americanbanker.com Archives - 30 September 2016, Friday

  • Here's What the Bitcoin Naysayers Get Wrong | Bank Think

    americanbanker.com 15 Aug '16, 1pm

    Blockchain technology provides the opportunity to rewrite the financial services sector and create a more global, open and efficient system. Such a system can provide unparalleled access to a stronger economic future for billions across the globe. It can help a woman in Afghanistan wh...

  • Is Bitcoin Money? Florida Judge to Decide - American Banker

    Is Bitcoin Money? Florida Judge to Decide

    americanbanker.com 28 Jun '16, 9pm

    Is Bitcoin Money? Florida Judge to Decide By Lalita Clozel June 28, 2016 Twitter LinkedIn Facebook Google + Email Comments Print Reprints The Florida case highlights a conundrum that has confused digital currency companies and state regulators alike: how to deal with a digital asset t...

  • What a Tech Startup's Pivots Say About Bitcoin's Future - American Banker

    What a Tech Startup's Pivots Say About Bitcoin's Future

    americanbanker.com 12 Apr '16, 7pm

    The company has existed less than three years, but it's already reinvented itself twice, changing its business model to adjust to bitcoin's evolution. A look at what the company has attempted and the market forces it's faced provides insight into digital currencies' acceptance in the ...

  • Banks Are 'Grabbing in the Dark': Blockchain/Bitcoin VC Draper

    americanbanker.com 04 Mar '16, 9pm

    Adam Draper thinks people will stop talking about the blockchain in the next few years. No, the chief executive of Boost VC, which backs 56 bitcoin and blockchain companies, does not think the platform that promises to revolutionize financial institutions with rapid settlement and tra...

  • Blockstream, Startup at Center of Bitcoin Brawl, Raises $55M - American Banker

    Blockstream, Startup at Center of Bitcoin Brawl, Raises $55M

    americanbanker.com 03 Feb '16, 2pm

    Blockstream, a tech startup that employs several core developers of the bitcoin protocol, has raised $55 million in venture capital to develop its sidechain technology and expand its global operations. The fundraising is in the same league with the more than $50 million recently annou...

  • PwC Partners With Bitcoin Startup for Blockchain Push

    americanbanker.com 29 Jan '16, 10pm

    PricewaterhouseCoopers has partnered with blockchain technology company Blockstream to bring distributed-ledger and smart-contract technology to its clients. Blockstream aims to extend the capabilities of the bitcoin blockchain through "sidechain" technology – which would allow compan...

  • Can You Really 'Know' a Customer Who Uses Bitcoin?

    Can You Really 'Know' a Customer Who Uses Bitcoin?

    americanbanker.com 01 Dec '15, 7pm

    The long-running tension between anti-money-laundering rules and data privacy concerns is especially pronounced in the awkward relationship between regulated financial institutions and digital currency businesses. A few fintech startups, such as Chainalysis and IdentityMind Global, ha...

  • OCC's New Lexicon: Neobanks, Bitcoin, Peer-to-Peer

    OCC's New Lexicon: Neobanks, Bitcoin, Peer-to-Peer

    americanbanker.com 11 Aug '15, 10am

    The Office of the Comptroller of the Currency is trying to "supercharge" its process for reviewing financial innovations in an effort to keep pace with a glut of new products inside and outside the banking system.

  • Why the Bitcoin Blockchain Beats Out Competitors

    Why the Bitcoin Blockchain Beats Out Competitors | Bank Think

    americanbanker.com 26 Jun '15, 2pm

    In the six years since Bitcoin’s debut, there have been no shortage of attempts to repeat its success. Thousands of blockchains have arrived and fizzled out without much fanfare. But many hold out hope that one day an alternative contender will succeed. Amongst the countless options t...

  • Banks Should Welcome Bitcoin Clients, Canadian Lawmakers Say

    Banks Should Welcome Bitcoin Clients, Canadian Lawmakers Say

    americanbanker.com 19 Jun '15, 10pm

    The Canadian Senate Banking, Trade and Commerce committee issued a report Friday encouraging "a light regulatory touch — almost a hands-off approach" to regulating digital currencies. Notably, the report calls for the Minister of Finance — Canada's equivalent of the U.S. Treasury Secr...

  • Why Banks Are Testing Bitcoin's Blockchain (Without Bitcoin)

    Why Banks Are Testing Bitcoin's Blockchain (Without Bitcoin)

    americanbanker.com 01 Jun '15, 7pm

    Ask a U.S. banker about the prospects for Bitcoin, a digital currency with no trusted central authority or mechanism to reverse transactions, and you're likely to get a lukewarm answer. But financial institutions are increasingly taking an interest in Bitcoin's recordkeeping system, k...

  • California Leaks, Retracts Bitcoin-Friendly Statement

    California Leaks, Retracts Bitcoin-Friendly Statement

    americanbanker.com 22 May '15, 10pm

    California officials briefly raised hopes among digital currency proponents Friday by releasing a statement that they would drop plans to regulate digital currency businesses and instead defer to the legislature. But the Department of Business Oversight quickly retracted the statement...

  • When Goldman Sachs Began Flirting with Bitcoin

    When Goldman Sachs Began Flirting with Bitcoin | Bank Think

    americanbanker.com 21 May '15, 6pm

    A few hours after Newsweek released its story about the man it alleged to be Satoshi Nakamoto, in March 2014, four men took the stage at an auditorium in the New York headquarters of the Wall Street giant Goldman Sachs to talk about Satoshi's creation. This was a private conference fo...

  • Nasdaq Signals Confidence in Bitcoin, Not Just the Blockchain

    americanbanker.com 19 May '15, 7pm

    Critics often pay Bitcoin a backhanded compliment by calling it the Napster of finance. The underlying technology may change how business is done, they say, but the system itself isn't long for this world. Now the Nasdaq stock exchange is challenging that conventional wisdom by not on...

  • Rand Paul Chides 'Naysayers' Who Want to Regulate Bitcoin

    Rand Paul Chides 'Naysayers' Who Want to Regulate Bitcoin

    americanbanker.com 21 Apr '15, 7pm

    Presidential candidate Rand Paul describes himself as a politician who bridges old ideas and new technology, and he sought to get that message across at a fundraising get-together with Bitcoin enthusiasts this week. "I'm not an expert on Bitcoin, but I'm open to new technology," Paul ...

  • Get Ready for the Rise of the Blockchain | Bank Think

    americanbanker.com 20 Apr '15, 7pm

    Say Bitcoin in a crowded room, and you'll find at least one guy who believes it's going to start a financial revolution. Most people remain skeptical of the libertarian utopia wherein the government cedes control of the money supply to Bitcoiners. But some are starting to come around ...

  • Banks Can Cherry-Pick the Best Bits from Bitcoin: Report

    Banks Can Cherry-Pick the Best Bits from Bitcoin: Report

    americanbanker.com 07 Apr '15, 9pm

    Bitcoin wasn't built for banks. But as cryptocurrency technology evolves, bankers and financial technology startups have begun to consider ways that it could prove useful for financial institutions — from speeding up correspondent banking to facilitating remittances . A provocative ne...

  • Why Bitcoin 'Stinks' for Money Laundering

    americanbanker.com 09 Mar '15, 7pm

    Jeffrey Robinson is hardly a fan of Bitcoin (the title of his latest book, "BitCon ," kind of gives it away.) But as the author of a classic 1990s book about money laundering, even he says that Bitcoin is a terrible tool for that particular crime, despite the digital currency's reputa...

  • Bitcoin and Banking, Progressively Intertwined

    Bitcoin and Banking, Progressively Intertwined - Bank Think Article

    americanbanker.com 19 Nov '14, 3pm

    The relationship that digital currency users have with fiat money is not distant or remotely hostile — despite some assertions to the contrary. The same is true of the relationship between Bitcoin and banks. People who use bitcoins and other digital currencies are not attempting to tr...

  • Bitcoin for the Underbanked

    Bitcoin for the Underbanked - Bank Think Article

    americanbanker.com 22 Jul '14, 4pm

    Arjan, The remittance process described appears smooth and cost-effective with Bitcoin and other "crypto-currencies" as a transit feature, but concerns with other necessary features of remittances exist. What are the costs of converting cash to Bitcoins for the sender of the remittanc...

  • Bitcoin Backers Seek FDIC-Style Insurance

    Bitcoin Backers Seek FDIC-Style Insurance - American Banker Article

    americanbanker.com 22 Jan '14, 5pm

    Print Email Reprints Comment Twitter LinkedIn Facebook Google+ WASHINGTON — A diverse group of entrepreneurs is trying to solve a riddle that may hold the key to Bitcoin and other digital currency moving into the mainstream: how to insure accounts. For all of the energy and innovation...

  • ICYMI: Talk of Ticker Symbols Shows How Far Bitcoin Has Come, by @jonmatonis on @BankThink #XBT

    Talk of Ticker Symbols Shows How Far Bitcoin Has Come - Bank Think Article

    americanbanker.com 22 Aug '13, 6pm

    Although not necessary for market adoption, as the Bloomberg testing demonstrates, recognition of a bitcoin code by a market-based standards organization such as ISO would set the stage for increasing market depth and liquidity of bitcoin trading. That in turn would tend to reduce vol...

  • Why Regulators Should Embrace Bitcoin

    Why Regulators Should Embrace Bitcoin - Bank Think Article

    americanbanker.com 21 Aug '13, 4pm

    Print Email Reprints Comment Twitter LinkedIn Facebook Google+ Governments are increasing their scrutiny of the decentralized digital currency and payments system Bitcoin. The Senate Homeland Security and Government Affairs Committee recently initiated an inquiry into Bitcoin and othe...

  • Bitcoin and Banks: When Worlds Collide

    americanbanker.com 05 Aug '13, 2pm

    A Bitcoin conference in New York last week drew a motley crowd. There were the expected wide-eyed believers in the digital currency, earnest entrepreneurs building Bitcoin-related businesses, and somewhat more skeptical venture capitalists — but also traditional banking lawyers and an...

  • Don t Let Bitcoin Morph into Govcoin - Bank Think

    americanbanker.com 30 Jul '13, 5am

    As self-regulatory organizations are excellent non-governmental solutions for industry best practices, they need to be vigilant about maintaining the integrity of the original mission. In the case of bitcoin as a negotiable digital asset class, the protection of core fundamental attri...

  • Bitcoin Group to California: You Have No Jurisdiction Over Us

    Bitcoin Group to California: You Have No Jurisdiction Over Us

    americanbanker.com 02 Jul '13, 8pm

    Print Email Reprints Comment Tweet Related Unity in N.J. to Redeem Tarp Stock Eastern Virginia Bancshares Finishes $5M Offering Northeast Bancorp in Maine Approved to Make More CRE Loans UMB Financial on a Successful Bank-Tech Strategy Why Banks Should Care About Bitcoin How Banks Can...

  • In-Person Bitcoin Exchanges Are Thriving, writes @jonmatonis in latest @BankThink post #Bitcoin

    In-Person Bitcoin Exchanges Are Thriving - Bank Think

    americanbanker.com 21 Jun '13, 4pm

    Print Email Reprints Comment Tweet Call it a sign of the times, but something is definitely changing as face-to-face purchases of bitcoin are booming worldwide. In addition to avoiding a sometimes cumbersome registration process with traditional exchangers, in-person bitcoin transacti...

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    The Last Straw for Bitcoin - Bank Think

    americanbanker.com 05 Jun '13, 4pm

    It is hard to have a serious conversation about Bitcoin without discussing anonymity. While anonymity is not an inherent characteristic of Bitcoin, the two have become nearly synonymous in the public imagination. Since law enforcement depends on the ability to track financial transact...

  • Peter Thiel's Founders Fund invests $2m in Bitpay, a #bitcoin merchant processor

    Bitcoin Merchant Processor Gets $2M from PayPal Vets, Others - American Banker Article

    americanbanker.com 16 May '13, 7pm

    BitPay, which processes payments for merchants in the virtual currency Bitcoin, has attracted some investors with a pedigree in pioneering alternative ways to send and receive money. The Atlanta-based startup said Thursday it has secured $2 million in seed capital from a group led by ...

  • Bitcoin Exchange in U.S. Crosshairs Banked at Wells Fargo

    Bitcoin Exchange in U.S. Crosshairs Banked at Wells Fargo - American Banker Article

    americanbanker.com 16 May '13, 12pm

    A move by the U.S. government to rein in the unregulated use of Bitcoin involved the seizure of a Japanese company's account at Wells Fargo (WFC). Mt. Gox, the world's largest exchange for trading the virtual currency, has operated as an unlicensed money transmitting business in viola...