uninsured deposits
Mid-Size Banks Ask for Deposit Insurance Extension
The Mid-Size Bank Coalition of America (MBCA) has requested that the US Federal Deposit Insurance Corporation (FDIC) extend insurance on all deposits for the next two years, which would immediately halt the outflow of deposits from smaller banks and stabilize the banking industry, according to a Bloomberg report. The MBCA proposed that the banks themselves fund the insurance program by raising the deposit-insurance assessment on lenders who opt to participate in the increased coverage, and the failure to provide this could result in up to 300 banks going under.
Ackman Urges US Government to Guarantee SVB Deposits
Billionaire hedge fund manager Bill Ackman has warned the US government that failing to guarantee all deposits held by Silicon Valley Bank (SVB) within 48 hours could result in the destruction of several financial institutions. Ackman argued that a "giant sucking sound" would be heard from the withdrawal of substantially all uninsured deposits from all banks, which would lead to a drain on liquidity from community, regional, and other banks.
Russia Restricts Anonymous Cash Deposits to Online Wallets
The Russian Government has put strict limits on anonymous deposits made to online wallets. While it is not a complete ban, the initiative by lawmakers is promoted as a step to deter illegal activity such as money laundering and illicit drug transactions and could affect up to 10 million users.
Total Ether Deposits in Ethereum 2.0 Hits New ATH as Interest in Proof-of-Stake Model Rises
The total number of Ethereum deposits in ETH 2.0 continues to climb as it recently set a new all-time high.
Robinhood to Roll Out New Features for Dogecoin and Other Cryptocurrencies as GameStop Hearing Looms
Robinhood announced its intention to implement cryptocurrency deposits and withdrawals.
Ethereum Price Yearly Trend Suggests Bull Run Ahead, ETH Deposits Doubled in the Last 20 Days
Glassnode recently noted that the total value staked on Ethreum has reached over 1.5 million ETH.
100 Million: You Can Apply Swiss New FinTech licence Permitting to Accept Public Deposits of Up to 100 Million Next Year
From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process.
Upbit Exchange Hacked For 50 Million Dollars in Ethereum
CEO of Upbit, wrote a report explaining the reasons why deposits and withdrawals were not functional on the exchange at the moment, noting that a shocking total of 342,000 ETH were stolen from the Upbit Ethereum Hot Wallet.
Coinbase CEO: Americans are Investing Their COVID Stimulus Checks in Bitcoin
Brian Armstrong, the CEO of US-based crypto exchange Coinbase, has revealed data showing how $1,200 deposits similar to the stimulus checks being offered to Americans by the government has skyrocketed this week. Coinbase is the leading crypto exchange in the American soil.
Fintech Startup Monerium Seeks to Issue E-Money on Algorand Blockchain
The role of e-money is on the rise and continues to challenge bank deposits and cash. The recent partnership between Fintech Firm Monerium and Algorand Blockchain company presents a whole picture of the relevance of e-money as a more convenient means of payments and financial transactions.
Binance Delists FTX Tokens Due to Crypto Users' Lack of Understanding
Binance, the world’s largest crypto exchange by trading volume, has made a tough decision to delist all FTX leveraged tokens, citing that customers did not understand how the tokens work. The exchange intends to shut off withdrawals and deposits for the assets on March 31 at 8 a.m. UTC and to stop trading at 10 a.m. on the same day. The decision has sparked mixed reactions. Some users support the decision while others want the leveraged tokens to remain on the crypto exchange platform.
Bitfinex Integrates Tether Stablecoin into the OMG Network as Ethereum Network Faces Congestion Issues
Bitfinex cryptocurrency exchange has announced that it has integrated Tether (USDT) into the OMG network. The integration is set to reduce transaction confirmation and fees. The crypto exchange will enable Tether withdrawals and deposits on the OMG network. OMG network, previously known as OmiseGo, is a scaling platform, which enables peer-to-transactions in real-time, a solution that enhances the scalability of the Ethereum network.
China to Launch Its Own Digital Currency Later This Year
In order to remain ahead in the global competition, China plans to launch its own digital currency known as Digital Currency Electronic Payment (DCEP). The digital currency will stimulate daily banking activities like deposits, payments, and withdrawals from the digital wallet. Crypto news website Coin Journal shows that the People’s Bank of China, China’s central bank has initiated the efforts to roll out its very own digital currency. It is an effort aimed at staying ahead among all the central banks worldwide as well as preserving financial sovereignty.
Line’s Singapore Crypto Exchange Relaunched as US-based Bitfront
Line, the Japanese messaging service has closed its Singapore-based cryptocurrency exchange and relaunched the exchange service globally from a United States-based platform.