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Bank of Russia Approves Atomyze as First Digital Asset Issuer

February 3, 2022 Anthony B

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase…

Federal Reserve Bank of NY Lays Out Possible Stablecoin Scenarios

February 2, 2022 Anthony B

Because the stablecoins would effectively act like a pass-through central bank digital currency, their pegs – fixing the price to $1, for example – would come with guaranteed stability. In times of financial panic, however, large migrations of regular commercial bank deposits into narrow bank stablecoins could disrupt lending and could increase the Fed’s balance sheet to accommodate the demand from stablecoin issuers. Author: Helene Braun Source link

Deutsche Bank Initiates Coverage of Metaverse Play Matterport, Sees Near 50% Upside

February 2, 2022 Will Canny

Deutsche Bank initiated coverage of metaverse play Matterport with a buy rating, calling the company a leader in the digitization of the built world. The bank’s analysts led by Bhavin Shah started coverage on Tuesday with a price target of $14, implying a 46% upside from the recent close. Matterport’s technology platform enables customers to create a digital twin of any space or building with relative ease, and this should drive impressive growth over the foreseeable future, the note said. Strong mindshare, a robust capture services network and a freemium…

Bitcoin Steady Near $38.5K as Australian Central Bank Ends Easing Program

January 31, 2022 Anthony B

Bitcoin has nearly halved in value since peaking near $69,000 on Nov. 10, predominantly due to fears of faster Fed tightening. The cryptocurrency’s fortunes are closely tied with the equity markets, with the 60-day correlation between the two assets now at 65% versus virtually zero in 2017. The sensitivity to stock market gyrations and macro factors like central bank decisions perhaps stems from increased institutional participation. Besides, bitcoin has been one of the inflation trades. Author: Omkar Godbole Source link

$8B New York commercial bank to offer Bitcoin services

January 27, 2022 Brian Quarmby

Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers. The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million. According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and…

Diem to Sell Assets to Silvergate Bank for $200M: Report

January 26, 2022 Anthony B

Vladimir Putin Offers Hope for Crypto in Face of Central Bank Call for Ban

January 26, 2022 Jamie Crawley

Russian President Vladimir Putin has called for consensus between his country’s government and the central bank following the latter’s recent call for an outright ban on crypto. Speaking in a video conference with government ministers on Wednesday, Putin asked for “some kind of unanimous opinion” between his government and the Bank of Russia to be formed via discussions in the near future. Russia’s central bank called for a complete ban on crypto in a report last week, citing its volatility and use for illegal activities. The Bank of Russia’s crypto…

Bank of America says stablecoin adoption and CBDC is ‘inevitable’

January 24, 2022 Keira Wright

It appears that the U.S. will finally be moving forward to create its own central bank digital currency (CBDC) according to the Bank of America. Bank of America crypto strategists Andrew Moss and Alkesh Shah wrote in a Jan. 24 note that CBDCs “are an inevitable evolution of today’s electronic currencies,” according to a Bloomberg report. The analysts wrote: “We expect stablecoin adoption and use for payments to increase significantly over the next several years as financial institutions explore digital asset custody and trading solutions and as payments companies incorporate…

Bank of America Says US CBDC Would Preserve Dollar’s Status as World’s Reserve Currency

January 24, 2022 Will Canny

Stablecoins are likely to see an increase in usage in the absence of CBDCs, the bank noted, adding that the two largest by market value, tether and USD coin, had a combined market value of around $121 billion as of Jan. 21. Their use as a means of payment is increasing, particularly for cross-border remittances, the report said, as they are faster and cheaper than using fiat currency. Author: Will Canny Source link

Bank of Korea completes first phase of digital currency pilot

January 24, 2022 Prashant Jha

The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021. The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance. The second phase of the central bank digital currency (CBDC) pilot would test real-world functionalities such…