Bitcoin Suisse Seeks $50M to Become a Crypto Bank Unicorn

Swiss crypto broker Bitcoin Suisse is seeking almost 50 million Swiss francs ($51.5 million) in funding to support its plans for expansion into the banking sector. According to a new report published on May 8, the company is telling investors that it could reach unicorn status, i.e. have a valuation of 1 billion francs ($1.03 billion) by 2025. Ambitions to bank Switzerland and the EU The company has already raised 20 million francs ($20.5 million) in an initial funding round, and has now opened funding up to other investors until…

Silvergate Bank Reports 75% Increase in BTC Trading Volume

Bitcoin trading and transaction volumes surged at the pro-crypto Silvergate Bank in the first quarter of 2020. According to an April 29 transcript filed with the U.S. Securities and Exchange Commission (SEC) on its Q1 2020 earnings, Bitcoin (BTC) trading volume on the Silvergate Exchange Network (SEN) grew 75% over the previous quarter. SEN’s BTC transaction volume also increased 118%, with more than 31,000 transactions. As of April 2020, the bank is serving 850 digital currency-related clients including cryptocurrency exchanges and miners, custodians, and global investors. Though many holders saw…

Ransomware Hackers Threaten to Release Credit Card Data From Costa Rican Bank

A group of hackers dubbed Maze claims to have compromised the infrastructure of Banco BCR, a Costa Rican state-owned bank, and is now threatening to leak millions of credit card numbers. On April 30, Maze claimed that it has scoped out the bank in August 2019: “According to Financial Institutions Protocol this bank had to notify other institutions about the security breach case. But nothing was made. Servers and workstations were not blocked. Private data was not secured. Anyway the Bank decided to conceal information about the breach. Though the…

Dutch Central Bank Gives Crypto Firms Ultimatum to Register

The Netherlands’ central bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18. In a news release published on May 4, the DNB told companies that following the Dutch Senate’s vote in favor of an Implementation Act amending the European Union’s fourth Anti-Money Laundering Directive on April 21, the Act’s statutory requirements will soon be coming into force. The strict two-week deadline to register with the DNB is only necessary for those providers offering fiat-crypto conversion services…

Former Bank of China President Says Digital Yuan Can Replace Cash

Former Bank of China President, Li Lihui, has revealed the launch of the digital yuan is imminent, and that the currency can replace cash if four key conditions are met.  The central bank digital yuan is currently in the test phrase and is generating excitement among Chinese internet users. Searches on the impact of the digital yuan and cryptocurrency in general has skyrocketed in recent times.   Lihui gave a live streaming talk on People’s News on May 5 and explained that unlike WeChat Pay and Alipay, the digital yuan is…

European Central Bank Calls for Proactive Stablecoin Regulation

In a recent in-depth report on global stablecoins, the European Central Bank, or ECB, pushed for clear regulatory parameters for stablecoins, citing risks as well as gaps in current regulations.  “In order to reap the potential benefits of global stablecoins, a robust regulatory framework needs to be put in place in order to address these risks before such arrangements are allowed to operate,” the ECB wrote in its May 5 report.  The deep dive sees potential, but not without risks The ECB’s report noted several benefits around international stablecoins, including…

Spanish Multinational Bank BBVA to Explore Zero-Knowledge Proofs

The Banco Bilbao Vizcaya Argentaria (BBVA), a multinational bank headquartered in Spain, has announced a partnership with Madrid-based research center IMDEA Software Institution to explore zero-knowledge proofs (ZKPs) alongside other “advanced cryptographic techniques.” Both entities will freely utilize each other’s technologies and research to drive innovation as quickly as possible.  BBVA plans to offer products based on cryptography The partnership will see the institutions research a number of applications for cryptography in the context of the financial sector, including ways to ensure that data shared within a network is not…

Indian Crypto Exchanges Seek Tax Clarity From Central Bank

Following the Supreme Court’s reversal of the Reserve Bank of India’s ban on financial institutions providing banking services to crypto firms, the country’s digital asset exchanges are seeking clarity on their taxation obligations. On May 4, India Times reported that several of India’s crypto exchanges collectively penned a letter to the RBI claiming that the current absence of regulatory clarity has led to banks continuing to deny services to exchanges dealing with crypto assets.  The report notes that the exchanges have also reached out to India’s high court regarding the…

A G7 Central Bank Confirmed It’s Floating Negative Rates

Despite the roaring recovery in the S&P 500, crypto, and other markets,  many facets of the global economy remain in recession. Dozens of millions are unemployed, consumer spending is down, and the global supply chain has come to a screeching halt. With cashflows going negative around the world, meaning firms are at risk of going bankrupt and millions more risk losing their jobs, central banks have announced increasingly stronger forms of monetary policy to save businesses and individuals. This was accentuated when the incoming head of a Group of Seven…

No Global Central Bank Is Working on Retail Digital Currency Use, Says R3

No central bank is currently working on a Central Bank Digital Currency, or CBDC, that can be used by consumers, according to enterprise blockchain firm, R3. A recent report by R3 claims that no central bank is currently pursuing the development of a retail CBDC. As the authors of the document explain, CBDC’s are divided into wholesale and retail: the first is limited to commercial banks while the latter can involve corporations, small businesses, and even individuals. The report explains that a wholesale CBDC is just a new modernization step…