Monthly Archives: October 2020

Avanti Bank Launches

Avanti Bank & Trust has been granted a bank charter by the Wyoming State Banking Board today following a unanimous vote, per an announcement from the company. “Avanti’s mission is to provide a compliant bridge between the traditional and digital asset financial systems, with the strictest level of institutional custody standards,” said Caitlin Long, Avanti’s founder and chief executive officer who has led blockchain advocacy efforts in Wyoming, in the announcement. “We will provide products and services that do not exist in the market today. Currently the […]

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Avanti launches crypto-friendly bank in Wyoming

The Wyoming State Banking Board voted unanimously to grant Avanti a bank charter. According to an Oct. 28 announcement from Avanti, The Wyoming State Banking Board voted 8-0 to grant the financial institution a bank charter. The approval will allow Avanti to operate the new crypto-friendly bank under the name Avanti Bank & Trust as well as its “tokenized U.S. dollar” Avit, designed to modernize USD payments. Avanti said it planned to open for customers in early 2021, but will be limited to high minimum balance accounts. […]

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Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

The new bank will be subject to heightened scrutiny from the OCC for at least three years. In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States. The OCC is the office of the U.S. Treasury that regulates federal banks throughout the country. SoFi, which stands for Social Finance, is a fintech startup that has historically provided loans and refinancing services. In 2019, the firm launched crypto trading, and last […]

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Price analysis 10/28: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA

Altcoins took a serious hit as Bitcoin dropped below $13K today, meanwhile, BTC’s macrostructure remains bullish. The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when […]

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5,000 Bitcoin ATMs Add Cash-Out Option: Libertyx Sees Strong Adoption

Libertyx has added a cash-out option to its 5,000 bitcoin ATMs. The CEO says this addition triples the number of bitcoin ATMs that allow users to cash out their bitcoin. He shares his business model with news.Bitcoin.com, providing insight into the bitcoin ATM usage trends he is seeing. 5,000 Bitcoin ATMs Now With Cash-Out Option Bitcoin ATM operator Libertyx announced Monday that 5,000 ATMs in its network now allow users to cash out their bitcoin. Besides the vast network of bitcoin ATMs (BTMs) in the U.S., Libertyx […]

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From Brazil To Turkey, Bitcoin Prices Hit All-Time Highs Around The World

This article also appeared in our Down The Rabbit Hole newsletter. If you want our news and analysis straight to your inbox, make sure you subscribe now! One bitcoin will always be worth 1 bitcoin, but its price relative to fiat currencies is an important indicator of how much people around the world value the opportunity to opt out of their legacy systems and begin transacting and storing value in a permissionless alternative. As the price of BTC rises relative to dollars, yen or rubles, it’s clear that […]

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Peru is studying crypto exchanges to figure out future laws

The pandemic is not stopping Peru’s lawmakers from testing ways of regulating the crypto industry. A Peruvian regulator authority said on October 26 that studies currently performed on local crypto exchanges will keep on going despite the COVID-19 pandemic, as the country is looking to find ways to regulate the national crypto industry. According to local news outlet Gestion, Superintendent of the Financial Intelligence Unit of Peru (UIF) Sergio Espinosa pointed out the need to work out the policy behind cryptocurrencies in the country. Espinosa called it […]

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Most DEXs are unsafe, alleges new report

Only two decentralized exchanges on the list received high cybersecurity scores. 14 out of 25 decentralized exchanges, or DEXs, scored poorly in terms of cybersecurity according to a recent report.  Source: CER. CER’s criteria included several factors such as whether a DEX underwent security audit, availability of bug bounties, and proper SSL/TLS certificates. CER deemed any score below 6 as “low” and thus “not safe”. Only two of the DEXs received a “high” score — Uniswap and Syntetyx. “It is important to note that 6 exchanges (24%) failed […]

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Cambodia launches inter-banking platform that runs on blockchain

But don’t call it a CBDC, says central bank reps. Amid a global race toward central bank digital currencies, or CBDCs, Cambodia officially launched a blockchain-based platform for digital money transactions called Bakong.  “Bakong, a payment and money transfer service through banks or microfinance institutions, was established under the initiative of the National Bank of Cambodia,” said an article from Dap-News on Oct. 28. The Asian country’s central bank collaborated with a number of entities on the project. Bakong first secured involvement from Cambodian financial giant PRASAC in […]

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Partisan dunks eclipse Section 230 in Senate hearing on social media giants

Though the hearing did not focus on solutions, open source looks like a real way of addressing the committee’s concerns about transparency and accountability. In a hearing before the Senate Commerce Committee on Friday, the CEOs of Facebook, Twitter and Google’s parent company, Alphabet, faced a veritable firing squad in what has become bipartisan hatred based on partisan reasons. But while Republicans and Democrats have different gripes with the platforms, all are clearly out for blood.  Today’s hearing, theoretically, set out to focus on Section 230, a component […]

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