A new ecosystem with a goal of bridging the centralized and decentralized worlds of digital finance is going to be home to a brand-new DeFi platform that allows consumers to become their own bank. Fusion says its vision is to deliver key infrastructure for value transfer — integrating the cryptocurrencies that exist today, as well as those that will emerge in the future. This blockchain is now being used by Chainge Finance, a project with the ambition of ensuring anyone can gain 100% control over their daily activities — empowering consumers with the ability to provide and get financial services …

Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States. According to a report from the English-language Iranian economic news source Financial Tribune, the Central Bank of Iran, or CBI, is authorizing banks and licensed forex shops to use cryptocurrency as payments for imports. Under its regulatory framework, the cryptocurrency must derive from licensed crypto miners only. These mining operations are officially permitted by the Iranian state as an industrial activity and require operators to secure a license from the Ministry of Industry, Mine …

Ethereum software company ConsenSys has formed a technical partnership with Kakao’s Klaytn blockchain, with a goal to develop a private platform for the issuance of a South Korean central bank digital currency, or CBDC. Klaytn is a public blockchain developed by Ground X, a blockchain affiliate of the South Korean internet company Kakao. Best known for its Kakao Talk mobile messaging app, Kakao has since branched out into the shopping and travel industries, among others. In 2019, the company commenced work on the Klaytn blockchain, which by the time of publication has the 25th-largest market capitalization in the cryptocurrency space. …

The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label is somewhat misleading in that Paxos will not immediately be handling deposits. Instead, they received a “Fintech Charter” — a type of banking charter that …

Corporate clients of NatWest may soon lose their banking relationship with the United Kingdom-based lender amid recent negative cryptocurrency-related policy statements. According to a report by The Guardian, Morten Friis, the head of the bank’s risk committee, has revealed that NatWest will refuse service to business customers that accept cryptocurrency payments. Friis made the bank’s position known during Wednesday’s shareholder event, stating: “We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as …

Brian Brooks, the former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, is set to become the new CEO of major cryptocurrency exchange Binance US. According to a Tuesday announcement, Brooks will replace current Binance US CEO Catherine Coley effective May 1, 2021. Formerly the head of Coinbase’s legal team, Brooks has emerged as a prominent figure in the crypto industry due to his continued efforts to provide regulatory clarity for crypto. Referred to in the community as the “first fintech Comptroller” and “Crypto Comptroller,” Brooks served as acting comptroller of the …

MicroStrategy’s continuous Bitcoin acquisition has drawn the ire of investment banking giant HSBC. Despite being one of the largest business intelligence firms in the world, HSBC has stated that MicroStrategy is now a “virtual currency product,” a designation akin to the pseudo-Bitcoin exchange-traded fund status attached to the company on account of its sizable Bitcoin (BTC) balance sheet. Since August 2020, MicroStrategy has embarked on a Bitcoin acquisition spree and now holds more than $5 billion worth of BTC. Michael Saylor, the company’s CEO, has also become an outspoken Bitcoin proponent. Saylor’s Bitcoin evangelism has included attempts to encourage other …

A new ban in Turkey will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges. According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal. The bank stated that “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden. While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges …

European financial behemoth Société Générale has issued a security token on the Tezos blockchain. According to an announcement on Thursday, the move constitutes the first tokenized asset offered by Société Générale. The bank stated that the security token offering was a significant milestone in the efforts to begin full-spectrum cryptocurrency market operations by 2022. Société Générale, through its subsidiary, Société Générale – Forge, reportedly plans to issue tokenized securities that can be integrated with legacy banking systems. Apart from asset tokenization, the bank’s crypto foray will also include exchange and custody services for institutional clients. The bank stated: “This new …

Bank of America released a new survey that found that the majority of professional investors are not very optimistic about the world’s largest cryptocurrency. Nearly 75% of respondents in the April Bank of America Fund Manager Survey said that they see Bitcoin (BTC) as a “bubble,” CNBC reported. The survey polled 200 respondents with $533 billion in assets under management. Just 16% of respondents said Bitcoin is not a bubble, while 10% were uncertain. More than 30% of survey respondents cited tech as the most crowded trade — i.e., an asset with a history of rapid price appreciation and a …

The European Investment Bank, an international financial institution owned by European Union member states, is reportedly exploring blockchain technology for issuing digital bonds. According to a Tuesday Bloomberg report, the EIB has hired major global banks such as Goldman Sachs, Banco Santander and Société Générale to look at a potential deal involving a euro-denominated bond issued on a blockchain. Citing a person familiar with the matter, Bloomberg states that the EIB is planning to deploy blockchain technology for the registration and settlement of digital bonds. Investor meetings for the inaugural sale will reportedly start on Thursday and continue for several …

Kasikornbank, or KBank, one of Thailand’s largest banks, has begun experimenting with DeFi services as part of its business expansion plan. According to a report by Bangkok Post, the bank’s decentralized finance exploration is being spearheaded by KBank’s tech subsidiary, Kasikorn Business Technology Group, or KBTG. Commenting on KBank’s DeFi plans, KBTG chairman Ruangroj Poonpol said: “DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second phase of the company’s digital transformation programme.” According to Poonpol, DeFi could hold the key to improving financial inclusion for people in Thailand …