Engineers are investigating how hackers managed to crack the New York arm of the Industrial & Commercial Bank of China (ICBC) – a financial institution with $5.74 trillion in total assets. The hack forced the ICBC to settle trades using a USB stick while forcing banks, brokerages and market makers to reroute trades, reports Bloomberg. […]
The post Hackers Hit World’s Largest Bank, Forcing Financial Giant to Rely on USB Stick to Settle Trades: Report appeared first on The Daily Hodl.
One of America’s biggest banks is reportedly refusing to reimburse a customer after thousands of dollars vanished from his account. Mike Mitchell, who runs a home rental company in Florida, says he recently realized $3,771 left his business account at Wells Fargo without his authorization, reports the CBS-affiliated news station WKMG. According to the National […]
The post Wells Fargo Refuses To Refund Customer After Thousands of Dollars Allegedly Exits Bank Account Without Authorization: Report appeared first on The Daily Hodl.
A new report is calling out JPMorgan Chase, Citibank and the US banking system at large for kicking loyal customers to the curb in a systemic “exiting” process. Nearly 200 former Chase customers have sent complaints to the New York Times stating their account was wrongfully terminated, triggering financial chaos and confusion. The account terminations are […]
The post JPMorgan Chase and Citibank Are Abruptly Terminating Accounts, Triggering Chaos and Confusion for Customers: Report appeared first on The Daily Hodl.
SC Ventures will establish a “Digital Asset Joint Venture” investment company in partnership with a Japanese financial conglomerate, SBI Holdings.
SC Ventures, the fintech investment arm of British bank Standard Chartered, will establish a “Digital Asset Joint Venture” investment company in the United Arab Emirates (UAE) in partnership with a Japanese financial conglomerate, SBI Holdings.
In the press release from Nov. 9, Alex Manson, the CEO of SC Ventures, revealed the new joint venture company’s goals:
“[...] to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the metaverse.”
Manson highlighted the region’s new role as a hub for fintech due to its strengthening infrastructure and talent. However, the joint venture will not limit itself to the regional market but “explore the emerging digital asset ecosystem opportunities globally.”
Related: How high can Bitcoin price go by 2024?
In May 2023, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), granting the bank approval to launch digital asset custody services for its institutional clients worldwide.
Last month, another joint venture by Standard Chartered and SBI Holdings — institutional cryptocurrency custody platform Zodia — launched its services in Hong Kong. Established in 2021, the platform supports 38 cryptocurrencies and has recently opened services in Japan, Singapore and Australia.
Diving deep into the crypto custody business, Standard Chartered has not been neglecting the other side of the digital economy. In June, the bank teamed up with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the so-called Greater Bay Area of China, which includes Guangdong province, Hong Kong and Macao.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
HSBC has partnered with Ripple-owned tech firm, Metaco, to allow institutional investors hold tokenized securities on its new custody platform.
HSBC has partnered with Ripple-owned tech firm, Metaco, to integrate its institutional platform Harmonize with HSBC’s new custody service for digital assets, the firm announced on Nov. 8.
The bank expects to roll out the new digital asset custody service in 2024, complementing its digital asset issuance platform known as HSBC Orion and HSBC offering for tokenized physical gold, launched on Nov. 1, 2023. Together, the services form a complete digital asset offering for HSBC’s institutional clients, the firm said.
Major global banking company HSBC is planning to launch an institutional custody platform for tokenized securities, also known as security tokens.
This is a developing story, and further information will be added as it becomes available.
Custodia Bank’s launch of Bitcoin custody follows a series of regulatory challenges the firm faced earlier this year.
Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin (BTC) advocate Caitlin Long, has launched its Bitcoin custody platform.
The firm took to X (formerly Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin custody service targeting businesses like fiduciaries, investment advisers, fund managers and corporate treasurers.
The launch comes soon after Custodia Bank earned approval from the Wyoming Division of Banking to go live with its Bitcoin custody service, the announcement notes.
Announcing the news, Custodia Bank emphasized that the platform is a non-lending bank built by Bitcoiners and offers segregated custody accounts on its “custom-built Bitcoin custody platform.”
The statement said that Custodia Bank offers integrated Bitcoin custody and U.S. dollar services on one platform, which is designed to simplify user operations and reduce risks. Custodia Bank added:
“Since we built our Bitcoin custody platform in-house, we’re especially grateful to those willing to help us by providing user feedback.”
Custodia Bank’s approval from the Wyoming Division of Banking follows a series of regulatory challenges for the firm. In January 2023, the Federal Reserve Board rejected the bank’s application to become a member of the Federal Reserve System, saying it was “inconsistent with the required factors under the law.” The Fed subsequently denied Custodia’s request to reconsider its membership application in its system.
Related: DZ Bank, third-largest German bank, to start crypto custody for institutional investors
In a detailed report in March 2023, the Fed’s board said the decision to reject Custodia’s application was due to concerns about banks with a high concentration of activities related to the crypto industry. Custodia Bank reportedly opened for business in August 2023, though the Fed has blocked much of its proposed business model.
Founded in 2020, Custodia is a bank aiming to bridge the gap between digital assets and the U.S. dollar payments system and a digital asset custodian. The firm was formerly known as Avanti Financial Group and is based in Cheyenne, Wyoming.
Custodia Bank did not immediately respond to Cointelegraph’s request for comment.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
DZ Bank AG launches its own digital assets custody platform, built on blockchain.
DZ Bank AG, the third largest bank in Germany by asset size, has launched its own digital assets custody platform built on blockchain. According to an announcement published on Nov. 2, the platform will work with institutional clients, offering them crypto securities, such as the crypto bond from Siemens, which DZ Bank had subscribed to six months ago.
Holger Meffert, Head of Securities Services & Digital Custody at DZ, expressed the bank’s interest in the distributed ledger technology (DLT):
“We assume that within the next ten years, a significant proportion of capital market business will be processed via distributed ledger technology (DLT)-based infrastructures. In the medium term, we see DLT as a complementary technology to the established infrastructures in the existing capital market processes.”
The bank also hopes to offer institutional investors and private customers the facility to buy cryptocurrencies, “such as Bitcoin,” in the future. To achieve that, DZ has applied for a crypto custody license from the Federal Financial Supervisory Authority (BaFin) in June 2023.
Related: How major German firms like Mercedes and Lufthansa are using NFTs
Cointelegraph has recently paid attention to the German banks’ shift toward crypto, despite the country’s strict industry regulatory regime. More and more institutions are finding ways to allow customers access to cryptocurrencies.
In March 2023, Deutsche WertpapierServiceBank (Dwpbank) took an important step with the launch of its wpNex crypto trading platform, which gives 1,200 banks and savings banks in Germany access to the digital asset industry. Asset management group DWS, majority-owned by Deutsche Bank, announced it was working on exchange-traded products of cryptocurrencies in the European market and developing other digital solutions that will give investors access to blockchain applications and digital assets.
Other traditional banks, including Commerzbank and DekaBank, are also seeking crypto custody licenses from Germany’s financial watchdog, the Federal Financial Supervisory Authority (BaFin).
Magazine: Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal
The Swiss National Bank and the Swiss Finance Ministry are considering new measures that would make it more difficult for wealthy people to move money out of their bank, according to an explosive and contentious new report. The discussions are focused on finding new measures that could prevent bank runs after the collapse of Credit […]
The post Bank Withdrawal Limits and Exit Fees Under Consideration by Financial Authorities in Switzerland, According to Contentious New Report appeared first on The Daily Hodl.
The Federal Deposit Insurance Corporation (FDIC) has shut down a bank in Iowa after regulators discovered “significant loan losses” on its balance sheet. The FDIC is adding Citizens Bank in Sac City to its list of failed banks, and says Iowa Trust & Savings Bank has assumed all deposits in order to protect depositors. The […]
The post Fifth Bank Failure of 2023 Declared, Iowa Bank Insolvent Due to ‘Significant Loan Losses’ appeared first on The Daily Hodl.
Payments platform Ripple Labs is collaborating with the central bank of Georgia to create the nation’s first central bank digital currency (CBDC) pilot program. In a new company blog post, Ripple says that The National Bank of Georgia (NGB) has chosen to partner with Ripple for its digital Lari (GEL) pilot project. “The pilot will […]
The post Ripple To Partner With Georgia’s Central Bank in the Eurasian Country’s CBDC Pilot appeared first on The Daily Hodl.
