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Banks prepare to liquidate Irish blockchain venture, Independent.ie says

We.trade, a Dublin-based blockchain company established and co-owned by 12 banks, is calling in a liquidator, The Independent.ie reported today. The joint venture of banks including HSBC, Deutsche Bank and KBC, along with IBM, has called for a creditors’ meeting next week, where a liquidator from PwC may be appointed, the report said. We.trade is seeking to be wound up under the Companies Act, according to a meeting notice. We.trade, which was established in 2017 to develop a platform for …

New Virginia law allows state-chartered banks to custody crypto

A Virginia bill allowing state-chartered banks to provide custodial services for “virtual currency” was approved by Governor Glenn Youngkin on Monday. The law, which will come into effect on July 1, will essentially allow banks in Virginia to hold the keys to someone’s crypto wallet, according to Republican Delegate Chris Head, who introduced it. Banks will be required to have “adequate protocols in place” and to “carefully examine the risks,” the bill stipulates. How this system will look like precisely …

Singapore’s DBS Bank to launch retail digital asset trading desk in 2022

DBS Bank, the largest bank in Southeast Asia by assets, will launch a digital assets trading desk for retail customers by the end of 2022, according to an earnings call on Monday. The bank launched a trading desk for institutional investors in 2021, which The Block first learned of in 2020. “We are starting the initial work to expand it beyond the current investor base,” said CEO Piyush Gupta on today’s earnings call. “And that includes the appropriate thinking about …

JPMorgan Chase closes Uniswap founder’s bank accounts

Uniswap founder Hayden Adams tweeted Sunday that JPMorgan Chase has closed his bank accounts without notice or explanation. “I know many individuals and companies who have been similarly targeted simply for working in the crypto industry,” wrote Adams. “Thanks for making it a personal.” Adams’ bank accounts were closed last week. The move comes a few months after the US Securities and Exchange Commission (SEC) reportedly started investigating Uniswap Labs, the main developer of the world’s largest decentralized exchange protocol …