Cryptocurrency has converted another veteran of Wall Street after ex-Morgan Stanley executive Kevin Lepsoe launched a new platform for decentralized finance (DeFi). His new firm, Infinity Exchange, received a nice injection of seed funding in a bid to boost DeFi adoption among institutions. In his pledge to help build “DeFi 2.0,” Lepsoe described one of the biggest pain points of DeFi 1.0 — and it’s one you probably haven’t heard of. As it turns out, if you want institutions to adopt your products and services, you need to give them a product suite they’re familiar with. Until then, DeFi offers …

With the Trade Ministry officially approving the use of cryptocurrencies for foreign trade, Iran will become the first-of-a-kind adopter in the world. The obvious problem with the news is that the country’s innovative policy obviously aims at circumventing financial sanctions that have been hampering its participation in the global economy for many years. These circumstances set an ambivalent tone for Iran’s experiment — while for some, it could prove crypto’s emancipating ability to shirk the all-too-real hegemony of the United States political will and international financial institutions that enforce it, hardline crypto skeptics could get the proof they need for …

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 …

Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow customers with digital assets held in certain accounts to be withdrawn. There’s a catch, however, as the motion will only apply to Custody and Withold Accounts and for custodied assets worth $7,575 or less in value. Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way that still enables users to maintain legal ownership of cryptocurrency. This ownership however is not extended to assets held in accounts that offer annual crypto earnings or borrowing services …

Crypto lending platform Nexo has increased the size of its buyback program, giving the company more discretionary ability to repurchase its native token to boost interest payments or make strategic investments in the future. On Aug. 30, Nexo disclosed that its board of directors had committed an additional $50 million to buybacks, building off the company’s initial $100 million repurchase program launched in November 2021. The approval green lights the discretionary repurchase of up to $50 million worth of NEXO tokens on the open market. NEXO is the platform’s native cryptocurrency giving users the ability to earn interest and lock …

Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub. In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited concerns with Bitkub “resolving various issues” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline. According to the SCB, the company conducted a due diligence exercise …

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, …

Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms. Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed stablecoins to licensed banks rather than issuers like Circle. The United Texas Bank CEO cited a November report from the President’s Working Group on Financial Markets, in which the group said stablecoin issuers should be held to the same standards as insured depository institutions including state and federally chartered …

The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies. FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. The government agency alleges that these organizations misled the public about certain cryptocurrency-related products being insured by FDIC. “These representations are false or misleading,” the FDIC said in regards to “certain crypto-related products” being FDIC-insured or that “stocks held in brokerage accounts are FDIC-insured.” The regulator said these companies must “take …

The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers and staff and the banks they supervise regarding activities with crypto assets. The letter covers preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities. The letter, signed by the directors of the regulatory and community affairs divisions, applies to all banks supervised by the Fed with no threshold of minimum assets. It begins with a warning about the risks associated with crypto, specifically mentioning evolving technology and its governance, Anti-Money …

Despite the ongoing cryptocurrency market decline and associated forced layoffs in major crypto firms, a career in crypto doesn’t turn less attractive to many traditional finance executives. European crypto exchange-traded fund (ETF) provider 21Shares announced three major hires on Wednesday to expand its presence in countries like France, Germany and the United Arab Emirates. Marina Baudéan, 21Shares’ newly appointed head of France, Belgium and Luxembourg, is debuting her crypto career after working for more than 15 years at the British universal bank Barclays. Baudéan is confident that crypto is “all about the next generation of technology,” and it’s here to …

South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency. According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance transactions at the end of June. The investigation found that a majority of the $6.5 billion remitted overseas between Jan 2021 and Jun 2022 came from crypto exchange accounts before being sent out of the country, suggesting some Korean companies are exploiting the "Kimchi …