Innovation is the lifeblood of any new market or industry, and crypto is no exception. But when disruptive sectors move fast, there's always a real risk that crucial values — including safety and compassion — end up getting left behind. SmartFi is one of the crypto communities vying to offer cutting-edge products with digital assets at their heart, all while protecting the interests of users. "Crypto for good" is the project's mantra — and SmartFi has been registered with the Financial Crimes Enforcement Network (FinCEN) in a push for transparency. SmartFi's native token, SMTF, has also undergone a thorough audit. …

Today’s financial world is becoming increasingly digitized, and naturally, central banks want to adapt to the changing environment. The use of cash is rapidly declining. Globally, the rise of digital payment apps and COVID-19 have only accelerated the decline in cash usage, fueling interest in digital currencies and demand for easier payment solutions. As crypto adoption continues to expand, the idea of central bank digital currencies (CBDCs) has also gained momentum. Governments across the world have been flirting with, and examining, the idea of issuing their own CBDCs, with a handful already launching. It isn’t clear when CBDCs will become …

Despite Bitcoin’s (BTC) promise of a peer-to-peer world, building a Bitcoin-first business in 2022 still requires third-party intermediaries. Whether it’s startup capital, using fiat money or simply exploiting fiat payment rails, Bitcoin business means interaction with the legacy financial system. A necessity for the vast majority of Bitcoin-based businesses, it means that they probably need a bank. Cointelegraph spoke to Bitcoin-only businesses about their experiences working with banks, given that ultimately, Bitcoin gets a lot of bad press in mainstream media. Plus, some of the banking industry’s biggest supporters love to bash Bitcoin. Ben Price, founder of the Bitcoin Company, …

Nuri, a German start-up crypto bank with 500,000 customers filed for insolvency on Aug. 9, citing major crypto sell-offs, insolvency of Celsius and other crypto funds earlier this year as a reason for the move. The crypto bank said the move will “ensure the safest path forward” for all its customers, but also stressed that the insolvency will not affect its services, customer funds, investments, or the ability for customers to withdraw their assets from the platform. Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect our services, customer funds or investments. You can find a …

Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led to Crypto Twitter pointing out the “irony” as Schiff’s prediction for Bitcoin (BTC) came true for his own traditional bank. Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements, which further impacted the customers as they lost access to their accounts following a subsequent freeze. Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to …

ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical test of the asset’s use cases in the local economy. In March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin after overseeing a pilot transaction worth $20.76 million, or 30 million Australian dollars (AUD), between Victor Smorgon Group and digital asset manager Zerocap. ANZ’s stablecoin is fully collateralized by AUD held in the bank’s managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain. According to a Monday report from the Australian …

Global banking network as a DAO Imagining a DAO-based global banking network may seem far-fetched at the moment, but not impossible. If blockchain technology is widely adopted within the financial industry, it is not hard to imagine a future in which banks are run as DAOs. In such a scenario, bank management would be decentralized, with power vested in the hands of the network’s members. Furthermore, the adoption of DAOs will likely result in a more equitable distribution of power within banks and financial institutions. It could lead to a more democratic form of governance, one that can better meet …

Fresh figures on Bitcoin’s (BTC) energy consumption, efficiency and scalability serve to expose the banking sector while bathing the world's largest cryptocurrency in a new light. A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculates that Bitcoin payments are a "million times more efficient" than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.” The report compiles almost four years of research and suggests a new calculation for estimating Bitcoin's proof-of-work energy consumption. In an interview, Khazzaka told Cointelegraph: “Bitcoin Lightning, and Bitcoin, in general, are really great and …

The Carbon Bankroll Report was released on May 17 as a collaboration among the Climate Safe Lending Network, The Outdoor Policy Outfit and Bank FWD. The collaboration made it possible to calculate the emissions generated due to a company’s cash and investments, such as cash, cash equivalents and marketable securities. The report revealed that for several large companies, such as Alphabet, Meta, Microsoft and Salesforce, the cash and investments are their largest source of emissions. The energy consumption of the flagship proof-of-work (PoW) blockchain network, Bitcoin, has been a matter of debate in which the network and its participants, especially …

Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account. Custodia, formerly known as Avanti, was one of the first Special Purpose Depository Institutions (SPDIs), also known as “blockchain banks,” made under a Wyoming regulatory framework. The bank was founded by Caitlin Long, an early advocate of Bitcoin (BTC) who established the institution in 2020 to provide accounts for crypto companies and serve as a bridge for them to the U.S. dollar payment system. Custodia submitted …

United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any …

Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.” Speaking at the Australian Financial Review Banking Summit on Tuesday Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ), said that from speaking to retail customers, she believed “the vast majority of them don’t understand really basic financial well-being concepts.” “Are we really going to make it easier and less friction and implicitly endorse speculating on crypto when they don’t understand basic financial well-being? The …