Crypto Banking Update September 2024
Major banks that once hesitated about crypto are now starting to embrace it. This shift is crucial as it helps legitimize the space, drives mass adoption, and boosts liquidity for Oxido Solutions’ trading bots. Here’s a roundup of the latest key developments in crypto banking:
🇪🇺 Binance Pay now accepts EURI, Banking Circle’s MiCAR-compliant e-money token. This partnership aims to make digital currencies more accessible and practical for everyday use. Starting August 28, 2024, Binance Pay users can transact in EURI, expanding the utility of digital currencies in global finance.
🇷🇺 A new law in Russia allows the Russian Central Bank to facilitate crypto payments across international borders. While details are still emerging, this move could be part of Russia’s strategy to navigate around Western sanctions, adding a layer of complexity to global financial enforcement.
🇬🇭 Ghana’s central bank has released draft guidelines for the digital asset sector, requiring all virtual asset service providers (VASPs) to obtain licensing before serving investors. This move aims to protect consumers and maintain financial stability while promoting innovation in the digital asset space.
🇦🇪 Rakbank, one of the oldest banks in the UAE, has partnered with Bitpanda to offer crypto services to UAE residents. This marks Bitpanda’s first expansion into the Middle East, aiming to provide a platform for managing crypto holdings once the deal receives regulatory approval.
🇺🇸 Bank of America has officially joined Ripple’s global payments network, signaling a major step forward for blockchain technology in traditional banking. This partnership could reshape international payments by making them faster, more secure, and cost-effective.
🇮🇹 Banca Sella, one of Italy’s oldest and most respected banks, now offers Bitcoin trading through its Hype mobile app. This move allows Italian users to trade Bitcoin without needing to go through exchanges, reflecting the growing integration of cryptocurrencies into traditional banking services.
🇸🇪 The Swedish firm Hilbert Group has partnered with Xapo Bank to launch a Bitcoin-denominated hedge fund with an initial investment of over $200 million. This fund will provide structured investment opportunities in Bitcoin, targeting corporations and professional investors. The collaboration underscores Hilbert Group’s commitment to innovation and leadership in digital asset management.
🇨🇭 AMINA Bank, a FINMA-regulated digital assets bank, has launched a zero-fee banking package tailored for Web3 startups and scale-ups. This package offers a range of financial services, including crypto custody and staking, with no onboarding fees or monthly charges, empowering innovation in the Web3 space.
🇺🇸 Goldman Sachs has revealed $419 million exposure to Bitcoin through exchange-traded funds (ETFs), marking a notable shift in institutional attitudes toward crypto. This move highlights the growing demand for Bitcoin ETFs among institutional investors, driving increased integration of cryptocurrencies into mainstream financial products.
These updates highlight significant progress in the crypto banking sector, with major financial players increasingly involved in the crypto space despite ongoing regulatory challenges. Stay tuned for more insights in Oxido Solutions’ next crypto banking roundup.
