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JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs to be “dealt with – and rather quickly.” Jamie Dimon’s Letter to JPMorgan Shareholders Says Banks Need to Focus on the Future Jamie Dimon has written a comprehensive letter to shareholders about the company’s accomplished goals and future concerns. Dimon’s letter, of course, meets the needs of his…

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Japanese bank Sumitomo Mitsui launches the country’s first ‘a-1’ rated security token

Sumitomo Mitsui has partnered with Securitize to launch Japan’s first security token that complies with the country’s Financial Instruments and Exchange Act. Japan-based bank Sumitomo Mitsui Trust Bank, or SMTB, has launched its first asset-backed securities token in partnership with Securitize on March 29. The instrument is the first security token compliant with the Financial Instruments and Exchange Act (FIEA) to launch in the Japanese Market. The token has received an “a-1 rating” from Japanese rating agency, Rating and Investment Information, Inc, suggesting the product is very likely to fulfill its short-term obligations. The token was created by tokenizing paper-based…

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Banking Industry Execute A Smart Blockchain Test

Blockchain, also referred to as the Distributed Ledger Technology, marks the history of digital assets unalterable and transparent with the use of cryptographic hashing and decentralization. Blockchain is a high-tech alteration for Bitcoin, and as it emerges as a piece of evidence for transactions globally, it thus is highly essential. Transactions get stored on a ledger across the network and can be verified by users among networks. Banks, along with other institutions, have traditionally served as the guardians of financial activity. It aims to safeguard accounts, extend credit while facilitating payments. By keeping the commercial wheel running and in place,…

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It ain’t just about programmability

This commentary is a respectful response to JP Koning's post "Programmable money isn't new, we've had it for ages". The post It ain’t just about programmability appeared first on Bits on Blocks.

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Video: Fed Watch — Economic Crisis Analysis With Lyn Alden

On the latest episode of Bitcoin Magazine’s Fed Watch podcast series, the hosts are joined by one of the great macro pundits of the last few years, Lyn Alden. Alden has a fantastic grasp on the history of macro economics. In this interview, the groups focused on placing our current time into historical context, comparing it to previous cycles and economic crises so that we might take some lessons away. The show also continued its search for a definition of money today, and a deeper understanding of the role of money, inflation and deflation. This episode also featured discussions about…

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Bank guarantees: Jumping from paper to blockchain

There is a genuine need to digitize the archaic process by which tenants, banks and landlords negotiate bank guarantees. When a retailer wants to lease a property to open a store, the landlord requires a bank guarantee that says, “You’re good for the rent.” To date, this process has been primarily paper dependent. Today, some […] The post Bank guarantees: Jumping from paper to blockchain appeared first on Blockchain Pulse: IBM Blockchain Blog.

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Leaked FinCEN Data Shows $2 Trillion Lost To Money Laundering

Leaked FinCEN data shows that that global banking is responsible for $2 trillion lost in dirty money or money laundering cases which only increases the need for public blockchains and DeFi as we are reading more in the latest blockchain news. Banks facilitated a minimum of $2 trillion of money laundering from 1999 to 2017 so it looks like the structure of finance is broken as the banks operate as the main beneficiary of money laundering as well as enforces of anti-money laundering programs according to the Leaked FinCEN data. Defi has the ability to fix these issues with accounting…

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Unchained Capital Unveils New Ways For Businesses To Custody BTC

Unchained Capital, an Austin-based financial services firm, has announced its new enterprise-grade self-custody offering, aptly named “Business Accounts for Bitcoin.” The underlying principle of this new offering is “collaborative custody,” for which Unchained’s goal is to focus on simple workflows for funds, businesses and B2B2C providers to manage private keys. Common alternative solutions for managing multiple private keys might be splitting up the keys into multiple pieces and using Shamir’s Secret Sharing or relying only on multisig key security.  Neither of those alternatives take into consideration any actual business logic needed for determining more complex arrangements to spend bitcoin, though.…

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Blockchain: The Role of this Futuristic Technology in Revolutionizing the Banking Industry

Blockchain is a shared, immutable ledger that is simply used for recording transactions, tracking assets, building, and keeping the trust of participating members. With blockchain technology, the participants can have complete access to the distributed ledger and its immutable record of transactions in real-time. Blockchain allows transactions to be recorded only once, eliminating the duplication of effort that’s typical of traditional business networks. Blockchain is a decentralized ledger that keeps a record of each transaction, which occurs across a fully distributed or peer-to-peer network, either public or private. The integrity of the blockchain technology hinges on strong cryptography that validates…

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Interview: Caitlin Long and David Kinitsky on crypto’s big win with Kraken Financial bank charter

Avanti CEO and Kraken Financial Managing Director discuss Wyoming's progressive steps in blockchain regulation San Francisco-based crypto exchange Kraken has become the first cryptocurrency business to receive a charter to operate as a bank in the United States. When seen as part of a larger-scale shift in regulatory attitudes that may help to bring crypto into the mainstream, the repercussions could be even more significant. Kraken Financial, the firm's new bank, got the green light from Wyoming on Sept. 16 as a special-purpose depository institution (SPDI) — a bank that can both receive deposits and custody assets. "For Wyoming, this…

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BRD’s enterprise banking blockchain boosted by new compliance strategy

Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution. In July this year, the Office of the Comptroller of the Currency granted permission for federally chartered banks to provide custody services for cryptocurrency. While significant, the need for enterprise-grade infrastructure to securely deploy custody solutions has become crucial.  Adrien Treccani, CEO of METACO — a technology partner for institutions entering the digital asset ecosystem — mentioned in a report published by Cointelegraph, PwC and CV VC that the institutional adoption of custody solutions for managing digital assets has clearly entered a new phase:…

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Kraken Becomes the First Crypto Exchange to Obtain Banking Charter

Kraken has obtained the approval to conduct many traditional banking services alongside operating as a crypto exchange. Wyoming has granted the license under Special Purpose Depository Institution (SPDI), specially formulated for cryptocurrency businesses.  Kraken Customers to Enjoy Special Privileges  Wyoming is the only American state to include the SPDI charter in its banking laws. An SPDI is a specialized custody bank that can perform all activities of a bank, except for making loans from customer deposits.  The SPDI banks are required to maintain a 100% reserve of their FIAT deposits.  The bank’s new name is tentatively Kraken Financial. Kraken also…

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Blockchain platform commercializes digital bank guarantees in Australia

Australia gets more blockchain projects. The Lygon blockchain platform, which runs on IBM Public Cloud, has reportedly successfully conducted its pilot since last year with Australian banks ANZ, Commonwealth Bank of Australia (CBA) and Westpac and a group of 20 Australian businesses.  Banks are expected to issue bank guarantees in just one day once they implement Lygon compared to the current paper-based guarantees that can take a month. The three Australian banks and retailers Scentre Group and IBM are planning to expand the Lygon platform for commercial use, according to a report on Sept 1. A bank guarantee is a…

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