Tag: Bank

Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018

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Mike Novogratz’s crypto-focused merchant bank Galaxy Digital released its first quarter report for 2018, posting a $134 million loss as cryptocurrency markets slumped, according to Bloomberg July 26. Galaxy Digital lost $13.5 million in its trading business, with $85.5 million of unrealized loss on digital assets, $1.1 million in paper losses on investments, and $22.9 million in paper loss on investments in its principal investing business. As of March 31, Galaxy digital had $281.7 million in assets, of which $225.8 million were digital assets and investments. Novogratz, who founded Galaxy…

Bank of England to Open New Payment System to Blockchain Users

The Bank of England is executing a complete overhaul of its interbank payment system, and officials have now confirmed that it will open the network to fintech firms that process transactions across a blockchain network. The British central bank on Monday published a report evaluating its recent Proof-of-Concept (PoC) with several firms operating in the distributed ledger technology (DLT) space, a test intended to examine the feasibility of connecting blockchain firms to an updated version of the bank’s Real-Time Gross Settlement (RTGS) service. The RTGS facilitates settlements between financial institutions,…

Why Litecoin’s Creator Is Buying Into a Bank (And How It Could Go Wrong)

One of the most unusual and potentially transformative deals in the cryptocurrency space started as an argument on social media. Back in April, Charlie Lee, the creator of litecoin, was exchanging barbs on Twitter with Derek Capo, the CEO of payment processor TokenPay. But their fight quickly turned into a friendly exchange of direct messages, in which the two crypto enthusiasts realized they shared a common problem: In a word, banking. Both the Litecoin Foundation, the non-profit that promotes the sixth-largest cryptocurrency and where Lee is a managing director, and…

Binance Exchange Backs First-Ever Decentralized Bank in Malta

Binance, one of the biggest cryptocurrency exchanges in the world, is reportedly among a number of investors backing a decentralized bank to be launched in Malta. Bloomberg reported Thursday that Binance had confirmed it has acquired a 5 percent stake in the so-called Founders Bank at a €133 million euro ($155 million) pre-investment valuation. Founders Bank will have systems based on blockchain technology and will partner with fundraising platform Neufund in an issuance of its own “legally-binding” equity tokens, according to Binance. The bank is hoping to obtain a license from…

Bank Of England’s Governor Mark Carney Calls For More Cryptocurrency Regulation | CNBC

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Governor Mark Carney said it would likely be a “series of national steps.” » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC Bank Of England’s Governor Mark…

Bitcoin Is Like Gambling, Bank Of Canada Governor Stephen Poloz Says | CNBC

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Speaking about digital currencies, Stephen Poloz said: “They are crypto, but they’re not currencies.” » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC Bitcoin Is Like Gambling,…

Bitcoin Will Hit $100,000 This Year, Says Saxo Bank Analyst | CNBC

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Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency’s rally at the start of last year told CNBC. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC…

‘Mrs. Watanabe’ Driving Bitcoin Price Higher: Deutsche Bank

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Mainstream financiers like BlackRock CEO Larry Fink may claim that bitcoin is an “index of money laundering,” but a new report from Deutsche Bank AG says that this year’s bitcoin price surge is not the product of criminal activity, it’s Mrs. Watanabe. As reported by Bloomberg, the Japanese branch of the German banking giant issued a note to clients attributing the bitcoin price’s dramatic fourth-quarter rally to ‘Mrs. Watanabe,” a term colloquially used to refer the archetypical Japanese retail investor: a housewife who manages her family’s finances with a shrewd…

Banks Need Bitcoin More Than Bitcoin Needs Banks: Virtual Capital Ventures’ William Mougayar | CNBC

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William Mougayar, Virtual Capital Ventures and “The Business of Bitcoin” author, provides insight to the cryptocurrency which he calls a new parallel financial system in the works. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News…