Financial institutions who participated in a recent pilot of Ripple (XRP)’s xRapid platform have reported transaction savings of 40-70 percent, Business Wire reports Thursday, May 10. In addition to cost savings, the participants have noted an improvement in transaction speed - from the average 2-3 days to “just over...
India’s HDFC Bank, the country’s largest private bank, has informed clients that its debit and credit cards cannot be used to purchase cryptocurrency, local news source First Post reported March 14. In a letter to clients sent on Tuesday March 13, HDFC explained that the measure was taken in order...
Dutch financial group ING (INGA.AS) has confirmed that Bitfinex, one of the world’s largest Bitcoin exchanges by daily trading volume, has a bank account with them in the Netherlands, Reuters reported Tuesday, Feb. 20. In an email to Reuters, ING spokesperson Harold Reusken confirmed that Bitfinex has a bank account...
Texas regulators have issued an unconditional cease and desist order to the self-described ‘cryptocurrency bank’ AriseBank on Friday, Jan. 26, ordering it to halt any services to the state’s residents. In a formal press release Friday, the Texas Banking Commissioner Charles G. Cooper implied the business, which has generated considerable...
Malaysia’s central bank hinted it is planning to integrate Blockchain in its banking sector, its deputy governor revealing ongoing development work in a speech Thursday, March 22. Speaking at the Asian Banker Digital Finance Convention 2018 in Kuala Lumpur, Bank Negara Malaysia’s (BNM) deputy governor Jessica Chew Cheng Lian announced...
Venezuelan president Nicolás Maduro announced the launch of a Petro-funded crypto bank to support initiatives from youth and students, Latin American government-sponsored news outlet TeleSur reported yesterday, May 3. During а speech for the Chamba Juvenil Plan, a social program that promotes jobs for youth, Maduro also noted the necessity...
Uphold, which describes itself as a “cloud-based financial services platform,” has added the option to buy XRP, the cryptocurrency of the global payment network Ripple. This addition brings the number of coins supported by the platform to eight, the others being Bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold, Ether, Basic Attention...
Speaking to CNBC on Monday, Feb. 12, chief fintech officer of the Monetary Authority of Singapore (MAS) Sopnendu Mohanty said it will be “two years” before the central bank’s Blockchain project sees “real impact.” Discussing the state of its “Project Ubin” and cryptocurrency in general, Monetary Authority of Singapore (MAS)...
The European Supervisory Authorities (ESAs) has warned customers that cryptocurrencies are “highly risky” assets that show “clear signs of a pricing bubble” in a pan-European Union consumer warning released Monday, Feb. 12. The ESAs is made up of the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA)...
The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors...