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Crypto News: Provident Accepts Deposits, ATMs to Sell Bitcoin

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The traditional financial world has had a rocky relationship with cryptocurrency-related businesses. That’s to be expected, as crypto and blockchain technology could potentially disrupt a huge swath of the current global financial system.

But some forward-thinking financial companies are willing to provide much-needed services to this fast-growing industry. Read on to learn more about one bank that could enjoy a massive inflow of deposits thanks to its new crypto-related services, as well as a fintech company seeking to use ATMs to bing crypto to the masses.

Provident wants to be the crypto industry’s bank

The Provident Bank is now offering deposit services for cryptocurrency-related businesses. The Massachusetts-based commercial bank, which is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), has become one of a select few U.S. banks to offer banking services to cryptoasset companies and investors. 

“The Provident Bank is proud to be entering the digital asset space because it’s largely unbanked and clients want deposit services,” CEO Dave Mansfield said in a press release. “The Provident team developed robust measures to ensure our strategy will not only be effective from a regulatory compliance perspective, but will also allow for our clients to have certainty in a long-term banking relationship.”

Provident will use Bitfury’s Crystal Blockchain analytics platform for client onboarding and anti-money laundering (AML) transaction monitoring. “The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” Crystal Blockchain CEO Marina Khaustova said. “We are honored to be partnering with The Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”

Notably, Provident’s customer deposits will be insured in full thanks to the bank’s affiliation with the Depositors Insurance Fund, which is available only to mutual savings banks chartered in Massachusetts. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000, and the Depositors Insurance Fund insures the rest, “down to the last penny.”

Access to legitimate banking services has been a major challenge for crypto companies for most of the past decade. The ability to access insured deposit services and other banking solutions offered by the likes of Provident Bancorp should help to further legitimize the crypto industry — and fuel its growth.

You may soon be able to buy Bitcoin at your local ATM

While Provident wants to bring banking to the crypto world, Coinsquare wants to bring crypto to ATMs. 

The Canada-based cryptocurrency trading platform obtained a controlling investment stake in Just Cash, a financial technology software provider. Just Cash’s software enables any ATM to sell cryptocurrency — such as Bitcoin and Ethereum — to customers via debit card transactions. The feature can be added to ATMs via a routine software update and requires no additional hardware. Moreover, Coinsquare says users will be able to “buy cryptocurrency through the safe, familiar, and trusted process of an ATM transaction.”

“Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it,” Coinsquare CEO Cole Diamond said in a press release. “By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency.”

Crypto

Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

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U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

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McAfee’s Advice Seeing the Light – Cubans Using Crypto to Evade US Sanctions

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The United States has been the most dominant force in the world, both, economically and politically. The countries going against it have been confronted with strict sanctions, putting serious pressure on their currency and economy. Such countries usually have high inflation rates, and struggle to survive. However, the advent of cryptocurrencies is turning the table and helping countries evade the sanctions.

Cryptocurrencies are a threat to the US dominance globally and have faced stark criticism from all the factions of the establishment. Nonetheless, the demand for crypto in countries like Cuba, Venezuela, Iran, etc., has been on a steep rise. John McAfee, the famed computer scientist and crypto promoter had been voicing for a long time that crypto is the answer to all the problems people face due to political conundrums.

It was recently reported that Cubans have stepped up the use of digital currencies to bypass the US sanctions imposed on it. Apart from making online purchases, Cubans are using crypto also for daily trade transactions and investments. This has led to the general public to ease the burden of the sanctions and have a stable value of their money.

Reacting to media reports, McAfee tweeted, “I believe my urgings to the Cuban people to use Crypto to avoid U.S. Sanctions took root.”

Cuba is yet another country which proved that the use of crypto could help the citizens stabilize the value of their money and escape the ill-effects of sanctions. Prior to it, Venezuelans used crypto to tackle hyperinflation in the country after it went into a refreshed political tussle with the US. In fact, crypto mining brought much-needed revenue for the locals as they used cheap electricity prices to mine Bitcoin in return for payments, which were made in USD.

US authorities are putting bets to catch McAfee, who’s succeeded continuously to dodge them. The mastermind behind McAfee anti-virus has been on the run for a few years now, though he manages to post his views and explicit support for the crypto industry via Twitter. He has been saying it for a long time that crypto is the future, and most of his analysis are steadily coming true, especially in crisis-hit countries.

Cuba, on the other hand, has been in a tussle with the United States and its allies for decades, which has hindered growth and development of the country. Luckily, after the introduction of mobile internet, the general public has been introduced to the world of digital currencies, which are turning out to be a savior. Given the influence McAfee has on computer literates, his views will definitely continue to play a pivotal role in propagating crypto among the masses.

Source.cryptonewsz

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Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

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U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

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