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Cheeky Crypto highlighted a growing financial concern involving three of the largest banks in the U.S.: JP Morgan Chase, Wells Fargo, and Bank of America. Together, these institutions have hemorrhaged $5 billion as they seek to rid themselves of the non-performing assets that stem mainly from credit card defaults. This has led to more concerns […]
FTX chief restructuring officer and CEO John Ray III said the plan promises 100% return plus interest for non-governmental creditors.
The U.S. Office of the Comptroller of the Currency (OCC) has eased restrictions on national banks engaging in cryptocurrency-related activities.
The post OCC Eases Crypto Restrictions for Banks, Rescinds Prior Guidance appeared first on Kanalcoin.
According to a Bloomberg report, Celsius Network, the crypto platform that filed for bankruptcy in July 2022, demands that major customers who collectively withdrew over $2 billion before the bankruptcy return those funds to avoid potential litigation. An oversight committee formed during Celsiuss Chapter 11 case has begun contacting customers who withdrew more than $100,000 [...]
The post Celsius Fights To Reclaim $2 Billion Withdrawn Prior To Bankruptcy Declaration appeared first on Crypto Breaking News.
On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and [...]
The post Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures appeared first on Crypto Breaking News.
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with [...]
The post Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses appeared first on Crypto Breaking News.
Bitcoin (BTC) enters the last week of March in uncertain territory as a strong weekly close still keeps $30,000 out of reach. The largest cryptocurrency has sealed seven days of practically flat performance despite some volatility in between as the market seeks fresh direction. Where could it go next? In what was a week of [...]
The post Will BTC ditch the bear market? 5 things to know in Bitcoin this week appeared first on Crypto Breaking News.
Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.” Bill Ackman’s Warning Billionaire [...]
The post Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’ appeared first on Crypto Breaking News.
The insolvent lender Celsius Crypto has announced that the Fahrenheit consortium has emerged as the winning bidder to acquire its assets.
Janet Yellen called for further regulation of nonbank institutions claiming they pose a systemic risk to U.S. financial stability.
The United States’ crackdown on cryptocurrencies and firms will only serve to stifle crypto-related innovation and “weaken” the country, said industry pundits in the wake of Coinbase’s recent Wells notice. On March 22, crypto exchange Coinbase became the latest crypto firm to receive a “legal threat” — in the form of a Wells notice, just [...]
The post ‘Surgical removal’ of crypto will only weaken USD dominance, commentators say appeared first on Crypto Breaking News.
Roughly ten days ago, the credit agency Moody’s Investors Service downgraded the U.S. banking sector from “stable” to “negative.” In a recent update on Thursday, the company stated that there is still a risk to the U.S. economy. The managing director of credit strategy at Moody’s explained that the country “will be unable to curtail [...]
The post Moody’s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector appeared first on Crypto Breaking News.
US officials are discussing the possibility of expanding deposit insurance beyond the current cap of $250,000 to cover all bank deposits, according to Bloomberg. However, sources have said that such a move is not necessary at the moment, as recent steps taken by financial regulators are likely to be sufficient. This potential strategy is being considered in case the current situation worsens. (Read More)
Hot on the heels of several United States bank collapses, the Federal Reserve Board has announced $25 billion worth of funding aimed at backstopping banks and other depository firms. The funds would ensure that eligible banks would have enough liquidity to cover the needs of their customers during times of turmoil. @federalreserve announces Bank Term [...]
The post US Fed announces $25B in funding to backstop banks appeared first on Crypto Breaking News.
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why [...]
The post Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking appeared first on Crypto Breaking News.
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for [...]
The post US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual appeared first on Crypto Breaking News.
There have been reports that five organizations had expressed interest in acquiring cryptocurrency assets from Celsius.
Nexo has acquired a stake in the bank holding company that owns Summit National Bank, which is the US federally chartered bank regulated by the Office of Comptroller of the Currency.
Nexo is a blockchain-based platform that offers a FIAT on-ramp for numerous cryptocurrencies and is a cryptocurrency exchange that offers crypto-backed loans.
Nexo (NEXO/USD) features its own native cryptocurrency, which, once locked in the platform, gives users access to numerous benefits, including discounts on interest accumulated on loans as well as the opportunity to get interest payments on deposited funds.
The stake in a US Bank as a catalyst for growthSummit National Bank, a subsidiary of Hulett Bancorp (DBA Mode Eleven), is making a move towards becoming a modern digital FinTech bank, and Nexo has become the preferred digital asset partner.
In the latest Nexo news, Nexo acquired a stake in the bank holding company that owns Summit National Bank, based on an official announcement made by the company on September 27, 2022.
This deal has established Nexo’s US presence and has enabled the digital assets platform to open bank accounts with the Summit National Bank and enhance lending and card products that will leverage the bank’s decade-long track record of excellence when it comes to regulatory compliance.
Should you buy Nexo (NEXO)?On September 28, 2022, Nexo (NEXO) had a value of $0.87235.
NEXO/USD Chart by TradingView.
The all-time high of the NEXO cryptocurrency was on May 12, 2021, at a value of $4.07. Based on this, we can see that the cryptocurrency has decreased and is trading at $3.19765 under its all-time high, or 78% lower.
When we go over its weekly performance, the 7-day low of Nexo (NEXO) was at $0.862743, while the 7-day high was at $0.982966. Here we can see an increase of $0.120223 or 14%.
However, when we take a look at its 24-hour performance, Nexo (NEXO) had its low point at $0.871526, while its high point of value was $0.952525. This gives us an indication of an increase of $0.080999 or by 9%.
With all of this in mind, at $0.87235, investors might want to buy Nexo as it can climb to $1.2 by the end of October 2022.
The post Should you buy Nexo after it acquired a stake in US Bank? appeared first on Invezz.
Crypto lending platform Nexo has made the landmark announcement that it has acquired a stake in Hulett Bancorp (DBA Mode Eleven), the holding company that owns Summit National Bank – a US federally chartered bank.
The deal will enable Nexo to offer its US customers – both retail and institutional – services which to date have mainly been restricted to bank customers. These include the ability to open bank accounts, asset-backed loans, card programmes, as well as escrow and custodial solutions through Summit National Bank.
Perhaps the most notable aspect is regulation, as the US obviously keeps a keen eye on anything banking related. This is the first step a crypto lender has taken in moving toward a bank, and will likely be seen as a watershed moment for the industry at large.
Antoni Trenchev, co-founder and Managing Partner of Nexo, spoke to Invezz exclusively.
It was a herculean effort to be sure – one that took two years to finalize – but it was well worth our time as Nexo will now be unveiling further plans and developments for its growth as a company
Antoni Trenchev, co-founder and Managing Partner of NexoIt really is quite a momentous move by Nexo, and a positive sign that regulators are getting on board with well-run companies in the crypto space. For its part, Nexo is separating itself from the bad reputation a lot of crypto companies were labelled with during the contagion crisis earlier this year.
Celsius filing for bankruptcy was the biggest culprit, and Nexo’s move closer to a bank today will likely quell any doubt that they ever should have been categorised in the same bracket as Celsius, BlockFi, or any of the other reckless crypto lenders.
As for Summit Bank, it is aiming to reinvent itself as a modern digital FinTech bank. We have seen the rise of FinTech banks over the last few years, with Revolut one notable one – it became the UK’s most valuable private company at a valuation of €28 billion last year. This is certainly a move which will bring the company more in line with the times.
“We are delighted to welcome Nexo aboard,’’ said Forrest Gilman, Chairman of the Board, and President of the US bank. “We are excited to be partnering with Nexo as we combine Summit National Bank’s traditional strengths and values with our vision for the bank’s future. Kalin’s active engagement on the Board strengthens our work on the transformation of the bank into a fully-fledged cutting-edge FinTech bank with access to new clients.”
In conclusion, it’s mightily impressive from Nexo, which continues to grow despite the bear market crippling the rest of the market. The attestation of its asset reserves, providing assurances to investors that it has its liabilities covered, has helped propel it to the front of the lending market.
It is now making its move toward being considered more like a bank. This is a very positive step in that journey.
The post Exclusive: Nexo’s Trenchev says it took two years to finalise acquisition of stake in US Bank appeared first on Invezz.
US Treasury Department officials announced that Russia would no longer be able to pay bondholders through US banks after May 25, 2022 due to sanctions imposed by the Biden administration for its invasion of Ukraine. What's next for Russia? (Read More)
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