Wells Fargo’s New Crypto Initiative: The Stablecoin Wells Fargo Digital Cash

Wells Fargo’s New Crypto Initiative: The Stablecoin Wells Fargo Digital Cash

One of America’s biggest banking companies, Wells Fargo, announced on Tuesday that it plans to enter the crypto world after all. Like JPMorgan, Wells Fargo is looking to create its own native digital coin that would function just like any other digital asset out there. Only in this case, the financial giant is looking to test the waters with its global network. Should all go as planned, this may extend to the general public. Wells…

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Survey: People Are Intrigued But Confused about Crypto

Survey: People Are Intrigued But Confused about Crypto

Cryptocurrency is increasingly becoming a familiar term for consumers who are already accustomed to traditional fiat money. However, a new survey reveals that many people are interested in exploring cryptocurrency more and what opportunities it brings. The recent survey, which circulated around Europe, was conducted by ING International and it showed that 82% of the people who responded had a basic idea about cryptocurrency. This is because mainstream corporations like Facebook have used this opportunity…

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Multinational German Bank Deutsche Joins JPMorgan’s Blockchain Payment Network

Multinational German Bank Deutsche Joins JPMorgan’s Blockchain Payment Network

The multinational German investment bank, Deutsche Bank, is joining JPMorgan’s blockchain-powered cross-border payment messaging system, also known as Interbank Information Network (IIN). The aim of JPMorgan’s growing blockchain network is to counter the inefficiencies of the SWIFT payment system. SWIFT payments are cross-border transactions that are sent via SWIFT international payment network. It is one of the largest financial messaging systems in the world, which consists of 11,000 banks. IIN aims to provide a seamless…

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Banco Santander Becomes the First Ever Bank to Issue a Blockchain-Backed Bond

Banco Santander Becomes the First Ever Bank to Issue a Blockchain-Backed Bond

Banco Santander has announced that it has successfully issued a bond that is backed by end-to-end blockchain, and possibly revolutionizing the bond technology. The news was revealed on September 12th through a press release issued by the bank itself. As stated in the press release, the technology behind the bond consists of the Ethereum (ETH)trade blockchain. Since this is an open source technology, it ensures that the bond is tokenized and registered without facing any…

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International Monetary Fund Chair to Banks: Allow Digital Currencies Space to Develop

International Monetary Fund Chair to Banks: Allow Digital Currencies Space to Develop

Christine Lagarde, the Chair of the International Monetary Fund (IMF) has called for a balanced approach to cryptocurrencies and said that the financial supervisors and central banks should be more open to digital currencies, in an opening statement to the Economic and Monetary Affairs Committee of the European Parliament. The statement came on this Wednesday by Legarde, who is also a candidate for the post of president of the European Central Bank (ECB). Legarde didn’t…

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Crypto Firms in the Netherlands to be Regulated by Dutch Central Bank

Crypto Firms in the Netherlands to be Regulated by Dutch Central Bank

The Dutch central bank has notified that it will start regulating companies that are providing cryptocurrency services in the Netherlands beginning from January 10, 2020. In an announcement that was released this Tuesday, the De Nederlandsche Bank has made it clear that crypto firms serving in the Netherlands for the exchange between crypto and fiat currency, and also cryptocurrency wallet providers, must register with the bank if they want to remain in business. As the…

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Banking Giant PNC to Deploy RippleNet for Cross-Border Payments

Banking Giant PNC to Deploy RippleNet for Cross-Border Payments

PNC Treasury Measurement revealed that it was going to employ RippleNet’s blockchain technology for processing its cross-border payments. PNC, one of the leading banks in the U.S., has partnered with the major crypto firm Ripple, which specializes in cross-border payment and operates the Ripple (XRP)trade cryptocurrency, to enable the bank building the capacity for processing global payments. The deployment will assist the bank in reducing fees and waiting times. According to the latest numbers from…

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Bank of England Governor Suggests Cryptocurrency Could Replace the US Dollar

Bank of England Governor Suggests Cryptocurrency Could Replace the US Dollar

The U.S dollar is arguably the most popular currency today. Controlled by the most powerful country in the world, the U.S. dollar currently holds a substantial influence over trade across the globe. But according to the Bank of England governor, cryptocurrency might take its place. The governor of the Bank of England, Mark Carney, suggests that the dollar dominance could be replaced by a virtual currency backed by a large group of nations. Having such…

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Bank of America Files a Patent for Multi-Tiered Digital Wallet Security

Bank of America Files a Patent for Multi-Tiered Digital Wallet Security

The US Patent and Trademark Office (USPTO) published a new patent application by Bank of America titled “Multi-Tiered Digital Wallet Security,” on August 15. As listed, the new patent’s system was invented by the banking firm’s senior technology manger, Manu Kurian. The patent was initially filed by Bank of America in February 2018 and has now been publicly published. With this patent, Bank of America is planning to provide users with different levels of access…

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Analysis: China’s State-Sponsored Cryptocurrency to Disrupt the Mobile Payment Market

Analysis: China’s State-Sponsored Cryptocurrency to Disrupt the Mobile Payment Market

After witnessing the success of digital currencies throughout the world, the People’s Bank of China is getting ready to launch a state-sponsored digital currency, and according to new analysis, it may overtake the mobile payment market from Alipay and WeChat Pay. The world is slowly moving towards online channels for payment transactions. We have already seen some major projects developed under the light of these trends such as Facebook’s upcoming cryptocurrency Libra. To keep a…

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