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

Explore the Trendline➔

Fintech disruption in the banking industry

There are as many schools of thought on how to disrupt the banking space as there are disruptors.

By Banking Dive staff

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

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

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