Citi sits on the cusp of a crypto push

The bank, however, won't make any rash decisions on digital asset offerings. "This isn't a space race," Itay Tuchman, Citi's head of global foreign exchange, told the Financial Times. "There is room for more than just one flag."

By Dan Ennis • May 7, 2021

Fed strikes balance between openness, caution toward nonbanks

The central bank issues guidance for fintechs seeking a charter, while its chair advocates for expanding the CRA to encompass all lenders.

By Dan Ennis • May 6, 2021

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

How Quontic Bank adapts to crypto, remote work and wearable tech

Since purchasing the institution in 2009, CEO Steven Schnall, an entrepreneur and former mortgage banker, has been molding the bank to reflect his vision.

By Anna Hrushka • April 30, 2021

Neobank Current adds crypto to product roadmap after $220M funding boost

"There is a need and a demand for a company like Current to explain and shepherd people into this new world," CEO Stuart Sopp said.

By Anna Hrushka • April 28, 2021

Crypto exchange Binance hires ex-OCC chief Brooks as US CEO

Hiring an executive with intimate knowledge of U.S. regulations presumably would help the exchange, initially based in China, expand its stateside operations without raising red flags.

By Dan Ennis • April 20, 2021

State Street leans ever so slightly into crypto

Through a partnership with U.K.-based Pure Digital, the infrastructure the bank’s Currenex unit uses in foreign exchange will be transposed to the crypto space for a trading platform set to launch in mid-2021.

By Dan Ennis • April 9, 2021

Walmart's trademark filing may offer clues to fintech startup

The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.

By Dan Ennis • April 8, 2021

Powell reiterates 'no-rush' stance on Fed's digital dollar

Powell insists on Congress's approval before proceeding with a CBDC, but researchers are hoping to unveil prototypes as early as July. Meanwhile, the Senate's new banking panel chair is calling for faster action.

By Dan Ennis • March 23, 2021

Coinbase settles CFTC 'wash trading' probe for $6.5M

The settlement comes as the cryptocurrency exchange is delaying until next month its hotly anticipated IPO, but a CFTC commissioner said the enforcement action is a poor reflection of the regulator's priorities.

By Dan Ennis • March 22, 2021

Crypto, ESG and office returns: Banks show when they would — and would not — rather be first

As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.

By Dan Ennis • March 18, 2021

Brian Brooks, former OCC acting chief, joins blockchain startup

The new role places Brooks in a position where he can continue his push for the inclusion of blockchain and cryptocurrency in the financial sector, actions he took during his tenure at the helm of the bank regulator.

By Anna Hrushka • March 15, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

By Anna Hrushka • Updated June 23, 2021

Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin

The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."

By Dan Ennis • March 3, 2021

Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe

Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.

By Dan Ennis • Feb. 24, 2021

Virginia-based bank provides Bitcoin access at ATMs

Blue Ridge Bank's announcement comes as larger players such as BNY Mellon and Mastercard are showing greater acceptance of digital assets. Bitcoin traded above $50,000 for the first time Tuesday.

By Anna Hrushka • Feb. 12, 2021

BNY Mellon commits to holding, transferring and issuing crypto

The New York-based bank said Thursday it is developing a client-facing prototype for a multi-asset digital custody and administration platform set to roll out this year.

By Dan Ennis • Feb. 11, 2021

OCC conditionally approves second crypto firm for trust charter

Seattle-based Protego intends to provide custody services for its clients' digital assets — and, eventually, a client-to-client lending and trading platform. The company has 18 months to meet the regulator's terms.

By Dan Ennis • Feb. 8, 2021

Gemini launches crypto-based savings product offering up to 7.4% yield

Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.

By Dan Ennis • Feb. 3, 2021

4 banking trends to watch in 2021

Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.

By Dan Ennis , Anna Hrushka • Jan. 20, 2021

Crypto firm Anchorage receives trust bank charter from OCC

The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.

By Dan Ennis • Jan. 14, 2021

Banks can use stablecoins, blockchains for payments, OCC says

The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.

By Anna Hrushka • Jan. 5, 2021

SEC sues Ripple, top execs over sale of XRP cryptocurrency

Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."

By Anna Hrushka • Updated March 5, 2021

Crypto firm Paxos gets OCC's conditional approval for trust charter

In contrast to Anchorage and Protego Trust Co., which are converting their state trust charters to national ones, Paxos will maintain its New York state charter and additionally seek a federal one.

By Anna Hrushka • Updated April 27, 2021

Visa, crypto startup BlockFi team up on card giving 1.5% back in Bitcoin

The announcement comes a day after the currency hit a record value, which may boost the intrigue of potential users. The move also may reflect a softening stance toward crypto by the card network.

By Dan Ennis • Dec. 2, 2020

Facebook-led digital currency, renamed Diem, could launch in January

"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."

By Anna Hrushka • Updated Dec. 1, 2020