JPMorgan levels up on blockchain effort

A large international client the bank won't name began using JPM Coin this week. JPMorgan also rebranded its 400-bank cross-border payment settlement network.

By Dan Ennis • Oct. 29, 2020

PayPal launches crypto payment platform

The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.

By Dan Ennis • Updated March 30, 2021

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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

Crypto exchange Kraken gets Wyoming banking license

The company pulled out of New York in 2015, after executives saw the state's BitLicense as too invasive.

By Ted Jackson • Sept. 21, 2020

ConsenSys acquires JPMorgan blockchain platform Quorum

The nation's largest bank reportedly had been considering spinning off Quorum for two years. A ConsenSys exec said the platform might more easily attract a wider range of financial institutions as users if it's not owned by a bank.

By Dan Ennis • Aug. 26, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Banks can provide crypto custody service, OCC says

"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," the OCC's Brian Brooks said.

By Anna Hrushka • July 23, 2020

Fraud caused collapse of crypto exchange Quadriga, regulator says

About 76,000 customers claim they were left without access to $163 million since the exchange went offline last year. Their lawyers asked the Mounties to exhume founder Gerald Cotten's body to prove he was dead.

By Dan Ennis • June 12, 2020

Goldman takes a swipe at crypto, but maybe they're better off apart

As its cash management business booms, the investment bank calls bitcoin's volatility "unsuitable" for its clients. Meanwhile, the crypto exchange Gemini finds a suitor in Samsung.

By Dan Ennis • May 28, 2020

JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says

While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.

By Anna Hrushka • May 15, 2020

Telegram scraps crypto project amid court battle with SEC

The encrypted messaging app has agreed to pay $18.5 million and return $1.2 billion to investors as part of a settlement with the Securities and Exchange Commission.

By Dan Ennis • Updated June 30, 2020

JPMorgan extends banking services to crypto exchanges Coinbase, Gemini

The nation's largest bank continues to warm up to crypto technology, despite CEO Jamie Dimon's historic position as an outspoken bitcoin detractor.

By Dan Ennis • May 12, 2020

Report: JPMorgan to merge blockchain unit Quorum with ConsenSys

JPMorgan Chase uses Quorum to power its blockchain-based Interbank Information Network, which aims to speed up cross-border transactions.

By Anna Hrushka • Feb. 11, 2020

Ex-CFTC chairman 'Crypto Dad' launches digital dollar think tank

Converting to electronic currency could bolster anti-money laundering and protect the dollar's dominance from foreign and corporate digital efforts. But it may prove a death knell for financial privacy.

By Dan Ennis • Jan. 17, 2020

Crypto customers ask Mounties to exhume Quadriga CEO

An investment firm is offering a bailout to crypto customers who claim they lost access to $163 million after the curious death of the exchange's chief executive.

By Dan Ennis • Updated Jan. 10, 2020

Bakkt CEO's Senate assignment sets up potential conflict of interest

The agriculture panel on which Sen. Kelly Loeffler, R-GA, will serve oversees the CFTC, which regulates markets for derivatives that trade on exchanges run by Intercontinental Exchange, where Loeffler's husband is chairman.

By Dan Ennis • Updated Jan. 8, 2020

Facebook Pay launches on Facebook and Messenger

The social network's new service promises to unify the company's payments capabilities through its suite of platforms.

By Anna Hrushka • Nov. 13, 2019

Ripple's focused approach is paying off, CEO Garlinghouse tells conference

"I think one of the mistakes that some in the industry have made is they go super broad and not very deep," the tech leader said. "Ripple has done the opposite.”

By Anna Hrushka • Oct. 24, 2019

Libra will have 100 backers before launch, exec predicts

Despite the exits of Visa, Mastercard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra's COO, Bertrand Perez.

By Anna Hrushka • Oct. 18, 2019

SEC can't force Telegram to reveal its bank records, judge rules

The encrypted messaging app won't have to reveal how it spent $1.7 billion, but it must prove by Thursday that it complies with foreign data privacy laws.

By Robert Freedman • Updated Jan. 8, 2020

EBay, Stripe, Mastercard, Visa drop out of Facebook's Libra crypto project

The departures leave a dearth of payment companies backing the currency. Representatives of the 21 remaining firms signed the Libra Association's charter in Geneva.

By Anna Hrushka • Updated Oct. 14, 2019

Crypto firm hired actors to pose as Comerica, Mastercard execs, bank says

Comerica said its legal team is aggressively pursuing the takedown of web pages linking the bank with the Asian firm VRB.

By Dan Ennis • Oct. 10, 2019

Senators warn Visa, Mastercard and Stripe of risks with Facebook's Libra

The social media giant "has not provided a clear plan for how it will prevent Libra from facilitating criminal and terrorist financing" or "destabilizing the global financial system," the lawmakers wrote.

By Dan Ennis • Oct. 10, 2019

Tether, Bitfinex sued in alleged pop of $265B crypto market bubble

The companies anticipated "mercenary" legal action based on a paper they say used "flawed assumptions, incomplete and cherry-picked data, and faulty methodology."

By Dan Ennis • Oct. 8, 2019

House lawmakers urge Fed to launch digital dollar pilot

The central bank would harm the government's ability to enforce anti-money laundering rules if private companies continue to lead the charge on digital currency development, two congressmen wrote.

By Dan Ennis • Oct. 3, 2019

PayPal withdraws from Facebook's Libra crypto project

Lawmakers may seek additional congressional hearings to press the company for details on why it walked away, research firm Cowen said.

By Dan Ennis • Updated Oct. 8, 2019