Central banks can push DeFi into mainstream — Swiss National Bank official

Central bank digital currencies (CBDCs) can work well with decentralized finance (DeFi), and they have a lot of potential to boost DeFi adoption, according to a Swiss central bank official. Among many various types of digital currencies, it is CBDC that could provide more stability and lower risks to the development of DeFi, according to Thomas Moser, a governing board member at the Swiss National Bank (SNB). In order to grow, DeFi needs stable money, which is why stablecoins were invented, and stablecoins clearly helped DeFi to become more popular, Moser…

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Bank of England Deputy Governor Cunliffe on DLT securities settlement: Not so fast!

There’s more to crypto than just assets, Bank of England deputy governor Sir Jon Cunliffe reminded the Association for Financial Markets in Europe Conference in London on Sept. 28. The distributed ledger technology (DLT) behind crypto assets has far-reaching implications for traditional markets and interoperability.  DLT will touch on trading, clearing, settlement and custody as it is integrated into capital markets, Cunliffe said. One of the biggest differences Cunliffe identified in DLT was its speed. Instantaneous settlement can reduce risk by removing the chance of drastic market movements while a transaction is…

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Bank of Ghana to foster financial inclusion through CBDC project

As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion, according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana. In an interview with Cointelegraph’s Elisha Owusu Akyaw at the Africa Money & DeFi Summit, Oppong laid out the reason behind the West African country’s venture into CBDCs. According to the government official, their main goal at the moment is…

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Nexo acquires stake in US chartered bank

Digital asset lending platform Nexo has purchased a stake in a holding company that owns a federally chartered bank in the United States — a move Nexo said will enhance its ability to serve retail and institutional clients.  Nexo disclosed Tuesday that it had acquired a stake in Hulett Bancorp, a holding company that owns the federally chartered Summit National Bank, which is regulated by the Office of the Comptroller of the Currency. The terms of Nexo’s acquisition and its ownership stake in Hulett Bancorp were not revealed. The acquisition…

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Korean crypto bank partners with Blockdaemon to offer retail staking services

Crypto-focused finance company Delio has partnered with Blockdaemon to launch retail-focused staking services, giving customers a more seamless way to earn rewards on their digital asset holdings. Delio’s staking services expand its existing crypto-bank offerings, which include lending, deposits and deposit accounts, the company announced Thursday. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which provides a suite of institutional staking products. While Delio didn’t specify which crypto assets will be included in the new staking services, Blockdaemon currently supports integration with over 60 blockchains. Delio representative…

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Coinbase enters the Netherlands with central bank approval

The United States-based cryptocurrency exchange Coinbase continues its aggressive expansion in Europe, with the latest regulatory approval coming from the land of tulips. Coinbase officially announced on Thursday that it had received registration from De Nederlandsche Bank (DNB), the central bank of the Netherlands. The regulatory approval allows Coinbase to offer its retail and institutional crypto products in the Netherlands. According to the official DNB records, Coinbase is one of the major international exchanges approved by the Dutch central bank to operate cryptocurrency services alongside smaller local crypto firms. Coinbase…

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Digital bank FV Bank integrates USDC stablecoin for direct deposits

The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC). FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts. The new feature enables customers to receive USDC on their accounts similar to traditional deposits like wire or the automated clearing house network. According to the announcement, received USDC funds are instantly and automatically converted into the U.S. dollar (USD) at the moment…

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European Central Bank chooses Amazon and 4 other firms to prototype digital euro app

The European Central Bank, or ECB, has announced it will be collaborating with five companies for the development of potential digital euro user interfaces. In a Friday announcement, the ECB said it had chosen “Big Four” tech company Amazon, fintech firm Nexi, Spanish digital bank CaixaBank, French payments platform Worldline and the European Payments Initiative, or EPI, to each focus on developing a prototype based on specific use cases of the digital euro. According to the central bank, the firms will create front-end prototypes, which will not be used in…

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