The government agency had previously stated that deposits at non-bank entities, including crypto firms, are not covered by FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies. FDIC issued a Friday press release disclosing cease and…
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KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app.
KBC Issues Digital Coin for Clients and Partners
KBC, the Brussels-based financial…
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Of the 328 CFOs and CIOs representing around half of the global insurance industry, 6% responded their firm was either already invested or considering an investment into cryptocurrencies. United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their…
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The past week in DeFi saw Uniswap breach $1 trillion trading volume, while WEF 2022 saw Terra at the center of most crypto and DeFi discussions. The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs…
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Cryptocurrency insurance is expected to be a big business: Will it be centralized or decentralized? Cryptocurrency markets have been maturing over the last few years, making demand for crypto insurance solutions larger as more advanced players dip their toes into the nascent ecosystem. Investopedia reports that cryptocurrency insurance is seen as a “big opportunity,” with…
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Hong Kong-based virtual insurer OneDegree has entered into a three-year strategic partnership with German reinsurer Munich Re to launch OneInfinity, a new digital asset insurance product. OneDegree says its product is an insurance and technology offering designed specifically for digital asset trading platforms, custodians, asset managers, as well as technology providers…. Read More: Virtual…
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The U.S. bank insurer has concerns over the ability of the institutions it supervises to assess crypto risks adequately, and it’s none too sure about its own abilities. The Federal Deposit Insurance Corporation, the United States government corporation that insures depositors at U.S. commercial and savings banks, issued a financial institution letter Thursday. The letter…
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“For cryptocurrency to grow and thrive … we must provide more direction and certainty to the marketplace …,” said Josh Gottheimer. House Financial Services Committee member and New Jersey Representative Josh Gottheimer has introduced legislation that would have the Federal Deposit Insurance Corporation back stablecoins in a manner similar to fiat deposits. In a draft…
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Decentralized finance (DeFi) is one of the most impactful innovations in the global crypto markets, enabling crypto traders and investors to earn double/triple-digit yields on their holding. However, using DeFi applications comes with its own share of risks, with protocol hacks being relatively common. In 2021, over USD 12bn was lost as a result…
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__ ___ Crypto is an emergent phenomenon. Put simply, this means it has properties that we can’t extrapolate from the properties of its parts, or to put it even more simply, no one knows exactly what crypto will do in the future…. Read More: Crypto in 2022 Will Bring New and Older Emergent Trends to…
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