USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with $209 billion in assets, where USDC issuer Circle had deposited $3.3 billion of its cash reserves for safekeeping. The time was the present: one of
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Credit Suisse has told staff that it will continue to hand out bonuses and pay rises as planned this year, despite the bank having to be rescued by UBS in a SFr3bn ($3.25bn) deal over the weekend. Shortly after the Swiss lender was saved from bankruptcy on Sunday night, chair Axel Lehmann and chief executive
In this article FRC KEY USB ENPH PACW ZION UBSG-CH UBS CSG.N-CH CS NYCB .BBKA SBNY Follow your favorite stocksCREATE FREE ACCOUNT First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California. Tayfun Coskun | Anadolu Agency | Getty Images Check out the companies making headlines before the market’s opening bell.
Bitcoin was trading above $28,000 on Monday, as cryptocurrencies extended a bull run to start the week. This upwards sentiment comes as the Federal Reserve and other major central banks made coordinated moves to enhance market liquidity. Ethereum continues to trade close to $1,800. Bitcoin Bitcoin (BTC) started the week trading above $28,000, as markets
Bond investors woke up with a big problem on Monday. Sunday’s emergency takeover of struggling Swiss bank Credit Suisse by its rival UBS deepened a rout in AT1 bonds. These instruments are designed to be wiped out when an issuing bank hits financial trouble, reducing its debts. Swiss regulators obliterated about $17bn of Credit Suisse
Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs. The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with
An English manor house for sale in Toronto stands as a testament to enduring design and first-rate craftsmanship. While retaining its steep multigabled roof, stone window heads and quoin stone corner accents, the century-old house has undergone interior updates and renovations as the surrounding Forest Hill neighborhood has blossomed. The low-density community of single-family homes
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Today’s video is all about how to choose your first investment. It might feel like a daunting task, but it doesn’t need to be. We’ll cover ‘Paralysis Analysis’ and how it can be avoided, talk about goal setting and delve into risk, amongst other things. 0:00 – Intro 0:46 – Narrow down the choice 3:47
press release PRESS RELEASE. WATERPORT PLACE, GIB., March 20th, 2023 – Digital Asset Management Limited and the Damex group (“Damex” or “Damex.io”)), a Distributed Ledger Technology provider based in Gibraltar, recently announced its utility token IEO, the Damex Token ($DAMEX), which can be used within the Damex App along with other non-fungible tokens (NFTs), to
Blockchain technology can help solve current issues with settlements, according to the deputy chief executive of Sberbank. Russia’s largest bank is working with other financial institutions to develop blockchain-based payment applications, the banker revealed. Sberbank Sees Solution to Russia’s Troubles With Settlements in Blockchain With major Russian banks disconnected from the main global interbank payment
The Bank of Delight, which operates three branches in a sparsely populated patch of western Arkansas, does not qualify as a systemically important financial institution, but it holds a place of special importance for people who live nearby. Funded overwhelmingly by local deposits, Delight is a crucial lender to loggers and livestock farmers in a
“They’ve changed the law and they have basically stolen $16bn of bonds,” Davide Serra, founder and CEO of Algebris Investments, told investors on a call this morning. “This has been a big policy mistake, [and] they will regret it. [ . . . ] Switzerland will be the new pariah in this [loss-absorbing bond market]. They asked for it,
Credit Suisse bondholders were in uproar on Monday and the European Central Bank raised concerns after the rescue deal by rival UBS wiped out $17bn of the failed Swiss bank’s bonds, upending debt recovery norms and undermining financial market confidence. “In my eyes, this is against the law,” said Patrik Kauffman, a fund manager at
Bitcoin (BTC) starts a new week in an unmistakably bullish position as it passes $28,000. Crypto markets continue to climb on the back of the banking crisis, which still rages in the United States and abroad — where will they go next? After a week of chaos for macro markets and solid gains as a
The Financial Supervisory Commission of Taiwan (FSC) will become the primary regulator of cryptocurrencies in the island country, according to the head of the authority. FSC chairman Huang Tien-mu has announced that the regulator will assume supervisory authority over the crypto industry in Taiwan, the local United Daily News reported. Huang addressed Taiwan’s parliament, the
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse
Good morning. Credit Suisse is well on its way to becoming a UBS subsidiary, and this is good news for markets. Our colleagues at Due Diligence have the blow-by-blow. Less good is the fact that, to clinch a deal, regulators ordered Credit Suisse to zero out some junior bondholders, even as shareholders get about 80
The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy Many commentators have rushed to embrace the view that Federal Reserve policy is now in a new world following the sudden failure of three US banks and the deployment of “bazooka measures” to safeguard the financial system. But in reality,
Banking is a massive, complicated and delicate confidence trick. Normally it works fine. But as soon as people worry that it could fall apart, it often does, sometimes spectacularly. So when an old friend, an entrepreneur in Geneva, messaged me last week to say he had moved his money out of Credit Suisse, having already
Microsoft, the software conglomerate, has introduced an Ethereum-based cryptocurrency wallet in the testing version of its Edge web browser. The new feature, which software sleuth Albacore discovered, is named “Crypto Wallet” and would allow users to store and transact Ethereum and Ethereum-based tokens in a non-custodial way, acting like a Metamask clone. Microsoft Introduces Ethereum