Showing 9 Result(s)

Silvergate Company Intelligence

June 7, 2022, 1:58PM EDT • 26 min read Quick Take $2.5bn Market Capitalization as of June 2022 following their Nov-19 initial public offering  La Jolla, California based commercial bank operating since 1988 with expansion into digital assets starting in 2013  Operates the Silvergate Exchange Network (SEN), allowing clients to convert between stablecoins and fiat 24 / 7 / 365 SEN Leverage product provides SEN clients U.S. denominated loans collateralized by Bitcoin holdings Provides digital asset clients with crypto custody …

Basel Committee to issue second consultation on crypto

The global standard setter for banking regulation want to finalize its treatment of crypto assets near the end of this year. The Basel Committee on Banking Supervision (BCBS) published an update related to its May 27 meeting today. During that meeting, it says it made progress on a second consultation paper on the “prudential treatment of banks’ cryptoasset exposures.” The body published a first consultation paper last year, proposing to strict capital requirements for banks that have exposure to crypto …

OCC’s Hsu reiterates “careful and cautious” approach after Terra collapse

Acting Comptroller of the Currency Michael Hsu is doubling down on the bank regulator’s “careful and cautious” approach to crypto in the wake of the TerraUSD collapse, though he says he’s come to see the potential in crypto. In his remarks at DC Blockchain Summit 2022, Hsu noted that despite the half a trillion in market capitalization lost in the TerraUSD de-pegging, “there has been no contagion from cryptocurrencies to traditional banking and finance.”  “The resilience of the traditional banking …

BVNK Company Intelligence

May 3, 2022, 8:51PM EDT • 9 min read Quick Take Digital asset banking and payments platform offering settlement, exchange, payment and yield solutions Helping crypto native and traditional businesses incorporate cryptocurrencies into corporate treasury and operations  Focus on the middle market firms sitting between retail and multi-billion dollar institutions Join The Block Research for exclusive research like this Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking …

Silvergate says its crypto customer base grew to more than 1,500 in 2022’s first quarter

The crypto-focused customer base of Silvergate Bank grew to more than 1,500, according to the first-quarter results published Tuesday. “Digital currency customers grew to 1,503 at March 31, 2022, compared to 1,381 at December 31, 2021, and 1,104 at March 31, 2021,” the firm said in the release of its first-quarter results. Silvergate also stated that fee income from its crypto customer base was $8.9 million, a decline from Q4 2021’s $9.3 million. Overall, the firm posted a net Q1 …

OCC chief continues push for bank-style regulation for stablecoin issuers in the US

The leader of the Office of the Comptroller of the Currency, a US banking regulator, is continuing the Biden administration’s push for bank-style regulation for stablecoin issuers. On April 8, Michael Hsu, the Acting Comptroller of the Currency, spoke to an audience at Georgetown Law School on his “Thoughts on the Architecture of Stablecoins.” Effectively, Hsu maintained the President’s Working Group’s proposal that any new law should limit stablecoin issuance to “insured depository institutions,” a category that is usually synonymous …

Revolut seeks senior blockchain engineers amid token rumours

Revolut is hiring senior engineers to lead the development of blockchain technology at the startup. Job adverts posted in recent weeks call for applicants who will “design and deliver quality blockchain solutions” and work with other teams “on product development and integration of blockchain solutions” into existing systems. They specify that candidates should be familiar with Solidity, the programming language for writing smart contracts. The news comes after CoinDesk reported in September last year that Revolut is planning to launch …

Bitcoin Beach wallet creator Galoy aims to replicate El Salvador project

Galoy, the startup that created the open-source, Lightning Network-compatible Bitcoin Beach wallet, recently completed a $3 million seed round to ramp up its operations and help bring its Bitcoin banking platform to more communities, businesses and governments.  Miami-based Galoy, launched Bitcoin Beach as a proof-of-concept in the El Salvador surf town of El Zonte in October 2020. The wallet supports the local Bitcoin Beach project there, which has sought to create a bitcoin-based economy. The wallet has more than 6,000 …

Gemini and Bancolombia to launch crypto pilot this month

Certain Bancolombia customers will soon be able to buy cryptocurrencies more easily, thanks to a pilot project launching next week that will allow users of the Colombian bank to link their accounts to New York-based exchange Gemini. The project involves connecting selected Bancolombia accounts to Gemini to facilitate cash-in and cash-out operations. This will provide an on- and off-ramp for trading bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).  “Our whole goal with this partnership is to make …