Swiss-Regulated Digital Asset Bank Plans $95M Capital Raise

Seba, a young Swiss-based digital asset bank holding regulatory licensing, looks to attempt a secondary capital raise to garner over $95 million in additional funds. During the raise, Seba aims to secure 100 million Swiss francs, equivalent to $96.5 million, “from new investors, including financial institutions, family offices and individuals,” Financial News London wrote in a Jan. 17 brief. Recent launch Crypto friendly startup SEBA Bank AG announced its launch on Nov. 12, 2019 after Switzerland’s Financial Market Supervisory Authority (FINMA) approved the outfit to operate in the world of…

Telegram’s Legal Battle With the SEC Heats Up Over TON Bank Records

Telegram’s battle with the United States Securities and Exchange Commission became one of the most closely followed legal dramas of the crypto space in 2019. This was not only because it appeared to be the first time the Durov brothers’ relentless expansion faltered but also because the court case could have lasting implications for future fintech projects around the world.  Although an initial court decision seemed to have allowed Telegram to maneuver around the request by the SEC to provide the company’s banking records, that decision has since been reversed.…

Uphold Opens Crypto Trading to Users With UK Bank Accounts

Trading platform Uphold has added pound sterling support, meaning users can trade cryptocurrencies via payments from U.K. bank accounts. The new connectivity launched into beta Wednesday and is expected to become publicly available on Jan. 21. Near-instant transfers will soon also be enabled through the U.K.’s Faster Payments Service (FPS) in the coming weeks. After that, U.K. users will be able to make zero-fee deposits with bank cards, which can settle in seconds using FPS. They can also make deposits with eight supported cryptocurrencies, including bitcoin, ether and XRP. Using…

Bitstamp Crypto Exchange to Pilot Leverage Trading via Bank Partnership

The twelfth-largest cryptocurrency exchange, Bitstamp, partnered with cryptocurrency-friendly Silvergate Bank to pilot Bitcoin (BTC) leveraged trading. According to an announcement on Jan. 14, the exchange will serve as the launch partner for the bank’s Silvergate Exchange Network (SEN) Leverage service. During the pilot stage, the exchange will only offer leveraged trading to select institutional customers. The only collateral currently supported by the service is Bitcoin, which will be custodied by Bitstamp as Silvergate Bank’s first exchange partner. Silvergate Bank’s friendliness towards cryptocurrency businesses is seemingly paying off as it has…

What It Takes to Get a Crypto-Friendly Bank Charter in Wyoming

It’s been more than three months since Wyoming began taking applications to charter a new type of crypto-friendly bank, and no company has announced its application while a handful of firms have indicated an intent to apply.   This hasn’t cooled hype around the charter’s potential. In October, Colorado announced plans to draft special-purpose banking legislation to cater to crypto companies. At CoinDesk’s Invest conference in New York in November, the SPDI charter was touted as a superior substitute for New York’s BitLicense. One month later, crypto exchange Kraken opened a…

Telegram Will Release Bank Records to SEC in Ongoing Gram ICO Case

Telegram will release bank records that the United States Securities Exchange Commission believes will prove misconduct in the latter’s $1.7 billion offering of Gram tokens.  International privacy laws and the new information Per a Jan. 13 filing with the court of the Southern District of New York (SDNY), Telegram will have until Feb. 26 to provide the court with the bank records that the court denied the SEC in an earlier ruling that was based on privacy concerns.  Today’s ruling will allow Telegram to redact the information provided to the…

China’s Central Bank: Here’s the Latest on the Digital Yuan

The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”  The bank said it has been working on the expected two-tiered system that would offer  “controllable” anonymity and the functionality to replace paper cash.  The central bank, which assembled a special task force to conduct research on digital currencies  and…

China’s Central Bank Completes Top-Later Design and Joint Tests of Planned CBDC

The central bank of China has completed the top-layer design and joint testing of its soon-to-be-released central bank digital currency (CBDC). As domestic news outlet Sina reported on Jan. 10, People’s Bank of China (PBoC) accomplished the top-layer design of the planned digital yuan, developed relevant standards, carried out research and development and a joint testing of the CBDC. The bank set forth the latest developments in a dedicated article, also highlighting plans to improve cybersecurity of the financial industry network and formulate rules for the accreditation of critical information…

ECB President Pushes for a Central Bank Digital Currency

The president of the European Central Bank (ECB), Christine Lagarde, supports the bank’s active involvement in the development of a central bank digital currency (CBDC) to address the demand for faster and cheaper cross-border payments. In an interview with French business magazine Challenges published on Jan. 8, Lagarde discussed the most likely threats to the global economy in 2020, among which she named a downturn in trade and a range of uncertainties, geopolitical risks and climate change. Going further, Lagarde noted that “the EU is still the most powerful economic…

Australians Won’t Use Libra, Believes Central Bank

The Reserve Bank of Australia (RBA) has expressed doubt over whether cryptocurrencies, including Libra and central bank digital currencies (CBDCs), will ever become viable solutions. In a submission (pdf) to the Select Committee on Financial Technology and Regulatory Technology just before Christmas, RBA officials were skeptical that cryptocurrencies, in their current and future forms, would ever replace government-issued money. Although newer initiatives like Libra and CBDCs could promote financial inclusion, the bank’s current assessment is that innovation in the broader fintech space will make these solutions redundant. “In Australia, it is…