will be planned out and simulated in the metaverse, then copied into the real world, according to Siemens.
Today was a big day for @Siemens and for my hometown. We are investing €1 billion in Germany, with €500 million to lay the foundation for the industrial metaverse in Erlangen. Siemens is creating a new technology campus to intensify research and development and expand our… pic.twitter.com/ZEUeXmoAou
— Roland Busch (@BuschRo) July 13, 2023
The digital replica will allow for the layout to be optimized and adjusted before any ground is broken. The campus will sit alongside its existing factory that makes electronic components.
The funding is part of the firm's $2.2 billion (2 billion euro) investment plan announced last month which aims to build the company new education centres and regional hubs.
Sports shoe company Puma, NFT company Legitimate and rapper Jay-Z’s entertainment agency Roc Nation have teamed up for a sneaker collection integrated with NFTs.
The collection dubbed "The Evolution of the Mixtape" collection was released July 14 and features three sneaker models called “Disc,” “Cassette Tape” and “Playlist.”
"TAKEOFF"
— Legitimate - Phygital Products (@LegitimateTech) July 12, 2023
You're going to want to put on your headphones for this.
Introducing "HUMBLE SOLES", a new, never-before-released mixtape from @rocnation, exclusively available through the @puma RS-XL "THE EVOLUTION OF THE MIXTAPE"
14 unique tracks, accessible by scanning the LGT… pic.twitter.com/kkmxeSkFCw
The tongue of the left shoe features an NFC chip that can be tapped with a phone to grant access to an exclusive portal featuring unreleased music from Roc Nation artists, video content and a documentary.
Related: ZachXBT’s research cited in Canadian NFT rug pull class-action lawsuit
The shoes are priced at $130 a pair and Legitimate touts their NFC tags can be linked with an NFT that authenticates the real product.
Such “phygital” streetwear has proven popular, in June French luxury brand Dior shipped a new line of sneakers with one pair that came with a “digital twin” — an NFT.
NFT firm Dapper Labs had its third round of layoffs in nine months on July 13 with 51 full-time staff and contractors let go, which was around 12% of the company’s staff. In November last year and February 2023 it reduced headcount by 22% and 20% respectively.
An NFT collector shared how they secured a $35,000 decentralized finance (DeFi) loan by putting up a Patek Phillipe luxury watch as collateral which was then made into an NFT granting ownership of the watch to secure the transaction.
NFT Collector: Interactive NFTs the future for sport, Vegas Sphere excites
The largest banks in the US are reportedly taking big hits to their bottom line as borrowers default on billions of dollars worth of loans. Citing data compiled by Bloomberg, the Financial Times says that JPMorgan Chase, Bank of America (BofA), Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley appear to have written off a […]
The post JPMorgan Chase Suffers $1,100,000,000 Loss As Six US Banks Execute Massive Write-Offs: Report appeared first on The Daily Hodl.
One of the largest banks in the US has agreed to pay a $250 million fine for imposing a series of illegal practices against its customers. According to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC), Bank of America charged hidden fees, withheld credit card rewards and opened […]
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The Bank of America (BofA) says that Ripple is an example of a company that is making an impact with blockchain and its use case for cross-border payments. In a recent report, BofA analysts say Ripple is an exception to blockchain’s relatively modest effect on international payments systems, particularly in the Asia Pacific (APAC) region. […]
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The four largest banks in the US now have a total of $205 billion in unrealized losses on their balance sheets, according to a new report. Bank of America, Wells Fargo, JPMorgan Chase and Citigroup have compiled the losses due to bad bets in the bond market, reports the Financial Times, citing fresh data from […]
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