2 Executives Are Leaving Blockchain Startup R3 in Management Shake-Up

Distributed ledger technology provider R3 has carried out an extensive internal reorganization, resulting in the departure of two members of its management committee, CoinDesk has learned. Brian McNulty, a managing director and head of global services, and Lauren Carroll, chief administrative officer, are leaving the company, R3 told employees at town hall meetings Friday, according to…

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Swiss Bank Partners With Bitstamp to Enable BTC Funding and Withdrawals

Finance Cryptocurrency exchange Bitstamp has partnered with a Swiss bank to allow the bank’s customers to fund their dollar-denominated accounts with BTC as well as withdraw funds in the cryptocurrency. Deposited coins are converted to USD. Withdrawals are converted to BTC and transferred to the crypto wallets linked to client accounts. Also read: Indian Supreme Court…

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Stablecoin Issuers May Need Licenses in Texas, Unlike Most Crypto Startups

Stablecoins may qualify as “money” under Texas law, according to updated guidance from the state Department of Banking. A memo published Wednesday by Texas Banking Commissioner Charles Cooper outlines how cryptocurrencies are to be treated under local and federal regulations, in particular adding details of how stablecoins backed by sovereign, or fiat, currencies may be…

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Fidelity’s Man: Can Tom Jessop Bridge Crypto and Wall Street for Good?

––––––––––––––––––––––––––––––––– Everyone in cryptocurrency has a story about the time they went down the proverbial rabbit hole. Tom Jessop’s takes place in his kitchen. It was around 2013 or 2014 when Jessop, then a managing director at Goldman Sachs with two decades of Wall Street experience, became enthralled with bitcoin – at the time an…

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Nigerian Banking Regulator Warns Bitcoin’s Disintermediation Is a ‘Critical Concern’

The director and chief executive of the Nigeria Deposit Insurance Corporation (NDIC) has expressed concerns about cryptocurrencies and disintermediation, English-language Nigerian news outlet The Sun reported Dec. 12. Disintermediation is when consumers begin investing directly in markets, rather than through intermediates like banks. The NDIC was established in 1988 to ensure safety in the just-liberalized…

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Nearly 500 Crypto Startups Bank at Silvergate, IPO Filing Reveals

The California-based parent of Silvergate Bank has detailed its relationships with the cryptocurrency industry as part of its IPO filing with the Securities and Exchange Commission (SEC). Touting itself as “The Banking Platform for Innovators” in its S-1 prospectus, filed with the SEC on Nov. 16, Silvergate Capital disclosed that the bank now serves 483…

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Swiss Finance Watchdog Tells Banks to Treat Crypto Trading As High Risk

Switzerland’s Financial Market Supervisory Authority (FINMA) is giving tough guidance to banks wanting to trade in crypto assets. According to a report from Swissinfo.ch, FINMA has issued a confidential letter – seen by the news agency – to accountancy organization EXPERTsuisse, stating its stance on how financial institutions should weight crypto assets when calculating loss-absorbing capital…

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New York Gives Coinbase Green Light to Offer Regulated Crypto Custody

Coinbase has made yet another pioneering move in the regulatory morass that is cryptocurrency. The company today announced that its institutional wing, Coinbase Custody Trust Company, has received approval from New York State regulators to operate as an “independent Qualified Custodian.” Coinbase May Operate as Qualified Custodian A qualified custodian operates similarly to a bank,…

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