Crypto Banking Update July 2024
🏦 Major banks, once anti-crypto, are becoming more positive about cryptocurrencies. A prime example is JPMorganChase. CEO Jamie Dimon suggested banning cryptocurrencies and said he would never personally buy Bitcoin. Despite this, JPMorgan is now actively involved in the crypto space, playing a vital role in BlackRock’s spot Bitcoin ETF. As banks’ acceptance of crypto legitimizes the space, drives mass adoption, and increases liquidity for Oxido Solutions’ trading bots, we are sharing the most relevant crypto banking news monthly.
🇨🇳 ICBC Views on Bitcoin and Ethereum
The Industrial and Commercial Bank of China, the world’s largest bank, compared Bitcoin to digital gold and labeled Ethereum as “digital oil” in a recent report. They highlighted Bitcoin’s strength as a store of value and Ethereum’s role in the digital economy.
🏴 Standard Chartered’s Crypto Trading Desk
Standard Chartered is set to launch a Bitcoin and Ethereum trading desk in London. The bank has worked closely with regulators to meet institutional client demand, reflecting a shift in their approach to digital assets.
🇷🇺 Russia Pushing ‘Crypto’ Payments and SWIFT Alternative
Facing sanctions, Russia’s central bank is encouraging the use of digital assets and exploring alternative payment systems. At the recent Annual Financial Congress, Governor Elvira Nabiullina emphasized that new financial technologies, including cryptocurrencies, could mitigate the impact of sanctions and promote international trade.
🇦🇺 National Australia Bank’s Venture Arm Invests in Zodia Custody
NAB Ventures invested in Zodia Custody, a platform for cryptocurrency and digital assets backed by Standard Chartered, Northern Trust, and SBI Holdings LLC. This supports Zodia’s expansion in Australia and its preparation for regulatory changes.
🇦🇪 Taurus Partners with UAE’s First Digital Bank, Zand
Taurus SA, a blockchain technology firm backed by Credit Suisse, Deutsche Bank, Arab Bank (Switzerland) Ltd., and Pictet Group, has teamed up with Zand, the UAE’s first digital bank. This partnership will provide digital asset custody, tokenization, and blockchain connectivity. Zand aims to offer a full range of digital asset services, including cryptocurrencies, NFTs, and tokenized securities.
🇬🇧 Younger Investors Prefer Crypto
A Bank of America study found wealthy younger investors prefer real estate, cryptocurrencies, and private equity over U.S. stocks. Nearly three-quarters of investors aged 21-43 believe traditional investments can’t achieve above-market returns and allocate significant assets to digital assets and alternatives.
These updates highlight advancements in the crypto banking sector, with major players increasingly involved in the cryptocurrency space. Stay tuned for more insights in Oxido Solutions’ next crypto banking roundup.
