Major Italian private bank, Banca Generali, is planning to introduce cryptocurrency services in 2021. According to a Dec. 15 announcement, Banca Generali has entered a corporate and commercial partnership with Conio — a fintech company providing traditional financial institutions with solutions for managing digital assets including wallets and custody. A spokesperson for Banca Generali told Cointelegraph that the bank does not plan to launch a cryptocurrency exchange in the near future, but rather provide “service with Conio as wallet.” Banca Generali will also acquire a stake in Conio to support the company’s growth and the distribution of its products as …

Sygnum, a major cryptocurrency bank in Switzerland, has successfully tokenized its shares on a blockchain in preparation for its upcoming public sale. According to an official Dec. 14 announcement, the bank tokenized its shares on the Ethereum blockchain using a proprietary tokenization platform called Desygnate. The blockchain-based platform issues digital representations of shares and associated legal rights and obligations on a distributed ledger, providing an alternative to traditional capital raising options like an initial public offering, or IPO. in late November 2020, the platform is designed to be fully compatible with the new Swiss distributed ledger technology law which enters …

Following a Citi report downgrading business intelligence firm Microstrategy’s stock to a “sell” rating, analysts for popular trading website the Motley Fool have recommended a lesser-known bank stock that also has an emphasis on cryptocurrencies. Last Tuesday, Citi analyst Tyler Radke downgraded Microstrategy (NASDAQ:MSTR) shortly after the firm announced a debt purchase that would bring its Bitcoin holdings up to a nearly $1 billion mark. The report chided the company, which at points has seen share prices more than triple from $92 yearly lows, for its “disproportionate” focus on bolstering its BTC holdings, and said that the current run is …

After anticipating its plans in October, DBS, Singapore’s largest bank, is establishing a new cryptocurrency exchange division called DBS Digital Exchange. Announced on Thursday, the venture is also backed by SGX, Singapore’s largest derivatives and asset exchange, which owns a 10% stake in the crypto platform. The crypto exchange will only be accessible to institutional and accredited investors, who will be able to trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP. In addition, DBS Digital Exchange will provide a platform for tokenizing assets such as shares in unlisted companies, bonds and private equity funds. It will be deeply …

One of Israel’s largest banks, Bank Hapoalim, has joined a blockchain-based platform recently released by IT firm Tata Consultancy Services, or TCS. TCS’ platform, dubbed Digital Bank Guarantee, is based on the Quartz blockchain and targets the digital banking industry in Israel. The new tool will supposedly help banks more effectively manage the lifecycle of bank guarantees including issuance, modification, termination and invocation. Bank guarantees are a financial safeguard offered by banks, in which a lender ensures the obligations of a debtor are met. If a debtor fails to settle a loan, the bank will cover the cost. The solution …

Germany’s Bankhaus von der Heydt, or BVDH, has launched a Euro stablecoin on the Stellar network. The bank claims the token is the first of its kind to be issued by a banking institute.The EURB stablecoin, which went live today, was developed on the Stellar blockchain in partnership with tokenization and digital asset custody technology provider Bitbond. The asset, which is fully regulated and backed one-for-one with Euros, will not be openly traded on exchanges due to tight regulatory and Know Your Customer requirements. If a customer wants to acquire the stablecoin, a fiat currency transfer is held in an …

Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank. According to a blog post on the Paxos website, being granted a national trust bank charter from the U.S. government would broaden both the range of services offered by the company and the geographic area to which it can offer services: “Our mission is to modernize financial market infrastructure and enable the movement of any asset, any …

As internet banking comes of age, so too do new ways of stealing funds. That makes cybersecurity central to modern banking, according to David Leach, JPMorgan Chase’s Asia-Pacific head of cybersecurity and technology controls. "It’s a competitive disadvantage not to have a robust cybersecurity capability that you can demonstrate,” Leach said during a BlockShow conference panel on Tuesday. Before the internet took over, customers mainly asked about banking and financial entities’ services, not about their security, according to panel moderator, Nasir Zubairi, CEO of the Luxembourg House of Financial Technology. Zubairi also holds experience in the banking industry. Leach said …

Standard Chartered, one of the biggest banks in the United Kingdom, has officially announced plans to provide institutional custody for major cryptocurrencies like Bitcoin (BTC). According to a Dec. 9 announcement, Standard Chartered’s innovation arm SC Ventures has partnered with United States-based investment management firm Northern Trust to launch cryptocurrency custodian for institutional investors. Called “Zodia,” Standard Chartered’s crypto custody platform is subject to registration with the U.K. Financial Conduct Authority, and is expected to begin operations in London in 2021. The platform is now in the process of registering with the FCA under U.K. money laundering regulations and will …

Contrary to public perception, JPMorgan Chase has always been pro-blockchain, says the multinational investment bank's head of wholesale payments, Takis Georgakopoulos. In a live discussion with Nasdaq reporter Jill Malandrino at this year’s Blockshow in Singapore, Georgakopoulos said JPMorgan has always viewed the blockchain and crypto industry through three lenses: Bitcoin (BTC) and other non-fiat-based cryptocurrencies; fiat-based digital assets created by institutions and central banks; and blockchain technology. When questioned about whether JPMorgan is “softening its stance” on digital assets, Georgakopoulos clarified the bank had only softened its stance on Bitcoin, as it had only ever had reservations about non-fiat …

San Francisco-based bank Wells Fargo has released a report identifying Bitcoin as the best performing asset of 2020, while also highlighting the coin’s volatility for investors. In an investment strategy report released yesterday, the banking giant noted that Bitcoin (BTC) is up 170% this year and outperformed both gold and the S&P 500 Index. However, Wells Fargo seemingly understated the role cryptocurrencies are currently playing in the financial market, saying “they attract lots of attention, but not necessarily lots of investment money.” “Cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which …

Speaking during the Singapore Fintech Festival 2020 on Dec. 7, pioneering Bitcoin (BTC) investors Cameron and Tyler Winklevoss reaffirmed previous forecasts that Bitcoin’s price will eventually exceed prices of $500,000 per Bitcoin. The twins noted that their $500,000 prediction is predicated on the assumption that Bitcoin’s market cap will increase by 40 times to surpass gold’s roughly $9 trillion market cap in the future. Cameron pointed to the “tremendous amount of money-printing going on” in debt and fiat regimes, and concerns surrounding inflation as driving up demand for “hard assets” like gold and Bitcoin. Cameron states that Bitcoin offers significant …