US Treasury Secretary Scott Bessent told lawmakers that the gap between traditional banking and crypto may shrink over time. Speaking before the Senate Banking Committee, he said banks and crypto firms could eventually offer similar financial products as digital assets become more integrated into the financial system. Bessent made the
Nubank, Latin America’s biggest digital bank, has received conditional approval from the U.S. regulators to operate in the United States, which allows the company to offer crypto custody and traditional banking services under the federal framework. The Brazil-based bank has announced that the Office of the Comptroller of the Currency
The White House is planning a high-level meeting with the executives from the major crypto companies and traditional banks to break the disagreement over the U.S. crypto market structure bill. The bill is meant to set long-term rules for the digital assets operating in the U.S. This bill is delayed
Capital One Financial Corporation, an American bank holding company, is preparing to acquire a fintech business named Brex through a business deal expected to affect the corporate finance and expenditure management sector. The deal values Brex at around $5.15 billion. The bank reportedly is prepared to finance the deal through
This week, Brazil experienced a devastating cyberattack that hit the central banking system and caused enormous financial losses to several institutions. Hackers were able to hack C&M Software which is a vital service provider that links the Central Bank of Brazil to the local financial institutions. The hack resulted in
The U.S. Office of the Comptroller of the Currency (OCC) has recorded a strategic move in recent times in decision making. Banks can now engage in certain crypto activities—without waiting for a green light from regulators. This marks a significant policy shift, reversing earlier rules set under the Biden administration.
Decentralized Finance, often referred to as DeFi transitioned from a niche to a mainstream industry over the years. It is projected to be a disruptor for the global banking system in 2025, valued at over 30 trillion dollars. Traditional financial services are now facing competition as DeFi protocols offer open,
PacWest Bancorp shares dropped more than 56% during Wednesday’s extended trading. The California holding company’s share price declined following news that the bank is “weighing strategic options.” PacWest is attempting to avoid the fate of other regional lenders that were taken over by American regulators in the last two months.
Following the success of Verve Management’s first summit within the digital banking space, the 2nd Annual Future Banks Summit MENA 2023 taking place on March 7th & 8th in Dubai, UAE will highlight the magnitude of the role digitalization plays in reshaping the future of banking. The pandemic has forced
Financial sectors are now adapting and accepting digital payment services through cryptocurrencies. Also it helps users who already trade crypto assets and makes transitions even more simpler. Thus, to offer its customers, MVB bank is joining with NYDIG to provide white label BTC solutions to its customers. Besides, the main
