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Banking

World Bank Raises $33M Via Blockchain for Its Kangaroo Bond

The World Bank raised over $33 million for its Kangaroo bond on a blockchain. The international organization announced on Aug. 16 that it raised an additional A$50 million (over $33 million) for its Kangaroo bond due August 2020, using a blockchain.  The report claims that this is the first bond which has been created, allocated, …

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Silvergate Bank Eyes Crypto-Collateralized Loans for Institutions

Silvergate Bank, one of the cryptocurrency industry’s few go-to financial service providers, is planning to become a crypto lender. According to an updated IPO filing, Silvergate, which serves some of the cryptocurrency world’s top firms like Coinbase, Bitstamp, Genesis Trading, Blocktower Capital, Polychain Capital and Xapo, has seen increased demand from the industry and is aiming to …

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Barclays Is No Longer Banking Coinbase

The most prestigious banking relationship in crypto has ended. Barclays, the London-based global bank, is no longer working with cryptocurrency exchange Coinbase, industry sources told CoinDesk. And while Coinbase found a replacement in U.K. upstart Clearbank, according to people familiar with the situation, the change has indirectly inconvenienced the exchange’s users. That’s because, aside from …

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Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide

</header> <strong>Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to shrink its trading staff …

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Novogratz’s Crypto Bank Galaxy Digital Invests in Digital Asset Lender

Digital asset lender DrawBridge Lending (DBL) announced that it received funding from cryptocurrency commercial bank Galaxy Digital. A fiat-crypto lending and investing service DrawBridge announced in a press release published on Aug. 8 that it received funding from Galaxy Digital, further strengthen DBL’s fiat-crypto lending and investing capabilities.  Furthermore, the two firms reportedly plan to …

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Standard Chartered Makes Letter of Credit Transaction Using Blockchain

London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group. On-chain letter of credit Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte …

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Investors Can Now Trade Ether and British Pounds on the Same Blockchain

A team of former Royal Bank of Scotland (RBS) engineers is bringing trading and settlement of digital assets, including cryptocurrencies, to a private blockchain network originally developed for enterprise.   Revealed exclusively to CoinDesk, London-based LAB577, led by ex-RBS innovation lead Richard Crook, is rolling out its first platform offering, the Digital Asset Shared Ledger (DASL, …

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Marijuana-Focused Stablecoin Issuer Added to Arizona Fintech Sandbox

A stablecoin project for the marijuana industry has joined a Arizona fintech sandbox. According to Arizona’s Attorney Generals Office, startup Alta was accepted into the office’s fintech program. The seventh startup to join to date, Alta is looking to address the banking needs of a $350 million statewide industry. Current federal regulations prohibit bank involvement …

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Unbanked for Buying Bitcoin: How the Financial System Criminalizes Crypto

<header class=”article__header”> </header> <strong>When we think of the unbanked, we envisage citizens of developing nations who lack the means and documentation to obtain access. But you don’t have to be a Mongolian goat herder to find yourself financially excluded. In the West, relatively affluent citizens are having their banking services withdrawn suddenly and without warning. …

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R3 Taps Software Sales Vet to ‘Evangelize’ Paid Version of Corda

Blockchain technology company R3 has hired software sales veteran Cathy Minter as chief revenue officer, a role newly created to recruit users for the firm’s paid commercial product, Corda Enterprise. Minter, who lived through the revolution in cloud computing from its early days, sounded unfazed by reports this week stating the “blockchain not bitcoin” segment of …

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