Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Cryptocurrency

America’s oldest bank set to accept Bitcoin

Bank of New York Mellon disclosed it will hold, transfer and issue Bitcoin and other digital assets on behalf of its asset-management customers.

Published

on

America’s oldest bank, Bank of New York Mellon Corp. is making the leap into the Crypto market.

In a report credited to WSJ, the New York-based bank disclosed it will hold, transfer and issue bitcoin and other digital assets on behalf of its asset-management customers.

In addition, BNY Mellon in the future will permit crypto to pass through the same processes as used by fund managers, more traditional holdings—from debt instruments to technology stock.

READ: Twitter considers paying its staff in Bitcoin

At the time of writing this report, Bitcoin traded at $47,608.07 with a daily trading volume of $77 billion and is up 7.55% for the day.

BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” Roman Regelman, CEO of asset servicing and head of the digital at BNY Mellon, said in a press release.

“Growing client demand for digital assets, the maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” he added.

READ: Bank of Canada quickens up its digital currency launch

Shares of the New York-based bank rose 2% in premarket trading following the news.

The move represents a major shift by America’s most prominent custodian banks, which specialize in the protection of the financial assets of their clients.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

World’s most valuable Crypto Exchange, Coinbase ready to go public

US cryptocurrency exchange, Coinbase, today, released an S-1 filing ahead of its direct listing.

Published

on

Coinbase

Coinbase the world’s most valuable and largest American cryptocurrency exchange, today released an S-1 filing ahead of its direct listing.

Coinbase massive scale suggests why some crypto pundits are bidding its value up to as much as $100 billion on the private markets.

The fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.

Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.

In 2019 Coinbase’s net income was $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.

The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.

In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.

In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”

As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”

Meanwhile, the company also highlighted in a press release it was offering institutional investors its prime brokerage services.

Institutions across the board are building for a future that is protected from new risks; this includes building a diverse balance sheet that is adequately hedged from the traditional capital markets and monetary debasement.

On the corporate side, use cases for digital assets are expanding rapidly from traditional portfolio management as an investment asset within a diversified portfolio — to accounts receivable/accounts payable, employee payroll, and commerce integration, for example.

bitcoin train
Continue Reading

Cryptocurrency

CBN Governor calls Crypto illegal money

The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

Published

on

diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.

Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,

“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

READ: CBN crypto ban and its ramifications for Nigerian banks

The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.

Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.

READ: CBN claims no immunity for Emefiele as it fires back at NESG

“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.

“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.

bitcoin train
  • The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
  • Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.

Binance
Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings