Technology: Page 4
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Metropolitan Commercial Bank backs out of crypto
The bank, which served as a partner to bankrupt exchange Voyager, said it began pivoting away from the sector in 2017 and that digital-asset deposits “have never represented a material portion” of its business.
By Gabrielle Saulsbery • Jan. 9, 2023 -
Crypto brokerage Genesis lays off 30% of staff
The move, encompassing 60 employees, marks at least the second round of cuts at the company since August and comes amid a liquidity crunch in its lending unit.
By Dan Ennis • Jan. 6, 2023 -
Explore the Trendline➔
FotoliaTrendlineThe Banking Dive Outlook on 2023
Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.
By Banking Dive staff -
State Street exec tapped to lead crypto infrastructure startup
Putting Nadine Chakar in the C-suite will allow Securrency’s founder, Dan Doney, to move to a chief technology officer role and focus on innovation, technology delivery and commercialization.
By Rajashree Chakravarty • Jan. 6, 2023 -
NY AG sues Celsius ex-CEO, alleging he defrauded investors
The suit, filed in New York Supreme Court, alleges Alex Mashinsky misrepresented his exchange’s safety to attract billions of dollars in digital assets.
By Gabrielle Saulsbery • Jan. 6, 2023 -
Crypto-heavy Silvergate cuts workforce by 40%
The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.
By Gabrielle Saulsbery • Jan. 5, 2023 -
BM Technologies, First Sound Bank nix $23M merger
The deal, which the two companies initially estimated would close in the second half of 2022, would have created an institution, called BMTX Bank, with more than $2 billion in assets.
By Anna Hrushka • Jan. 4, 2023 -
Coinbase to pay $100M in settlement over lax customer monitoring
The system that flags suspicious activity saw a backlog of more than 100,000 alerts in late 2021, New York's Department of Financial Services found.
By Gabrielle Saulsbery • Jan. 4, 2023 -
Fed, OCC, FDIC issue joint warning on crypto risks for banks
The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.
By Gabrielle Saulsbery • Jan. 4, 2023 -
Payments deals may climb in 2023
While the number of deals in the payments industry declined 14% last year, and even more by value, there are reasons to believe 2023 will be more active.
By Lynne Marek • Jan. 4, 2023 -
Bankman-Fried pleads not guilty on criminal charges related to FTX downfall
The FTX ex-CEO’s plea is a departure from those of his former co-workers, Caroline Ellison and Gary Wang, who both pleaded guilty on various charges.
By Gabrielle Saulsbery • Jan. 3, 2023 -
2 FTX executives plead guilty; Ellison faces 110 years in prison
The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.
By Gabrielle Saulsbery • Dec. 22, 2022 -
Toomey bill would put stablecoin oversight in OCC’s hands
The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.
By Gabrielle Saulsbery • Dec. 22, 2022 -
Wealthfront extends partnership with Green Dot, raises APY
Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.
By Anna Hrushka • Dec. 21, 2022 -
Column
Everyone’s calling for the regulation of crypto-bank ties these days
Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.
By Gabrielle Saulsbery • Dec. 20, 2022 -
Binance.US to buy Voyager Digital’s assets in $1B deal
Binance.US CEO Brian Shroder said he hopes the deal marks the end of “a painful bankruptcy process,” which was affected by the FTX bankruptcy.
By Gabrielle Saulsbery • Dec. 19, 2022 -
Sponsored by ServiceNow
How hyperautomation can bolster security and reduce risk in banking
Not surprisingly, banks and other companies are increasingly prioritizing technology investments that enhance security.
Dec. 19, 2022 -
FTX seeks to sell its 4 functional businesses, including LedgerX
The company filed documents in bankruptcy court Friday seeking permission for the sales.
By Gabrielle Saulsbery • Dec. 16, 2022 -
Huntington Bank partners with app to help neurodiverse people bank better
Magnusmode offers free step-by-step guides to everyday tasks such as using a phone to deposit a check, creating and tracking a budget and disputing a transaction.
By Gabrielle Saulsbery , Anna Hrushka • Dec. 16, 2022 -
8 takeaways from the House committee hearing on FTX
CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."
By Gabrielle Saulsbery • Dec. 14, 2022 -
Goldman to cut 400 jobs, end Marcus consumer loans: reports
The staff cuts would come amid a reorganization that would split Marcus. It also follows reports that the bank is reinstating annual performance reviews, which may guide headcount-reduction decisions.
By Anna Hrushka • Dec. 13, 2022 -
CBA: Most consumers want more oversight for crypto, fintech firms
The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.
By Gabrielle Saulsbery • Dec. 13, 2022 -
DOJ, SEC charge Sam Bankman-Fried with defrauding investors
The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.
By Gabrielle Saulsbery • Dec. 13, 2022 -
Bank of America wants a human bridge for its AI help
The bank aims to allow a human agent to pick up from where a customer leaves a chat with digital assistant Erica, but to let the chatbot finish the interaction, an executive said last week.
By Suman Bhattacharyya • Dec. 12, 2022 -
Q&A
Northern Trust predicts a ‘pause’ in the mainstreaming of crypto
The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.
By Lynne Marek • Dec. 12, 2022 -
SEC wants public companies to disclose crypto risks
Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.
By Gabrielle Saulsbery • Dec. 9, 2022