Tag: Bank

Peter Thiel-backed Erebor Bank wins preliminary green light from OCC for national charter

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Key Takeaways The OCC conditionally approved the de novo national bank charter for Erebor Bank. The OCC reiterated its openness to banks engaging in digital asset activities if conducted safely and soundly. Share this article Erebor Bank, a new US bank backed by prominent technology entrepreneurs, including Palmer Luckey, Joe Lonsdale, and Peter Thiel’s Founders Fund, has secured preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a new national charter in Columbus, Ohio. According to a Wednesday statement from the OCC, the approval comes…

Ripple partners with South Africa’s Absa Bank for institutional asset custody

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Key Takeaways Ripple partners with Absa, a major South African bank, to deliver institutional-grade digital asset custody services. The partnership strengthens Ripple’s presence in emerging markets, especially following recent collaborations in the Middle East. Share this article Ripple, a blockchain company, has partnered with Absa Bank, a major African bank, to provide institutional-grade digital asset custody services. Today’s collaboration enables secure digital asset custody solutions in the South African market. The partnership expands Ripple’s presence in emerging markets, following its recent collaboration with Bahrain FinTechBay to build secure digital asset…

South African Bank Absa Taps Ripple for Crypto Custody

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Institutional blockchain service provider and XRP developer Ripple announced a partnership with South African bank Absa on Wednesday to provide digital asset custody to the institution’s customers. According to the announcement, Absa is “Ripple’s first major custody partner in Africa.” The bank will offer its customers digital asset custody services relying on Ripple’s infrastructure for tokenized assets and cryptocurrencies. The bank is a major player on the African financial stage, managing 2.07 trillion South African rands ($119.5 billion) of assets as of the end of 2024. Absa also saw $6.34…

China Merchants Bank Brings $3.8B MMF Fund On BNB Chain

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A Hong Kong-based subsidiary of a major Chinese commercial bank, China Merchants Bank (CMB), tokenized its $3.8 billion money market fund (MMF) on BNB Chain. CMB International Asset Management (CMBI) has partnered with BNB Chain to bring its CMB International USD Money Market Fund onto its layer-1 (L1) blockchain, BNB Chain announced on Wednesday. The partnership builds on CBMI’s real-world asset tokenization (RWA) cooperation with Singapore-based tokenization platform DigiFT, which tokenized the fund on the Solana blockchain in August. The CMBI’s fund launch on BNB Chain came weeks after online…

JPMorgan’s Head of Markets Digital Assets says bank will engage in crypto trading but custody remains off the table

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Key Takeaways JPMorgan will engage in digital asset trading but has no plans to launch a custody business. The bank is evaluating third-party custodians and its risk appetite before expanding further Share this article JPMorgan’s head of markets digital assets confirmed that the bank plans to engage in crypto trading but has no immediate plans to launch a custody service, saying the firm is instead exploring third-party custodians to support its growing digital asset business. Major banks are increasingly removing restrictions on Bitcoin ownership to enable broader client access. Payment…

Goldman Sachs, Deutsche Bank, and other banking giants unite to explore reserve-backed digital money

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Key Takeaways Nine major banks formed a consortium to explore issuing reserve-backed digital money on public blockchains. The initiative aims to provide a stable payment asset and enhance financial innovation in cross-border payments. Share this article Nine major international banks have formed a consortium to explore issuing reserve-backed digital money on public blockchains, Bloomberg reported on Friday. The effort underscores the accelerating push by traditional finance toward blockchain-driven payment systems. The group includes Goldman Sachs Group Inc., Deutsche Bank AG, Bank of America Corp., Banco Santander, BNP Paribas, Citigroup Inc.,…

Russia’s central bank to permit banks to engage in crypto operations under strict limits

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Key Takeaways The Central Bank of Russia is moving to permit limited crypto activity among banks. Strict capital reserve requirements will remain to manage risk, even as banks engage more with cryptocurrencies. Share this article Russia’s central bank is preparing to permit banks to engage in crypto operations under tight regulatory oversight. The monetary authority is exploring a regulated framework for banks handling crypto under strict capital and reserve requirements. The move represents a departure from Russia’s previously cautious stance on crypto regulation. Moscow Exchange is pushing for the legalization…

What Central Bank Gold Buying Means For Bitcoin

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Global central banks have been increasing their gold reserves over the past few years in a trend that may have major implications for Bitcoin, according to a recent report from Deutsche Bank. Gold’s share of central bank reserves reached 24% in the second quarter of the year, its highest share since the 1990s, Deutsche Bank strategists reported Thursday. With official demand for gold running at twice the pace of the 2011–2021 average, some Deutsche Bank analysts see growing parallels between gold and Bitcoin (BTC), which has seen a record-breaking performance…

Bank of France Pushes for ESMA Oversight, Stricter Stablecoin Rules

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The Bank of France has called on the European Union to give its markets regulator direct supervision over major crypto firms, warning that fragmented oversight could threaten the bloc’s financial sovereignty. Speaking at the ACPR-AMF Fintech Forum in Paris on Thursday, Bank of France Governor François Villeroy de Galhau said the European Securities and Markets Authority (ESMA) should be given the mandate to directly oversee crypto-asset issuers under the EU’s Markets in Crypto-Assets (MiCA) framework.  “I also advocate, along with the president of the AMF, for European supervision of crypto-asset…

Amina Bank Launches Polygon (POL) Staking With Up to 15% Rewards

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Swiss crypto bank Amina Bank has become the first financial institution to offer staking services for POL, the native token securing the Polygon network. The Zug-based bank, licensed by the Swiss Financial Market Supervisory Authority (FINMA), said on Thursday that it will provide institutional clients with up to 15% in staking rewards through a new partnership with the Polygon Foundation. “Our expansion of POL services provides institutional clients with regulated access to the blockchain, enabling our clients to be rewarded for providing stability and security to a blockchain network used…