The Federal Reserve Bank is printing a record number of $50 bills as Americans feel the urge to hold physical cash. The Bureau of Engraving and Printing, the agency in charge of money printing operations in the US, created 756.09 million new $50 bills in 2022, reports CNN. The pile of fresh cash is worth […]
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A loyal JPMorgan Chase customer has reportedly had his life turned upside down after discovering his account was abruptly terminated without notice. The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports the US Sun. According to the customer, Chase […]
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The ringleader of a Miami-based crew that defrauded banks out of millions of dollars has been sentenced to over five years in prison. In a new press release, the U.S. Department of Justice (DOJ) says that Miami resident Esteban Cabrera Da Corte has been sentenced to 63 months in prison for masterminding a scheme that […]
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Seba’s new name, Amina, stems from “transamination,” meaning transference of one compound to another, symbolizing bringing different types of banking together.
Major Swiss cryptocurrency-enabled bank Seba is changing its name amid growing ambitions to expand its trading services worldwide.
Seba Bank AG has rebranded to Amina Bank AG, the firm announced to Cointelegraph on Nov.
The new name, Amina, stems from the term “transamination,” meaning the transference of one compound to another, the firm said — referring to its mission to bring together various elements of traditional, digital and crypto banking.
While the new naming is based on the idea of compounding different types of banking, Amina’s previous name, Seba, is reportedly a play on the name of its founder, Sebastien Merillat. “I’m just passionate about technology and seeing how it will work,” Merillat said in an interview in 2019.
Related: SoFi Technologies to cease crypto services by Dec. 19
Seba’s rebranding to Amina comes amid the crypto bank actively expanding its products around the world. In early November 2023, Seba obtained a license from the Hong Kong Securities and Futures Commission, which allowed the firm to offer crypto trading services in the country. In 2022, Seba also obtained financial services permission from Abu Dhabi Global Market and opened an office in Abu Dhabi.
An unconfirmed report suggests Taurus will provide crypto custodial services to Spanish financial services giant Banco Santander.
Spanish financial services giant Banco Santander has reportedly selected digital asset management firm Taurus to safeguard its Swiss clients’ Bitcoin (BTC) and Ether (ETH).
On Nov. 20, Santander Private Banking International’s Swiss private banking unit rolled out a new Bitcoin and Ether trading service for clients with Swiss accounts. A Santander spokesperson told Cointelegraph that clients will get access to crypto investment services only after requesting it through relationship managers.
A CoinDesk report citing “a person familiar with the arrangement” stated that the bank had appointed crypto custody firm Taurus for the safekeeping of the crypto assets. Cointelegraph reached out for confirmation from Santander, which declined to comment, saying:
“Unfortunately, it’s a no comment. We don’t comment on providers or possible providers.”
On Sept. 14, Taurus partnered with German banking giant Deutsche Bank to provide cryptocurrency custody options to its customers.
Taurus did not immediately respond to Cointelegraph’s request for comment.
Related: JPMorgan, Apollo plan for enterprise mainnet, execs reveal
While some banks tap into existing players for custodial needs, DZ Bank — the third largest bank in Germany by asset size — launched its own digital assets custody platform built on blockchain.
Holger Meffert, head of securities services and digital custody at DZ, expressed the bank’s interest in distributed ledger technology. The bank also hopes to offer institutional investors and private customers the facility to buy cryptocurrencies, “such as Bitcoin,” in the future.
Magazine: Real AI use cases in crypto, No. 2: AIs can run DAOs
The ‘enterprise mainnet’ provides the scalability to add applications to a network that already has a KYC-compliant set of institutional banks, broker-dealers and asset managers.
Executives of banking giants JPMorgan Chase and Apollo revealed plans for a tokenized ‘enterprise mainnet’ formed during a collaboration on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot project.
On Nov. 15, the MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, which saw participation from 17 member financial institutions, including JPMorgan and Apollo. The duo collaborated to test digital assets for more seamless investment and management of discretionary portfolios and alternative assets, automated portfolio rebalancing and customization at scale.
In a Forbes interview, Christine Moy, partner at Apollo Global Management, explained how production-grade tokenization helped create intraday repo, JPMorgan’s new tradable product. The lender's blockchain head, Tyrone Lobban, revealed that the new system has already processed over $900 billion in assets, adding:
“There was actually no intraday repo market before this, and now we’re settling around $2 billion a day of intraday repo trades through our platform.”
According to Moy, the system performs as an enterprise mainnet, and she sees it as having a first-mover advantage in the race for offering tokenized investment instruments. She said:
“Obviously, we've seen the progress and innovation of Ether (ETH) and how as the first mover, they had the network effects, and now that's where all the next-generation innovation has been created.”
The ‘enterprise mainnet’ provides the scalability to add applications to a network with an existing Know Your Customer (KYC)-compliant set of institutional banks, broker-dealers and asset managers.
Related: Singapore central bank to trial live wholesale CBDC for settlements
Through Project Guardian, financial institutions are working out the ideal software stacks that could accommodate agnostic interoperability across different pools of assets.
On Nov. 24, MAS laid down measures for Digital Payment Token (DPT) service providers to discourage speculation in cryptocurrency investments.
Determining customers’ risk awareness, refusing credit card purchases, and providing no incentives are some of the ways MAS asked DPT service providers to help retail clients avoid price speculation.
Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto
A family in Atlanta says thousands of dollars in their Wells Fargo account has vanished – and the banking giant says reimbursement is not happening. The Pischke family lost about $14,000 after receiving an alert from Wells Fargo that their account was flashing suspicious activity, reports the ABC-affiliated news station WSB-TV. The account’s transaction history […]
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One of the largest banks in the US is accused of shutting down a customer’s account after receiving a couple of fake phone calls about his demise. A California crane operator who goes by the name as Crane Daddy on TikTok posted a video stating US Bank abruptly froze his account and sent a check […]
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An ATM owned by a multi-billion dollar bank in London was reportedly swarmed by customers after dishing out more cash than requested. Customers at NatWest bank abruptly rushed to the lender’s ATM in East Ham, East London after a video circulated online showing the machine was malfunctioning, reports Metro. People lined up as news spread […]
The post Billion-Dollar Bank’s ATM Glitch Triggers Mad Rush for Cash As Machine Spits Out Double the Requested Amount appeared first on The Daily Hodl.
The world’s largest bank is facing a $600 million defamation lawsuit for allegedly spreading misinformation, blocking transactions and severely damaging the reputation of a multi-million dollar business. Sinai Holdings, a Florida-based medical services company, claims the bank erroneously placed the company and its owner Jacob Gitman on a list of individuals and entities to be […]
The post JPMorgan Chase Accused of Severely Damaging Multi-Million Dollar Business, Blocking Transactions and Triggering Mass Account Terminations: $600,000,000 Defamation Lawsuit appeared first on The Daily Hodl.
